# EDGAR Filing Document

**Accession Number:** 0000825316
**File Stem:** 0001193125-25-184979
**Filing Date:** 2025-8
**Character Count:** 970603
**Document Hash:** 9515682c0eff905262101030f2308c10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-184979.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001193125-25-184979

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 65

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AB VARIABLE PRODUCTS SERIES FUND, INC.
- **CENTRAL INDEX KEY:** 0000825316

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05398
- **FILM NUMBER:** 251239029

**BUSINESS ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 2129691000

**MAIL ADDRESS:**
- **STREET 1:** ALLIANCEBERNSTEIN LP
- **STREET 2:** 66 HUDSON BOULEVARD EAST, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AB International Value Portfolio (Series ID: S000010431)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028828 | Class A      |  |
| C000028829 | Class B      |  |

### AB Large Cap Growth Portfolio (Series ID: S000010432)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028830 | Class A      |  |
| C000028831 | Class B      |  |

### AB Small Cap Growth Portfolio (Series ID: S000010435)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028836 | Class A      |  |
| C000028837 | Class B      |  |

### AB Discovery Value Portfolio (Series ID: S000010436)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028838 | Class A      |  |
| C000028839 | Class B      |  |

### AB Balanced Hedged Allocation Portfolio (Series ID: S000010443)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028852 | Class A      |  |
| C000028853 | Class B      |  |

### AB Sustainable Global Thematic Portfolio (Series ID: S000010447)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028860 | Class A      |  |
| C000028861 | Class B      |  |

### AB Relative Value Portfolio (Series ID: S000010448)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000028862 | Class A      |  |
| C000028863 | Class B      |  |

### AB Dynamic Asset Allocation Portfolio (Series ID: S000031722)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000098721 | Class A      |  |
| C000098722 | Class B      |  |

### AB Global Risk Allocation-Moderate Portfolio (Series ID: S000049082)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154814 | Class B      |  |

?xml version='1.0' encoding='ASCII'? AB Variable Products Series Fund, Inc.

### 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

#### Alliance Bernstein 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, 2025

#### Date of reporting period: June 30, 2025

------

#### ITEM 1. REPORTS TO STOCKHOLDERS.

# Class A
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

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Portfolio Information

# AB VPS Discovery Value Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Discovery Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VQ-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $40 | 0.81%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $671477323 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (Net) | $2458367 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| BJ's Wholesale Club Holdings, Inc. | $13176826 | 2.0% |
| Encompass Health Corp. | $12076112 | 1.8% |
| TXNM Energy, Inc. | $11714954 | 1.7% |
| Jones Lang LaSalle, Inc. | $11194979 | 1.7% |
| Hanover Insurance Group, Inc. (The) | $10499665 | 1.6% |
| Nexstar Media Group, Inc. | $10477830 | 1.6% |
| IDACORP, Inc. | $10347899 | 1.5% |
| Tenet Healthcare Corp. | $10278224 | 1.5% |
| Pentair PLC | $10087885 | 1.5% |
| RPM International, Inc. | $9567064 | 1.4% |
| Total | $109421438 | 16.3% |

---

**Class A**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i81fc904dd7ea7d9084d9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.1% |
| Financials | 19.5% |
| Information Technology | 13.0% |
| Consumer Discretionary | 9.2% |
| Real Estate | 8.9% |
| Health Care | 7.1% |
| Consumer Staples | 5.7% |
| Materials | 4.7% |
| Utilities | 4.3% |
| Energy | 4.1% |
| Communication Services | 2.4% |
| Short-Term Investments | 1.8% |
| Other assets less liabilities | -0.8% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VQ-A-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VQ-A-S](g918496i81e09274f77e78dbd669.jpg)

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Portfolio Information

**Class A**

VPS-DV-A-0154-0625

# Class B
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VQ-B-S](g918496i66cef0548656ae99a942.jpg)

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Portfolio Information

# AB VPS Discovery Value Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Discovery Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VQ-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $52 | 1.06%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $671477323 |
| # of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (Net) | $2458367 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| BJ's Wholesale Club Holdings, Inc. | $13176826 | 2.0% |
| Encompass Health Corp. | $12076112 | 1.8% |
| TXNM Energy, Inc. | $11714954 | 1.7% |
| Jones Lang LaSalle, Inc. | $11194979 | 1.7% |
| Hanover Insurance Group, Inc. (The) | $10499665 | 1.6% |
| Nexstar Media Group, Inc. | $10477830 | 1.6% |
| IDACORP, Inc. | $10347899 | 1.5% |
| Tenet Healthcare Corp. | $10278224 | 1.5% |
| Pentair PLC | $10087885 | 1.5% |
| RPM International, Inc. | $9567064 | 1.4% |
| Total | $109421438 | 16.3% |

---

**Class B**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i328c29040f927caba1e6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.1% |
| Financials | 19.5% |
| Information Technology | 13.0% |
| Consumer Discretionary | 9.2% |
| Real Estate | 8.9% |
| Health Care | 7.1% |
| Consumer Staples | 5.7% |
| Materials | 4.7% |
| Utilities | 4.3% |
| Energy | 4.1% |
| Communication Services | 2.4% |
| Short-Term Investments | 1.8% |
| Other assets less liabilities | -0.8% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VQ-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VQ-B-S](g918496i66cef0548656ae99a942.jpg)

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Portfolio Information

**Class B**

VPS-DV-B-0154-0625

# Class A
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VD-A-S](g918496ida81dde81a3a0045979c.jpg)

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Portfolio Information

# AB VPS Dynamic Asset Allocation Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Dynamic Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VD-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $43 | 0.85%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $249492569 |
| # of Portfolio Holdings | 1424 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (Net) | $792234 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $8119580 | 3.2% |
| Microsoft Corp. | $7398974 | 3.0% |
| Apple, Inc. | $6491784 | 2.6% |
| U.S. Treasury Notes, 2.00%, due 11/15/26 | $4687995 | 1.9% |
| Amazon.com, Inc. | $4413688 | 1.8% |
| U.S. Treasury Notes, 2.38%, due 05/15/27 | $4258434 | 1.7% |
| U.S. Treasury Notes, 2.25%, due 11/15/27 | $3469394 | 1.4% |
| Meta Platforms, Inc. - Class A | $3405547 | 1.4% |
| U.S. Treasury Notes, 1.63%, due 05/15/31 | $2716094 | 1.1% |
| Broadcom, Inc. | $2593591 | 1.0% |
| Total | $47555081 | 19.1% |

---

**Class A**

### Security Type Breakdown (% Net Assets)
![Group By Sector Chart](g918496iaa148c00a5ce38144eea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 63.7% |
| Governments - Treasuries | 32.4% |
| Agencies | 0.8% |
| Purchased Options - Puts | 0.4% |
| Short-Term Investments | 2.8% |
| 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/64VD-A-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VD-A-S](g918496ida81dde81a3a0045979c.jpg)

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Portfolio Information

**Class A**

VPS-DAA-A-0154-0625

# Class B
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VD-B-S](g918496i97cab87af3a5deb95507.jpg)

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Portfolio Information

# AB VPS Dynamic Asset Allocation Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Dynamic Asset Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VD-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $56 | 1.10%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $249492569 |
| # of Portfolio Holdings | 1424 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid (Net) | $792234 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $8119580 | 3.2% |
| Microsoft Corp. | $7398974 | 3.0% |
| Apple, Inc. | $6491784 | 2.6% |
| U.S. Treasury Notes, 2.00%, due 11/15/26 | $4687995 | 1.9% |
| Amazon.com, Inc. | $4413688 | 1.8% |
| U.S. Treasury Notes, 2.38%, due 05/15/27 | $4258434 | 1.7% |
| U.S. Treasury Notes, 2.25%, due 11/15/27 | $3469394 | 1.4% |
| Meta Platforms, Inc. - Class A | $3405547 | 1.4% |
| U.S. Treasury Notes, 1.63%, due 05/15/31 | $2716094 | 1.1% |
| Broadcom, Inc. | $2593591 | 1.0% |
| Total | $47555081 | 19.1% |

---

**Class B**

### Security Type Breakdown (% Net Assets)
![Group By Sector Chart](g918496ifa3a01192c04cfc13525.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 63.7% |
| Governments - Treasuries | 32.4% |
| Agencies | 0.8% |
| Purchased Options - Puts | 0.4% |
| Short-Term Investments | 2.8% |
| 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/64VD-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VD-B-S](g918496i97cab87af3a5deb95507.jpg)

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Portfolio Information

**Class B**

VPS-DAA-B-0154-0625

# Class B
June 30, 2025

![Image](g918496i13d4ff20ff123c7e3f1a.jpg)

# AB VPS Global Risk Allocation - Moderate Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64V2-B-S](g918496i290201ec844ac04ad582.jpg)

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## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Global Risk Allocation - Moderate Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64V2-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $38 | 0.75%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $679275317 |
| # of Portfolio Holdings | 1207 |
| Portfolio Turnover Rate | 1% |
| Total Advisory Fees Paid (Net) | $1415945 |

---

## Graphical Representation of Holdings

### Security Type Breakdown (% Net Assets)
![Group By Sector Chart](g918496ia164b9d17e340fed62e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 73.5% |
| Governments - Treasuries | 2.9% |
| Purchased Options - Puts | 0.0% |
| Short-Term Investments | 21.2% |
| Other assets less liabilities | 2.4% |

---

**Class B**

### **Country Breakdown (% of Net Assets)**![Group By Country Chart](g918496i25869497c1c24256568d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 55.3% |
| Japan | 7.0% |
| United Kingdom | 2.4% |
| Germany | 2.0% |
| France | 1.9% |
| Switzerland | 1.5% |
| Australia | 1.3% |
| Netherlands | 0.9% |
| Spain | 0.6% |
| Italy | 0.6% |
| Sweden | 0.6% |
| Denmark | 0.4% |
| Hong Kong | 0.4% |
| Singapore | 0.3% |
| Others | 1.2% |
| Short-Term Investments | 21.2% |
| Other assets less liabilities | 2.4% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64V2-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64V2-B-S](g918496i290201ec844ac04ad582.jpg)

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Portfolio Information

**Class B**

VPS-GRA-B-0154-0625

# Class A
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VH-A-S](g918496ieb4c2428526c9901d6be.jpg)

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Portfolio Information

# AB VPS Relative Value Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Relative Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VH-A-S. You can also request this information by contacting us at (800) 227 4618.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the last six months?
(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 | $30 | 0.59%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1069820546 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (Net) | $2555941 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| JPMorgan Chase & Co. | $44230119 | 4.1% |
| Berkshire Hathaway, Inc. - Class B | $40906206 | 3.8% |
| Philip Morris International, Inc. | $39224245 | 3.7% |
| Johnson & Johnson | $38061634 | 3.5% |
| Walmart, Inc. | $33310713 | 3.1% |
| RTX Corp. | $32002619 | 3.0% |
| EOG Resources, Inc. | $26644683 | 2.5% |
| Texas Instruments, Inc. | $26475910 | 2.5% |
| S&P Global, Inc. | $24841159 | 2.3% |
| Elevance Health, Inc. | $23038101 | 2.2% |
| Total | $328735389 | 30.7% |

---

**Class A**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i57d1d77c0d331a610c80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.0% |
| Health Care | 17.8% |
| Industrials | 16.7% |
| Consumer Staples | 8.6% |
| Information Technology | 8.5% |
| Consumer Discretionary | 6.6% |
| Energy | 5.7% |
| Communication Services | 5.6% |
| Materials | 2.7% |
| Real Estate | 1.2% |
| Short-Term Investments | 4.5% |
| Other assets less liabilities | 0.1% |

---

#### Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available on or about May 1, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

During the reporting period, the Portfolio added the following risk to its Principal Risks as set forth in its prospectus.

**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 financials 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.

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VH-A-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VH-A-S](g918496ieb4c2428526c9901d6be.jpg)

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Portfolio Information

**Class A**

VPS-RV-A-0154-0625

# Class B
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VH-B-S](g918496ie5b6ea838351353aa698.jpg)

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Portfolio Information

# AB VPS Relative Value Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Relative Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VH-B-S. You can also request this information by contacting us at (800) 227 4618.

#### This report describes changes to the Portfolio that occurred during the reporting period.

## What were the Portfolio costs for the last six months?
(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 | $43 | 0.84%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $1069820546 |
| # of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid (Net) | $2555941 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| JPMorgan Chase & Co. | $44230119 | 4.1% |
| Berkshire Hathaway, Inc. - Class B | $40906206 | 3.8% |
| Philip Morris International, Inc. | $39224245 | 3.7% |
| Johnson & Johnson | $38061634 | 3.5% |
| Walmart, Inc. | $33310713 | 3.1% |
| RTX Corp. | $32002619 | 3.0% |
| EOG Resources, Inc. | $26644683 | 2.5% |
| Texas Instruments, Inc. | $26475910 | 2.5% |
| S&P Global, Inc. | $24841159 | 2.3% |
| Elevance Health, Inc. | $23038101 | 2.2% |
| Total | $328735389 | 30.7% |

---

**Class B**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i46c0b153a15d3526a5c9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.0% |
| Health Care | 17.8% |
| Industrials | 16.7% |
| Consumer Staples | 8.6% |
| Information Technology | 8.5% |
| Consumer Discretionary | 6.6% |
| Energy | 5.7% |
| Communication Services | 5.6% |
| Materials | 2.7% |
| Real Estate | 1.2% |
| Short-Term Investments | 4.5% |
| Other assets less liabilities | 0.1% |

---

#### Material Portfolio Changes
This is a summary of certain changes to the Portfolio since January 1, 2025. For more complete information, you may review the Portfolio's next prospectus, which we expect to be available on or about May 1, 2026 at www.abfunds.com/go/prospectus, or upon request at (800) 243-5994.

During the reporting period, the Portfolio added the following risk to its Principal Risks as set forth in its prospectus.

**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 financials 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.

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VH-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VH-B-S](g918496ie5b6ea838351353aa698.jpg)

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Portfolio Information

**Class B**

VPS-RV-B-0154-0625

# Class A
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VW-A-S](g918496ic37345bdf5ae70d10ce3.jpg)

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Portfolio Information

# AB VPS Balanced Hedged Allocation Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Balanced Hedged Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VW-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $35 | 0.68%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $154668293 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid (Net) | $333002 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| iShares Core S&P 500 ETF | $51752015 | 33.5% |
| iShares Core U.S. Aggregate Bond ETF | $22855680 | 14.8% |
| Vanguard Total Bond Market ETF | $22795848 | 14.8% |
| iShares Core MSCI EAFE ETF | $22431076 | 14.5% |
| iShares Core MSCI Emerging Markets ETF | $9142569 | 5.9% |
| U.S. Treasury Inflation Index, 0.13%, due 01/15/32 | $5113384 | 3.3% |
| Vanguard Mid-Cap ETF | $3455900 | 2.2% |
| Vanguard Real Estate ETF | $2885544 | 1.9% |
| Purchased Options - Calls, S&P 500 Index, USD 6100.00, due 12/18/26 | $1303200 | 0.8% |
| Purchased Options - Calls, S&P 500 Index, USD 6000.00, due 12/18/26 | $1107960 | 0.7% |
| Total | $142843176 | 92.4% |

---

**Class A**

### Portfolio Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i6af12338dcb2bd65de45.jpg)

---

| | |
|:---|:---|
| | |
| Investment Companies | 87.8% |
| Inflation-Linked Securities | 3.3% |
| Purchased Options - Calls | 2.0% |
| Purchased Options - Puts | 1.7% |
| Short-Term Investments | 4.3% |
| Other assets less liabilities | 0.9% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VW-A-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VW-A-S](g918496ic37345bdf5ae70d10ce3.jpg)

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Portfolio Information

**Class A**

VPS-BHA-A-0154-0625

# Class B
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VW-B-S](g918496i364922ee87604d55f4a6.jpg)

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Portfolio Information

# AB VPS Balanced Hedged Allocation Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Balanced Hedged Allocation Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VW-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $48 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $154668293 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 2% |
| Total Advisory Fees Paid (Net) | $333002 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| iShares Core S&P 500 ETF | $51752015 | 33.5% |
| iShares Core U.S. Aggregate Bond ETF | $22855680 | 14.8% |
| Vanguard Total Bond Market ETF | $22795848 | 14.8% |
| iShares Core MSCI EAFE ETF | $22431076 | 14.5% |
| iShares Core MSCI Emerging Markets ETF | $9142569 | 5.9% |
| U.S. Treasury Inflation Index, 0.13%, due 01/15/32 | $5113384 | 3.3% |
| Vanguard Mid-Cap ETF | $3455900 | 2.2% |
| Vanguard Real Estate ETF | $2885544 | 1.9% |
| Purchased Options - Calls, S&P 500 Index, USD 6100.00, due 12/18/26 | $1303200 | 0.8% |
| Purchased Options - Calls, S&P 500 Index, USD 6000.00, due 12/18/26 | $1107960 | 0.7% |
| Total | $142843176 | 92.4% |

---

**Class B**

### Portfolio Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i1484d46601a44082a97a.jpg)

---

| | |
|:---|:---|
| | |
| Investment Companies | 87.8% |
| Inflation-Linked Securities | 3.3% |
| Purchased Options - Calls | 2.0% |
| Purchased Options - Puts | 1.7% |
| Short-Term Investments | 4.3% |
| Other assets less liabilities | 0.9% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VW-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VW-B-S](g918496i364922ee87604d55f4a6.jpg)

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Portfolio Information

**Class B**

VPS-BHA-B-0154-0625

# Class A
June 30, 2025

![Image](g918496i79b2b2f88039a3c7c6ce.jpg)

# AB VPS International Value Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VF-A-S](g918496i5d7413f284dfcc14f822.jpg)

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## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS International Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VF-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $51 | 0.91%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $306815261 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $1002063 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Shell PLC | $10782287 | 3.5% |
| Roche Holding AG | $9820335 | 3.2% |
| Airbus SE | $7215540 | 2.4% |
| AXA SA | $6911877 | 2.3% |
| Tokyo Electron Ltd. | $6894337 | 2.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $6509344 | 2.1% |
| Melrose Industries PLC | $6258504 | 2.0% |
| Industria de Diseno Textil SA | $6212383 | 2.0% |
| Resona Holdings, Inc. | $6039299 | 2.0% |
| Haleon PLC | $5894087 | 1.9% |
| Total | $72537993 | 23.6% |

---

**Class A**

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g918496i5ad680af3ca30ef8869b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 24.5% |
| United Kingdom | 13.5% |
| United States | 9.0% |
| France | 8.6% |
| Spain | 6.3% |
| Germany | 5.4% |
| Switzerland | 5.1% |
| Netherlands | 4.5% |
| Italy | 3.4% |
| Denmark | 3.2% |
| Hong Kong | 2.7% |
| Taiwan | 2.1% |
| South Korea | 1.7% |
| Portugal | 1.7% |
| Others | 5.3% |
| Short-Term Investments | 2.7% |
| Other assets less liabilities | 0.3% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496ifedde821178572807297.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.9% |
| Financials | 15.5% |
| Health Care | 13.0% |
| Consumer Discretionary | 9.6% |
| Energy | 7.2% |
| Information Technology | 7.1% |
| Materials | 6.7% |
| Communication Services | 5.8% |
| Consumer Staples | 5.0% |
| Utilities | 3.5% |
| Real Estate | 2.7% |
| Short-Term Investments | 2.7% |
| Other assets less liabilities | 0.3% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VF-A-S, 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.

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

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Portfolio Information

**Class A**

VPS-IV-A-0154-0625

# Class B
June 30, 2025

![Image](g918496i79b2b2f88039a3c7c6ce.jpg)

# AB VPS International Value Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VF-B-S](g918496i31e53c17ea313c813647.jpg)

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## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS International Value Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VF-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $65 | 1.16%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $306815261 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid (Net) | $1002063 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Shell PLC | $10782287 | 3.5% |
| Roche Holding AG | $9820335 | 3.2% |
| Airbus SE | $7215540 | 2.4% |
| AXA SA | $6911877 | 2.3% |
| Tokyo Electron Ltd. | $6894337 | 2.2% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $6509344 | 2.1% |
| Melrose Industries PLC | $6258504 | 2.0% |
| Industria de Diseno Textil SA | $6212383 | 2.0% |
| Resona Holdings, Inc. | $6039299 | 2.0% |
| Haleon PLC | $5894087 | 1.9% |
| Total | $72537993 | 23.6% |

---

**Class B**

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g918496i994515c309e3ac9acd7e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Japan | 24.5% |
| United Kingdom | 13.5% |
| United States | 9.0% |
| France | 8.6% |
| Spain | 6.3% |
| Germany | 5.4% |
| Switzerland | 5.1% |
| Netherlands | 4.5% |
| Italy | 3.4% |
| Denmark | 3.2% |
| Hong Kong | 2.7% |
| Taiwan | 2.1% |
| South Korea | 1.7% |
| Portugal | 1.7% |
| Others | 5.3% |
| Short-Term Investments | 2.7% |
| Other assets less liabilities | 0.3% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496ie4f72898917c09298f77.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 20.9% |
| Financials | 15.5% |
| Health Care | 13.0% |
| Consumer Discretionary | 9.6% |
| Energy | 7.2% |
| Information Technology | 7.1% |
| Materials | 6.7% |
| Communication Services | 5.8% |
| Consumer Staples | 5.0% |
| Utilities | 3.5% |
| Real Estate | 2.7% |
| Short-Term Investments | 2.7% |
| Other assets less liabilities | 0.3% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VF-B-S, 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.

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

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Portfolio Information

**Class B**

VPS-IV-B-0154-0625

# Class A
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VL-A-S](g918496i35249eb1b576be45d47a.jpg)

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Portfolio Information

# AB VPS Large Cap Growth Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Large Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VL-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $978885448 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid (Net) | $2741199 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $103919344 | 10.6% |
| Microsoft Corp. | $86990045 | 8.9% |
| Meta Platforms, Inc. - Class A | $64489137 | 6.6% |
| Amazon.com, Inc. | $62470206 | 6.4% |
| Netflix, Inc. | $55523008 | 5.7% |
| Broadcom, Inc. | $50205513 | 5.1% |
| Alphabet, Inc. - Class C | $49490746 | 5.0% |
| Visa, Inc. - Class A | $45736121 | 4.7% |
| Eli Lilly & Co. | $26196106 | 2.7% |
| Costco Wholesale Corp. | $25426609 | 2.6% |
| Total | $570446835 | 58.3% |

---

**Class A**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496ia1fb0a8bcec47d3725a6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 37.7% |
| Communication Services | 17.7% |
| Consumer Discretionary | 13.6% |
| Health Care | 11.9% |
| Financials | 7.3% |
| Industrials | 6.2% |
| Consumer Staples | 5.2% |
| Materials | 1.3% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -2.0% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VL-A-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VL-A-S](g918496i35249eb1b576be45d47a.jpg)

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Portfolio Information

**Class A**

VPS-LCG-A-0154-0625

# Class B
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VL-B-S](g918496i051ea27818371a87cd91.jpg)

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Portfolio Information

# AB VPS Large Cap Growth Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Large Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VL-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $46 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $978885448 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 10% |
| Total Advisory Fees Paid (Net) | $2741199 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| NVIDIA Corp. | $103919344 | 10.6% |
| Microsoft Corp. | $86990045 | 8.9% |
| Meta Platforms, Inc. - Class A | $64489137 | 6.6% |
| Amazon.com, Inc. | $62470206 | 6.4% |
| Netflix, Inc. | $55523008 | 5.7% |
| Broadcom, Inc. | $50205513 | 5.1% |
| Alphabet, Inc. - Class C | $49490746 | 5.0% |
| Visa, Inc. - Class A | $45736121 | 4.7% |
| Eli Lilly & Co. | $26196106 | 2.7% |
| Costco Wholesale Corp. | $25426609 | 2.6% |
| Total | $570446835 | 58.3% |

---

**Class B**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i869c24d504d550d85f0b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 37.7% |
| Communication Services | 17.7% |
| Consumer Discretionary | 13.6% |
| Health Care | 11.9% |
| Financials | 7.3% |
| Industrials | 6.2% |
| Consumer Staples | 5.2% |
| Materials | 1.3% |
| Short-Term Investments | 1.1% |
| Other assets less liabilities | -2.0% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VL-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VL-B-S](g918496i051ea27818371a87cd91.jpg)

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Portfolio Information

**Class B**

VPS-LCG-B-0154-0625

# Class A
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VS-A-S](g918496id5a3b0e7dd51e94a704f.jpg)

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Portfolio Information

# AB VPS Small Cap Growth Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VS-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $44 | 0.90%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $63954957 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (Net) | $119455 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Credo Technology Group Holding Ltd. | $1543475 | 2.4% |
| AeroVironment, Inc. | $1282560 | 2.0% |
| SPX Technologies, Inc. | $1054539 | 1.7% |
| Construction Partners, Inc. - Class A | $1039099 | 1.6% |
| Alkami Technology, Inc. | $1023313 | 1.6% |
| Casella Waste Systems, Inc. - Class A | $1002768 | 1.6% |
| Primoris Services Corp. | $995294 | 1.6% |
| SiTime Corp. | $990396 | 1.5% |
| Ollie's Bargain Outlet Holdings, Inc. | $990195 | 1.5% |
| Celsius Holdings, Inc. | $961572 | 1.5% |
| Total | $10883211 | 17.0% |

---

**Class A**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i892a392935728c908a75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.3% |
| Information Technology | 23.4% |
| Health Care | 20.7% |
| Consumer Discretionary | 14.0% |
| Financials | 10.5% |
| Consumer Staples | 3.5% |
| Materials | 1.2% |
| Energy | 0.6% |
| Short-Term Investments | 3.1% |
| Other assets less liabilities | -2.3% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VS-A-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VS-A-S](g918496id5a3b0e7dd51e94a704f.jpg)

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Portfolio Information

**Class A**

VPS-SCG-A-0154-0625

# Class B
June 30, 2025

![Image](g918496iadcabed438646940a9dd.jpg)

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VS-B-S](g918496iaa89e8757c626fdc1943.jpg)

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Portfolio Information

# AB VPS Small Cap Growth Portfolio

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Small Cap Growth Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VS-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $56 | 1.15%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $63954957 |
| # of Portfolio Holdings | 104 |
| Portfolio Turnover Rate | 47% |
| Total Advisory Fees Paid (Net) | $119455 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Credo Technology Group Holding Ltd. | $1543475 | 2.4% |
| AeroVironment, Inc. | $1282560 | 2.0% |
| SPX Technologies, Inc. | $1054539 | 1.7% |
| Construction Partners, Inc. - Class A | $1039099 | 1.6% |
| Alkami Technology, Inc. | $1023313 | 1.6% |
| Casella Waste Systems, Inc. - Class A | $1002768 | 1.6% |
| Primoris Services Corp. | $995294 | 1.6% |
| SiTime Corp. | $990396 | 1.5% |
| Ollie's Bargain Outlet Holdings, Inc. | $990195 | 1.5% |
| Celsius Holdings, Inc. | $961572 | 1.5% |
| Total | $10883211 | 17.0% |

---

**Class B**

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496ib1be6601ddfec94a9fb2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 25.3% |
| Information Technology | 23.4% |
| Health Care | 20.7% |
| Consumer Discretionary | 14.0% |
| Financials | 10.5% |
| Consumer Staples | 3.5% |
| Materials | 1.2% |
| Energy | 0.6% |
| Short-Term Investments | 3.1% |
| Other assets less liabilities | -2.3% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VS-B-S, 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.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VS-B-S](g918496iaa89e8757c626fdc1943.jpg)

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Portfolio Information

**Class B**

VPS-SCG-B-0154-0625

# Class A
June 30, 2025

![Image](g918496i79b2b2f88039a3c7c6ce.jpg)

# AB VPS Sustainable Global Thematic Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VA-A-S](g918496i065e07ec702a902b38dc.jpg)

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Portfolio Information

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Sustainable Global Thematic Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VA-A-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $48 | 0.93%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $162412703 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (Net) | $535350 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $6825460 | 4.2% |
| Flex Ltd. | $5692777 | 3.5% |
| NVIDIA Corp. | $5587632 | 3.4% |
| Visa, Inc. - Class A | $4187105 | 2.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $4168906 | 2.6% |
| London Stock Exchange Group PLC | $4142011 | 2.5% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $4085713 | 2.5% |
| Rockwell Automation, Inc. | $3996337 | 2.5% |
| AIA Group Ltd. | $3819038 | 2.4% |
| Cameco Corp. | $3810226 | 2.3% |
| Total | $46315205 | 28.5% |

---

**Class A**

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g918496i01e5056e77f485f8b039.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 62.3% |
| United Kingdom | 5.8% |
| Brazil | 5.5% |
| Canada | 5.0% |
| Japan | 2.7% |
| Switzerland | 2.7% |
| Taiwan | 2.6% |
| China | 2.4% |
| Hong Kong | 2.4% |
| Germany | 1.9% |
| Italy | 1.9% |
| France | 1.4% |
| India | 1.1% |
| Ireland | 1.0% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | -0.4% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i809b981c814aa36cbcb6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 35.6% |
| Industrials | 17.0% |
| Financials | 16.4% |
| Health Care | 12.9% |
| Consumer Discretionary | 6.0% |
| Utilities | 4.7% |
| Consumer Staples | 3.8% |
| Energy | 2.3% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | -0.4% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VA-A-S, 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.

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

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Portfolio Information

**Class A**

VPS-SGT-A-0154-0625

# Class B
June 30, 2025

![Image](g918496i79b2b2f88039a3c7c6ce.jpg)

# AB VPS Sustainable Global Thematic Portfolio
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.abfunds.com/link/AB/64VA-B-S](g918496ib12ff4ac0ea551e19fdb.jpg)

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Portfolio Information

## Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the AB VPS Sustainable Global Thematic Portfolio (the "Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Portfolio at https://www.abfunds.com/link/AB/64VA-B-S. You can also request this information by contacting us at (800) 227 4618.

## What were the Portfolio costs for the last six months?
(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 | $60 | 1.18%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

## Key Portfolio Statistics

---

| | |
|:---|:---|
| Net Assets | $162412703 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 36% |
| Total Advisory Fees Paid (Net) | $535350 |

---

## Graphical Representation of Holdings

### 10 Top Holdings

---

| | | |
|:---|:---|:---|
| Company | U.S. $ Value | % of Net Assets |
| Microsoft Corp. | $6825460 | 4.2% |
| Flex Ltd. | $5692777 | 3.5% |
| NVIDIA Corp. | $5587632 | 3.4% |
| Visa, Inc. - Class A | $4187105 | 2.6% |
| Taiwan Semiconductor Manufacturing Co., Ltd. | $4168906 | 2.6% |
| London Stock Exchange Group PLC | $4142011 | 2.5% |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | $4085713 | 2.5% |
| Rockwell Automation, Inc. | $3996337 | 2.5% |
| AIA Group Ltd. | $3819038 | 2.4% |
| Cameco Corp. | $3810226 | 2.3% |
| Total | $46315205 | 28.5% |

---

**Class B**

### **Country Breakdown (% of Net Assets)**![Credit Rating Chart](g918496i1030b6befb02db494e20.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 62.3% |
| United Kingdom | 5.8% |
| Brazil | 5.5% |
| Canada | 5.0% |
| Japan | 2.7% |
| Switzerland | 2.7% |
| Taiwan | 2.6% |
| China | 2.4% |
| Hong Kong | 2.4% |
| Germany | 1.9% |
| Italy | 1.9% |
| France | 1.4% |
| India | 1.1% |
| Ireland | 1.0% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | -0.4% |

---

### Sector Breakdown (% of Net Assets)
![Group By Sector Chart](g918496i50911c79a765cef5ebac.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 35.6% |
| Industrials | 17.0% |
| Financials | 16.4% |
| Health Care | 12.9% |
| Consumer Discretionary | 6.0% |
| Utilities | 4.7% |
| Consumer Staples | 3.8% |
| Energy | 2.3% |
| Short-Term Investments | 1.7% |
| Other assets less liabilities | -0.4% |

---

## Availability of Additional Information
You can find additional information on the Portfolio's website at https://www.abfunds.com/link/AB/64VA-B-S, 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.

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

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Portfolio Information

**Class B**

VPS-SGT-B-0154-0625

------

#### ITEM 2. CODE OF ETHICS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable when filing a semi-annual report to shareholders.

#### ITEM 6. INVESTMENTS.
Please see Schedule of Investments contained in the Financial Statements included under Item 7 of this Form N-CSR.

#### ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

## JUN <sup></sup> <sup>06.30.25</sup>
![LOGO](g795188g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Shares** | **U.S. $ Value** |
|  **INVESTMENT COMPANIES–87.8%** | **INVESTMENT COMPANIES–87.8%** |  |  |
|  FUNDS AND INVESTMENT TRUSTS–87.8%(a) |  |  |  |
|  iShares Core MSCI EAFE ETF |  | 268700 | $22431076 |
|  iShares Core MSCI Emerging Markets ETF(b) |  | 152300 | 9142569 |
|  iShares Core S&P 500 ETF |  | 83350 | 51752015 |
|  iShares Core U.S. Aggregate Bond ETF |  | 230400 | 22855680 |
|  Vanguard Mid-Cap ETF(b) |  | 12350 | 3455900 |
|  Vanguard Real Estate ETF(b) |  | 32400 | 2885544 |
|  Vanguard Small-Cap ETF(b) |  | 2050 | 485809 |
|  Vanguard Total Bond Market ETF |  | 309600 | 22795848 |
|  Total Investment Companies<br>(cost $115,122,654) |  |  | 135804441 |
|  | **Principal**<br>**Amount**<br>**(000)** | **Principal**<br>**Amount**<br>**(000)** |  |
|  **INFLATION-LINKED SECURITIES–3.3%** |  |  |  |
|  UNITED STATES–3.3% |  |  |  |
|  U.S. Treasury Inflation Index <br>0.125%, 01/15/2032 (TIPS)(c) <br>(cost $5,661,310) | U.S.$| 5639 | 5113384 |
|  | **Notional<br>Amount** | **Notional<br>Amount** |  |
|  **PURCHASED OPTIONS–CALLS–2.0%** |  |  |  |
|  OPTIONS ON EQUITY INDICES–2.0% |  |  |  |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 18; <br>Exercise Price: USD 6,100.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 10980000 | 1303200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Notional<br>Amount** | **U.S. $ Value** |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 14; <br>Exercise Price: USD 6,000.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 8400000 | $1107960 |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 6; <br>Exercise Price: USD 5,300.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 3180000 | 784710 |
|  Total Purchased Options–Calls <br>(premiums paid $2,837,307) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3195870 |
|  **PURCHASED OPTIONS–PUTS–1.7%** |  |  |  |
|  OPTIONS ON EQUITY INDICES–1.7% |  |  |  |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 27; <br>Exercise Price: USD 5,600.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 15120000 | 664740 |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 18; <br>Exercise Price: USD 6,100.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 10980000 | 655650 |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 14; <br>Exercise Price: USD 6,000.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 8400000 | 472150 |

---

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **<br>Notional<br>Amount** | **U.S. $ Value** |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 12; <br>Exercise Price: USD 5,700.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 6840000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320100 |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 12; <br>Exercise Price: USD 5,500.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 6600000 | 272460 |
|  S&P 500 Index <br>Expiration: Dec 2026; Contracts: 12; <br>Exercise Price: USD 5,300.00; <br>Counterparty: Morgan Stanley & Co., Inc.(d) | USD | 6360000 | 231120 |
|  Total Purchased Options–Puts<br>(premiums paid $3,553,782) |  |  | 2616220 |
|  |  | **Shares** |  |
|  **COMMON STOCKS–0.0%** |  |  |  |
|  **ENERGY–0.0%** |  |  |  |
|  OIL, GAS & CONSUMABLE<br>FUELS–0.0% |  |  |  |
|  Gazprom PJSC(d)(e)(f)(g) |  | 31460 | –0 |
|  LUKOIL PJSC(d)(e)(f)(g) |  | 790 | –0 |
|  |  |  | –0 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **<br>Shares** | **U.S. $ Value** |
|  **MATERIALS–0.0%** | **MATERIALS–0.0%** | **MATERIALS–0.0%** |
|  METALS & MINING–0.0% | METALS & MINING–0.0% | METALS & MINING–0.0% |
|  MMC Norilsk Nickel PJSC (ADR)(d)(e)(f)(g) | 2540 | $–0 |
|  Total Common Stocks <br>(cost $272,698) |  | –0 |
|  **SHORT-TERM INVESTMENTS–4.3%** |  |  |
|  INVESTMENT COMPANIES–4.3% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(a)(h)(i) <br>(cost $6,617,635) | 6617635 | 6617635 |
|  **TOTAL INVESTMENTS–99.1%** <br> (cost $134,065,386) |  | 153347550 |
|  Other assets less liabilities–0.9% |  | 1320743 |
|  **NET ASSETS–100.0%** |  | $154668293 |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  MSCI EAFE Futures | 35 | September 2025 | $4692975 | $29359 |
|  MSCI Emerging Markets Index Futures | 18 | September 2025 | 1110150 | 4615 |
|  S&P 500 E-Mini Futures | 37 | September 2025 | 11569437 | 409055 |
|  U.S. Long Bond (CBT) Futures | 17 | September 2025 | 1962969 | 57355 |
|  U.S. T-Note 10 Yr (CBT) Futures | 373 | September 2025 | 41822625 | 657521 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  E-Mini Russell 2000 Index Futures | 5 | September 2025 | 547925 | (8488) |
|  S&P Mid 400 E-Mini Futures | 5 | September 2025 | 1562750 | (23290) |
|  |  |  |  | $1126127 |

---

------

**AB Variable Products Series Fund**

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

(b) 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) Restricted and illiquid security.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Restricted & Illiquid Securities** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Percentage<br>of Net Assets** |
|  Gazprom PJSC | 09/28/2021-09/29/2021 | $154653 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 – | 0.00% |
|  LUKOIL PJSC | 06/29/2018-07/09/2021 | 61154 | –0 – | 0.00% |
|  MMC Norilsk Nickel PJSC (ADR) | 06/29/2018-10/01/2021 | 56891 | –0 – | 0.00% |

---

(f) Fair valued by the Adviser.

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

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

(i) Affiliated investments.

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.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION PORTFOLIO |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $127,447,751) | $146729915 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $6,617,635) | 6617635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value (cost $4,105) | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 1622502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures | 197932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends and interest receivable | 24158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 20083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 155220397 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 149661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 136999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees payable | 80307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 54449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 47100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 27332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax payable | 5943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 1987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 48179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 552104 |
|  **NET ASSETS** | $154668293 |
|  **COMPOSITION OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $15691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 128116545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 26536057 |
|  **NET ASSETS** | $154668293 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $14914294 | 1487751 | $10.02 |
| B | $139753999 | 14202917 | $&nbsp;&nbsp;&nbsp;&nbsp;9.84 |

---

(a) Includes securities on loan with a value of $12,860,265 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION PORTFOLIO |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1671869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 136738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 90803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 6037 |
|  | 1905447 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 339879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 170518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 2464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 53080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 30835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 28158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 25875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 16136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 10712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 687985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (6877) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 681108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1224339 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions(a) | 119204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1519492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (46) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 8269849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 2317895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment and foreign currency transactions | 12227273 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $13451612 |

---

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

See notes to financial statements.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION PORTFOLIO |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE IN NET ASSETS FROM OPERATIONS** | **INCREASE IN NET ASSETS FROM OPERATIONS** | **INCREASE IN NET ASSETS FROM OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1224339 | $2874239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 1638650 | 8556900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 10588623 | 2415686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 13451612 | 13846825 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (633925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (5620894) |
|  **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (15129830) | (24086380) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total decrease | (1678218) | (16494374) |
|  **NET ASSETS** | **NET ASSETS** | **NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 156346511 | 172840885 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $154668293 | $156346511 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION PORTFOLIO |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **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.

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

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED ALLOCATION 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.

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.

------

**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 June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |  |
|  **Investments in Securities:** |  |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |  |
|  Investment Companies | $135804441 | $–0 | $–0 |  | $135804441 |  |
|  Inflation-Linked Securities | –0 | 5113384 | –0 |  | 5113384 |  |
|  Purchased Options—Calls | –0 | 3195870 | –0 |  | 3195870 |  |
|  Purchased Options—Puts | –0 | 2616220 | –0 |  | 2616220 |  |
|  Common Stocks | –0 | –0 | 0 | (a) | –0 |  |
|  Short-Term Investments | 6617635 | –0 | –0 |  | 6617635 |  |
|  Total Investments in Securities | 142422076 | 10925474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (a) | 153347550 |  |
|  **Other Financial Instruments(b):** |  |  |  |  |  |  |
|  **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 1157905 | –0 | –0 |  | 1157905 | (c) |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (31778) | –0 | –0 |  | (31778) |)(c) |
|  **Total** | $**143548203** | $**10925474** | $**0** | **(a)** | $**154473677** |  |

---

(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.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | 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 segment's 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 six months ended June 30, 2025, there was no such reimbursement. This fee waiver and/or expense reimbursement agreement extends through May 1, 2026 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2025, the reimbursement for such services amounted to $53,080.

------

**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 $833 for the six months ended June 30, 2025.

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 six months ended June 30, 2025, such waiver amounted to $6,413.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $7545 | $16192 | $17119 | $6618 | $137 |
|  AB Government Money Market Portfolio\* | 6437 | 32885 | 39322 | –0 | 3 |
|  Total |  |  |  | $6618 | $140 |

---

\* 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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $2820844 | $13740527 |
|  U.S. government securities | –0 | –0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $24729356 |
|  Gross unrealized depreciation | (4321065) |
|  Net unrealized appreciation | $20408291 |

---

------

---

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

---

1. Derivative Financial Instruments

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

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

**•** **Futures** 

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

At the time the Portfolio enters into futures, the Portfolio deposits 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 six months ended June 30, 2025, the Portfolio held futures for hedging and non- hedging purposes.

**•** **Option Transactions** 

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

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

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the written option. The Portfolio's maximum payment for written put options equates to the number of shares multiplied by the strike price. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract. Premiums received from written options which expire unexercised are

------

**AB Variable Products Series Fund**

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 six months ended June 30, 2025, the Portfolio held purchased options for hedging and non- hedging purposes.

During the six months ended June 30, 2025, the Portfolio had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and Liabilities**<br> **Location** | **Fair Value** | **Statement of<br>Assets and Liabilities**<br> **Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $714876 \* |  |  |
|  Equity contracts | Receivable/Payable for variation margin on futures | 443029 \* | Receivable/Payable for variation margin on futures | $31778 \* |
|  Equity contracts | Investments in securities, at value | 5812090 |  |  |
|  Total |  | $6969995 |  | $31778 |

---

\* 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<br>Within Statement of Operations** | **Realized Gain or<br>(Loss) on<br>Derivatives** | **Change in Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $170508 | $1315626 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | 1348984 | 1002269 |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | (157866) | (443551) |
|  Total |  | $1361626 | $1874344 |

---

The following table represents the average monthly volume of the Portfolio's derivative transactions during the six months ended June 30, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $67598360.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $2373730.0 (a) |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $88242857.0 |

---

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

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | BALANCED HEDGED 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 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 six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money Market**<br> **Portfolio** | **AB Government Money Market**<br> **Portfolio** |
| **Market Value of<br>Securities**<br> **on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $12860265 | $–0 | $13070521 | $3487 | $2550 | $464 |

---

\* As of June 30, 2025.

------

**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** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 4300 | 83454 | $40522 | $745767 |
|  Shares issued in reinvestment of dividends and distributions | –0 | 70909 | –0 | 633925 |
|  Shares redeemed | (199692) | (276002) | (1886811) | (2489227) |
|  Net decrease | (195392) | (121639) | $(1846289) | $(1109535) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  Shares sold | 200019 | 447965 | $1819150 | $4013635 |
|  Shares issued on reinvestment of dividends and distributions | –0 | 639464 | –0 | 5620894 |
|  Shares redeemed | (1640875) | (3631685) | (15102691) | (32611374) |
|  Net decrease | (1440856) | (2544256) | $(13283541) | $(22976845) |

---

At June 30, 2025, 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

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

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

**Interest Rate Risk**—Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. Interest-rate risk is generally greater for fixed-income securities with longer maturities or durations. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolio performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

------

---

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

---

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

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

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

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

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

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

#### NOTE H: Joint Credit Facility
A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2025.

------

**AB Variable Products Series Fund**

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $4625970 | $1598559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 1628849 | 8895421 |
|  Total taxable distributions paid | $6254819 | $10493980 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $10897149 |
|  Accumulated capital and other losses | (8961977)(a) |
|  Unrealized appreciation (depreciation) | 11149273 (b) |
|  Total accumulated earnings (deficit) | $13084445 |

---

(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.

#### 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.

------

---

| | |
|:---|:---|
| 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** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months**<br>**Ended**<br>**June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.17 |  | $8.78 | $8.28 | $11.75 | $10.61 | $10.24 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .09 |  | .18 | .16 | .15 | .16 | .13 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .76 |  | .59 | .89 | (2.25) | 1.29 | .78 |
|  Contributions from Affiliates | –0 |  | –0 | –0 | .00 | .00 | –0 |
|  Net increase (decrease) in net asset value from operations | .85 |  | .77 | 1.05 | (2.10) | 1.45 | .91 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.19 | (.10 | (.35 | (.06 | (.24 |
|  Distributions from net realized gain on investment transactions | –0 |  | (.19 | (.45 | (1.02) | (.25 | (.30 |
|  Total dividends and distributions | –0 |  | (.38 | (.55 | (1.37) | (.31 | (.54 |
|  Net asset value, end of period | $10.02 |  | $9.17 | $8.78 | $8.28 | $11.75 | $10.61 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 9.27 | % | 8.84 | 13.04 | (18.99) | 13.73 | 9.41 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $14914 |  | $15428 | $15843 | $16241 | $21879 | $21252 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .68 | %^ | .66 | .69 | .63 | .56 | .55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .68 | %^ | .67 | .70 | .71 | .75 | .77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.84 | %^ | 1.97 | 1.92 | 1.50 | 1.43 | 1.38 |
|  Portfolio turnover rate | 2 | % | 6 | 4 | 135 | 63 | 66 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | %^ | .04 | .04 | .09 | .20 | .22 |

---

See footnote summary on page 20.

------

**AB Variable Products Series Fund**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.01 |  | $8.63 | $8.15 | $11.58 | $10.47 | $10.10 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .07 |  | .15 | .14 | .12 | .13 | .11 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .76 |  | .58 | .87 | (2.22) | 1.26 | .78 |
|  Contributions from Affiliates | –0 |  | –0 | –0 | .00 | .00 | –0 |
|  Net increase (decrease) in net asset value from operations | .83 |  | .73 | 1.01 | (2.10) | 1.39 | .89 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.16 | (.08 | (.31 | (.03 | (.22 |
|  Distributions from net realized gain on investment transactions | –0 |  | (.19 | (.45 | (1.02) | (.25 | (.30 |
|  Total dividends and distributions | –0 |  | (.35 | (.53 | (1.33) | (.28 | (.52 |
|  Net asset value, end of period | $9.84 |  | $9.01 | $8.63 | $8.15 | $11.58 | $10.47 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 9.21 | % | 8.58 | 12.66 | (19.17) | 13.36 | 9.25 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $139754 |  | $140919 | $156998 | $161149 | $223893 | $222427 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .93 | %^ | .91 | .94 | .88 | .81 | .80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .94 | %^ | .92 | .95 | .96 | 1.00 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.60 | %^ | 1.71 | 1.66 | 1.24 | 1.20 | 1.14 |
|  Portfolio turnover rate | 2 | % | 6 | 4 | 135 | 63 | 66 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | %^ | .04 | .04 | .09 | .20 | .22 |

---

See footnote summary on page 20.

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | 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, for the six months ended June 30, 2025 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% (annualized), .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 six months ended June 30, 2025, the years ended December 31, 2024 and December 31, 2022 by .03%, .10% and .02%, respectively.

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

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| 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

------

---

| | |
|:---|:---|
| BALANCED HEDGED ALLOCATION PORTFOLIO | 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

------

**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.

------

VPS-BHA-0152-0625

------

## JUN <sup>06.30.25</sup>
![LOGO](g43954g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **COMMON STOCKS–63.7%** |  |  |  |
|  **INFORMATION TECHNOLOGY–16.7%** |  |  |  |
|  COMMUNICATIONS EQUIPMENT–0.4% |  |  |  |
|  Arista Networks, Inc.(a) | 2258 | $| 231016 |
|  Cisco Systems, Inc. | 8380 |  | 581405 |
|  F5, Inc.(a) | 129 |  | 37967 |
|  Juniper Networks, Inc. | 736 |  | 29389 |
|  Motorola Solutions, Inc. | 352 |  | 148002 |
|  Nokia Oyj(b) | 10923 |  | 56675 |
|  Telefonaktiebolaget LM Ericsson–Class B | 5595 |  | 47811 |
|  |  |  | 1132265 |
|  ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5% |  |  |  |
|  Amphenol Corp.–Class A | 2553 |  | 252109 |
|  CDW Corp./DE | 293 |  | 52327 |
|  Celestica, Inc.(a) | 258 |  | 40310 |
|  Corning, Inc. | 1712 |  | 90034 |
|  Halma PLC | 844 |  | 37097 |
|  Hexagon AB–Class B(b) | 4126 |  | 41588 |
|  Jabil, Inc. | 239 |  | 52126 |
|  Keyence Corp. | 410 |  | 163929 |
|  Keysight Technologies, Inc.(a) | 385 |  | 63086 |
|  Kyocera Corp. | 2409 |  | 28933 |
|  Murata Manufacturing Co., Ltd. | 3307 |  | 48880 |
|  Omron Corp. | 353 |  | 9516 |
|  Shimadzu Corp. | 478 |  | 11818 |
|  TDK Corp. | 3839 |  | 44811 |
|  TE Connectivity PLC | 629 |  | 106093 |
|  Teledyne Technologies, Inc.(a) | 105 |  | 53792 |
|  Trimble, Inc.(a) | 547 |  | 41561 |
|  Yokogawa Electric Corp. | 434 |  | 11594 |
|  Zebra Technologies Corp.–Class A(a) | 114 |  | 35153 |
|  |  |  | 1184757 |
|  IT SERVICES–0.9% | IT SERVICES–0.9% | IT SERVICES–0.9% | IT SERVICES–0.9% |
|  Accenture PLC–Class A | 1319 |  | 394236 |
|  Akamai Technologies, Inc.(a) | 325 |  | 25922 |
|  Capgemini SE | 362 |  | 61987 |
|  CGI, Inc. | 448 |  | 47049 |
|  Cognizant Technology Solutions Corp.–Class A | 1037 |  | 80917 |
|  Fujitsu Ltd. | 3701 |  | 89784 |
|  Gartner, Inc.(a) | 171 |  | 69122 |
|  GoDaddy, Inc.–Class A(a) | 315 |  | 56719 |
|  International Business Machines Corp. | 1953 |  | 575705 |
|  MongoDB, Inc.(a) | 181 |  | 38008 |
|  NEC Corp. | 2462 |  | 71829 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Nomura Research Institute Ltd. | 754 | $| 30158 |
|  NTT Data Group Corp. | 1322 |  | 36594 |
|  Obic Co., Ltd. | 705 |  | 27414 |
|  Okta, Inc.(a) | 369 |  | 36889 |
|  Otsuka Corp.(b) | 460 |  | 9371 |
|  SCSK Corp. | 292 |  | 8797 |
|  Shopify, Inc.–Class A(a) | 2565 |  | 295839 |
|  Snowflake, Inc.–Class A(a) | 669 |  | 149702 |
|  TIS, Inc. | 394 |  | 13203 |
|  Twilio, Inc.–Class A(a) | 324 |  | 40293 |
|  VeriSign, Inc. | 189 |  | 54583 |
|  Wix.com Ltd.(a) | 118 |  | 18698 |
|  |  |  | 2232819 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.2% |  |  |  |
|  Advanced Micro Devices, Inc.(a) | 3422 |  | 485582 |
|  Advantest Corp. | 1614 |  | 119647 |
|  Analog Devices, Inc. | 1045 |  | 248731 |
|  Applied Materials, Inc. | 1712 |  | 313416 |
|  ASM International NV | 105 |  | 67355 |
|  ASML Holding NV | 830 |  | 665110 |
|  BE Semiconductor Industries NV(b) | 181 |  | 27069 |
|  Broadcom, Inc. | 9409 |  | 2593591 |
|  Disco Corp. | 194 |  | 57471 |
|  Entegris, Inc. | 337 |  | 27179 |
|  First Solar, Inc.(a)(b) | 227 |  | 37578 |
|  Infineon Technologies AG | 2751 |  | 117391 |
|  Intel Corp.(a) | 9184 |  | 205722 |
|  KLA Corp. | 280 |  | 250807 |
|  Lam Research Corp. | 2704 |  | 263207 |
|  Lasertec Corp.(b) | 171 |  | 22924 |
|  Marvell Technology, Inc. | 1824 |  | 141178 |
|  Microchip Technology, Inc. | 1122 |  | 78955 |
|  Micron Technology, Inc. | 2354 |  | 290130 |
|  Monolithic Power Systems, Inc. | 107 |  | 78258 |
|  NVIDIA Corp. | 51393 |  | 8119580 |
|  NXP Semiconductors NV | 535 |  | 116892 |
|  ON Semiconductor Corp.(a) | 939 |  | 49213 |
|  QUALCOMM, Inc. | 2330 |  | 371076 |
|  Renesas Electronics Corp. | 3335 |  | 41259 |
|  SCREEN Holdings Co., Ltd. | 200 |  | 16262 |
|  STMicroelectronics NV | 1335 |  | 40934 |
|  Teradyne, Inc. | 359 |  | 32281 |
|  Texas Instruments, Inc. | 1917 |  | 398007 |
|  Tokyo Electron Ltd. | 944 |  | 180785 |
|  |  |  | 15457590 |
|  SOFTWARE–5.9% | SOFTWARE–5.9% | SOFTWARE–5.9% | SOFTWARE–5.9% |
|  Adobe, Inc.(a) | 898 |  | 347418 |
|  ANSYS, Inc.(a) | 195 |  | 68488 |
|  AppLovin Corp.–Class A(a) | 489 |  | 171189 |
|  Atlassian Corp.–Class A(a) | 365 |  | 74128 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Autodesk, Inc.(a) | 449 | $138997 |
|  Bentley Systems, Inc.–Class B | 356 | 19213 |
|  Cadence Design Systems, Inc.(a) | 578 | 178111 |
|  Check Point Software Technologies Ltd.(a) | 193 | 42701 |
|  Cloudflare, Inc.–Class A(a) | 651 | 127485 |
|  Coinbase Global, Inc.–Class A(a) | 421 | 147556 |
|  Constellation Software, Inc./Canada | 43 | 157670 |
|  Crowdstrike Holdings, Inc.–Class A(a) | 523 | 266369 |
|  CyberArk Software Ltd.(a) | 105 | 42722 |
|  Dassault Systemes SE | 1355 | 49107 |
|  Datadog, Inc.–Class A(a) | 639 | 85837 |
|  Descartes Systems Group, Inc. (The)(a) | 191 | 19402 |
|  Docusign, Inc.(a) | 450 | 35051 |
|  Fair Isaac Corp.(a) | 52 | 95054 |
|  Fortinet, Inc.(a) | 1377 | 145577 |
|  Gen Digital, Inc. | 994 | 29224 |
|  HubSpot, Inc.(a) | 111 | 61786 |
|  Intuit, Inc. | 589 | 463914 |
|  Microsoft Corp. | 14875 | 7398974 |
|  MicroStrategy, Inc.–Class A(a) | 522 | 211008 |
|  Monday.com Ltd.(a) | 91 | 28618 |
|  Nemetschek SE | 129 | 18704 |
|  Nice Ltd.(a) | 141 | 23901 |
|  Nutanix, Inc.–Class A(a) | 564 | 43112 |
|  Open Text Corp. | 577 | 16860 |
|  Oracle Corp. | 3544 | 774825 |
|  Oracle Corp. Japan | 81 | 9654 |
|  Palantir Technologies, Inc.–Class A(a) | 4512 | 615076 |
|  Palo Alto Networks, Inc.(a) | 1395 | 285473 |
|  PTC, Inc.(a) | 268 | 46187 |
|  Roper Technologies, Inc. | 227 | 128673 |
|  Sage Group PLC (The) | 1888 | 32422 |
|  Salesforce, Inc. | 2025 | 552197 |
|  Samsara, Inc.–Class A(a) | 633 | 25181 |
|  SAP SE | 2200 | 672715 |
|  ServiceNow, Inc.(a) | 436 | 448243 |
|  Synopsys, Inc.(a) | 326 | 167134 |
|  Temenos AG (REG) | 125 | 8979 |
|  Trend Micro, Inc./Japan | 289 | 19989 |
|  Tyler Technologies, Inc.(a) | 96 | 56913 |
|  WiseTech Global Ltd.(b) | 446 | 31985 |
|  Workday, Inc.–Class A(a) | 454 | 108960 |
|  Xero Ltd.(a) | 324 | 38339 |
|  Zoom Communications, Inc.(a) | 559 | 43591 |
|  Zscaler, Inc.(a) | 224 | 70323 |
|  |  | 14645035 |
|  TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.8% |  |  |
|  Apple, Inc. | 31641 | 6491784 |
|  Canon, Inc.(b) | 2011 | 58327 |
|  Dell Technologies, Inc.–Class C | 674 | 82632 |
|  FUJIFILM Holdings Corp.(b) | 2196 | 47556 |
|  Hewlett Packard Enterprise Co. | 2648 | 54152 |
|  HP, Inc. | 1897 | 46401 |
|  Logitech International SA (REG) | 338 | 30651 |
|  NetApp, Inc. | 459 | 48906 |
|  Pure Storage, Inc.–Class A(a) | 689 | 39673 |
|  Ricoh Co., Ltd.(b) | 606 | 5719 |
|  Seagate Technology Holdings PLC | 471 | 67979 |
|  Super Micro Computer, Inc.(a)(b) | 1122 | 54989 |
|  Western Digital Corp.(b) | 769 | 49208 |
|  |  | 7077977 |
|  |  | 41730443 |
|  **FINANCIALS–10.8%** |  |  |
|  BANKS–4.2% |  |  |
|  ABN AMRO Bank NV(b) | 831 | 22691 |
|  AIB Group PLC | 4042 | 33358 |
|  ANZ Group Holdings Ltd. | 6258 | 120008 |
|  Banco Bilbao Vizcaya Argentaria SA | 12138 | 186904 |
|  Banco BPM SpA | 2842 | 33173 |
|  Banco de Sabadell SA | 10428 | 33198 |
|  Banco Santander SA | 31915 | 264284 |
|  Bank Hapoalim BM | 2489 | 47809 |
|  Bank Leumi Le-Israel BM | 3029 | 56356 |
|  Bank of America Corp. | 15217 | 720069 |
|  Bank of Ireland Group PLC | 1839 | 26206 |
|  Bank of Montreal | 1525 | 169002 |
|  Bank of Nova Scotia (The) | 2624 | 145098 |
|  Bankinter SA(b) | 1117 | 14582 |
|  Banque Cantonale Vaudoise (REG)(b) | 67 | 7727 |
|  Barclays PLC | 30122 | 139187 |
|  BNP Paribas SA | 2144 | 192320 |
|  BOC Hong Kong Holdings Ltd.–Class H | 7531 | 32784 |
|  BPER Banca SpA(b) | 1661 | 15076 |
|  CaixaBank SA | 8202 | 71069 |
|  Canadian Imperial Bank of Commerce | 1980 | 140545 |
|  Chiba Bank Ltd. (The) | 662 | 6118 |
|  Citigroup, Inc. | 3965 | 337501 |
|  Citizens Financial Group, Inc. | 972 | 43497 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Commerzbank AG | 1819 | $57322 |
|  Commonwealth Bank of Australia | 3525 | 429022 |
|  Concordia Financial Group Ltd. | 1448 | 9397 |
|  Credit Agricole SA | 2090 | 39539 |
|  Danske Bank A/S | 1408 | 57508 |
|  DBS Group Holdings Ltd.(a) | 4450 | 157094 |
|  DNB Bank ASA | 1810 | 50055 |
|  Erste Group Bank AG | 685 | 58311 |
|  Fifth Third Bancorp | 1359 | 55896 |
|  FinecoBank Banca Fineco SpA | 1136 | 25201 |
|  First Citizens BancShares, Inc./NC–Class A | 21 | 41086 |
|  Hang Seng Bank Ltd.–Class H | 1585 | 23785 |
|  HSBC Holdings PLC | 37224 | 450268 |
|  Huntington Bancshares, Inc./OH | 2941 | 49291 |
|  ING Groep NV | 6629 | 145292 |
|  Intesa Sanpaolo SpA | 31874 | 183607 |
|  Israel Discount Bank Ltd.–Class A | 2136 | 21306 |
|  Japan Post Bank Co., Ltd. | 3447 | 37161 |
|  JPMorgan Chase & Co. | 5890 | 1707570 |
|  KBC Group NV | 511 | 52740 |
|  KeyCorp | 1764 | 30729 |
|  Lloyds Banking Group PLC | 126685 | 133211 |
|  M&T Bank Corp. | 359 | 69642 |
|  Mediobanca Banca di Credito Finanziario SpA(b) | 891 | 20734 |
|  Mitsubishi UFJ Financial Group, Inc. | 24146 | 329197 |
|  Mizrahi Tefahot Bank Ltd. | 346 | 22570 |
|  Mizuho Financial Group, Inc. | 5030 | 139632 |
|  National Australia Bank Ltd.(b) | 6450 | 167170 |
|  National Bank of Canada(b) | 820 | 84616 |
|  NatWest Group PLC | 17014 | 119489 |
|  Nordea Bank Abp | 6617 | 98181 |
|  Oversea-Chinese Banking Corp., Ltd. | 6934 | 88917 |
|  PNC Financial Services Group, Inc. (The) | 834 | 155474 |
|  Regions Financial Corp. | 1763 | 41466 |
|  Resona Holdings, Inc. | 3965 | 36620 |
|  Royal Bank of Canada | 2981 | 392877 |
|  Skandinaviska Enskilda Banken AB(b) | 3239 | 56458 |
|  Societe Generale SA | 1512 | 86493 |
|  Standard Chartered PLC | 4178 | 69140 |
|  Sumitomo Mitsui Financial Group, Inc. | 7772 | 195706 |
|  Sumitomo Mitsui Trust Group, Inc. | 1334 | 35481 |
|  Svenska Handelsbanken AB–Class A | 2871 | 38435 |
|  Swedbank AB–Class A | 1697 | 44947 |
|  Toronto-Dominion Bank (The) | 3690 | 271408 |
|  Truist Financial Corp. | 2758 | 118566 |
|  UniCredit SpA | 2953 | 198097 |
|  United Overseas Bank Ltd. | 2692 | 76194 |
|  US Bancorp | 3282 | 148511 |
|  Wells Fargo & Co. | 6870 | 550424 |
|  Westpac Banking Corp. | 7210 | 160686 |
|  |  | 10491084 |
|  CAPITAL MARKETS–2.2% |  |  |
|  3i Group PLC | 2050 | 116014 |
|  Ameriprise Financial, Inc. | 202 | 107813 |
|  Amundi SA | 137 | 11105 |
|  Ares Management Corp.–Class A | 454 | 78633 |
|  ASX Ltd. | 432 | 19835 |
|  Bank of New York Mellon Corp. (The) | 1513 | 137849 |
|  Blackrock, Inc. | 311 | 326317 |
|  Blackstone, Inc. | 1537 | 229904 |
|  Brookfield Asset Management Ltd.–Class A | 910 | 50367 |
|  Brookfield Corp. | 2871 | 177689 |
|  Carlyle Group, Inc. (The)(b) | 522 | 26831 |
|  Cboe Global Markets, Inc. | 233 | 54338 |
|  Charles Schwab Corp. (The) | 3629 | 331110 |
|  CME Group, Inc. | 759 | 209196 |
|  CVC Capital Partners PLC(b)(c) | 206 | 4236 |
|  Daiwa Securities Group, Inc. | 2225 | 15802 |
|  Deutsche Bank AG (REG) | 3898 | 115558 |
|  Deutsche Boerse AG | 397 | 129696 |
|  EQT AB(b) | 828 | 27776 |
|  Euronext NV | 174 | 29813 |
|  FactSet Research Systems, Inc. | 85 | 38019 |
|  Futu Holdings Ltd. (ADR) | 140 | 17303 |
|  Goldman Sachs Group, Inc. (The) | 655 | 463576 |
|  Hong Kong Exchanges & Clearing Ltd.–Class H | 2537 | 136456 |
|  IGM Financial, Inc.(b) | 184 | 5813 |
|  Interactive Brokers Group, Inc.–Class A | 972 | 53858 |
|  Intercontinental Exchange, Inc. | 1210 | 221999 |
|  Japan Exchange Group, Inc. | 1716 | 17383 |
|  Julius Baer Group Ltd. | 458 | 31068 |
|  KKR & Co., Inc. | 1310 | 174269 |
|  London Stock Exchange Group PLC | 1004 | 146832 |
|  LPL Financial Holdings, Inc. | 178 | 66745 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Macquarie Group Ltd. | 763 | $| 114759 |
|  Moody's Corp. | 341 |  | 171042 |
|  Morgan Stanley | 2548 |  | 358911 |
|  MSCI, Inc. | 164 |  | 94585 |
|  Nasdaq, Inc. | 901 |  | 80567 |
|  Nomura Holdings, Inc. | 5815 |  | 38319 |
|  Northern Trust Corp. | 434 |  | 55027 |
|  Partners Group Holding AG | 51 |  | 66725 |
|  Raymond James Financial, Inc. | 433 |  | 66409 |
|  Robinhood Markets, Inc.–Class A(a) | 1540 |  | 144190 |
|  S&P Global, Inc. | 661 |  | 348539 |
|  SBI Holdings, Inc. | 595 |  | 20733 |
|  Schroders PLC | 611 |  | 3039 |
|  Singapore Exchange Ltd. | 1635 |  | 19145 |
|  State Street Corp. | 642 |  | 68270 |
| T. Rowe Price Group, Inc. | 494 |  | 47671 |
|  TMX Group Ltd. | 618 |  | 26195 |
|  Tradeweb Markets, Inc.–Class A | 259 |  | 37918 |
|  UBS Group AG (REG)(a) | 6927 |  | 235184 |
|  |  |  | 5570431 |
|  CONSUMER FINANCE–0.3% | CONSUMER FINANCE–0.3% | CONSUMER FINANCE–0.3% | CONSUMER FINANCE–0.3% |
|  American Express Co. | 1182 |  | 377034 |
|  Capital One Financial Corp. | 1347 |  | 286588 |
|  Synchrony Financial | 865 |  | 57730 |
|  |  |  | 721352 |
|  FINANCIAL SERVICES–2.0% | FINANCIAL SERVICES–2.0% | FINANCIAL SERVICES–2.0% | FINANCIAL SERVICES–2.0% |
|  Adyen NV(a) | 54 |  | 99173 |
|  Apollo Global Management, Inc. | 841 |  | 119313 |
|  Banca Mediolanum SpA | 196 |  | 3378 |
|  Berkshire Hathaway, Inc.–Class B(a) | 2823 |  | 1371329 |
|  Block, Inc.(a) | 1168 |  | 79342 |
|  Corebridge Financial, Inc. | 556 |  | 19738 |
|  Corpay, Inc.(a) | 149 |  | 49441 |
|  Edenred SE | 537 |  | 16679 |
|  Equitable Holdings, Inc. | 679 |  | 38092 |
|  Eurazeo SE | 89 |  | 6363 |
|  EXOR NV(d) | 197 |  | 19887 |
|  Fidelity National Information Services, Inc. | 1116 |  | 90853 |
|  Fiserv, Inc.(a) | 1177 |  | 202927 |
|  Global Payments, Inc. | 547 |  | 43782 |
|  Groupe Bruxelles Lambert NV | 185 |  | 15792 |
|  Industrivarden AB–Class A | 265 |  | 9634 |
|  Industrivarden AB–Class C | 344 |  | 12457 |
|  Infratil Ltd. | 1239 |  | 7995 |
|  Investor AB–Class B | 3645 |  | 108014 |
|  Jack Henry & Associates, Inc. | 162 |  | 29187 |
|  L E Lundbergforetagen AB–Class B | 169 |  | 8436 |
|  M&G PLC | 3612 |  | 12767 |
|  Mastercard, Inc.–Class A | 1716 |  | 964289 |
|  Mitsubishi HC Capital, Inc.(b) | 1236 |  | 9100 |
|  Nexi SpA | 257 |  | 1535 |
|  ORIX Corp. | 2297 |  | 51836 |
|  PayPal Holdings, Inc.(a) | 1980 |  | 147154 |
|  Sofina SA | 35 |  | 11576 |
|  Toast, Inc.–Class A(a)(b) | 989 |  | 43803 |
|  Visa, Inc.–Class A | 3630 |  | 1288831 |
|  Wise PLC–Class A(a) | 1150 |  | 16428 |
|  |  |  | 4899131 |
|  INSURANCE–2.1% | INSURANCE–2.1% | INSURANCE–2.1% | INSURANCE–2.1% |
|  Admiral Group PLC | 579 |  | 26001 |
|  Aegon Ltd.(b) | 2248 |  | 16291 |
|  Aflac, Inc. | 1092 |  | 115162 |
|  Ageas SA/NV | 332 |  | 22459 |
|  AIA Group Ltd.–Class H | 22525 |  | 204041 |
|  Allianz SE (REG) | 814 |  | 330348 |
|  Allstate Corp. (The) | 559 |  | 112532 |
|  American Financial Group, Inc./OH | 149 |  | 18805 |
|  American International Group, Inc. | 1230 |  | 105276 |
|  Aon PLC–Class A | 410 |  | 146272 |
|  Arch Capital Group Ltd. | 781 |  | 71110 |
|  Arthur J Gallagher & Co. | 539 |  | 172545 |
|  ASR Nederland NV | 329 |  | 21861 |
|  Aviva PLC | 5357 |  | 45544 |
|  AXA SA | 3732 |  | 183260 |
|  Baloise Holding AG (REG) | 92 |  | 21698 |
|  Brown & Brown, Inc. | 542 |  | 60092 |
|  Chubb Ltd. | 802 |  | 232356 |
|  Cincinnati Financial Corp. | 349 |  | 51973 |
|  Dai-ichi Life Holdings, Inc. | 7105 |  | 54017 |
|  Erie Indemnity Co.–Class A | 57 |  | 19767 |
|  Everest Group Ltd. | 95 |  | 32286 |
|  Fairfax Financial Holdings Ltd. | 44 |  | 79421 |
|  Fidelity National Financial, Inc. | 581 |  | 32571 |
|  Generali | 1782 |  | 63388 |
|  Gjensidige Forsikring ASA | 444 |  | 11255 |
|  Great-West Lifeco, Inc.(b) | 613 |  | 23314 |
|  Hannover Rueck SE | 135 |  | 42540 |
|  Hartford Insurance Group, Inc. (The) | 633 |  | 80309 |
|  Helvetia Holding AG (REG) | 83 |  | 19486 |
|  iA Financial Corp., Inc. | 208 |  | 22803 |
|  Insurance Australia Group Ltd. | 4386 |  | 26075 |
|  Intact Financial Corp. | 374 |  | 86967 |
|  Japan Post Holdings Co., Ltd. | 3432 |  | 31788 |
|  Japan Post Insurance Co., Ltd. | 392 |  | 8875 |
|  Legal & General Group PLC | 11630 |  | 40693 |

---

------

**AB Variable Products Series Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Loews Corp. | 398 | $| 36481 |
|  Manulife Financial Corp. | 3629 |  | 116032 |
|  Markel Group, Inc.(a) | 29 |  | 57923 |
|  Marsh & McLennan Cos., Inc. | 1038 |  | 226948 |
|  Medibank Pvt. Ltd. | 4545 |  | 15094 |
|  MetLife, Inc. | 1220 |  | 98112 |
|  MS&AD Insurance Group Holdings, Inc. | 2568 |  | 57409 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG) | 282 |  | 183112 |
|  NN Group NV | 598 |  | 39790 |
|  Phoenix Group Holdings PLC | 996 |  | 9011 |
|  Poste Italiane SpA | 786 |  | 16888 |
|  Power Corp. of Canada(b) | 1111 |  | 43396 |
|  Principal Financial Group, Inc. | 496 |  | 39397 |
|  Progressive Corp. (The) | 1235 |  | 329572 |
|  Prudential Financial, Inc. | 741 |  | 79613 |
|  Prudential PLC | 5385 |  | 67400 |
|  QBE Insurance Group Ltd. | 3035 |  | 46736 |
|  Sampo Oyj–Class A(b) | 4916 |  | 52909 |
|  Sompo Holdings, Inc. | 1800 |  | 54243 |
|  Sun Life Financial, Inc. | 1197 |  | 79648 |
|  Suncorp Group Ltd.(a) | 2046 |  | 29159 |
|  Swiss Life Holding AG (REG) | 64 |  | 64791 |
|  Swiss Re AG | 636 |  | 110020 |
|  T&D Holdings, Inc. | 996 |  | 21862 |
|  Talanx AG | 144 |  | 18668 |
|  Tokio Marine Holdings, Inc. | 3870 |  | 164015 |
|  Travelers Cos., Inc. (The) | 478 |  | 127884 |
|  Tryg A/S | 754 |  | 19492 |
|  Unipol Assicurazioni SpA | 546 |  | 10813 |
|  W R Berkley Corp. | 675 |  | 49592 |
|  Willis Towers Watson PLC | 221 |  | 67737 |
|  Zurich Insurance Group AG | 309 |  | 216214 |
|  |  |  | 5183142 |
|  MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)–0.0% |  |  |  |
|  Annaly Capital Management, Inc. | 1068 |  | 20100 |
|  |  |  | 26885240 |
|  INDUSTRIALS–7.3% | INDUSTRIALS–7.3% | INDUSTRIALS–7.3% | INDUSTRIALS–7.3% |
|  AEROSPACE & DEFENSE–1.6% |  |  |  |
|  Airbus SE | 1252 |  | 261919 |
|  Axon Enterprise, Inc.(a) | 154 |  | 127503 |
|  BAE Systems PLC | 6345 |  | 164671 |
|  Boeing Co. (The)(a) | 1585 |  | 332105 |
|  CAE, Inc.(a) | 675 |  | 19783 |
|  Dassault Aviation SA | 44 |  | 15557 |
|  Elbit Systems Ltd. | 60 |  | 26726 |
|  General Dynamics Corp. | 481 |  | 140289 |
|  General Electric Co. | 2247 |  | 578355 |
|  HEICO Corp. | 98 |  | 32144 |
|  HEICO Corp.–Class A | 168 |  | 43470 |
|  Howmet Aerospace, Inc. | 811 |  | 150952 |
|  Kongsberg Gruppen ASA | 970 |  | 37614 |
|  L3Harris Technologies, Inc. | 396 |  | 99333 |
|  Leonardo SpA(b) | 900 |  | 50784 |
|  Lockheed Martin Corp. | 445 |  | 206097 |
|  Melrose Industries PLC | 2075 |  | 15113 |
|  MTU Aero Engines AG | 120 |  | 53311 |
|  Northrop Grumman Corp. | 289 |  | 144494 |
|  Rheinmetall AG | 95 |  | 201181 |
|  Rolls-Royce Holdings PLC | 17856 |  | 236639 |
|  RTX Corp. | 2812 |  | 410608 |
|  Saab AB–Class B | 712 |  | 39810 |
|  Safran SA | 759 |  | 247528 |
|  Singapore Technologies Engineering Ltd. | 2908 |  | 17831 |
|  Textron, Inc. | 404 |  | 32437 |
|  Thales SA | 207 |  | 61122 |
|  TransDigm Group, Inc. | 119 |  | 180956 |
|  |  |  | 3928332 |
|  AIR FREIGHT & LOGISTICS–0.2% |  |  |  |
|  CH Robinson Worldwide, Inc. | 263 |  | 25235 |
|  Deutsche Post AG | 2022 |  | 93659 |
|  DSV A/S | 431 |  | 103377 |
|  Expeditors International of Washington, Inc. | 304 |  | 34732 |
|  FedEx Corp. | 480 |  | 109109 |
|  InPost SA(a) | 197 |  | 3278 |
|  SG Holdings Co., Ltd.(b) | 652 |  | 7262 |
|  United Parcel Service, Inc.–Class B | 1545 |  | 155952 |
|  |  |  | 532604 |
|  BUILDING PRODUCTS–0.4% | BUILDING PRODUCTS–0.4% | BUILDING PRODUCTS–0.4% | BUILDING PRODUCTS–0.4% |
|  AGC, Inc.(b) | 422 |  | 12380 |
|  Allegion PLC | 192 |  | 27671 |
|  Assa Abloy AB–Class B | 2073 |  | 64809 |
|  Builders FirstSource, Inc.(a) | 253 |  | 29523 |
|  Carlisle Cos., Inc.(b) | 99 |  | 36967 |
|  Carrier Global Corp. | 1638 |  | 119885 |
|  Cie de Saint-Gobain SA | 946 |  | 111132 |
|  Daikin Industries Ltd. | 556 |  | 65265 |
|  Geberit AG (REG) | 75 |  | 59066 |
|  Johnson Controls International PLC | 1391 |  | 146917 |
|  Kingspan Group PLC | 344 |  | 29312 |
|  Lennox International, Inc. | 71 |  | 40700 |
|  Masco Corp. | 471 |  | 30314 |
|  Nibe Industrier AB–Class B(b) | 2145 |  | 9158 |
|  Otis Worldwide Corp. | 827 |  | 81889 |
|  Owens Corning | 190 |  | 26129 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  ROCKWOOL A/S–Class B | 210 | $9843 |
|  Trane Technologies PLC | 473 | 206895 |
|  |  | 1107855 |
|  COMMERCIAL SERVICES & SUPPLIES–0.4% |  |  |
|  Brambles Ltd. | 2720 | 42007 |
|  Cintas Corp. | 766 | 170719 |
|  Copart, Inc.(a) | 1933 | 94852 |
|  Dai Nippon Printing Co., Ltd. | 493 | 7484 |
|  Element Fleet Management Corp.(b) | 682 | 17083 |
|  GFL Environmental, Inc. | 468 | 23624 |
|  RB Global, Inc.(b) | 412 | 43770 |
|  Rentokil Initial PLC | 4566 | 22030 |
|  Republic Services, Inc. | 461 | 113687 |
|  Rollins, Inc. | 647 | 36504 |
|  Secom Co., Ltd. | 840 | 30177 |
|  Securitas AB–Class B | 755 | 11304 |
|  TOPPAN Holdings, Inc. | 436 | 11845 |
|  Veralto Corp. | 552 | 55724 |
|  Waste Connections, Inc. | 545 | 101763 |
|  Waste Management, Inc. | 848 | 194039 |
|  |  | 976612 |
|  CONSTRUCTION & ENGINEERING–0.2% |  |  |
|  ACS Actividades de Construccion y Servicios SA(b) | 393 | 27316 |
|  AECOM | 295 | 33294 |
|  Bouygues SA | 421 | 19040 |
|  Eiffage SA | 153 | 21498 |
|  EMCOR Group, Inc. | 102 | 54559 |
|  Ferrovial SE | 1038 | 55370 |
|  Kajima Corp. | 903 | 23552 |
|  Obayashi Corp. | 1053 | 15955 |
|  Quanta Services, Inc. | 313 | 118339 |
|  Skanska AB–Class B | 549 | 12789 |
|  Stantec, Inc. | 254 | 27637 |
|  Taisei Corp. | 300 | 17472 |
|  Vinci SA | 1043 | 153812 |
|  WSP Global, Inc.(b) | 291 | 59358 |
|  |  | 639991 |
|  ELECTRICAL EQUIPMENT–0.8% |  |  |
|  ABB Ltd. (REG) | 3331 | 199623 |
|  AMETEK, Inc. | 486 | 87946 |
|  Eaton Corp. PLC | 826 | 294874 |
|  Emerson Electric Co. | 1188 | 158396 |
|  Fuji Electric Co., Ltd. | 340 | 15658 |
|  Fujikura Ltd. | 500 | 26303 |
|  GE Vernova, Inc. | 576 | 304790 |
|  Hubbell, Inc. | 120 | 49009 |
|  Legrand SA | 584 | 78273 |
|  Mitsubishi Electric Corp. | 3917 | 84251 |
|  NIDEC Corp. | 1500 | 29150 |
|  Prysmian SpA | 625 | 44249 |
|  Ralliant Corp.(a) | 252 | 12236 |
|  Rockwell Automation, Inc. | 252 | 83707 |
|  Schneider Electric SE | 1152 | 309295 |
|  Siemens Energy AG(a) | 1431 | 167256 |
|  Vertiv Holdings Co.–Class A | 760 | 97591 |
|  Vestas Wind Systems A/S | 1943 | 29186 |
|  |  | 2071793 |
|  GROUND TRANSPORTATION–0.6% |  |  |
|  Canadian National Railway Co. | 1126 | 117326 |
|  Canadian Pacific Kansas City Ltd. | 1960 | 155706 |
|  Central Japan Railway Co. | 1635 | 36550 |
|  CSX Corp. | 3990 | 130194 |
|  East Japan Railway Co. | 1739 | 37407 |
|  Grab Holdings Ltd.–Class A(a) | 4403 | 22147 |
|  Hankyu Hanshin Holdings, Inc. | 426 | 11580 |
|  JB Hunt Transport Services, Inc. | 178 | 25561 |
|  MTR Corp., Ltd.–Class H | 2764 | 9939 |
|  Norfolk Southern Corp. | 477 | 122098 |
|  Old Dominion Freight Line, Inc. | 426 | 69140 |
|  TFI International, Inc.(b) | 177 | 15889 |
|  Tokyo Metro Co., Ltd. | 600 | 6982 |
|  Tokyu Corp. | 639 | 7602 |
|  U-Haul Holding Co. | 216 | 11744 |
|  Uber Technologies, Inc.(a) | 3965 | 369934 |
|  Union Pacific Corp. | 1263 | 290591 |
|  West Japan Railway Co. | 896 | 20483 |
|  |  | 1460873 |
|  INDUSTRIAL CONGLOMERATES–0.5% |  |  |
|  3M Co. | 1136 | 172945 |
|  CK Hutchison Holdings Ltd.–Class H | 5047 | 31078 |
|  DCC PLC | 220 | 14278 |
|  Hikari Tsushin, Inc. | 38 | 11220 |
|  Hitachi Ltd. | 9647 | 280383 |
|  Honeywell International, Inc. | 1367 | 318347 |
|  Investment AB Latour–Class B(b) | 329 | 8677 |
|  Jardine Matheson Holdings Ltd. | 340 | 16341 |
|  Keppel Ltd. | 2974 | 17367 |
|  Lifco AB–Class B | 518 | 20993 |
|  Sekisui Chemical Co., Ltd. | 783 | 14181 |
|  Siemens AG (REG) | 1601 | 411230 |
|  Smiths Group PLC | 746 | 23010 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Swire Pacific Ltd.–Class H | 356 | $3052 |
|  |  | 1343102 |
|  MACHINERY–1.2% |  |  |
|  Alfa Laval AB(b) | 643 | 27082 |
|  Alstom SA(a) | 535 | 12487 |
|  Atlas Copco AB–Class A(b) | 5657 | 91451 |
|  Atlas Copco AB–Class B | 3126 | 44491 |
|  Caterpillar, Inc. | 1007 | 390927 |
|  CNH Industrial NV | 1553 | 20127 |
|  Cummins, Inc. | 291 | 95302 |
|  Daifuku Co., Ltd. | 706 | 18162 |
|  Daimler Truck Holding AG | 1057 | 50148 |
|  Deere & Co. | 544 | 276619 |
|  Dover Corp. | 305 | 55885 |
|  Epiroc AB–Class A(b) | 1243 | 27047 |
|  Epiroc AB–Class B | 612 | 11734 |
|  FANUC Corp. | 1877 | 50955 |
|  Fortive Corp. | 757 | 39462 |
|  GEA Group AG | 326 | 22853 |
|  Graco, Inc. | 374 | 32153 |
|  Hoshizaki Corp. | 202 | 6961 |
|  IDEX Corp. | 168 | 29496 |
|  IHI Corp. | 347 | 37533 |
|  Illinois Tool Works, Inc. | 588 | 145383 |
|  Indutrade AB(b) | 607 | 16574 |
|  Ingersoll Rand, Inc. | 837 | 69622 |
|  Knorr-Bremse AG | 161 | 15617 |
|  Komatsu Ltd. | 1838 | 60642 |
|  Kone Oyj–Class B | 756 | 49806 |
|  Kubota Corp.(b) | 1700 | 19171 |
|  Makita Corp. | 495 | 15245 |
|  Metso Oyj(b) | 978 | 12675 |
|  MINEBEA MITSUMI, Inc. | 733 | 10719 |
|  Mitsubishi Heavy Industries Ltd. | 6750 | 168915 |
|  Nordson Corp. | 121 | 25939 |
|  PACCAR, Inc. | 1106 | 105136 |
|  Parker-Hannifin Corp. | 272 | 189984 |
|  Pentair PLC | 367 | 37676 |
|  Rational AG | 12 | 10084 |
|  Sandvik AB | 2148 | 49323 |
|  Schindler Holding AG | 91 | 33886 |
|  Schindler Holding AG (REG) | 53 | 19254 |
|  SKF AB–Class B(b) | 531 | 12197 |
|  SMC Corp. | 121 | 43362 |
|  Snap-on, Inc. | 117 | 36408 |
|  Spirax Group PLC | 164 | 13411 |
|  Techtronic Industries Co., Ltd.–Class H | 2817 | 31083 |
|  Toyota Industries Corp.(a) | 343 | 38712 |
|  Trelleborg AB–Class B(b) | 450 | 16763 |
|  VAT Group AG(b)(c) | 60 | 25424 |
|  Volvo AB–Class B | 3346 | 94148 |
|  Wartsila Oyj Abp(b) | 890 | 21035 |
|  Westinghouse Air Brake Technologies Corp. | 381 | 79762 |
|  Xylem, Inc./NY | 542 | 70113 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 5000 | 8725 |
|  |  | 2887669 |
|  MARINE TRANSPORTATION–0.1% |  |  |
|  AP Moller–Maersk A/S–Class A | 7 | 12915 |
|  AP Moller–Maersk A/S–Class B | 10 | 18597 |
|  Kawasaki Kisen Kaisha Ltd. | 700 | 9913 |
|  Kuehne & Nagel International AG (REG) | 108 | 23387 |
|  Mitsui OSK Lines Ltd. | 717 | 23947 |
|  Nippon Yusen KK | 889 | 31982 |
|  SITC International Holdings Co., Ltd.–Class H | 2000 | 6408 |
|  |  | 127149 |
|  PASSENGER AIRLINES–0.1% |  |  |
|  ANA Holdings, Inc. | 295 | 5776 |
|  Delta Air Lines, Inc. | 363 | 17852 |
|  Deutsche Lufthansa AG (REG) | 731 | 6206 |
|  International Consolidated Airlines Group SA(b) | 1672 | 7877 |
|  Japan Airlines Co., Ltd. | 258 | 5262 |
|  Qantas Airways Ltd. | 936 | 6613 |
|  Ryanair Holdings PLC | 1710 | 48505 |
|  Singapore Airlines Ltd.(b) | 2936 | 16103 |
|  United Airlines Holdings, Inc.(a) | 182 | 14493 |
|  |  | 128687 |
|  PROFESSIONAL SERVICES–0.6% |  |  |
|  Automatic Data Processing, Inc. | 857 | 264299 |
|  Booz Allen Hamilton Holding Corp. | 282 | 29365 |
|  Broadridge Financial Solutions, Inc. | 261 | 63431 |
|  Bureau Veritas SA | 706 | 24097 |
|  Computershare Ltd. | 983 | 25788 |
|  Equifax, Inc. | 278 | 72105 |
|  Experian PLC | 1934 | 99729 |
|  Intertek Group PLC | 356 | 23189 |
|  Jacobs Solutions, Inc. | 274 | 36017 |
|  Leidos Holdings, Inc. | 271 | 42753 |
|  Paychex, Inc. | 683 | 99349 |
|  Paycom Software, Inc. | 116 | 26842 |
|  Randstad NV(b) | 241 | 11139 |
|  Recruit Holdings Co., Ltd. | 2965 | 174362 |
|  RELX PLC | 3891 | 210883 |
|  SGS SA (REG) | 358 | 36350 |
|  SS&C Technologies Holdings, Inc. | 492 | 40738 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Teleperformance SE | 120 | $11655 |
|  Thomson Reuters Corp. | 351 | 70584 |
|  TransUnion | 434 | 38192 |
|  Verisk Analytics, Inc. | 295 | 91893 |
|  Wolters Kluwer NV | 502 | 83954 |
|  |  | 1576714 |
|  TRADING COMPANIES & DISTRIBUTORS–0.5% |  |  |
|  AddTech AB–Class B(b) | 578 | 19705 |
|  AerCap Holdings NV | 410 | 47970 |
|  Ashtead Group PLC | 961 | 61625 |
|  Beijer Ref AB(b) | 531 | 8380 |
|  Brenntag SE | 273 | 18086 |
|  Bunzl PLC | 728 | 23199 |
|  Fastenal Co. | 2416 | 101472 |
|  Ferguson Enterprises, Inc. | 418 | 91019 |
|  ITOCHU Corp. | 2504 | 131122 |
|  Marubeni Corp. | 2852 | 57491 |
|  Mitsubishi Corp. | 7201 | 143890 |
|  Mitsui & Co., Ltd. | 5201 | 105996 |
|  MonotaRO Co., Ltd. | 279 | 5492 |
|  Reece Ltd.(b) | 22 | 208 |
|  Rexel SA | 497 | 15329 |
|  SGH Ltd. | 452 | 16098 |
|  Sumitomo Corp. | 2189 | 56491 |
|  Toromont Industries Ltd. | 181 | 16268 |
|  Toyota Tsusho Corp. | 1135 | 25709 |
|  United Rentals, Inc. | 138 | 103969 |
|  Watsco, Inc. | 78 | 34446 |
|  WW Grainger, Inc. | 97 | 100903 |
|  |  | 1184868 |
|  TRANSPORTATION INFRASTRUCTURE–0.1% |  |  |
|  Aena SME SA | 1670 | 44578 |
|  Aeroports de Paris SA | 77 | 9654 |
|  Auckland International Airport Ltd. | 2700 | 12747 |
|  Getlink SE | 379 | 7316 |
|  Transurban Group | 6381 | 58711 |
|  |  | 133006 |
|  |  | 18099255 |
|  **CONSUMER DISCRETIONARY–6.4%** |  |  |
|  AUTOMOBILE COMPONENTS–0.1% |  |  |
|  Aisin Corp. | 719 | 9198 |
|  Aptiv PLC(a) | 510 | 34792 |
|  Bridgestone Corp.(b) | 1146 | 46863 |
|  Cie Generale des Etablissements Michelin SCA | 1356 | 50435 |
|  Continental AG | 245 | 21383 |
|  Denso Corp. | 3768 | 50850 |
|  Magna International, Inc. | 595 | 23001 |
|  Sumitomo Electric Industries Ltd. | 1279 | 27426 |
|  |  | 263948 |
|  AUTOMOBILES–1.2% |  |  |
|  Bayerische Motoren Werke AG | 645 | 57443 |
|  Bayerische Motoren Werke AG (Preference Shares)(a) | 124 | 10298 |
|  Dr. Ing hc F Porsche AG (Preference Shares)(a)(c) | 253 | 12504 |
|  Ferrari NV | 266 | 130316 |
|  Ford Motor Co. | 8205 | 89024 |
|  General Motors Co. | 2035 | 100142 |
|  Honda Motor Co., Ltd. | 8852 | 85358 |
|  Isuzu Motors Ltd. | 1112 | 14087 |
|  Mercedes-Benz Group AG | 1521 | 88614 |
|  Nissan Motor Co., Ltd.(a) | 2841 | 6874 |
|  Porsche Automobil Holding SE (Preference Shares) | 340 | 13498 |
|  Renault SA | 427 | 19704 |
|  Rivian Automotive, Inc.–Class A(a)(b) | 1400 | 19236 |
|  Stellantis NV(b) | 3983 | 39894 |
|  Subaru Corp. | 995 | 17250 |
|  Suzuki Motor Corp. | 3011 | 36301 |
|  Tesla, Inc.(a) | 6098 | 1937091 |
|  Toyota Motor Corp. | 19961 | 343788 |
|  Volkswagen AG (Preference Shares) | 459 | 48523 |
|  Yamaha Motor Co., Ltd.(b) | 1315 | 9840 |
|  |  | 3079785 |
|  BROADLINE RETAIL–2.2% |  |  |
|  Amazon.com, Inc.(a) | 20118 | 4413688 |
|  Canadian Tire Corp., Ltd.–Class A(b) | 115 | 15656 |
|  Cie Financiere Richemont SA (REG)–Class A | 1133 | 214401 |
|  Dollarama, Inc. | 617 | 86935 |
|  eBay, Inc. | 973 | 72450 |
|  MercadoLibre, Inc.(a) | 97 | 253522 |
|  Next PLC | 260 | 44406 |
|  Pan Pacific International Holdings Corp. | 771 | 26519 |
|  Prosus NV(a) | 2756 | 154629 |
|  Rakuten Group, Inc.(a) | 2435 | 13417 |
|  Wesfarmers Ltd. | 2390 | 133380 |
|  |  | 5429003 |
|  DISTRIBUTORS–0.0% |  |  |
|  D'ieteren Group | 48 | 10337 |
|  Genuine Parts Co. | 309 | 37485 |
|  LKQ Corp. | 575 | 21281 |
|  Pool Corp.(b) | 84 | 24484 |
|  |  | 93587 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  DIVERSIFIED CONSUMER SERVICES–0.0% |  |  |
|  Pearson PLC | 989 | $14569 |
|  HOTELS, RESTAURANTS & LEISURE–1.2% |  |  |
|  Accor SA | 424 | 22221 |
|  Airbnb, Inc.–Class A(a) | 918 | 121488 |
|  Amadeus IT Group SA(b) | 943 | 79668 |
|  Aristocrat Leisure Ltd. | 1128 | 48329 |
|  Booking Holdings, Inc. | 70 | 405247 |
|  Carnival Corp.(a) | 2129 | 59867 |
|  Chipotle Mexican Grill, Inc.(a) | 2855 | 160308 |
|  Compass Group PLC | 3575 | 121092 |
|  Darden Restaurants, Inc. | 261 | 56890 |
|  Delivery Hero SE(a) | 424 | 11508 |
|  Domino's Pizza, Inc. | 73 | 32894 |
|  DoorDash, Inc.–Class A(a) | 755 | 186115 |
|  DraftKings, Inc.–Class A(a) | 1001 | 42933 |
|  Entain PLC | 858 | 10627 |
|  Evolution AB | 330 | 26210 |
|  Expedia Group, Inc. | 275 | 46387 |
|  FDJ United | 247 | 9692 |
|  Flutter Entertainment PLC(a) | 373 | 106589 |
|  Galaxy Entertainment Group Ltd.–Class H | 4343 | 19359 |
|  Genting Singapore Ltd.(b) | 3748 | 2108 |
|  Hilton Worldwide Holdings, Inc. | 505 | 134502 |
|  Hyatt Hotels Corp.–Class A(b) | 93 | 12987 |
|  InterContinental Hotels Group PLC | 330 | 37731 |
|  Las Vegas Sands Corp. | 786 | 34199 |
|  Lottery Corp., Ltd. (The)(b) | 3448 | 12096 |
|  Marriott International, Inc./MD–Class A | 493 | 134693 |
|  McDonald's Corp. | 1507 | 440300 |
|  Oriental Land Co., Ltd./Japan | 2081 | 47929 |
|  Restaurant Brands International, Inc. | 692 | 45903 |
|  Royal Caribbean Cruises Ltd. | 539 | 168782 |
|  Sands China Ltd.–Class H(a) | 4620 | 9655 |
|  Sodexo SA | 197 | 12125 |
|  Starbucks Corp. | 2393 | 219271 |
|  Whitbread PLC | 392 | 15212 |
|  Yum! Brands, Inc. | 585 | 86685 |
|  Zensho Holdings Co., Ltd. | 200 | 12105 |
|  |  | 2993707 |
|  HOUSEHOLD DURABLES–0.3% |  |  |
|  Barratt Redrow PLC | 2234 | 13989 |
|  D.R. Horton, Inc. | 631 | 81348 |
|  Garmin Ltd. | 343 | 71591 |
|  Lennar Corp.–Class A | 517 | 57185 |
|  NVR, Inc.(a) | 7 | 51700 |
|  Panasonic Holdings Corp. | 4700 | 50287 |
|  PulteGroup, Inc. | 449 | 47352 |
|  Sekisui House Ltd. | 1053 | 23176 |
|  Sony Group Corp. | 12953 | 336782 |
|  |  | 733410 |
|  LEISURE PRODUCTS–0.0% |  |  |
|  Bandai Namco Holdings, Inc. | 1237 | 44333 |
|  Shimano, Inc. | 160 | 23197 |
|  |  | 67530 |
|  SPECIALTY RETAIL–1.0% |  |  |
|  AutoZone, Inc.(a) | 36 | 133640 |
|  Avolta AG(a) | 195 | 10622 |
|  Best Buy Co., Inc. | 447 | 30007 |
|  Burlington Stores, Inc.(a) | 140 | 32570 |
|  Carvana Co.(a) | 254 | 85588 |
|  Dick's Sporting Goods, Inc. | 125 | 24726 |
|  Dynatrace, Inc.(a) | 666 | 36770 |
|  Fast Retailing Co., Ltd. | 403 | 138174 |
|  H & M Hennes & Mauritz AB–Class B(b) | 914 | 12873 |
|  Home Depot, Inc. (The) | 2094 | 767744 |
|  Industria de Diseno Textil SA | 2298 | 119879 |
|  JD Sports Fashion PLC | 1294 | 1578 |
|  Kingfisher PLC | 2621 | 10467 |
|  Lowe's Cos., Inc. | 1179 | 261585 |
|  Nitori Holdings Co., Ltd. | 162 | 15592 |
|  O'Reilly Automotive, Inc.(a) | 1815 | 163586 |
|  Ross Stores, Inc. | 693 | 88413 |
|  Sanrio Co., Ltd. | 409 | 19777 |
|  TJX Cos., Inc. (The) | 2353 | 290572 |
|  Tractor Supply Co. | 1083 | 57150 |
|  Ulta Beauty, Inc.(a) | 101 | 47250 |
|  Williams-Sonoma, Inc. | 275 | 44927 |
|  Zalando SE(a) | 499 | 16466 |
|  ZOZO, Inc. | 813 | 8784 |
|  |  | 2418740 |
|  TEXTILES, APPAREL & LUXURY GOODS–0.4% |  |  |
|  adidas AG | 360 | 84035 |
|  Asics Corp. | 1400 | 35700 |
|  Deckers Outdoor Corp.(a) | 338 | 34838 |
|  Gildan Activewear, Inc. | 320 | 15768 |
|  Hermes International SCA | 67 | 181628 |
|  Kering SA | 166 | 36164 |
|  Lululemon Athletica, Inc.(a) | 245 | 58207 |
|  LVMH Moet Hennessy Louis Vuitton SE | 580 | 303560 |
|  Moncler SpA | 519 | 29605 |
|  NIKE, Inc.–Class B | 2482 | 176321 |
|  Pandora A/S | 183 | 32244 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Swatch Group AG (The)(b) | 65 | $10612 |
|  |  | 998682 |
|  |  | 16092961 |
|  **HEALTH CARE–6.1%** |  |  |
|  BIOTECHNOLOGY–0.9% |  |  |
|  AbbVie, Inc. | 3726 | 691620 |
|  Alnylam Pharmaceuticals, Inc.(a) | 273 | 89023 |
|  Amgen, Inc. | 1133 | 316345 |
|  Argenx SE(a) | 136 | 75287 |
|  Biogen, Inc.(a) | 326 | 40942 |
|  BioMarin Pharmaceutical, Inc.(a) | 426 | 23417 |
|  CSL Ltd. | 1020 | 161120 |
|  Genmab A/S(a) | 143 | 29697 |
|  Gilead Sciences, Inc. | 2626 | 291145 |
|  Grifols SA(a) | 240 | 2928 |
|  Incyte Corp.(a) | 366 | 24925 |
|  Natera, Inc.(a) | 286 | 48317 |
|  Neurocrine Biosciences, Inc.(a) | 220 | 27652 |
|  Regeneron Pharmaceuticals, Inc. | 226 | 118650 |
|  Swedish Orphan Biovitrum AB(a)(b) | 435 | 13239 |
|  United Therapeutics Corp.(a) | 95 | 27298 |
|  Vertex Pharmaceuticals, Inc.(a) | 542 | 241298 |
|  |  | 2222903 |
|  HEALTH CARE EQUIPMENT & SUPPLIES–1.3% |  |  |
|  Abbott Laboratories | 3653 | 496845 |
|  Alcon AG | 1053 | 93383 |
|  Align Technology, Inc.(a) | 155 | 29346 |
|  Avantor, Inc.(a) | 1144 | 15398 |
|  Baxter International, Inc. | 978 | 29614 |
|  Becton Dickinson & Co. | 605 | 104211 |
|  BioMerieux | 92 | 12725 |
|  Boston Scientific Corp.(a) | 3116 | 334690 |
|  Cochlear Ltd. | 146 | 28875 |
|  Coloplast A/S–Class B | 281 | 26752 |
|  Cooper Cos., Inc. (The)(a) | 445 | 31666 |
|  Demant A/S(a) | 190 | 7939 |
|  Dexcom, Inc.(a) | 813 | 70967 |
|  DiaSorin SpA | 50 | 5352 |
|  Edwards Lifesciences Corp.(a) | 1234 | 96511 |
|  EssilorLuxottica SA | 627 | 172170 |
|  Fisher & Paykel Healthcare Corp., Ltd. | 1074 | 23590 |
|  GE HealthCare Technologies, Inc. | 949 | 70292 |
|  Hologic, Inc.(a) | 499 | 32515 |
|  Hoya Corp. | 748 | 88834 |
|  IDEXX Laboratories, Inc.(a) | 171 | 91714 |
|  Insulet Corp.(a) | 157 | 49326 |
|  Intuitive Surgical, Inc.(a) | 755 | 410275 |
|  Koninklijke Philips NV(b) | 1638 | 39332 |
|  Medtronic PLC | 2702 | 235533 |
|  Olympus Corp. | 2102 | 24968 |
|  ResMed, Inc. | 327 | 84366 |
|  Siemens Healthineers AG | 753 | 41802 |
|  Smith & Nephew PLC | 1517 | 23232 |
|  Solventum Corp.(a) | 327 | 24800 |
|  Sonova Holding AG (REG) | 113 | 33699 |
|  STERIS PLC | 219 | 52608 |
|  Straumann Holding AG (REG)(a) | 248 | 32461 |
|  Stryker Corp. | 724 | 286436 |
|  Sysmex Corp. | 769 | 13386 |
|  Terumo Corp. | 2625 | 48174 |
|  Zimmer Biomet Holdings, Inc. | 440 | 40132 |
|  |  | 3303919 |
|  HEALTH CARE PROVIDERS & SERVICES–0.8% |  |  |
|  Cardinal Health, Inc. | 505 | 84840 |
|  Cencora, Inc. | 388 | 116342 |
|  Centene Corp.(a) | 1013 | 54986 |
|  Cigna Group (The) | 571 | 188761 |
|  CVS Health Corp. | 2659 | 183418 |
|  DaVita, Inc.(a) | 98 | 13960 |
|  Elevance Health, Inc. | 477 | 185534 |
|  Fresenius Medical Care AG | 489 | 28096 |
|  Fresenius SE & Co. KGaA | 939 | 47253 |
|  HCA Healthcare, Inc. | 389 | 149026 |
|  Humana, Inc. | 269 | 65765 |
|  Labcorp Holdings, Inc. | 186 | 48827 |
|  McKesson Corp. | 264 | 193454 |
|  Molina Healthcare, Inc.(a) | 122 | 36344 |
|  Quest Diagnostics, Inc. | 249 | 44728 |
|  Sigma Healthcare Ltd.(a)(b) | 7815 | 15382 |
|  Sonic Healthcare Ltd. | 724 | 12779 |
|  UnitedHealth Group, Inc. | 1927 | 601166 |
|  Universal Health Services, Inc.–Class B | 129 | 23368 |
|  |  | 2094029 |
|  HEALTH CARE TECHNOLOGY–0.1% |  |  |
|  M3, Inc. | 583 | 8009 |
|  Pro Medicus Ltd.(b) | 128 | 23953 |
|  Veeva Systems, Inc.–Class A(a) | 326 | 93881 |
|  |  | 125843 |
|  LIFE SCIENCES TOOLS & SERVICES–0.5% |  |  |
|  Agilent Technologies, Inc. | 634 | 74819 |
|  Danaher Corp. | 1357 | 268062 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Eurofins Scientific SE | 263 | $18743 |
|  Illumina, Inc.(a) | 352 | 33584 |
|  IQVIA Holdings, Inc.(a) | 392 | 61775 |
|  Lonza Group AG (REG)(a) | 153 | 109420 |
|  Mettler-Toledo International, Inc.(a) | 47 | 55212 |
|  QIAGEN NV | 480 | 23126 |
|  Revvity, Inc.(b) | 267 | 25824 |
|  Sartorius AG (Preference Shares) | 59 | 15027 |
|  Sartorius Stedim Biotech | 65 | 15552 |
|  Thermo Fisher Scientific, Inc. | 796 | 322746 |
|  Waters Corp.(a) | 133 | 46423 |
|  West Pharmaceutical Services, Inc. | 161 | 35227 |
|  |  | 1105540 |
|  PHARMACEUTICALS–2.5% |  |  |
|  Astellas Pharma, Inc. | 3469 | 33965 |
|  AstraZeneca PLC | 3266 | 454526 |
|  Bayer AG (REG) | 2019 | 60827 |
|  Bristol-Myers Squibb Co. | 4286 | 198399 |
|  Chugai Pharmaceutical Co., Ltd. | 1389 | 72531 |
|  Daiichi Sankyo Co., Ltd. | 3554 | 82339 |
|  Eisai Co., Ltd. | 545 | 15653 |
|  Eli Lilly & Co. | 1698 | 1323642 |
|  Galderma Group AG(a) | 274 | 39827 |
|  GSK PLC | 8669 | 165287 |
|  Haleon PLC | 19008 | 97694 |
|  Hikma Pharmaceuticals PLC | 370 | 10097 |
|  Ipsen SA | 84 | 10006 |
|  Johnson & Johnson | 5076 | 775359 |
|  Kyowa Kirin Co., Ltd.(b) | 210 | 3595 |
|  Merck & Co., Inc. | 5300 | 419548 |
|  Merck KGaA | 288 | 37342 |
|  Novartis AG (REG) | 4005 | 486115 |
|  Novo Nordisk A/S–Class B | 6784 | 470090 |
|  Ono Pharmaceutical Co., Ltd.(b) | 321 | 3479 |
|  Orion Oyj–Class B(b) | 241 | 18131 |
|  Otsuka Holdings Co., Ltd. | 978 | 48489 |
|  Pfizer, Inc. | 11945 | 289547 |
|  Recordati Industria Chimica e Farmaceutica SpA | 256 | 16091 |
|  Roche Holding AG (BR) | 72 | 25022 |
|  Roche Holding AG (Genusschein) | 1480 | 483101 |
|  Royalty Pharma PLC–Class A | 819 | 29509 |
|  Sandoz Group AG | 930 | 50967 |
|  Sanofi SA | 2339 | 226447 |
|  Shionogi & Co., Ltd. | 1365 | 24573 |
|  Takeda Pharmaceutical Co., Ltd. | 3276 | 101140 |
|  Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a) | 2274 | 38112 |
|  UCB SA(b) | 282 | 55486 |
|  Zoetis, Inc. | 940 | 146593 |
|  |  | 6313529 |
|  |  | 15165763 |
|  **COMMUNICATION SERVICES–5.4%** |  |  |
|  DIVERSIFIED TELECOMMUNICATION SERVICES–0.8% |  |  |
|  AT&T, Inc. | 15119 | 437544 |
|  BCE, Inc.(b) | 164 | 3637 |
|  BT Group PLC(b) | 11193 | 29804 |
|  Cellnex Telecom SA(b) | 1100 | 42832 |
|  Charter Communications, Inc.–Class A(a) | 206 | 84215 |
|  Comcast Corp.–Class A | 7944 | 283521 |
|  Deutsche Telekom AG (REG) | 7352 | 269110 |
|  Elisa Oyj(b) | 316 | 17564 |
|  HKT Trust & HKT Ltd.–Class H | 7744 | 11578 |
|  Infrastrutture Wireless Italiane SpA(b) | 194 | 2372 |
|  Koninklijke KPN NV | 7587 | 37011 |
|  Nippon Telegraph & Telephone Corp. | 61910 | 66189 |
|  Orange SA | 3794 | 57776 |
|  Quebecor, Inc.–Class B | 344 | 10471 |
|  Singapore Telecommunications Ltd. | 14771 | 44531 |
|  Swisscom AG (REG) | 58 | 41185 |
|  Telecom Italia SpA/Milano(a)(b) | 12451 | 6152 |
|  Telefonica SA(b) | 7259 | 38205 |
|  Telenor ASA | 1044 | 16257 |
|  Telia Co. AB | 3946 | 14193 |
|  Telstra Group Ltd. | 7382 | 23538 |
|  TELUS Corp. | 804 | 12912 |
|  Verizon Communications, Inc. | 8888 | 384584 |
|  Washington H Soul Pattinson & Co., Ltd.(b) | 531 | 14680 |
|  |  | 1949861 |
|  ENTERTAINMENT–1.2% |  |  |
|  Bollore SE | 758 | 4764 |
|  Capcom Co., Ltd. | 736 | 25135 |
|  CTS Eventim AG & Co. KGaA | 139 | 17285 |
|  Electronic Arts, Inc. | 551 | 87995 |
|  Konami Group Corp. | 230 | 36363 |
|  Liberty Media Corp.-Liberty Formula One–Class C(a) | 471 | 49219 |
|  Live Nation Entertainment, Inc.(a) | 360 | 54461 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Netflix, Inc.(a) | 901 | $1206556 |
|  Nexon Co., Ltd. | 640 | 12891 |
|  Nintendo Co., Ltd. | 2325 | 223269 |
|  ROBLOX Corp.–Class A(a) | 1128 | 118666 |
|  Sea Ltd. (ADR)(a) | 806 | 128912 |
|  Spotify Technology SA(a) | 324 | 248618 |
|  Take-Two Interactive Software, Inc.(a) | 371 | 90097 |
|  Toho Co., Ltd./Tokyo | 289 | 17050 |
|  Universal Music Group NV(b) | 2287 | 74192 |
|  Walt Disney Co. (The) | 3808 | 472230 |
|  Warner Bros Discovery, Inc.(a) | 4703 | 53896 |
|  |  | 2921599 |
|  INTERACTIVE MEDIA & SERVICES–3.0% |  |  |
|  Alphabet, Inc.–Class A | 12286 | 2165162 |
|  Alphabet, Inc.–Class C | 10421 | 1848581 |
|  Auto Trader Group PLC | 1490 | 16877 |
|  CAR Group Ltd. | 624 | 15367 |
|  LY Corp. | 4954 | 18244 |
|  Meta Platforms, Inc.–Class A | 4614 | 3405547 |
|  Pinterest, Inc.–Class A(a) | 1173 | 42064 |
|  REA Group Ltd.(b) | 118 | 18686 |
|  Reddit, Inc.–Class A(a) | 154 | 23188 |
|  Scout24 SE | 167 | 23054 |
|  Snap, Inc.–Class A(a) | 1817 | 15790 |
|  |  | 7592560 |
|  MEDIA–0.1% |  |  |
|  Dentsu Group, Inc.(b) | 426 | 9439 |
|  Fox Corp.–Class A | 484 | 27123 |
|  Fox Corp.–Class B | 314 | 16212 |
|  Informa PLC | 2471 | 27357 |
|  News Corp.–Class A | 841 | 24995 |
|  Omnicom Group, Inc. | 434 | 31222 |
|  Publicis Groupe SA | 509 | 57489 |
|  Trade Desk, Inc. (The)–Class A(a) | 937 | 67455 |
|  WPP PLC | 1720 | 12110 |
|  |  | 273402 |
|  WIRELESS TELECOMMUNICATION SERVICES–0.3% |  |  |
|  KDDI Corp. | 6439 | 110561 |
|  Rogers Communications, Inc.–Class B(b) | 807 | 23936 |
|  SoftBank Corp. | 60296 | 93396 |
|  SoftBank Group Corp. | 2062 | 149920 |
|  T-Mobile US, Inc. | 962 | 229206 |
|  Tele2 AB–Class B | 881 | 12860 |
|  Vodafone Group PLC | 39328 | 42099 |
|  |  | 661978 |
|  |  | 13399400 |
|  **CONSUMER STAPLES–3.9%** |  |  |
|  BEVERAGES–0.7% |  |  |
|  Anheuser-Busch InBev SA/NV | 2082 | 143242 |
|  Asahi Group Holdings Ltd.(b) | 2807 | 37521 |
|  Brown-Forman Corp.–Class B(b) | 405 | 10899 |
|  Carlsberg AS–Class B | 213 | 30178 |
|  Coca-Cola Co. (The) | 8611 | 609228 |
|  Coca-Cola Europacific Partners PLC | 513 | 47565 |
|  Coca-Cola HBC AG(a) | 485 | 25338 |
|  Constellation Brands, Inc.–Class A | 362 | 58890 |
|  Davide Campari-Milano NV(b) | 613 | 4127 |
|  Diageo PLC | 4687 | 118188 |
|  Heineken Holding NV | 288 | 21490 |
|  Heineken NV | 641 | 55923 |
|  Keurig Dr. Pepper, Inc. | 2715 | 89758 |
|  Kirin Holdings Co., Ltd.(b) | 1378 | 19311 |
|  Molson Coors Beverage Co.–Class B | 395 | 18996 |
|  Monster Beverage Corp.(a) | 1537 | 96278 |
|  PepsiCo, Inc. | 2889 | 381464 |
|  Pernod Ricard SA | 449 | 44788 |
|  Suntory Beverage & Food Ltd.(b) | 238 | 7611 |
|  |  | 1820795 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2% |  |  |
|  Aeon Co., Ltd.(b) | 1425 | 43680 |
|  Albertsons Cos., Inc.–Class A | 601 | 12928 |
|  Alimentation Couche-Tard, Inc. | 1591 | 79086 |
|  Carrefour SA | 868 | 12244 |
|  Coles Group Ltd. | 2630 | 36063 |
|  Costco Wholesale Corp. | 935 | 925594 |
|  Dollar General Corp. | 489 | 55932 |
|  Dollar Tree, Inc.(a) | 455 | 45063 |
|  Empire Co., Ltd.–Class A | 285 | 11827 |
|  George Weston Ltd. | 130 | 26073 |
|  J Sainsbury PLC | 3911 | 15565 |
|  Jeronimo Martins SGPS SA | 630 | 15950 |
|  Kesko Oyj–Class B(b) | 607 | 14971 |
|  Kobe Bussan Co., Ltd. | 296 | 9192 |
|  Koninklijke Ahold Delhaize NV | 1909 | 79732 |
|  Kroger Co. (The) | 1320 | 94684 |
|  Loblaw Cos. Ltd. | 334 | 55248 |
|  Marks & Spencer Group PLC | 3546 | 17258 |
|  MatsukiyoCocokara & Co. | 700 | 14399 |
|  Metro, Inc./CN | 464 | 36449 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Seven & i Holdings Co., Ltd. | 4508 | $72558 |
|  Sysco Corp. | 1021 | 77331 |
|  Target Corp. | 960 | 94704 |
|  Tesco PLC | 14010 | 77244 |
|  Walmart, Inc. | 9287 | 908083 |
|  Woolworths Group Ltd.(b) | 2477 | 50738 |
|  |  | 2882596 |
|  FOOD PRODUCTS–0.7% |  |  |
|  Ajinomoto Co., Inc. | 1916 | 51968 |
|  Archer-Daniels-Midland Co. | 1068 | 56369 |
|  Associated British Foods PLC | 725 | 20484 |
|  Barry Callebaut AG (REG)(b) | 8 | 8745 |
|  Bunge Global SA | 298 | 23923 |
|  Chocoladefabriken Lindt & Spruengli AG | 3 | 50561 |
|  Chocoladefabriken Lindt & Spruengli AG (REG) | 1 | 166726 |
|  Conagra Brands, Inc. | 838 | 17154 |
|  Danone SA | 1360 | 111280 |
|  General Mills, Inc. | 1126 | 58338 |
|  Hershey Co. (The) | 329 | 54598 |
|  Hormel Foods Corp. | 672 | 20328 |
|  J M Smucker Co. (The) | 237 | 23273 |
|  JDE Peet's NV(b) | 380 | 10854 |
|  Kellanova | 610 | 48513 |
|  Kerry Group PLC–Class A | 367 | 40548 |
|  Kikkoman Corp. | 924 | 8571 |
|  Kraft Heinz Co. (The) | 1805 | 46605 |
|  Lotus Bakeries NV | 1 | 9636 |
|  McCormick & Co., Inc./MD | 562 | 42611 |
|  MEIJI Holdings Co., Ltd. | 440 | 9730 |
|  Mondelez International, Inc.–Class A | 2729 | 184044 |
|  Mowi ASA | 771 | 14891 |
|  Nestle SA (REG) | 5519 | 548734 |
|  Nissin Foods Holdings Co., Ltd.(b) | 392 | 8144 |
|  Orkla ASA | 1121 | 12209 |
|  Salmar ASA | 148 | 6414 |
|  Saputo, Inc. | 300 | 6140 |
|  The Campbell's Co. | 431 | 13210 |
|  Tyson Foods, Inc.–Class A | 636 | 35578 |
|  WH Group Ltd.–Class H | 13049 | 12576 |
|  Wilmar International Ltd. | 1997 | 4508 |
|  Yakult Honsha Co., Ltd.(b) | 484 | 9115 |
|  |  | 1736378 |
|  HOUSEHOLD PRODUCTS–0.5% |  |  |
|  Church & Dwight Co., Inc. | 548 | 52668 |
|  Clorox Co. (The) | 274 | 32899 |
|  Colgate-Palmolive Co. | 1623 | 147531 |
|  Essity AB–Class B | 1162 | 32175 |
|  Henkel AG & Co. KGaA | 231 | 16753 |
|  Henkel AG & Co. KGaA (Preference Shares) | 376 | 29547 |
|  Kimberly-Clark Corp. | 699 | 90115 |
|  Procter & Gamble Co. (The) | 4939 | 786882 |
|  Reckitt Benckiser Group PLC | 1436 | 97830 |
|  Unicharm Corp.(b) | 1846 | 13330 |
|  |  | 1299730 |
|  PERSONAL CARE PRODUCTS–0.3% |  |  |
|  Beiersdorf AG | 221 | 27779 |
|  Estee Lauder Cos., Inc. (The)–Class A | 521 | 42097 |
|  Kao Corp.(b) | 993 | 44492 |
|  Kenvue, Inc. | 4033 | 84411 |
|  L'Oreal SA | 507 | 217175 |
|  Shiseido Co., Ltd.(b) | 557 | 9948 |
|  Unilever PLC | 5269 | 321547 |
|  |  | 747449 |
|  TOBACCO–0.5% |  |  |
|  Altria Group, Inc. | 3552 | 208254 |
|  British American Tobacco PLC | 4173 | 198411 |
|  Imperial Brands PLC | 1610 | 63611 |
|  Japan Tobacco, Inc.(b) | 2424 | 71410 |
|  Philip Morris International, Inc. | 3279 | 597204 |
|  |  | 1138890 |
|  |  | 9625838 |
|  **ENERGY–2.2%** |  |  |
|  ENERGY EQUIPMENT & SERVICES–0.1% |  |  |
|  Baker Hughes Co. | 2072 | 79441 |
|  Halliburton Co. | 1678 | 34198 |
|  Schlumberger NV | 2864 | 96803 |
|  Tenaris SA | 621 | 11640 |
|  |  | 222082 |
|  OIL, GAS & CONSUMABLE FUELS–2.1% |  |  |
|  Aker BP ASA | 703 | 17965 |
|  ARC Resources Ltd.(b) | 1070 | 22559 |
|  BP PLC | 33736 | 168083 |
|  Cameco Corp. | 968 | 71888 |
|  Canadian Natural Resources Ltd. | 4421 | 138953 |
|  Cenovus Energy, Inc. | 2678 | 36441 |
|  Cheniere Energy, Inc. | 470 | 114454 |
|  Chevron Corp. | 3495 | 500449 |
|  ConocoPhillips | 2663 | 238978 |
|  Coterra Energy, Inc. | 1507 | 38248 |
|  Devon Energy Corp. | 1217 | 38713 |
|  Diamondback Energy, Inc. | 425 | 58395 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Enbridge, Inc.(b) | 4590 | $208138 |
|  ENEOS Holdings, Inc. | 5008 | 24824 |
|  Eni SpA | 4571 | 73840 |
|  EOG Resources, Inc. | 1162 | 138987 |
|  EQT Corp. | 1170 | 68234 |
|  Equinor ASA | 1659 | 41896 |
|  Expand Energy Corp. | 466 | 54494 |
|  Exxon Mobil Corp. | 9111 | 982166 |
|  Galp Energia SGPS SA | 641 | 11734 |
|  Hess Corp. | 617 | 85479 |
|  Idemitsu Kosan Co., Ltd. | 885 | 5367 |
|  Imperial Oil Ltd. | 396 | 31459 |
|  Inpex Corp.(b) | 1554 | 21814 |
|  Keyera Corp. | 509 | 16648 |
|  Kinder Morgan, Inc. | 4212 | 123833 |
|  Marathon Petroleum Corp. | 657 | 109134 |
|  Neste Oyj(b) | 498 | 6749 |
|  Occidental Petroleum Corp. | 1451 | 60956 |
|  OMV AG | 327 | 17783 |
|  ONEOK, Inc. | 1316 | 107425 |
|  Pembina Pipeline Corp. | 1157 | 43442 |
|  Phillips 66 | 858 | 102359 |
|  Repsol SA(b) | 2210 | 32324 |
|  Santos Ltd. | 6059 | 30549 |
|  Shell PLC | 12608 | 439887 |
|  Suncor Energy, Inc. | 2606 | 97619 |
|  Targa Resources Corp. | 484 | 84255 |
|  TC Energy Corp.(b) | 2189 | 106866 |
|  Texas Pacific Land Corp. | 44 | 46481 |
|  TotalEnergies SE | 4303 | 263011 |
|  Tourmaline Oil Corp. | 791 | 38163 |
|  Valero Energy Corp. | 661 | 88852 |
|  Whitecap Resources, Inc.(b) | 1970 | 13237 |
|  Williams Cos., Inc. (The) | 2571 | 161484 |
|  Woodside Energy Group Ltd.(b)(d) | 3889 | 60073 |
|  |  | 5244688 |
|  |  | 5466770 |
|  **MATERIALS–2.0%** |  |  |
|  CHEMICALS–1.0% |  |  |
|  Air Liquide SA | 1219 | 251359 |
|  Air Products & Chemicals, Inc. | 469 | 132286 |
|  Akzo Nobel NV(b) | 380 | 26662 |
|  Arkema SA | 127 | 9378 |
|  Asahi Kasei Corp. | 1927 | 13718 |
|  BASF SE | 1880 | 92984 |
|  CF Industries Holdings, Inc. | 370 | 34040 |
|  Corteva, Inc. | 1439 | 107249 |
|  Covestro AG(a) | 399 | 28388 |
|  Croda International PLC | 295 | 11844 |
|  Dow, Inc. | 1394 | 36913 |
|  DSM-Firmenich AG(a) | 414 | 44043 |
|  DuPont de Nemours, Inc. | 931 | 63857 |
|  Ecolab, Inc. | 538 | 144959 |
|  EMS-Chemie Holding AG(a)(b) | 16 | 12096 |
|  Evonik Industries AG | 341 | 7045 |
|  Givaudan SA (REG) | 20 | 96991 |
|  ICL Group Ltd. | 979 | 6721 |
|  IMCD NV(b) | 132 | 17753 |
|  International Flavors & Fragrances, Inc. | 569 | 41850 |
|  Linde PLC | 997 | 467772 |
|  LyondellBasell Industries NV–Class A | 561 | 32459 |
|  Mitsubishi Chemical Group Corp. | 2042 | 10733 |
|  Nippon Paint Holdings Co., Ltd. | 1388 | 11163 |
|  Nippon Sanso Holdings Corp. | 350 | 13245 |
|  Nitto Denko Corp. | 1293 | 24970 |
|  Novonesis Novozymes B–Class B | 784 | 56289 |
|  Nutrien Ltd.(b) | 1004 | 58504 |
|  PPG Industries, Inc. | 505 | 57444 |
|  RPM International, Inc. | 286 | 31414 |
|  Sherwin-Williams Co. (The) | 504 | 173053 |
|  Shin-Etsu Chemical Co., Ltd. | 3785 | 124988 |
|  Sika AG (REG)(a) | 321 | 87339 |
|  Syensqo SA(b) | 162 | 12549 |
|  Symrise AG | 296 | 31040 |
|  Toray Industries, Inc. | 2312 | 15826 |
|  Yara International ASA | 368 | 13580 |
|  |  | 2402504 |
|  CONSTRUCTION MATERIALS–0.2% |  |  |
|  Amrize Ltd.(a) | 1098 | 54772 |
|  CRH PLC | 1428 | 131090 |
|  Heidelberg Materials AG | 298 | 70178 |
|  Holcim AG(a) | 1098 | 81537 |
|  James Hardie Industries PLC(a) | 764 | 20516 |
|  Martin Marietta Materials, Inc. | 136 | 74659 |
|  Vulcan Materials Co. | 294 | 76681 |
|  |  | 509433 |
|  CONTAINERS & PACKAGING–0.1% |  |  |
|  Amcor PLC | 4536 | 41686 |
|  Avery Dennison Corp. | 176 | 30883 |
|  Ball Corp. | 594 | 33318 |
|  CCL Industries, Inc.–Class B | 328 | 19127 |
|  Crown Holdings, Inc. | 260 | 26775 |
|  International Paper Co. | 1115 | 52215 |
|  Packaging Corp. of America | 200 | 37690 |
|  SIG Group AG(a)(b) | 431 | 7972 |
|  Smurfit WestRock PLC | 1161 | 50097 |
|  |  | 299763 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  METALS & MINING–0.7% |  |  |
|  Agnico Eagle Mines Ltd. | 1060 | $126289 |
|  Alamos Gold, Inc.–Class A | 927 | 24656 |
|  Anglo American PLC | 2301 | 67816 |
|  Antofagasta PLC | 682 | 16956 |
|  ArcelorMittal SA | 1043 | 33120 |
|  Barrick Mining Corp.(b) | 3579 | 74510 |
|  BHP Group Ltd.(b) | 10691 | 257200 |
|  BlueScope Steel Ltd.(b) | 652 | 9936 |
|  Boliden AB(a) | 632 | 19750 |
|  Evolution Mining Ltd. | 3592 | 18701 |
|  First Quantum Minerals Ltd.(a) | 1258 | 22347 |
|  Fortescue Ltd.(b) | 3276 | 32931 |
|  Franco-Nevada Corp. | 429 | 70433 |
|  Freeport-McMoRan, Inc. | 3027 | 131220 |
|  Glencore PLC(a) | 21544 | 83949 |
|  Ivanhoe Mines Ltd.–Class A(a)(b) | 1046 | 7858 |
|  JFE Holdings, Inc. | 846 | 9841 |
|  Kinross Gold Corp. | 2405 | 37583 |
|  Lundin Gold, Inc. | 241 | 12725 |
|  Lundin Mining Corp.(b) | 1064 | 11189 |
|  Newmont Corp. | 2374 | 138309 |
|  Nippon Steel Corp. | 1843 | 34855 |
|  Norsk Hydro ASA | 2201 | 12604 |
|  Northern Star Resources Ltd. | 2655 | 32795 |
|  Nucor Corp. | 513 | 66454 |
|  Pan American Silver Corp. | 805 | 22842 |
|  Reliance, Inc. | 118 | 37040 |
|  Rio Tinto Ltd.(b) | 826 | 58473 |
|  Rio Tinto PLC | 2377 | 138351 |
|  South32 Ltd. | 7500 | 14332 |
|  Steel Dynamics, Inc. | 317 | 40579 |
|  Sumitomo Metal Mining Co., Ltd. | 472 | 11632 |
|  Teck Resources Ltd.–Class B | 1046 | 42301 |
|  Wheaton Precious Metals Corp. | 952 | 85612 |
|  |  | 1805189 |
|  PAPER & FOREST PRODUCTS–0.0% |  |  |
|  Holmen AB–Class B(b) | 169 | 6694 |
|  Mondi PLC | 680 | 11111 |
|  Stora Enso Oyj–Class R(b) | 790 | 8589 |
|  Svenska Cellulosa AB SCA–Class B(b) | 970 | 12613 |
|  UPM-Kymmene Oyj(b) | 1003 | 27390 |
|  West Fraser Timber Co., Ltd. | 120 | 8800 |
|  |  | 75197 |
|  |  | 5092086 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **UTILITIES–1.6%** |  |  |
|  ELECTRIC UTILITIES–1.0% |  |  |
|  Acciona SA(b) | 55 | $9920 |
|  Alliant Energy Corp. | 571 | 34528 |
|  American Electric Power Co., Inc. | 1125 | 116730 |
|  BKW AG | 47 | 10305 |
|  Chubu Electric Power Co., Inc. | 1339 | 16569 |
|  CK Infrastructure Holdings Ltd.–Class H | 1326 | 8781 |
|  CLP Holdings Ltd.–Class H | 3458 | 29205 |
|  Constellation Energy Corp. | 660 | 213022 |
|  Contact Energy Ltd.(b) | 888 | 4873 |
|  Duke Energy Corp. | 1637 | 193166 |
|  Edison International | 856 | 44170 |
|  EDP SA | 5742 | 24945 |
|  Elia Group SA/NV(b) | 109 | 12589 |
|  Emera, Inc. | 662 | 30325 |
|  Endesa SA(b) | 706 | 22363 |
|  Enel SpA | 17130 | 162576 |
|  Entergy Corp. | 902 | 74974 |
|  Evergy, Inc. | 512 | 35292 |
|  Eversource Energy | 817 | 51978 |
|  Exelon Corp. | 2126 | 92311 |
|  FirstEnergy Corp. | 1093 | 44004 |
|  Fortis, Inc./Canada(b) | 1116 | 53286 |
|  Fortum Oyj | 715 | 13408 |
|  Hydro One Ltd.(c) | 733 | 26413 |
|  Iberdrola SA(b) | 12208 | 234858 |
|  Kansai Electric Power Co., Inc. (The) | 1614 | 19142 |
|  NextEra Energy, Inc. | 4336 | 301005 |
|  NRG Energy, Inc. | 453 | 72743 |
|  Origin Energy Ltd. | 3107 | 22084 |
|  PG&E Corp. | 4546 | 63371 |
|  Power Assets Holdings Ltd.–Class H | 2358 | 15161 |
|  PPL Corp. | 1496 | 50699 |
|  Redeia Corp. SA(b) | 655 | 14016 |
|  Southern Co. (The) | 2310 | 212127 |
|  SSE PLC | 2250 | 56655 |
|  Terna–Rete Elettrica Nazionale | 2636 | 27101 |
|  Verbund AG | 151 | 11601 |
|  Xcel Energy, Inc. | 1207 | 82197 |
|  |  | 2508493 |
|  GAS UTILITIES–0.1% |  |  |
|  AltaGas Ltd. | 662 | 19217 |
|  APA Group | 1983 | 10662 |
|  Atmos Energy Corp. | 353 | 54401 |
|  Hong Kong & China Gas Co., Ltd.–Class H | 18947 | 15930 |
|  Osaka Gas Co., Ltd. | 740 | 18981 |
|  Snam SpA(b) | 3643 | 22054 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Tokyo Gas Co., Ltd. | 650 | $21620 |
|  |  | 162865 |
|  INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1% |  |  |
|  Brookfield Renewable Corp.(b) | 306 | 10029 |
|  EDP Renovaveis SA(b) | 228 | 2551 |
|  Meridian Energy Ltd. | 1490 | 5359 |
|  Orsted AS(a) | 374 | 16111 |
|  RWE AG | 1275 | 53280 |
|  Vistra Corp. | 717 | 138962 |
|  |  | 226292 |
|  MULTI-UTILITIES–0.4% |  |  |
|  Ameren Corp. | 601 | 57720 |
|  Canadian Utilities Ltd.–Class A | 296 | 8190 |
|  CenterPoint Energy, Inc. | 1313 | 48240 |
|  Centrica PLC | 8885 | 19714 |
|  CMS Energy Corp. | 665 | 46071 |
|  Consolidated Edison, Inc. | 751 | 75363 |
|  Dominion Energy, Inc. | 1795 | 101453 |
|  DTE Energy Co. | 462 | 61197 |
|  E.ON SE | 4707 | 86729 |
|  Engie SA | 3834 | 90110 |
|  National Grid PLC | 10314 | 151396 |
|  NiSource, Inc. | 1047 | 42236 |
|  Public Service Enterprise Group, Inc. | 1046 | 88052 |
|  Sembcorp Industries Ltd. | 1000 | 5387 |
|  Sempra | 1373 | 104032 |
|  Veolia Environnement SA | 1254 | 44770 |
|  WEC Energy Group, Inc. | 710 | 73982 |
|  |  | 1104642 |
|  WATER UTILITIES–0.0% |  |  |
|  American Water Works Co., Inc. | 434 | 60374 |
|  Essential Utilities, Inc. | 582 | 21615 |
|  Severn Trent PLC | 601 | 22581 |
|  United Utilities Group PLC | 1194 | 18749 |
|  |  | 123319 |
|  |  | 4125611 |
|  **REAL ESTATE–1.3%** |  |  |
|  DIVERSIFIED REITs–0.0% |  |  |
|  Covivio SA/France | 124 | 7862 |
|  Land Securities Group PLC | 982 | 8529 |
|  Stockland | 3937 | 13914 |
|  WP Carey, Inc. | 487 | 30379 |
|  |  | 60684 |
|  HEALTH CARE REITs–0.1% |  |  |
|  Alexandria Real Estate Equities, Inc. | 346 | 25130 |
|  Healthpeak Properties, Inc. | 1264 | 22133 |
|  Ventas, Inc. | 974 | 61508 |
|  Welltower, Inc. | 1366 | 209995 |
|  |  | 318766 |
|  INDUSTRIAL REITs–0.1% |  |  |
|  CapitaLand Ascendas REIT(a) | 7639 | 16120 |
|  Goodman Group | 4278 | 96446 |
|  Prologis, Inc. | 1953 | 205299 |
|  Segro PLC | 2320 | 21718 |
|  |  | 339583 |
|  OFFICE REITs–0.0% |  |  |
|  BXP, Inc.(b) | 334 | 22535 |
|  Gecina SA | 103 | 11338 |
|  Nippon Building Fund, Inc.(b) | 18 | 16621 |
|  |  | 50494 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3% |  |  |
|  Azrieli Group Ltd. | 94 | 8656 |
|  CapitaLand Investment Ltd./Singapore(b) | 4504 | 9389 |
|  CBRE Group, Inc.–Class A(a) | 628 | 87995 |
|  CK Asset Holdings Ltd.–Class H | 3531 | 15603 |
|  CoStar Group, Inc.(a) | 874 | 70270 |
|  Daito Trust Construction Co., Ltd. | 124 | 13506 |
|  Daiwa House Industry Co., Ltd. | 1095 | 37627 |
|  Fastighets AB Balder–Class B(a)(b) | 893 | 6657 |
|  FirstService Corp.(b) | 91 | 15880 |
|  Henderson Land Development Co., Ltd.–Class H | 2938 | 10318 |
|  Hongkong Land Holdings Ltd. | 1595 | 9203 |
|  Hulic Co., Ltd.(b) | 503 | 5074 |
|  LEG Immobilien SE | 166 | 14776 |
|  Mitsubishi Estate Co., Ltd. | 2067 | 38750 |
|  Mitsui Fudosan Co., Ltd. | 5275 | 51068 |
|  Sagax AB–Class B(b) | 264 | 6049 |
|  Sino Land Co., Ltd.–Class H | 7242 | 7714 |
|  Sumitomo Realty & Development Co., Ltd. | 615 | 23751 |
|  Sun Hung Kai Properties Ltd.–Class H | 2616 | 30144 |
|  Swiss Prime Site AG (REG)(a) | 179 | 26872 |
|  Unibail-Rodamco-Westfield | 270 | 25955 |
|  Vonovia SE | 1497 | 53074 |
|  Wharf Holdings Ltd. (The)–Class H(b) | 2000 | 6089 |
|  Wharf Real Estate Investment Co., Ltd.–Class H | 2876 | 8164 |

---

------

**AB Variable Products Series Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Company** | | **Shares** | **U.S. $ Value** |
|  Zillow Group, Inc.–Class C(a) |  | 364 | $25498 |
|  |  |  | 608082 |
|  RESIDENTIAL REITs–0.2% |  |  |  |
|  American Homes 4 Rent–Class A |  | 739 | 26656 |
|  AvalonBay Communities, Inc. |  | 317 | 64510 |
|  Camden Property Trust |  | 238 | 26820 |
|  Equity LifeStyle Properties, Inc. |  | 404 | 24915 |
|  Equity Residential |  | 760 | 51292 |
|  Essex Property Trust, Inc. |  | 143 | 40526 |
|  Invitation Homes, Inc. |  | 1144 | 37523 |
|  Mid-America Apartment Communities, Inc. |  | 260 | 38483 |
|  Sun Communities, Inc.(b) |  | 284 | 35923 |
|  UDR, Inc. |  | 700 | 28581 |
|  |  |  | 375229 |
|  RETAIL REITs–0.2% |  |  |  |
|  CapitaLand Integrated Commercial Trust(a) |  | 9430 | 16102 |
|  Kimco Realty Corp. |  | 1273 | 26758 |
|  Klepierre SA(a) |  | 478 | 18900 |
|  Link REIT–Class H |  | 5073 | 27173 |
|  Realty Income Corp. |  | 1878 | 108192 |
|  Regency Centers Corp. |  | 384 | 27352 |
|  Scentre Group |  | 9520 | 22360 |
|  Simon Property Group, Inc. |  | 688 | 110603 |
|  Vicinity Ltd. |  | 5511 | 8997 |
|  |  |  | 366437 |
|  SPECIALIZED REITs–0.4% |  |  |  |
|  American Tower Corp. |  | 986 | 217926 |
|  Crown Castle, Inc. |  | 917 | 94203 |
|  Digital Realty Trust, Inc. |  | 710 | 123774 |
|  Equinix, Inc. |  | 207 | 164662 |
|  Extra Space Storage, Inc. |  | 472 | 69592 |
|  Gaming & Leisure Properties, Inc. |  | 611 | 28522 |
|  Iron Mountain, Inc. |  | 654 | 67081 |
|  Public Storage |  | 333 | 97709 |
|  SBA Communications Corp. |  | 241 | 56597 |
|  VICI Properties, Inc. |  | 2194 | 71524 |
|  Weyerhaeuser Co. |  | 1428 | 36685 |
|  |  |  | 1028275 |
|  |  |  | 3147550 |
|  Total Common Stocks <br>(cost $55,724,089) |  |  | 158830917 |
| **Company** | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
|  **GOVERNMENTS– TREASURIES–32.4%** |  |  |  |
|  UNITED STATES–32.4% |  |  |  |
|  U.S. Treasury Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/2050 | U.S.$| 639 | $307178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/2050 |  | 304 | 178967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2046 |  | 3477 | 2280086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2049 |  | 287 | 180261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/2052 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | 1351729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 11/15/2049 |  | 584 | 375833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/2051 |  | 1716 | 1089741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045 |  | 212 | 149684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/2046 |  | 202 | 139864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2047 |  | 254 | 181467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2043 |  | 221 | 170223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/2045 |  | 2897 | 2168183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 11/15/2046 |  | 187 | 137508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2049 |  | 313 | 225184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2052 |  | 417 | 294180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 |  | 265 | 203170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2047 |  | 238 | 178637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/2047 |  | 409 | 306799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2048 |  | 350 | 260549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/2048 |  | 792 | 586593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/2049 |  | 257 | 189396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 02/15/2043 |  | 487 | 391390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2039 |  | 555 | 501332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/15/2043 |  | 1869 | 1608250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 05/15/2053 |  | 184 | 149950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 |  | 194 | 169766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/2052 |  | 208 | 182012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2039 |  | 134 | 130251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 |  | 266 | 243725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/2039 |  | 502 | 492313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2043 |  | 195 | 186271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 |  | 179 | 178178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 |  | 2017 | 2108604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2031 |  | 359 | 385131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 |  | 762 | 801108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 11/15/2027 |  | 1389 | 1461862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/2030 |  | 374 | 413952 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 05/15/2030 |  | 934 | 802896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 08/15/2030 |  | 572 | 487289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/2026 |  | 1015 | 978070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 09/30/2026 |  | 1513 | 1457230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 11/15/2030 |  | 566 | 485522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/2028 |  | 2116 | 1950080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/31/2026 |  | 1163 | 1121386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 11/15/2031 |  | 407 | 347881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/2026 |  | 848 | 824624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/2030 |  | 1257 | 1137464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/2031 |  | 3081 | 2716094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/2032 |  | 1787 | 1569838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/2026 |  | 4808 | 4687995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 |  | 2292 | 2222591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/2027 |  | 3588 | 3469394 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Principal<br>Amount<br>(000)** | **Principal<br>Amount<br>(000)** | **U.S. $ Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/2027 | U.S.$| 4367 | $4258434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 05/15/2029 |  | 1533 | 1457741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/2029 |  | 451 | 433940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/2028 |  | 129 | 125603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 |  | 949 | 875083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2028 |  | 400 | 391293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 |  | 2242 | 2092346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/15/2028 |  | 912 | 894802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 08/31/2029 |  | 727 | 709043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 05/15/2033 |  | 1115 | 1063186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/30/2028 |  | 794 | 789664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/2029 |  | 608 | 601382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033 |  | 1420 | 1369176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/31/2028 |  | 1209 | 1206334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 08/31/2029 |  | 807 | 802667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 09/30/2031 |  | 599 | 589037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 |  | 1202 | 1202351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/2030 |  | 503 | 500485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2033 |  | 1128 | 1111518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2034 |  | 868 | 847634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028 |  | 694 | 699654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 |  | 561 | 565953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/31/2029 |  | 752 | 758487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 |  | 1299 | 1285858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 11/15/2032 |  | 1062 | 1069728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/30/2029 |  | 567 | 576945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034 |  | 316 | 317048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/2035 |  | 826 | 827950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/31/2028 |  | 1306 | 1331202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/30/2030 |  | 493 | 505633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 05/15/2034 |  | 1051 | 1067649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/31/2029 |  | 1211 | 1243821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 |  | 1206 | 1239379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/30/2028 |  | 578 | 593940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/30/2029 |  | 1925 | 1985569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/2035 |  | 808 | 833595 |
|  Total Governments–Treasuries <br>(cost $87,190,734) |  |  | 80841811 |
|  **AGENCIES–0.8%** |  |  |  |
|  AGENCY DEBENTURES–0.8% |  |  |  |
|  Federal Farm Credit Banks Funding Corp. <br>4.625%, 03/05/2026 |  | 219 | 219589 |
|  Federal Home Loan Banks <br>4.625%, 11/17/2026 |  | 800 | 807976 |
|  Federal National Mortgage Association <br>6.625%, 11/15/2030 |  | 900 | 1018279 |
|  Total Agencies <br>(cost $2,014,245) |  |  | 2045844 |
|  **PURCHASED OPTIONS–PUTS–0.4%** |  |  |  |
|  OPTIONS ON EQUITY INDICES–0.4% |  |  |  |
|  Euro STOXX 50 Price EUR Index <br>Expiration: Feb 2026; Contracts: 670;<br>Exercise Price: EUR 4,600.00; <br>Counterparty: UBS AG(a) | EUR | 3082000 | 65159 |
|  Euro STOXX 50 Price EUR Index <br>Expiration: Feb 2026; Contracts: 240;<br>Exercise Price: EUR 4,600.00; <br>Counterparty: UBS AG(a) | EUR | 1104000 | 23340 |
|  FTSE 100 Index <br>Expiration: Jun 2026; Contracts: 220;<br>Exercise Price: GBP 7,600.00; <br>Counterparty: UBS AG(a) | GBP | 1672000 | 36458 |
|  Nikkei 225 Index <br>Expiration: Jun 2026; Contracts: 15,000; Exercise Price: JPY 30,750.00; <br>Counterparty: UBS AG(a) | JPY | 461250000 | 69594 |
|  S&P 500 Index <br>Expiration: Jun 2026; Contracts: 8,400; <br>Exercise Price: USD 5,075.00; <br>Counterparty: UBS AG(a) | USD | 42630000 | 926291 |
|  Total Purchased Options–Puts <br>(premiums paid $1,277,087) |  |  | 1120842 |
|  |  | **Shares** |  |
|  **WARRANTS–0.0%** |  |  |  |
|  **INFORMATION TECHNOLOGY–0.0%** |  |  |  |
|  SOFTWARE–0.0% |  |  |  |
|  Constellation Software, Inc./Canada, expiring 03/31/2040(a)(b)(d)(e) (cost $0) |  | 52 | –0 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **SHORT-TERM INVESTMENTS–2.6%** |  |  |
|  INVESTMENT COMPANIES–2.6% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(f)(g)(h) <br>(cost $6,396,953) | 6396953 | $6396953 |
|  **TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.9%** <br> (cost $152,603,108) |  | 249236367 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.2%** |  |  |
|  INVESTMENT COMPANIES–0.2% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(f)(g)(h) <br>(cost $467,808) | 467808 | 467808 |
|  **TOTAL INVESTMENTS–100.1%**<br> (cost $153,070,916) |  | $249704175 |
|  Other assets less liabilities–(0.1)% |  | (211606) |
|  **NET ASSETS–100.0%** |  | $249492569 |

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** |  |  |  |  |
|  Euro STOXX 50 Index Futures | 24 | September 2025 | $1505986 | $(4557) |
|  Micro S&P 500 E-Mini Futures | 14 | September 2025 | 437763 | 13090 |
|  MSCI EAFE Futures | 1 | September 2025 | 134085 | 242 |
|  Nikkei 225 (OSE) Futures | 2 | September 2025 | 562619 | 34141 |
|  S&P 500 E-Mini Futures | 19 | September 2025 | 5941063 | 210470 |
|  TOPIX Index Futures | 3 | September 2025 | 594875 | 14185 |
|  U.S. T-Note 2 Yr (CBT) Futures | 41 | September 2025 | 8528961 | 26995 |
|  U.S. T-Note 10 Yr (CBT) Futures | 71 | September 2025 | 7960875 | 111945 |
|  U.S. Ultra Bond (CBT) Futures | 20 | September 2025 | 2382500 | 80554 |
|  **Sold Contracts** |  |  |  |  |
|  FTSE 100 Index Futures | 4 | September 2025 | 482596 | 6466 |
|  Hang Seng Index Futures | 1 | July 2025 | 153402 | 36 |
|  MSCI Singapore ETS Index Futures | 1 | July 2025 | 32344 | (511) |
|  S&P/TSX 60 Index Futures | 6 | September 2025 | 1409950 | (11818) |
|  SPI 200 Futures | 1 | September 2025 | 140466 | 126 |
|  U.S. T-Note 5 Yr (CBT) Futures | 13 | September 2025 | 1417000 | (20228) |
|  |  |  |  | $461136 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | CHF | 2945 | USD | 3609 | 07/09/2025 | $(105335) |
|  Barclays Capital, Inc. | GBP | 1115 | USD | 1508 | 07/16/2025 | (21830) |
|  Citibank NA | USD | 3362 | GBP | 2515 | 07/16/2025 | 90685 |

---

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Goldman Sachs Bank USA | USD | 1299 | EUR | 1134 | 07/09/2025 | $37075 |
|  JPMorgan Chase Bank | EUR | 3104 | USD | 3460 | 07/09/2025 | (198629) |
|  JPMorgan Chase Bank | AUD | 3700 | USD | 2411 | 08/21/2025 | (26961) |
|  JPMorgan Chase Bank | NZD | 1169 | USD | 708 | 08/21/2025 | (5215) |
|  Morgan Stanley Capital Services, Inc. | USD | 4289 | EUR | 3760 | 07/09/2025 | 142706 |
|  Morgan Stanley Capital Services, Inc. | GBP | 3401 | USD | 4616 | 07/16/2025 | (53293) |
|  Morgan Stanley Capital Services, Inc. | USD | 1614 | GBP | 1192 | 07/16/2025 | 21607 |
|  Morgan Stanley Capital Services, Inc. | USD | 1651 | AUD | 2525 | 08/21/2025 | 12428 |
|  Morgan Stanley Capital Services, Inc. | USD | 7353 | CAD | 9944 | 08/28/2025 | (29158) |
|  Morgan Stanley Capital Services, Inc. | SEK | 11496 | USD | 1216 | 09/04/2025 | (4555) |
|  State Street Bank & Trust Co. | CHF | 243 | USD | 297 | 07/09/2025 | (8703) |
|  State Street Bank & Trust Co. | EUR | 705 | USD | 803 | 07/09/2025 | (26943) |
|  State Street Bank & Trust Co. | USD | 713 | EUR | 620 | 07/09/2025 | 17506 |
|  State Street Bank & Trust Co. | GBP | 511 | USD | 681 | 07/16/2025 | (20428) |
|  State Street Bank & Trust Co. | USD | 328 | GBP | 242 | 07/16/2025 | 4521 |
|  State Street Bank & Trust Co. | NZD | 186 | USD | 113 | 08/21/2025 | (391) |
|  State Street Bank & Trust Co. | USD | 708 | NZD | 1169 | 08/21/2025 | 5768 |
|  State Street Bank & Trust Co. | JPY | 114546 | USD | 783 | 08/27/2025 | (17845) |
|  UBS | USD | 1571 | AUD | 2407 | 08/21/2025 | 14851 |
|  UBS | CAD | 7099 | USD | 5258 | 08/28/2025 | 30133 |
|  UBS | USD | 3072 | NOK | 31119 | 09/04/2025 | 17014 |
|  |  |  |  |  |  | $(124992) |

---

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $68,577 or 0.0% of net assets.

(d) Fair valued by the Adviser.

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

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

(g) Affiliated investments.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

------

**AB Variable Products Series Fund**

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

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.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $146,206,155) | $242839414.0 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $6,864,761—including investment of cash collateral for securities loaned of $467,808) | 6864761.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1612.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 1035365.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value (cost $363,851) | 368831.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated interest and dividends receivable | 893809.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 679015.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency exchange contracts | 394294.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures | 96491.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 15520.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 14083.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 2108.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 253205303.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due to broker | 1200000.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased and foreign currency transactions | 955359.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency exchange contracts | 519286.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received on securities loaned | 467808.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees payable | 207738.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 136789.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 91747.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 48814.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 48184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 2137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax payable | 1091.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 33634.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3712734.0 |
|  **NET ASSETS** | $249492569.0 |
|  **COMPOSITION OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $24214.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 157729228.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 91739127.0 |
|  **NET ASSETS** | $249492569.0 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $199364 | 19224 | $10.37 |
| B | $249293205 | 24195252 | $10.30 |

---

(a) Includes securities on loan with a value of $4,046,082 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $107,732) | $1587601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 94248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 1313225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 6168 |
|  | 3001242 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 854749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 305029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 83467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 51916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 33280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 18702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 18389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 11291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1401618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (62515) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1339103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1662139 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 4855330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (807601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (2119049) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (29421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 54192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments(a) | 10009223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (234021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 914305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 44946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment and foreign currency transactions | 12687904 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $14350043 |

---

(a) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $523.

See notes to financial statements.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1662139 | $2988545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 1953451 | 3824530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 10734453 | 18859850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 14350043 | 25672925 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (2481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (2801157) |
|  **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** | **CAPITAL STOCK TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (16275476) | (25268198) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total decrease | (1925433) | (2398911) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 251418002 | 253816913 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $249492569 | $251418002 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

#### NOTE A: Significant Accounting Policies
The AB Dynamic Asset Allocation Portfolio (the "Portfolio") is a series of AB Variable Products Series Fund, Inc. (the "Fund"). The Portfolio's investment objective is to maximize total return consistent with AllianceBernstein L.P. (the "Adviser") determination of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the "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

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION 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.

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.

------

**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 June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |  | **Total** |
|  **Investments in Securities:** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
|  Common Stocks | $120492595 | $38338322 | $0 | (a) | $158830917 |
|  Governments—Treasuries | –0 | 80841811 | –0 |  | 80841811 |
|  Agencies | –0 | 2045844 | –0 |  | 2045844 |
|  Purchased Options—Puts | –0 | 1120842 | –0 |  | 1120842 |
|  Warrants | –0 | –0 | 0 | (a) | –0 |
|  Short-Term Investments | 6396953 | –0 | –0 |  | 6396953 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 467808 | –0 | –0 |  | 467808 |
|  Total Investments in Securities | 127357356 | 122346819 | 0 | (a) | 249704175 |
|  **Other Financial Instruments(b):** |  |  |  |  |  |
|  **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 498250 | –0 | –0 |  | 498250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | 394294 | –0 |  | 394294 |
|  **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (37114) | –0 | –0 |  | (37114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | (519286) | –0 |  | (519286) |
|  **Total** | $**127818492** | $**122221827** | $**0** | **(a)** | $**250040319** |

---

(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.

------

---

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

---

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 segment's 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, 2026 and

------

**AB Variable Products Series Fund**

then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2025, such reimbursements/waivers amounted to $57,545.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2025, the reimbursement for such services amounted to $51,916.

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 $833 for the six months ended June 30, 2025.

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 six months ended June 30, 2025, such waiver amounted to $4,380.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $–0 | $32746 | $26349 | $6397 | $94 |
|  AB Government Money Market Portfolio\* | 2922 | 4263 | 6717 | 468 | 1 |
|  Total |  |  |  | $6865 | $95 |

---

\* 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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $4415361 | $21927249 |
|  U.S. government securities | 6190655 | 11952653 |

---

------

---

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

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $106182565 |
|  Gross unrealized depreciation | (9213162) |
|  Net unrealized appreciation | $96969403 |

---

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 six months ended June 30, 2025, 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.

------

**AB Variable Products Series Fund**

During the six months ended June 30, 2025, 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 six months ended June 30, 2025, 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 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.

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

------

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

---

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 six months ended June 30, 2025, 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 six months ended June 30, 2025, the Portfolio had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $219494 \* | Payable for variation margin on futures | $20228 \* |
|  Equity contracts | Receivable for variation margin on futures | 278756 \* | Payable for variation margin on futures | 16886 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 394294 | Unrealized depreciation on forward currency exchange contracts | 519286 |
|  Equity contracts | Investments in securities, at value | 1120842 |  |  |
|  Total |  | $2013386 |  | $556400 |

---

\* 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.

------

**AB Variable Products Series Fund**

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or (Loss) on Derivatives<br>Within Statement of Operations** | **Realized Gain or<br>(Loss) on<br>Derivatives** | **Change in Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(145668) | $537199 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (1973381) | 377106 |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (807601) | (234021) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | 59077 | (286877) |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (29421) | –0 |
|  Total |  | $(2896994) | $393407 |

---

The following table represents the average monthly volume of the Portfolio's derivative transactions during the six months ended June 30, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $32870317.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $5341193.0 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $27066254.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $32179199.0 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $51034475.0 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $142286.0 (a) |

---

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolio as of June 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>Subject to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash Collateral<br>Received\*** | **Security Collateral<br>Received\*** | **Net Amount of<br>Derivative Assets** |
|  Citibank NA | $90685 | $–0 | $–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $90685 |
|  Goldman Sachs Bank USA | 37075 | –0 | –0 | –0 | 37075 |
|  Morgan Stanley Capital Services, Inc. | 176741 | (87006) | –0 | –0 | 89735 |
|  State Street Bank & Trust Co. | 27795 | (27795) | –0 | –0 | –0 |
|  UBS/UBS AG | 1182840 | –0 | (1182840) | –0 | –0 |
|  Total | $1515136 | $(114801) | $(1182840) | $–0 | $217495 |
| **Counterparty** | **Derivative Liabilities<br>Subject to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash Collateral<br>Pledged\*** | **Security Collateral<br>Pledged\*** | **Net Amount of<br>Derivative Liabilities** |
|  Bank of America NA | $105335 | $–0 | $–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $105335 |
|  Barclays Capital, Inc. | 21830 | –0 | –0 | –0 | 21830 |
|  JPMorgan Chase Bank | 230805 | –0 | –0 | –0 | 230805 |
|  Morgan Stanley Capital Services, Inc. | 87006 | (87006) | –0 | –0 | –0 |
|  State Street Bank & Trust Co. | 74310 | (27795) | –0 | –0 | 46515 |
|  Total | $519286 | $(114801) | $–0 | $–0 | $404485 |

---

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

---

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

---

2. Currency Transactions

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

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

------

**AB Variable Products Series Fund**

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 six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **AB Government Money Market<br>Portfolio** | **AB Government Money Market<br>Portfolio** |
| **Market Value<br>of Securities**<br> **on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $4046082 | $467808 | $3787591 | $5444 | $724 | $590 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 978 | 2657 | $9710 | $25039 |
|  Shares issued in reinvestment of dividends | –0 | 263 | –0 | 2481 |
|  Shares redeemed | (1077) | (8853) | (10737) | (80486) |
|  Net decrease | (99) | (5933) | $(1027) | $(52966) |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  Shares sold | 213164 | 1172404 | $2080462 | $11014981 |
|  Shares issued on reinvestment of dividends | –0 | 298981 | –0 | 2801157 |
|  Shares redeemed | (1863691) | (4118173) | (18354911) | (39031370) |
|  Net decrease | (1650527) | (2646788) | $(16274449) | $(25215232) |

---

At June 30, 2025, 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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 different global asset classes may have a significant adverse 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

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

---

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.

**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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolio performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

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

**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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

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

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

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

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

------

**AB Variable Products Series Fund**

**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 six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2803638 | $1463869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | –0 | –0 |
|  Total taxable distributions paid | $2803638 | $1463869 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $3946523 |
|  Accumulated capital and other losses | (11295364)(a) |
|  Unrealized appreciation (depreciation) | 84737925 (b) |
|  Total accumulated earnings (deficit) | $77389084 |

---

(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.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION 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.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | 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** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.77 |  | $8.95 | $7.94 | $14.94 | $13.89 | $13.46 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .08 |  | .13 | .12 | .12 | .14 | .15 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .52 |  | .82 | .96 | (2.57) | 1.20 | .51 |
|  Net increase (decrease) in net asset value from operations | .60 |  | .95 | 1.08 | (2.45) | 1.34 | .66 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.13 | (.07 | (.38) | (.29 | (.23 |
|  Distributions from net realized gain on investment transactions | –0 |  | –0 | –0 | (4.17) | –0 | –0 |
|  Total dividends and distributions | –0 |  | (.13 | (.07 | (4.55) | (.29 | (.23 |
|  Net asset value, end of period | $10.37 |  | $9.77 | $8.95 | $7.94 | $14.94 | $13.89 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(c) | 6.14 | % | 10.65 | 13.70 | (18.45)% | 9.67 | 5.02 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $200 |  | $189 | $226 | $231 | $412 | $364 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(d)‡ | .85 | %<sup>^</sup> | .85 | .85 | .84% | .82 | .80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(d)‡ | .89 | %<sup>^</sup> | .88 | .93 | .91% | .83 | .80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.62 | %<sup>^</sup> | 1.41 | 1.42 | 1.10% | .98 | 1.18 |
|  Portfolio turnover rate | 4 | % | 11 | 12 | 16% | 32 | 13 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | %<sup>^</sup> | .00 | .00 | .01% | .01 | .01 |

---

See footnote summary on page 40.

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET ALLOCATION PORTFOLIO |
| FINANCIAL HIGHLIGHTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.72 |  | $8.90 | $7.89 | $14.85 | $13.80 | $13.36 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .07 |  | .11 | .10 | .09 | .12 | .12 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | .51 |  | .81 | .96 | (2.56) | 1.16 | .51 |
|  Net increase (decrease) in net asset value from operations | .58 |  | .92 | 1.06 | (2.47) | 1.28 | .63 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.10 | (.05 | (.32) | (.23 | (.19 |
|  Distributions from net realized gain on investment transactions | –0 |  | –0 | –0 | (4.17) | –0 | –0 |
|  Total dividends and distributions | –0 |  | (.10 | (.05 | (4.49) | (.23 | (.19 |
|  Net asset value, end of period | $10.30 |  | $9.72 | $8.90 | $7.89 | $14.85 | $13.80 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(c) | 5.97 | % | 10.43 | 13.48 | (18.68)% | 9.28 | 4.86 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $249293 |  | $251229 | $253591 | $235366 | $301920 | $548422 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(d)‡ | 1.10 | %<sup>^</sup> | 1.10 | 1.10 | 1.09% | 1.06 | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(d)‡ | 1.15 | %<sup>^</sup> | 1.13 | 1.18 | 1.17% | 1.07 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.36 | %<sup>^</sup> | 1.16 | 1.18 | .87% | .80 | .93 |
|  Portfolio turnover rate | 4 | % | 11 | 12 | 16% | 32 | 13 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | %<sup>^</sup> | .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%.

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| 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

------

---

| | |
|:---|:---|
| DYNAMIC ASSET ALLOCATION PORTFOLIO | DYNAMIC ASSET 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 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

------

**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.

------

VPS-DAA-0152-0625

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## JUN <sup>06.30.25</sup>
![LOGO](g58629g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS–99.0%** |  |  |
|  **INDUSTRIALS–20.1%** |  |  |
|  AEROSPACE & DEFENSE–1.0% |  |  |
|  Hexcel Corp.(a) | 120193 | $6789703 |
|  AIR FREIGHT & LOGISTICS–2.5% |  |  |
|  CH Robinson Worldwide, Inc. | 79912 | 7667556 |
|  GXO Logistics, Inc.(a)(b) | 187450 | 9128815 |
|  |  | 16796371 |
|  COMMERCIAL SERVICES & SUPPLIES–0.9% |  |  |
|  MillerKnoll, Inc.(a) | 310514 | 6030182 |
|  CONSTRUCTION & ENGINEERING–2.6% |  |  |
|  Fluor Corp.(b) | 150684 | 7725569 |
|  MasTec, Inc.(b) | 16151 | 2752615 |
|  WillScot Holdings Corp.(a) | 244463 | 6698286 |
|  |  | 17176470 |
|  ELECTRICAL EQUIPMENT–1.4% |  |  |
|  Regal Rexnord Corp.(a) | 65368 | 9475745 |
|  GROUND TRANSPORTATION–1.1% |  |  |
|  ArcBest Corp. | 97489 | 7507628 |
|  MACHINERY–3.9% |  |  |
|  CNH Industrial NV(a) | 565610 | 7330305 |
|  JBT Marel Corp.(a) | 68873 | 8282667 |
|  Pentair PLC | 98265 | 10087885 |
|  |  | 25700857 |
|  MARINE TRANSPORTATION–1.8% |  |  |
|  Kirby Corp.(b) | 65551 | 7434139 |
|  Star Bulk Carriers Corp.(a) | 280401 | 4836917 |
|  |  | 12271056 |
|  PROFESSIONAL SERVICES–2.6% |  |  |
|  CACI International, Inc.–Class A(a)(b) | 19839 | 9457251 |
|  First Advantage Corp.(a)(b) | 359106 | 5964751 |
|  Robert Half, Inc. | 53292 | 2187637 |
|  |  | 17609639 |
|  TRADING COMPANIES & DISTRIBUTORS–2.3% |  |  |
|  Core & Main, Inc.–Class A(b) | 132900 | 8020515 |
|  Herc Holdings, Inc. | 54803 | 7217007 |
|  |  | 15237522 |
|  |  | 134595173 |
|  **FINANCIALS–19.5%** |  |  |
|  BANKS–9.5% |  |  |
|  Comerica, Inc. | 90473 | 5396714 |
|  First BanCorp/Puerto Rico | 288767 | 6015017 |
|  First Citizens BancShares, Inc./NC–Class A | 4300 | 8412821 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  First Hawaiian, Inc.(a) | 246845 | $6161251 |
|  Flagstar Financial, Inc.(a) | 370327 | 3925466 |
|  Independent Bank Corp.(a) | 104647 | 6580727 |
|  Texas Capital Bancshares, Inc.(b) | 70007 | 5558556 |
|  UMB Financial Corp. | 82584 | 8684533 |
|  Webster Financial Corp. | 101138 | 5522135 |
|  Wintrust Financial Corp.(a) | 63091 | 7822022 |
|  |  | 64079242 |
|  CAPITAL MARKETS–3.9% |  |  |
|  Cboe Global Markets, Inc.(a) | 39604 | 9236049 |
|  Invesco Ltd. | 598878 | 9444306 |
|  Stifel Financial Corp. | 72481 | 7522078 |
|  |  | 26202433 |
|  FINANCIAL SERVICES–3.2% |  |  |
|  HA Sustainable Infrastructure Capital, Inc.(a) | 275262 | 7393537 |
|  NCR Atleos Corp.(a)(b) | 325418 | 9284176 |
|  Walker & Dunlop, Inc. | 68840 | 4851843 |
|  |  | 21529556 |
|  INSURANCE–2.9% |  |  |
|  American Financial Group, Inc./OH(a) | 70616 | 8912445 |
|  Hanover Insurance Group, Inc. (The) | 61810 | 10499665 |
|  |  | 19412110 |
|  |  | 131223341 |
|  **INFORMATION TECHNOLOGY–13.0%** |  |  |
|  COMMUNICATIONS EQUIPMENT–2.8% |  |  |
|  Calix, Inc.(b) | 88435 | 4703858 |
|  F5, Inc.(b) | 22830 | 6719325 |
|  Lumentum Holdings, Inc.(a)(b) | 75100 | 7139006 |
|  |  | 18562189 |
|  ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.8% |  |  |
|  Avnet, Inc. | 116063 | 6160624 |
|  Belden, Inc.(a) | 43974 | 5092189 |
|  Crane NXT Co.(a) | 119848 | 6459807 |
|  IPG Photonics Corp.(a)(b) | 98600 | 6768890 |
|  TD SYNNEX Corp. | 59335 | 8051760 |
|  |  | 32533270 |
|  IT SERVICES–1.0% |  |  |
|  Globant SA(b) | 74593 | 6776028 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.8% |  |  |
|  FormFactor, Inc.(b) | 147373 | 5071105 |
|  ON Semiconductor Corp.(a)(b) | 129798 | 6802713 |
|  |  | 11873818 |

---

------

---

| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  SOFTWARE–2.6% |  |  |
|  ACI Worldwide, Inc.(b) | 143614 | $6593319 |
|  Commvault Systems, Inc.(b) | 25303 | 4411072 |
|  Nice Ltd. (Sponsored ADR)(a)(b) | 37480 | 6330747 |
|  |  | 17335138 |
|  |  | 87080443 |
|  **CONSUMER DISCRETIONARY–9.2%** |  |  |
|  AUTOMOBILE COMPONENTS–1.3% |  |  |
|  BorgWarner, Inc. | 257159 | 8609683 |
|  DIVERSIFIED CONSUMER SERVICES–1.4% |  |  |
|  ADT, Inc. | 1057297 | 8955306 |
|  Laureate Education, Inc.(b) | 10461 | 244578 |
|  |  | 9199884 |
|  HOTELS, RESTAURANTS & LEISURE–0.6% |  |  |
|  Cracker Barrel Old Country Store, Inc.(a) | 66659 | 4071532 |
|  LEISURE PRODUCTS–1.0% |  |  |
|  Brunswick Corp./DE(a) | 122973 | 6793028 |
|  SPECIALTY RETAIL–3.6% |  |  |
|  AutoNation, Inc.(b) | 39741 | 7894550 |
|  Bath & Body Works, Inc. | 317222 | 9503971 |
|  Group 1 Automotive, Inc. | 15855 | 6924037 |
|  |  | 24322558 |
|  TEXTILES, APPAREL & LUXURY GOODS–1.3% |  |  |
|  Crocs, Inc.(a)(b) | 88657 | 8979181 |
|  |  | 61975866 |
|  **REAL ESTATE–8.9%** |  |  |
|  DIVERSIFIED REITs–0.6% |  |  |
|  Broadstone Net Lease, Inc. | 245061 | 3933229 |
|  HEALTH CARE REITs–1.3% |  |  |
|  American Healthcare REIT, Inc.(a) | 231060 | 8489144 |
|  HOTEL & RESORT REITs–0.7% |  |  |
|  Ryman Hospitality Properties, Inc.(a) | 49120 | 4846670 |
|  INDUSTRIAL REITs–1.4% |  |  |
|  First Industrial Realty Trust, Inc. | 50398 | 2425656 |
|  STAG Industrial, Inc. | 200758 | 7283500 |
|  |  | 9709156 |
|  OFFICE REITs–1.3% |  |  |
|  COPT Defense Properties | 323110 | 8911374 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT–1.7% |  |  |
|  Jones Lang LaSalle, Inc.(b) | 43768 | 11194979 |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  RESIDENTIAL REITs–1.3% |  |  |
|  Independence Realty Trust, Inc.(a) | 475050 | $8403635 |
|  SPECIALIZED REITs–0.6% |  |  |
|  CubeSmart | 92216 | 3919180 |
|  |  | 59407367 |
|  **HEALTH CARE–7.1%** |  |  |
|  HEALTH CARE EQUIPMENT & SUPPLIES–2.6% |  |  |
|  Envista Holdings Corp.(a)(b) | 415172 | 8112461 |
|  Integer Holdings Corp.(b) | 73566 | 9046411 |
|  |  | 17158872 |
|  HEALTH CARE PROVIDERS & SERVICES–3.3% |  |  |
|  Encompass Health Corp. | 98476 | 12076112 |
|  Tenet Healthcare Corp.(b) | 58399 | 10278224 |
|  |  | 22354336 |
|  LIFE SCIENCES TOOLS & SERVICES–1.2% |  |  |
|  ICON PLC(b) | 55862 | 8125128 |
|  |  | 47638336 |
|  **CONSUMER STAPLES–5.7%** |  |  |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL–3.3% |  |  |
|  BJ's Wholesale Club Holdings, Inc.(b) | 122200 | 13176826 |
|  Dollar Tree, Inc.(b) | 90575 | 8970548 |
|  |  | 22147374 |
|  FOOD PRODUCTS–1.3% |  |  |
|  Nomad Foods Ltd. | 517925 | 8799546 |
|  HOUSEHOLD PRODUCTS–1.1% |  |  |
|  WD-40 Co. | 32290 | 7365026 |
|  |  | 38311946 |
|  **MATERIALS–4.7%** |  |  |
|  CHEMICALS–2.4% |  |  |
|  Avient Corp. | 211610 | 6837119 |
|  RPM International, Inc. | 87100 | 9567064 |
|  |  | 16404183 |
|  CONTAINERS & PACKAGING–2.3% |  |  |
|  Graphic Packaging Holding Co.(a) | 408852 | 8614512 |
|  O-I Glass, Inc.(b) | 460416 | 6786532 |
|  |  | 15401044 |
|  |  | 31805227 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **UTILITIES–4.3%** |  |  |
|  ELECTRIC UTILITIES–3.3% |  |  |
|  IDACORP, Inc. | 89631 | $10347899 |
|  TXNM Energy, Inc. | 208007 | 11714954 |
|  |  | 22062853 |
|  GAS UTILITIES–1.0% |  |  |
|  ONE Gas, Inc. | 95182 | 6839779 |
|  |  | 28902632 |
|  **ENERGY–4.1%** |  |  |
|  OIL, GAS & CONSUMABLE FUELS–4.1% |  |  |
|  Cameco Corp.(a) | 60413 | 4484457 |
|  HF Sinclair Corp.(a) | 71685 | 2944820 |
|  Magnolia Oil & Gas Corp.–Class A(a) | 300503 | 6755307 |
|  Matador Resources Co.(a) | 157400 | 7511128 |
|  Northern Oil & Gas, Inc.(a) | 203557 | 5770841 |
|  |  | 27466553 |
|  **COMMUNICATION SERVICES–2.4%** |  |  |
|  MEDIA–2.4% |  |  |
|  Criteo SA (Sponsored ADR)(b) | 235589 | 5644712 |
|  Nexstar Media Group, Inc.(a) | 60583 | 10477830 |
|  |  | 16122542 |
|  Total Common Stocks <br>(cost $600,408,988) |  | 664529426 |
|  **SHORT-TERM INVESTMENTS–0.7%** |  |  |
|  INVESTMENT COMPANIES–0.7% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $4,797,238) | 4797238 | 4797238 |
|  **TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.7%** <br>(cost $605,206,226) |  | 669326664 |

---

---

| | | |
|:---|:---|:---|
| **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, 4.17%(c)(d)(e) <br>(cost $7,461,026) | 7461026 | $7461026 |
|  **TOTAL INVESTMENTS–100.8%** <br> (cost $612,667,252) |  | 676787690 |
|  Other assets less liabilities–(0.8)% |  | (5310367) |
|  **NET ASSETS–100.0%** |  | $671477323 |

---

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

(b) Non-income producing security.

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

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR–American Depositary Receipt

REIT–Real Estate Investment Trust

See notes to financial statements.

------

---

| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $600,408,988) | $664529426 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $12,258,264—including investment of cash collateral for securities loaned of $7,461,026) | 12258264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 13041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 4433560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends receivable | 994538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 368743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 23779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 1180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 682622531 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received on securities loaned | 7461026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 2829258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 393451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 162229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 79155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 48329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 3030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 168583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 11145208 |
|  **NET ASSETS** | $671477323 |
|  **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $37795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 523510096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 147929432 |
|  **NET ASSETS** | $671477323 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $267827363 | 14916904 | $17.95 |
| B | $403649960 | 22877596 | $17.64 |

---

(a) Includes securities on loan with a value of $154,688,584 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $13,337) | $5937402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 136727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 64430 |
|  | 6138559 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 2466907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 499194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 1344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 2076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 57579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 52379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 30481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 26092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 23414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 14114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3184036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (8540) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3175496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2963063 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on Investment transactions | 3193400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (20113547) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss on investment transactions | (16920147) |
|  **NET DECREASE IN NET ASSETS FROM OPERATIONS** | $(13957084) |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2963063 | $4980294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 3193400 | 75326069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (20113547) | (13528536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (13957084) | 66777827 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (15717646) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (25029921) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (11594262) | (47076392) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total decrease | (25551346) | (21046132) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 697028669 | 718074801 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $671477323 | $697028669 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **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

------

---

| | |
|:---|:---|
| 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks(a) | $664529426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $664529426 |
|  Short-Term Investments | 4797238 | –0 | –0 | 4797238 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 7461026 | –0 | –0 | 7461026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 676787690 | –0 | –0 | 676787690 |
|  **Other Financial Instruments(b)** | –0 | –0 | –0 | –0 |
|  **Total** | $**676787690** | $**–0** | $**–0** | $**676787690** |

---

(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.

------

**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

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| | |
|:---|:---|
| 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 segment's 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 six months ended June 30, 2025, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2025, the reimbursement for such services amounted to $52,379.

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 $833 for the six months ended June 30, 2025.

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 six months ended June 30, 2025, such waiver amounted to $6,381.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $3835 | $84996 | $84034 | $4797 | $137 |
|  AB Government Money Market Portfolio\* | 54913 | 44610 | 92062 | 7461 | 3 |
|  Total |  |  |  | $12258 | $140 |

---

\* 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

------

**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 six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $241121388 | $252627961 |
|  U.S. government securities | –0 | –0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $103052698 |
|  Gross unrealized depreciation | (38932260) |
|  Net unrealized appreciation | $64120438 |

---

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2025.

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

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| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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 six months ended June 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money Market <br>Portfolio** | **AB Government Money Market <br>Portfolio** |
| **Market Value of<br>Securities**<br> **on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $154688584 | $7461026 | $150713778 | $61201 | $3229 | $2159 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** |  |  |  |  |
|  Shares sold | 743044 | 1081016 | $12882488 | $19812611 |
|  Shares issued in reinvestment of dividends and distributions | –0 | 910113 | –0 | 15717646 |
|  Shares redeemed | (639600) | (1830723) | (11241222) | (33273557) |
|  Net increase | 103444 | 160406 | $1641266 | $2256700 |
|  **Class B** |  |  |  |  |
|  Shares sold | 874357 | 762271 | $14955768 | $13662298 |
|  Shares issued on reinvestment of dividends and distributions | –0 | 1471482 | –0 | 25029921 |
|  Shares redeemed | (1615091) | (4903222) | (28191296) | (88025311) |
|  Net decrease | (740734) | (2669469) | $(13235528) | $(49333092) |

---

At June 30, 2025, certain shareholders of the Portfolio owned 73% 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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.

------

**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 or financials 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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

**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 six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $10009617 | $9916054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 30737950 | 52699331 |
|  Total taxable distributions paid | $40747567 | $62615385 |

---

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| | |
|:---|:---|
| DISCOVERY VALUE 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:

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| | |
|:---|:---|
|  Undistributed ordinary income | $17767166.0 |
|  Undistributed capital gains | 62876928.0 |
|  Unrealized appreciation (depreciation) | 81242424.0 (a) |
|  Total accumulated earnings (deficit) | $161886518.0 |

---

(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.

#### NOTE J: Subsequent Events
Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio's financial statements through this date.

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| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| FINANCIAL HIGHLIGHTS | **AB Variable Products Series Fund** |

---

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.32 | $17.71 | $16.62 | $23.46 | $17.39 | $17.91 |
| **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income(a)(b) | .09 | .16 | .15 | .19 | .21 | .17 |
|  Net realized and unrealized gain (loss) on investment transactions | (.46 | 1.54 | 2.61 | (3.74) | 6.03 | .20 |
|  Net increase (decrease) in net asset value from operations | (.37 | 1.70 | 2.76 | (3.55) | 6.24 | .37 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | –0 | (.16) | (.19) | (.22) | (.17 | (.16) |
|  Distributions from net realized gain on investment transactions | –0 | (.93) | (1.48) | (3.07) | –0 | (.73) |
|  Total dividends and distributions | –0 | (1.09) | (1.67) | (3.29) | (.17 | (.89) |
|  Net asset value, end of period | $17.95 | $18.32 | $17.71 | $16.62 | $23.46 | $17.39 |
| **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value(c) | (1.97) | 10.02% | 17.18% | (15.63)% | 35.95 | 3.37% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $267827 | $271351 | $259538 | $228586 | $286390 | $222441 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | .81 | .81% | .81% | .80% | .80 | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | .82 | .81% | .81% | .80% | .80 | .83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.06 | .86% | .91% | 1.00% | .98 | 1.17% |
|  Portfolio turnover rate | 36 | 53% | 49% | 42% | 54 | 58% |

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See footnote summary on page 16.

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| | |
|:---|:---|
| DISCOVERY VALUE PORTFOLIO |  |
| FINANCIAL HIGHLIGHTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $18.02 | $17.44 | $16.39 | $23.17 | $17.19 | $17.72 |
| **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income(a)(b) | .07 | .11 | .11 | .14 | .16 | .13 |
|  Net realized and unrealized gain (loss) on investment transactions | (.45 | 1.52 | 2.56 | (3.68) | 5.95 | .18 |
|  Net increase (decrease) in net asset value from operations | (.38 | 1.63 | 2.67 | (3.54) | 6.11 | .31 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | –0 | (.12) | (.14) | (.17) | (.13) | (.11) |
|  Distributions from net realized gain on investment transactions | –0 | (.93) | (1.48) | (3.07) | –0– | (.73) |
|  Total dividends and distributions | –0 | (1.05) | (1.62) | (3.24) | (.13) | (.84) |
|  Net asset value, end of period | $17.64 | $18.02 | $17.44 | $16.39 | $23.17 | $17.19 |
| **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value(c) | (2.11) | 9.72% | 16.86% | (15.82)% | 35.60% | 3.05% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $403650 | $425678 | $458537 | $431086 | $563741 | $432719 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements | 1.06 | 1.06% | 1.06% | 1.05% | 1.05% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements | 1.07 | 1.06% | 1.06% | 1.05% | 1.05% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | .80 | .61% | .65% | .74% | .73% | .91% |
|  Portfolio turnover rate<sup>.</sup> | 36 | 53% | 49% | 42% | 54% | 58% |

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(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.

^ Annualized.

See notes to financial statements.

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| | |
|:---|:---|
| 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 (the "Fund") at a meeting held in-person on May 6-8, 2025 (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 2023 and 2024 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

------

---

| | |
|:---|:---|
| 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 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 have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 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 equal to the median. They also noted that the Adviser's total rate of compensation, taking into account the impact of the administrative expense reimbursement paid to the Adviser in the latest fiscal year, was 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 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 profit-

------

**AB Variable Products Series Fund**

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

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

------

VPS-DV-0152-0625

------

## JUN <sup>06.30.25</sup>
![LOGO](g839567g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS–73.5%** |  |  |
|  **INFORMATION TECHNOLOGY–19.7%** |  |  |
|  COMMUNICATIONS EQUIPMENT–0.5% |  |  |
|  Arista Networks, Inc.(a) | 7264 | $743180 |
|  Cisco Systems, Inc. | 28005 | 1942987 |
|  F5, Inc.(a) | 405 | 119199 |
|  Juniper Networks, Inc. | 2328 | 92957 |
|  Motorola Solutions, Inc. | 1175 | 494040 |
|  Nokia Oyj(b) | 36499 | 189380 |
|  Telefonaktiebolaget LM Ericsson–Class B | 19038 | 162686 |
|  |  | 3744429 |
|  ELECTRONIC EQUIPMENT, INSTRUMENTS &<br>COMPONENTS–0.5% |  |  |
|  Amphenol Corp.–Class A | 8516 | 840955 |
|  CDW Corp./DE | 937 | 167339 |
|  Corning, Inc. | 5421 | 285090 |
|  Halma PLC | 2603 | 114412 |
|  Hexagon AB–Class B(b) | 14228 | 143412 |
|  Jabil, Inc. | 770 | 167937 |
|  Keyence Corp. | 1302 | 520576 |
|  Keysight Technologies, Inc.(a) | 1216 | 199254 |
|  Kyocera Corp. | 8795 | 105631 |
|  Murata Manufacturing Co., Ltd. | 11427 | 168899 |
|  Omron Corp. | 1173 | 31620 |
|  Shimadzu Corp. | 1585 | 39186 |
|  TDK Corp. | 13310 | 155362 |
|  TE Connectivity PLC | 2098 | 353870 |
|  Teledyne Technologies, Inc.(a) | 328 | 168038 |
|  Trimble, Inc.(a) | 1728 | 131293 |
|  Yokogawa Electric Corp. | 1528 | 40819 |
|  Zebra Technologies Corp.–Class A(a) | 361 | 111318 |
|  |  | 3745011 |
|  IT SERVICES–0.8% |  |  |
|  Accenture PLC–Class A | 4398 | 1314518 |
|  Akamai Technologies, Inc.(a) | 1056 | 84227 |
|  Capgemini SE | 1116 | 191100 |
|  Cognizant Technology Solutions Corp.–Class A | 3478 | 271388 |
|  EPAM Systems, Inc.(a) | 399 | 70551 |
|  Fujitsu Ltd. | 12092 | 293344 |
|  Gartner, Inc.(a) | 540 | 218279 |
|  GoDaddy, Inc.–Class A(a) | 993 | 178800 |
|  International Business Machines Corp. | 6502 | 1916660 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  NEC Corp. | 8415 | $245508 |
|  Nomura Research Institute Ltd. | 2629 | 105153 |
|  NTT Data Group Corp. | 1925 | 53285 |
|  Obic Co., Ltd. | 2265 | 88075 |
|  Otsuka Corp.(b) | 1526 | 31087 |
|  SCSK Corp. | 1046 | 31513 |
|  TIS, Inc. | 1423 | 47684 |
|  VeriSign, Inc. | 572 | 165194 |
|  Wix.com Ltd.(a) | 363 | 57521 |
|  |  | 5363887 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–7.6% |  |  |
|  Advanced Micro Devices, Inc.(a) | 11394 | 1616809 |
|  Advantest Corp. | 5228 | 387557 |
|  Analog Devices, Inc. | 3488 | 830214 |
|  Applied Materials, Inc. | 5715 | 1046245 |
|  ASM International NV | 321 | 205914 |
|  ASML Holding NV | 2700 | 2163610 |
|  BE Semiconductor Industries NV(b) | 556 | 83152 |
|  Broadcom, Inc. | 32959 | 9085148 |
|  Disco Corp. | 616 | 182486 |
|  Enphase Energy, Inc.(a) | 931 | 36914 |
|  First Solar, Inc.(a) | 753 | 124652 |
|  Infineon Technologies AG | 8951 | 381957 |
|  Intel Corp.(a) | 30447 | 682013 |
|  KLA Corp. | 934 | 836621 |
|  Lam Research Corp. | 9026 | 878591 |
|  Lasertec Corp.(b) | 536 | 71856 |
|  Microchip Technology, Inc. | 3782 | 266139 |
|  Micron Technology, Inc. | 7834 | 965540 |
|  Monolithic Power Systems, Inc. | 336 | 245744 |
|  NVIDIA Corp. | 172204 | 27206510 |
|  NXP Semiconductors NV | 1787 | 390442 |
|  ON Semiconductor Corp.(a) | 2963 | 155291 |
|  QUALCOMM, Inc. | 7777 | 1238565 |
|  Renesas Electronics Corp. | 11570 | 143137 |
|  SCREEN Holdings Co., Ltd. | 544 | 44233 |
|  Skyworks Solutions, Inc. | 1130 | 84208 |
|  STMicroelectronics NV | 4640 | 142272 |
|  Teradyne, Inc. | 1145 | 102958 |
|  Texas Instruments, Inc. | 6401 | 1328976 |
|  Tokyo Electron Ltd. | 3099 | 593487 |
|  |  | 51521241 |
|  SOFTWARE–6.8% |  |  |
|  Adobe, Inc.(a) | 3061 | 1184240 |
|  ANSYS, Inc.(a) | 615 | 216000 |
|  Autodesk, Inc.(a) | 1512 | 468070 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Cadence Design Systems, Inc.(a) | 1928 | $594113 |
|  Check Point Software Technologies Ltd.(a) | 594 | 131422 |
|  Coinbase Global, Inc.–Class A(a) | 1476 | 517323 |
|  Crowdstrike Holdings, Inc.–Class A(a) | 1732 | 882125 |
|  CyberArk Software Ltd.(a) | 322 | 131015 |
|  Dassault Systemes SE | 4593 | 166458 |
|  Fair Isaac Corp.(a) | 172 | 314409 |
|  Fortinet, Inc.(a) | 4473 | 472886 |
|  Gen Digital, Inc. | 3813 | 112102 |
|  Intuit, Inc. | 1968 | 1550056 |
|  Microsoft Corp. | 52272 | 26000616 |
|  Monday.com Ltd.(a) | 278 | 87425 |
|  Nemetschek SE | 396 | 57417 |
|  Nice Ltd.(a) | 434 | 73569 |
|  Oracle Corp. | 11407 | 2493912 |
|  Oracle Corp. Japan | 257 | 30632 |
|  Palantir Technologies, Inc.–Class A(a) | 14413 | 1964780 |
|  Palo Alto Networks, Inc.(a) | 4656 | 952804 |
|  PTC, Inc.(a) | 846 | 145800 |
|  Roper Technologies, Inc. | 754 | 427397 |
|  Sage Group PLC (The) | 6774 | 116329 |
|  Salesforce, Inc. | 6729 | 1834931 |
|  SAP SE | 7161 | 2189688 |
|  ServiceNow, Inc.(a) | 1448 | 1488660 |
|  Synopsys, Inc.(a) | 1087 | 557283 |
|  Temenos AG (REG) | 386 | 27728 |
|  Trend Micro, Inc./Japan | 848 | 58653 |
|  Tyler Technologies, Inc.(a) | 301 | 178445 |
|  WiseTech Global Ltd. | 1376 | 98681 |
|  Workday, Inc.–Class A(a) | 1505 | 361200 |
|  Xero Ltd.(a) | 997 | 117974 |
|  |  | 46004143 |
|  TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.5% |  |  |
|  Apple, Inc. | 105629 | 21671902 |
|  Canon, Inc.(b) | 6350 | 184174 |
|  Dell Technologies, Inc.–Class C | 2194 | 268984 |
|  FUJIFILM Holdings Corp.(b) | 7694 | 166618 |
|  Hewlett Packard Enterprise Co. | 9310 | 190390 |
|  HP, Inc. | 6594 | 161289 |
|  Logitech International SA (REG) | 1043 | 94584 |
|  NetApp, Inc. | 1430 | 152367 |
|  Ricoh Co., Ltd. | 3672 | 34654 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Seagate Technology Holdings PLC | 1489 | $214907 |
|  Super Micro Computer, Inc.(a)(b) | 3541 | 173544 |
|  Western Digital Corp. | 2446 | 156520 |
|  |  | 23469933 |
|  |  | 133848644 |
|  **FINANCIALS–12.1%** |  |  |
|  BANKS–4.5% |  |  |
|  ABN AMRO Bank NV(b) | 3141 | 85768 |
|  AIB Group PLC | 14366 | 118560 |
|  ANZ Group Holdings Ltd. | 20365 | 390535 |
|  Banco Bilbao Vizcaya Argentaria SA | 39523 | 608586 |
|  Banco BPM SpA | 7791 | 90941 |
|  Banco de Sabadell SA | 36919 | 117534 |
|  Banco Santander SA | 103910 | 860466 |
|  Bank Hapoalim BM | 8599 | 165170 |
|  Bank Leumi Le-Israel BM | 10278 | 191228 |
|  Bank of America Corp. | 46559 | 2203172 |
|  Bank of Ireland Group PLC | 6753 | 96231 |
|  Bankinter SA | 4621 | 60325 |
|  Banque Cantonale Vaudoise (REG)(b) | 206 | 23759 |
|  Barclays PLC | 98034 | 452992 |
|  BNP Paribas SA | 6979 | 626028 |
|  BOC Hong Kong Holdings Ltd.–Class H | 25272 | 110015 |
|  BPER Banca SpA(b) | 6822 | 61918 |
|  CaixaBank SA | 27047 | 234357 |
|  Chiba Bank Ltd. (The) | 3848 | 35562 |
|  Citigroup, Inc. | 13199 | 1123499 |
|  Citizens Financial Group, Inc. | 3074 | 137562 |
|  Commerzbank AG | 6089 | 191883 |
|  Commonwealth Bank of Australia | 11475 | 1396603 |
|  Concordia Financial Group Ltd. | 7034 | 45649 |
|  Credit Agricole SA | 7257 | 137290 |
|  Danske Bank A/S | 4727 | 193069 |
|  DBS Group Holdings Ltd.(a) | 14338 | 506161 |
|  DNB Bank ASA | 6137 | 169716 |
|  Erste Group Bank AG | 2110 | 179614 |
|  Fifth Third Bancorp | 4710 | 193722 |
|  FinecoBank Banca Fineco SpA | 4193 | 93016 |
|  Hang Seng Bank Ltd.–Class H | 5168 | 77552 |
|  HSBC Holdings PLC | 121182 | 1465839 |
|  Huntington Bancshares, Inc./OH | 10222 | 171321 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  ING Groep NV | 21575 | $472874 |
|  Intesa Sanpaolo SpA | 103779 | 597810 |
|  Israel Discount Bank Ltd.–Class A | 8429 | 84077 |
|  Japan Post Bank Co., Ltd. | 12387 | 133538 |
|  JPMorgan Chase & Co. | 19661 | 5699921 |
|  KBC Group NV | 1574 | 162452 |
|  KeyCorp | 7004 | 122010 |
|  Lloyds Banking Group PLC | 412227 | 433463 |
|  M&T Bank Corp. | 1167 | 226387 |
|  Mediobanca Banca di Credito Finanziario SpA(b) | 3428 | 79773 |
|  Mitsubishi UFJ Financial Group, Inc. | 78635 | 1072077 |
|  Mizrahi Tefahot Bank Ltd. | 1066 | 69537 |
|  Mizuho Financial Group, Inc. | 16349 | 453847 |
|  National Australia Bank Ltd.(b) | 20991 | 544040 |
|  NatWest Group PLC | 55365 | 388826 |
|  Nordea Bank Abp | 21534 | 319515 |
|  Oversea-Chinese Banking Corp., Ltd. | 23668 | 303502 |
|  PNC Financial Services Group, Inc. (The) | 2784 | 518993 |
|  Regions Financial Corp. | 6392 | 150340 |
|  Resona Holdings, Inc. | 14198 | 131130 |
|  Skandinaviska Enskilda Banken AB | 10875 | 189557 |
|  Societe Generale SA | 4937 | 282417 |
|  Standard Chartered PLC | 13836 | 228965 |
|  Sumitomo Mitsui Financial Group, Inc. | 25334 | 637934 |
|  Sumitomo Mitsui Trust Group, Inc. | 4446 | 118252 |
|  Svenska Handelsbanken AB–Class A | 9995 | 133806 |
|  Swedbank AB–Class A | 5819 | 154124 |
|  Truist Financial Corp. | 9253 | 397786 |
|  UniCredit SpA | 9558 | 641183 |
|  United Overseas Bank Ltd. | 8464 | 239563 |
|  US Bancorp | 10969 | 496347 |
|  Wells Fargo & Co. | 23126 | 1852855 |
|  Westpac Banking Corp. | 23465 | 522953 |
|  |  | 30475497 |
|  CAPITAL MARKETS–2.4% |  |  |
|  3i Group PLC | 6671 | 377526 |
|  Ameriprise Financial, Inc. | 676 | 360801 |
|  Amundi SA | 422 | 34206 |
|  ASX Ltd. | 1332 | 61159 |
|  Bank of New York Mellon Corp. (The) | 5046 | 459741 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Blackrock, Inc. | 1024 | $1074432 |
|  Blackstone, Inc. | 5147 | 769888 |
|  Cboe Global Markets, Inc. | 736 | 171643 |
|  Charles Schwab Corp. (The) | 11983 | 1093329 |
|  CME Group, Inc. | 2534 | 698421 |
|  CVC Capital Partners PLC(b)(c) | 1457 | 29958 |
|  Daiwa Securities Group, Inc. | 9130 | 64841 |
|  Deutsche Bank AG (REG) | 12686 | 376082 |
|  Deutsche Boerse AG | 1291 | 421756 |
|  EQT AB(b) | 2553 | 85643 |
|  Euronext NV | 536 | 91839 |
|  FactSet Research Systems, Inc. | 267 | 119424 |
|  Franklin Resources, Inc. | 2180 | 51993 |
|  Futu Holdings Ltd. (ADR) | 375 | 46346 |
|  Goldman Sachs Group, Inc. (The) | 2194 | 1552803 |
|  Hong Kong Exchanges & Clearing Ltd.–Class H | 8263 | 444438 |
|  Intercontinental Exchange, Inc. | 4040 | 741219 |
|  Invesco Ltd. | 3150 | 49676 |
|  Japan Exchange Group, Inc. | 6842 | 69310 |
|  Julius Baer Group Ltd. | 1412 | 95783 |
|  KKR & Co., Inc. | 4747 | 631493 |
|  London Stock Exchange Group PLC | 3267 | 477789 |
|  Macquarie Group Ltd. | 2482 | 373307 |
|  MarketAxess Holdings, Inc. | 265 | 59185 |
|  Moody's Corp. | 1088 | 545730 |
|  Morgan Stanley | 8701 | 1225623 |
|  MSCI, Inc. | 546 | 314900 |
|  Nasdaq, Inc. | 2910 | 260212 |
|  Nomura Holdings, Inc. | 20619 | 135873 |
|  Northern Trust Corp. | 1378 | 174717 |
|  Partners Group Holding AG | 156 | 204099 |
|  Raymond James Financial, Inc. | 1297 | 198921 |
|  S&P Global, Inc. | 2215 | 1167947 |
|  SBI Holdings, Inc. | 1919 | 66868 |
|  Schroders PLC | 4968 | 24706 |
|  Singapore Exchange Ltd. | 5739 | 67199 |
|  State Street Corp. | 2028 | 215658 |
| T. Rowe Price Group, Inc. | 1565 | 151023 |
|  UBS Group AG (REG)(a) | 22554 | 765748 |
|  |  | 16403255 |
|  CONSUMER FINANCE–0.3% |  |  |
|  American Express Co. | 3903 | 1244979 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Capital One Financial Corp. | 4478 | $952739 |
|  Synchrony Financial | 2733 | 182401 |
|  |  | 2380119 |
|  FINANCIAL SERVICES–2.6% |  |  |
|  Adyen NV(a) | 173 | 317721 |
|  Apollo Global Management, Inc. | 3143 | 445897 |
|  Banca Mediolanum SpA | 1533 | 26419 |
|  Berkshire Hathaway, Inc.–Class B(a) | 12888 | 6260604 |
|  Corpay, Inc.(a) | 490 | 162592 |
|  Edenred SE | 1656 | 51436 |
|  Eurazeo SE | 275 | 19660 |
|  EXOR NV(d) | 606 | 61174 |
|  Fidelity National Information Services, Inc. | 3725 | 303252 |
|  Fiserv, Inc.(a) | 4000 | 689640 |
|  Global Payments, Inc. | 1741 | 139350 |
|  Groupe Bruxelles Lambert NV | 569 | 48570 |
|  Industrivarden AB–Class A | 817 | 29701 |
|  Industrivarden AB–Class C | 1061 | 38421 |
|  Infratil Ltd. | 6304 | 40678 |
|  Investor AB–Class B | 11863 | 351541 |
|  Jack Henry & Associates, Inc. | 513 | 92427 |
|  L E Lundbergforetagen AB–Class B | 521 | 26007 |
|  M&G PLC | 15658 | 55347 |
|  Mastercard, Inc.–Class A | 5726 | 3217668 |
|  Mitsubishi HC Capital, Inc.(b) | 6001 | 44184 |
|  Nexi SpA(b) | 3372 | 20139 |
|  ORIX Corp. | 7926 | 178863 |
|  PayPal Holdings, Inc.(a) | 6956 | 516970 |
|  Sofina SA | 106 | 35059 |
|  Visa, Inc.–Class A | 12118 | 4302496 |
|  Wise PLC–Class A(a) | 4568 | 65256 |
|  |  | 17541072 |
|  INSURANCE–2.3% |  |  |
|  Admiral Group PLC | 1785 | 80158 |
|  Aegon Ltd. | 9064 | 65684 |
|  Aflac, Inc. | 3480 | 367001 |
|  Ageas SA/NV | 1023 | 69203 |
|  AIA Group Ltd.–Class H | 73395 | 664844 |
|  Allianz SE (REG) | 2648 | 1074647 |
|  Allstate Corp. (The) | 1863 | 375041 |
|  American International Group, Inc. | 4172 | 357081 |
|  Aon PLC–Class A | 1521 | 542632 |
|  Arch Capital Group Ltd. | 2636 | 240008 |
|  Arthur J Gallagher & Co. | 1789 | 572695 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  ASR Nederland NV | 1014 | $67376 |
|  Assurant, Inc. | 361 | 71294 |
|  Aviva PLC | 18353 | 156032 |
|  AXA SA | 12147 | 596479 |
|  Baloise Holding AG (REG) | 283 | 66746 |
|  Brown & Brown, Inc. | 1669 | 185042 |
|  Chubb Ltd. | 2620 | 759066 |
|  Cincinnati Financial Corp. | 1093 | 162770 |
|  Dai-ichi Life Holdings, Inc. | 24132 | 183466 |
|  Erie Indemnity Co.–Class A | 175 | 60688 |
|  Everest Group Ltd. | 302 | 102635 |
|  Generali | 5916 | 210441 |
|  Gjensidige Forsikring ASA | 1371 | 34755 |
|  Globe Life, Inc. | 590 | 73331 |
|  Hannover Rueck SE | 413 | 130142 |
|  Hartford Insurance Group, Inc. (The) | 2022 | 256531 |
|  Helvetia Holding AG (REG) | 254 | 59633 |
|  Insurance Australia Group Ltd. | 16215 | 96399 |
|  Japan Post Holdings Co., Ltd. | 12178 | 112795 |
|  Japan Post Insurance Co., Ltd. | 1282 | 29025 |
|  Legal & General Group PLC | 40241 | 140801 |
|  Loews Corp. | 1242 | 113842 |
|  Marsh & McLennan Cos., Inc. | 3453 | 754964 |
|  Medibank Pvt. Ltd. | 18879 | 62695 |
|  MetLife, Inc. | 4071 | 327390 |
|  MS&AD Insurance Group Holdings, Inc. | 8812 | 196998 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG) | 917 | 595440 |
|  NN Group NV | 1844 | 122698 |
|  Phoenix Group Holdings PLC | 4813 | 43544 |
|  Poste Italiane SpA(b) | 3134 | 67337 |
|  Principal Financial Group, Inc. | 1480 | 117556 |
|  Progressive Corp. (The) | 4119 | 1099196 |
|  Prudential Financial, Inc. | 2489 | 267418 |
|  Prudential PLC | 17883 | 223828 |
|  QBE Insurance Group Ltd. | 10349 | 159365 |
|  Sampo Oyj–Class A | 16593 | 178582 |
|  Sompo Holdings, Inc. | 6099 | 183792 |
|  Suncorp Group Ltd.(a) | 7425 | 105818 |
|  Swiss Life Holding AG (REG) | 197 | 199436 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Swiss Re AG | 2067 | $357564 |
|  T&D Holdings, Inc. | 3377 | 74125 |
|  Talanx AG | 443 | 57431 |
|  Tokio Marine Holdings, Inc. | 12579 | 533111 |
|  Travelers Cos., Inc. (The) | 1594 | 426459 |
|  Tryg A/S | 2324 | 60078 |
|  Unipol Assicurazioni SpA | 2459 | 48700 |
|  W R Berkley Corp. | 2111 | 155095 |
|  Willis Towers Watson PLC | 702 | 215163 |
|  Zurich Insurance Group AG | 1004 | 702522 |
|  |  | 15414588 |
|  |  | 82214531 |
|  **INDUSTRIALS–8.3%** |  |  |
|  AEROSPACE & DEFENSE–1.9% |  |  |
|  Airbus SE | 4075 | 852493 |
|  Axon Enterprise, Inc.(a) | 509 | 421422 |
|  BAE Systems PLC | 20652 | 535979 |
|  Boeing Co. (The)(a) | 5274 | 1105061 |
|  Dassault Aviation SA | 134 | 47379 |
|  Elbit Systems Ltd. | 184 | 81960 |
|  General Dynamics Corp. | 1784 | 520321 |
|  General Electric Co. | 7547 | 1942522 |
|  Howmet Aerospace, Inc. | 2848 | 530098 |
|  Huntington Ingalls Industries, Inc. | 275 | 66402 |
|  Kongsberg Gruppen ASA | 3010 | 116719 |
|  L3Harris Technologies, Inc. | 1324 | 332112 |
|  Leonardo SpA(b) | 2774 | 156528 |
|  Lockheed Martin Corp. | 1473 | 682205 |
|  Melrose Industries PLC | 8742 | 63670 |
|  MTU Aero Engines AG | 369 | 163930 |
|  Northrop Grumman Corp. | 957 | 478481 |
|  Rheinmetall AG | 307 | 650133 |
|  Rolls-Royce Holdings PLC | 58138 | 770482 |
|  RTX Corp. | 9367 | 1367769 |
|  Saab AB–Class B | 2196 | 122786 |
|  Safran SA | 2469 | 805201 |
|  Singapore Technologies Engineering Ltd. | 10451 | 64082 |
|  Textron, Inc. | 1284 | 103092 |
|  Thales SA | 635 | 187499 |
|  TransDigm Group, Inc. | 394 | 599132 |
|  |  | 12767458 |
|  AIR FREIGHT & LOGISTICS–0.2% |  |  |
|  CH Robinson Worldwide, Inc. | 835 | 80118 |
|  Deutsche Post AG | 6580 | 304785 |
|  DSV A/S | 1401 | 336036 |
|  Expeditors International of Washington, Inc. | 984 | 112422 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  FedEx Corp. | 1558 | $354149 |
|  InPost SA(a) | 1542 | 25661 |
|  SG Holdings Co., Ltd.(b) | 2243 | 24983 |
|  United Parcel Service, Inc.–Class B | 5143 | 519134 |
|  |  | 1757288 |
|  BUILDING PRODUCTS–0.5% |  |  |
|  A O Smith Corp. | 830 | 54423 |
|  AGC, Inc.(b) | 1310 | 38430 |
|  Allegion PLC | 611 | 88057 |
|  Assa Abloy AB–Class B | 6870 | 214781 |
|  Builders FirstSource, Inc.(a) | 809 | 94402 |
|  Carrier Global Corp. | 5678 | 415573 |
|  Cie de Saint-Gobain SA | 3078 | 361589 |
|  Daikin Industries Ltd. | 1766 | 207299 |
|  Geberit AG (REG) | 229 | 180348 |
|  Johnson Controls International PLC | 4621 | 488070 |
|  Kingspan Group PLC | 1061 | 90407 |
|  Lennox International, Inc. | 225 | 128979 |
|  Masco Corp. | 1491 | 95961 |
|  Nibe Industrier AB–Class B(b) | 10388 | 44353 |
|  Otis Worldwide Corp. | 2788 | 276068 |
|  ROCKWOOL A/S–Class B | 647 | 30326 |
|  Trane Technologies PLC | 1577 | 689796 |
|  |  | 3498862 |
|  COMMERCIAL SERVICES & SUPPLIES–0.4% |  |  |
|  Brambles Ltd. | 9407 | 145280 |
|  Cintas Corp. | 2412 | 537562 |
|  Copart, Inc.(a) | 6165 | 302517 |
|  Dai Nippon Printing Co., Ltd. | 2698 | 40955 |
|  Rentokil Initial PLC | 17307 | 83502 |
|  Republic Services, Inc. | 1427 | 351912 |
|  Rollins, Inc. | 1975 | 111430 |
|  Secom Co., Ltd. | 2910 | 104541 |
|  Securitas AB–Class B | 3371 | 50472 |
|  TOPPAN Holdings, Inc. | 1600 | 43467 |
|  Veralto Corp. | 1739 | 175552 |
|  Waste Management, Inc. | 2568 | 587610 |
|  |  | 2534800 |
|  CONSTRUCTION & ENGINEERING–0.2% |  |  |
|  ACS Actividades de Construccion y Servicios SA(b) | 1211 | 84174 |
|  Bouygues SA | 1299 | 58747 |
|  Eiffage SA | 470 | 66041 |
|  Ferrovial SE | 3500 | 186700 |
|  Kajima Corp. | 2854 | 74437 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Obayashi Corp. | 4447 | $67380 |
|  Quanta Services, Inc. | 1038 | 392447 |
|  Skanska AB–Class B | 2333 | 54346 |
|  Taisei Corp. | 1113 | 64822 |
|  Vinci SA | 3393 | 500367 |
|  |  | 1549461 |
|  ELECTRICAL EQUIPMENT–1.0% |  |  |
|  ABB Ltd. (REG) | 10846 | 649988 |
|  AMETEK, Inc. | 1626 | 294241 |
|  Eaton Corp. PLC | 2779 | 992075 |
|  Emerson Electric Co. | 3965 | 528653 |
|  Fuji Electric Co., Ltd. | 899 | 41401 |
|  Fujikura Ltd. | 1700 | 89429 |
|  GE Vernova, Inc. | 1940 | 1026551 |
|  Generac Holdings, Inc.(a) | 419 | 60005 |
|  Hubbell, Inc. | 377 | 153971 |
|  Legrand SA | 1834 | 245808 |
|  Mitsubishi Electric Corp. | 13032 | 280305 |
|  NIDEC Corp. | 5688 | 110535 |
|  Prysmian SpA | 1926 | 136359 |
|  Ralliant Corp.(a) | 800 | 38776 |
|  Rockwell Automation, Inc. | 795 | 264075 |
|  Schneider Electric SE | 3750 | 1006819 |
|  Siemens Energy AG(a) | 4657 | 544315 |
|  Vestas Wind Systems A/S | 6923 | 103990 |
|  |  | 6567296 |
|  GROUND TRANSPORTATION–0.6% |  |  |
|  Central Japan Railway Co. | 5271 | 117831 |
|  CSX Corp. | 13560 | 442463 |
|  East Japan Railway Co. | 6175 | 132830 |
|  Grab Holdings Ltd.–Class A(a) | 16267 | 81823 |
|  Hankyu Hanshin Holdings, Inc. | 1532 | 41645 |
|  JB Hunt Transport Services, Inc. | 559 | 80273 |
|  MTR Corp., Ltd.–Class H | 10418 | 37462 |
|  Norfolk Southern Corp. | 1592 | 407504 |
|  Old Dominion Freight Line, Inc. | 1321 | 214398 |
|  Tokyo Metro Co., Ltd. | 2000 | 23273 |
|  Tokyu Corp. | 3446 | 40994 |
|  Uber Technologies, Inc.(a) | 14689 | 1370484 |
|  Union Pacific Corp. | 4249 | 977610 |
|  West Japan Railway Co. | 3040 | 69498 |
|  |  | 4038088 |
|  INDUSTRIAL CONGLOMERATES–0.6% |  |  |
|  3M Co. | 3817 | 581100 |
|  CK Hutchison Holdings Ltd.–Class H | 18448 | 113597 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  DCC PLC | 678 | $| 44003 |
|  Hikari Tsushin, Inc. | 118 |  | 34841 |
|  Hitachi Ltd. | 31439 |  | 913753 |
|  Honeywell International, Inc. | 4572 |  | 1064727 |
|  Investment AB Latour–Class B(b) | 1015 |  | 26771 |
|  Jardine Matheson Holdings Ltd. | 1070 |  | 51427 |
|  Keppel Ltd. | 9750 |  | 56936 |
|  Lifco AB–Class B | 1598 |  | 64762 |
|  Sekisui Chemical Co., Ltd. | 2629 |  | 47613 |
|  Siemens AG (REG) | 5211 |  | 1338489 |
|  Smiths Group PLC | 2301 |  | 70973 |
|  Swire Pacific Ltd.–Class H | 2277 |  | 19519 |
|  |  |  | 4428511 |
|  MACHINERY–1.4% | MACHINERY–1.4% | MACHINERY–1.4% | MACHINERY–1.4% |
|  Alfa Laval AB(b) | 1983 |  | 83521 |
|  Alstom SA(a) | 2373 |  | 55388 |
|  Atlas Copco AB–Class A(b) | 18410 |  | 297616 |
|  Atlas Copco AB–Class B | 10697 |  | 152246 |
|  Caterpillar, Inc. | 3361 |  | 1304774 |
|  Cummins, Inc. | 967 |  | 316693 |
|  Daifuku Co., Ltd. | 2261 |  | 58166 |
|  Daimler Truck Holding AG | 3256 |  | 154478 |
|  Deere & Co. | 1781 |  | 905621 |
|  Dover Corp. | 965 |  | 176817 |
|  Epiroc AB–Class A(b) | 4518 |  | 98311 |
|  Epiroc AB–Class B | 2673 |  | 51248 |
|  FANUC Corp. | 6530 |  | 177272 |
|  Fortive Corp. | 2399 |  | 125060 |
|  GEA Group AG | 1004 |  | 70381 |
|  Hoshizaki Corp. | 727 |  | 25051 |
|  IDEX Corp. | 532 |  | 93403 |
|  IHI Corp. | 1000 |  | 108164 |
|  Illinois Tool Works, Inc. | 1878 |  | 464336 |
|  Indutrade AB(b) | 1873 |  | 51142 |
|  Ingersoll Rand, Inc. | 2833 |  | 235649 |
|  Knorr-Bremse AG | 497 |  | 48207 |
|  Komatsu Ltd. | 6193 |  | 204329 |
|  Kone Oyj–Class B | 2329 |  | 153436 |
|  Kubota Corp. | 6695 |  | 75499 |
|  Makita Corp. | 1593 |  | 49061 |
|  Metso Oyj(b) | 4262 |  | 55235 |
|  MINEBEA MITSUMI, Inc. | 2530 |  | 36998 |
|  Mitsubishi Heavy Industries Ltd. | 21955 |  | 549410 |
|  Nordson Corp. | 381 |  | 81675 |
|  PACCAR, Inc. | 3687 |  | 350486 |
|  Parker-Hannifin Corp. | 905 |  | 632115 |
|  Pentair PLC | 1162 |  | 119291 |
|  Rational AG | 35 |  | 29410 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Sandvik AB | 7307 | $167786 |
|  Schindler Holding AG | 279 | 103891 |
|  Schindler Holding AG (REG) | 161 | 58489 |
|  SKF AB–Class B(b) | 2339 | 53728 |
|  SMC Corp. | 383 | 137253 |
|  Snap-on, Inc. | 368 | 114514 |
|  Spirax Group PLC | 505 | 41295 |
|  Stanley Black & Decker, Inc. | 1084 | 73441 |
|  Techtronic Industries Co., Ltd.–Class H | 10200 | 112547 |
|  Toyota Industries Corp.(a) | 1081 | 122005 |
|  Trelleborg AB–Class B(b) | 1387 | 51667 |
|  VAT Group AG(b)(c) | 185 | 78390 |
|  Volvo AB–Class B | 10888 | 306362 |
|  Wartsila Oyj Abp | 3448 | 81491 |
|  Westinghouse Air Brake Technologies Corp. | 1201 | 251429 |
|  Xylem, Inc./NY | 1708 | 220947 |
|  Yangzijiang Shipbuilding Holdings Ltd. | 18000 | 31412 |
|  |  | 9397136 |
|  MARINE TRANSPORTATION–0.1% |  |  |
|  AP Moller–Maersk A/S–Class A | 20 | 36899 |
|  AP Moller–Maersk A/S–Class B | 29 | 53931 |
|  Kawasaki Kisen Kaisha Ltd. | 2431 | 34428 |
|  Kuehne & Nagel International AG (REG) | 331 | 71676 |
|  Mitsui OSK Lines Ltd. | 2404 | 80293 |
|  Nippon Yusen KK | 2986 | 107421 |
|  SITC International Holdings Co., Ltd.–Class H | 8980 | 28771 |
|  |  | 413419 |
|  PASSENGER AIRLINES–0.1% |  |  |
|  ANA Holdings, Inc. | 1069 | 20931 |
|  Delta Air Lines, Inc. | 4512 | 221900 |
|  Deutsche Lufthansa AG (REG) | 4107 | 34867 |
|  International Consolidated Airlines Group SA(b) | 8519 | 40135 |
|  Japan Airlines Co., Ltd. | 965 | 19682 |
|  Qantas Airways Ltd. | 5082 | 35902 |
|  Ryanair Holdings PLC | 5827 | 165287 |
|  Singapore Airlines Ltd.(b) | 9966 | 54661 |
|  Southwest Airlines Co.(b) | 4167 | 135177 |
|  United Airlines Holdings, Inc.(a) | 2312 | 184105 |
|  |  | 912647 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  PROFESSIONAL SERVICES–0.7% |  |  |
|  Automatic Data Processing, Inc. | 2861 | $882332 |
|  Broadridge Financial Solutions, Inc. | 823 | 200014 |
|  Bureau Veritas SA | 2178 | 74340 |
|  Computershare Ltd. | 3607 | 94626 |
|  Dayforce, Inc.(a) | 1118 | 61926 |
|  Equifax, Inc. | 872 | 226171 |
|  Experian PLC | 6293 | 324506 |
|  Intertek Group PLC | 1122 | 73086 |
|  Jacobs Solutions, Inc. | 862 | 113310 |
|  Leidos Holdings, Inc. | 922 | 145455 |
|  Paychex, Inc. | 2253 | 327721 |
|  Paycom Software, Inc. | 331 | 76593 |
|  Randstad NV(b) | 744 | 34388 |
|  Recruit Holdings Co., Ltd. | 9640 | 566896 |
|  RELX PLC | 12668 | 686576 |
|  SGS SA (REG) | 1104 | 112095 |
|  Teleperformance SE | 369 | 35840 |
|  Verisk Analytics, Inc. | 993 | 309320 |
|  Wolters Kluwer NV | 1635 | 273435 |
|  |  | 4618630 |
|  TRADING COMPANIES & DISTRIBUTORS–0.5% |  |  |
|  AddTech AB–Class B(b) | 1782 | 60751 |
|  AerCap Holdings NV | 1262 | 147654 |
|  Ashtead Group PLC | 2961 | 189877 |
|  Beijer Ref AB(b) | 2638 | 41630 |
|  Brenntag SE | 841 | 55716 |
|  Bunzl PLC | 2246 | 71572 |
|  Fastenal Co. | 8064 | 338688 |
|  ITOCHU Corp. | 8157 | 427141 |
|  Marubeni Corp. | 9638 | 194285 |
|  Mitsubishi Corp. | 23481 | 469195 |
|  Mitsui & Co., Ltd. | 16926 | 344951 |
|  MonotaRO Co., Ltd. | 1678 | 33033 |
|  Reece Ltd.(b) | 1550 | 14646 |
|  Rexel SA | 1533 | 47282 |
|  SGH Ltd. | 1395 | 49682 |
|  Sumitomo Corp. | 7459 | 192492 |
|  Toyota Tsusho Corp. | 4366 | 98895 |
|  United Rentals, Inc. | 459 | 345811 |
|  WW Grainger, Inc. | 312 | 324555 |
|  |  | 3447856 |
|  TRANSPORTATION INFRASTRUCTURE–0.1% |  |  |
|  Aena SME SA | 5140 | 137206 |
|  Aeroports de Paris SA | 237 | 29713 |
|  Auckland International Airport Ltd. | 11572 | 54631 |
|  Getlink SE | 2003 | 38666 |
|  Transurban Group | 21303 | 196008 |
|  |  | 456224 |
|  |  | 56387676 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **CONSUMER DISCRETIONARY–7.5%** |  |  |
|  AUTOMOBILE COMPONENTS–0.1% |  |  |
|  Aisin Corp. | 3649 | $46680 |
|  Aptiv PLC(a) | 1613 | 110039 |
|  Bridgestone Corp.(b) | 3922 | 160379 |
|  Cie Generale des Etablissements Michelin SCA | 4595 | 170907 |
|  Continental AG | 754 | 65808 |
|  Denso Corp. | 12959 | 174885 |
|  Sumitomo Electric Industries Ltd. | 4883 | 104708 |
|  |  | 833406 |
|  AUTOMOBILES–1.5% |  |  |
|  Bayerische Motoren Werke AG | 1987 | 176961 |
|  Bayerische Motoren Werke AG (Preference Shares)(a) | 384 | 31890 |
|  Dr. Ing hc F Porsche AG (Preference Shares)(a)(c) | 781 | 38600 |
|  Ferrari NV | 864 | 423283 |
|  Ford Motor Co. | 27371 | 296975 |
|  General Motors Co. | 6996 | 344273 |
|  Honda Motor Co., Ltd. | 28944 | 279102 |
|  Isuzu Motors Ltd. | 3621 | 45871 |
|  Mercedes-Benz Group AG | 4950 | 288388 |
|  Nissan Motor Co., Ltd.(a) | 15303 | 37027 |
|  Porsche Automobil Holding SE (Preference Shares) | 1050 | 41683 |
|  Renault SA | 1318 | 60819 |
|  Stellantis NV(b) | 13818 | 138403 |
|  Subaru Corp. | 4037 | 69987 |
|  Suzuki Motor Corp. | 10721 | 129255 |
|  Tesla, Inc.(a) | 19677 | 6250596 |
|  Toyota Motor Corp. | 65030 | 1120011 |
|  Volkswagen AG (Preference Shares) | 1413 | 149373 |
|  Yamaha Motor Co., Ltd.(b) | 6326 | 47338 |
|  |  | 9969835 |
|  BROADLINE RETAIL–2.5% |  |  |
|  Amazon.com, Inc.(a) | 66322 | 14550384 |
|  Cie Financiere Richemont SA (REG)–Class A | 3687 | 697701 |
|  eBay, Inc. | 3368 | 250781 |
|  Next PLC | 800 | 136635 |
|  Pan Pacific International Holdings Corp. | 2650 | 91147 |
|  Prosus NV(a) | 8969 | 503219 |
|  Rakuten Group, Inc.(a) | 10368 | 57129 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Wesfarmers Ltd. | 7777 | $434014 |
|  |  | 16721010 |
|  DISTRIBUTORS–0.0% |  |  |
|  D'ieteren Group | 147 | 31656 |
|  Genuine Parts Co. | 978 | 118641 |
|  LKQ Corp. | 1828 | 67654 |
|  Pool Corp. | 268 | 78117 |
|  |  | 296068 |
|  DIVERSIFIED CONSUMER SERVICES–0.0% |  |  |
|  Pearson PLC | 4094 | 60309 |
|  HOTELS, RESTAURANTS & LEISURE–1.4% |  |  |
|  Accor SA | 1307 | 68498 |
|  Airbnb, Inc.–Class A(a) | 3044 | 402843 |
|  Amadeus IT Group SA(b) | 3088 | 260884 |
|  Aristocrat Leisure Ltd. | 3858 | 165295 |
|  Booking Holdings, Inc. | 233 | 1348893 |
|  Caesars Entertainment, Inc.(a) | 1494 | 42415 |
|  Carnival Corp.(a) | 7367 | 207160 |
|  Chipotle Mexican Grill, Inc.(a) | 9530 | 535110 |
|  Compass Group PLC | 11634 | 394067 |
|  Darden Restaurants, Inc. | 824 | 179607 |
|  Delivery Hero SE(a) | 1309 | 35529 |
|  Domino's Pizza, Inc. | 243 | 109496 |
|  DoorDash, Inc.–Class A(a) | 2385 | 587926 |
|  Entain PLC | 4165 | 51586 |
|  Evolution AB | 1017 | 80773 |
|  Expedia Group, Inc. | 867 | 146246 |
|  FDJ United | 762 | 29901 |
|  Galaxy Entertainment Group Ltd.–Class H | 14639 | 65255 |
|  Genting Singapore Ltd.(b) | 41481 | 23331 |
|  Hilton Worldwide Holdings, Inc. | 1692 | 450647 |
|  InterContinental Hotels Group PLC | 1016 | 116164 |
|  Las Vegas Sands Corp. | 2416 | 105120 |
|  Lottery Corp., Ltd. (The)(b) | 15258 | 53525 |
|  Marriott International, Inc./MD–Class A | 1609 | 439595 |
|  McDonald's Corp. | 5039 | 1472245 |
|  MGM Resorts International(a) | 1573 | 54095 |
|  Norwegian Cruise Line Holdings Ltd.(a) | 3092 | 62706 |
|  Oriental Land Co., Ltd./Japan | 7404 | 170527 |
|  Royal Caribbean Cruises Ltd. | 1741 | 545177 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Sands China Ltd.–Class H(a) | 16654 | $34806 |
|  Sodexo SA | 606 | 37297 |
|  Starbucks Corp. | 7987 | 731849 |
|  Whitbread PLC | 1210 | 46955 |
|  Wynn Resorts Ltd. | 630 | 59012 |
|  Yum! Brands, Inc. | 1962 | 290729 |
|  Zensho Holdings Co., Ltd. | 645 | 39039 |
|  |  | 9444303 |
|  HOUSEHOLD DURABLES–0.4% |  |  |
|  Barratt Redrow PLC | 9414 | 58950 |
|  D.R. Horton, Inc. | 1994 | 257066 |
|  Garmin Ltd. | 1080 | 225418 |
|  Lennar Corp.–Class A | 1642 | 181622 |
|  Mohawk Industries, Inc.(a) | 368 | 38581 |
|  NVR, Inc.(a) | 21 | 155099 |
|  Panasonic Holdings Corp. | 16009 | 171285 |
|  PulteGroup, Inc. | 1424 | 150175 |
|  Sekisui House Ltd. | 4094 | 90106 |
|  Sony Group Corp. | 42190 | 1096953 |
|  |  | 2425255 |
|  LEISURE PRODUCTS–0.0% |  |  |
|  Bandai Namco Holdings, Inc. | 4076 | 146081 |
|  Hasbro, Inc. | 922 | 68062 |
|  Shimano, Inc. | 511 | 74085 |
|  |  | 288228 |
|  SPECIALTY RETAIL–1.1% |  |  |
|  AutoZone, Inc.(a) | 118 | 438043 |
|  Avolta AG(a) | 603 | 32846 |
|  Best Buy Co., Inc. | 1368 | 91834 |
|  CarMax, Inc.(a) | 1081 | 72654 |
|  Fast Retailing Co., Ltd. | 1278 | 438180 |
|  H & M Hennes & Mauritz AB–Class B(b) | 3883 | 54689 |
|  Home Depot, Inc. (The) | 6985 | 2560980 |
|  Industria de Diseno Textil SA | 7476 | 389999 |
|  JD Sports Fashion PLC | 17755 | 21652 |
|  Kingfisher PLC | 12223 | 48814 |
|  Lowe's Cos., Inc. | 3970 | 880824 |
|  Nitori Holdings Co., Ltd. | 536 | 51590 |
|  O'Reilly Automotive, Inc.(a) | 6060 | 546188 |
|  Ross Stores, Inc. | 2320 | 295986 |
|  Sanrio Co., Ltd. | 1200 | 58027 |
|  TJX Cos., Inc. (The) | 7905 | 976188 |
|  Tractor Supply Co. | 3756 | 198204 |
|  Ulta Beauty, Inc.(a) | 326 | 152509 |
|  Williams-Sonoma, Inc. | 866 | 141478 |
|  Zalando SE(a) | 1539 | 50783 |
|  ZOZO, Inc. | 2815 | 30415 |
|  |  | 7531883 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  TEXTILES, APPAREL & LUXURY GOODS–0.5% |  |  |
|  adidas AG | 1172 | $273580 |
|  Asics Corp. | 4575 | 116664 |
|  Deckers Outdoor Corp.(a) | 1067 | 109976 |
|  Hermes International SCA | 217 | 588258 |
|  Kering SA | 510 | 111106 |
|  Lululemon Athletica, Inc.(a) | 788 | 187213 |
|  LVMH Moet Hennessy Louis Vuitton SE | 1886 | 987095 |
|  Moncler SpA | 1601 | 91324 |
|  NIKE, Inc.–Class B | 8306 | 590058 |
|  Pandora A/S | 562 | 99022 |
|  Ralph Lauren Corp. | 280 | 76798 |
|  Swatch Group AG (The)(b) | 198 | 32326 |
|  Tapestry, Inc. | 1456 | 127851 |
|  |  | 3391271 |
|  |  | 50961568 |
|  **HEALTH CARE–7.2%** |  |  |
|  BIOTECHNOLOGY–1.0% |  |  |
|  AbbVie, Inc. | 12413 | 2304101 |
|  Amgen, Inc. | 3777 | 1054576 |
|  Argenx SE(a) | 418 | 231398 |
|  Biogen, Inc.(a) | 1029 | 129232 |
|  CSL Ltd. | 3320 | 524429 |
|  Genmab A/S(a) | 440 | 91374 |
|  Gilead Sciences, Inc. | 8763 | 971554 |
|  Grifols SA(a) | 2044 | 24941 |
|  Incyte Corp.(a) | 1129 | 76885 |
|  Moderna, Inc.(a) | 2381 | 65692 |
|  Regeneron Pharmaceuticals, Inc. | 740 | 388500 |
|  Swedish Orphan Biovitrum AB(a)(b) | 1342 | 40844 |
|  Vertex Pharmaceuticals, Inc.(a) | 1806 | 804031 |
|  |  | 6707557 |
|  HEALTH CARE EQUIPMENT & SUPPLIES–1.6% |  |  |
|  Abbott Laboratories | 12196 | 1658778 |
|  Alcon AG | 3425 | 303739 |
|  Align Technology, Inc.(a) | 493 | 93340 |
|  Baxter International, Inc. | 3590 | 108705 |
|  Becton Dickinson & Co. | 2019 | 347773 |
|  BioMerieux | 284 | 39282 |
|  Boston Scientific Corp.(a) | 10363 | 1113090 |
|  Cochlear Ltd. | 448 | 88604 |
|  Coloplast A/S–Class B | 865 | 82350 |
|  Cooper Cos., Inc. (The)(a) | 1403 | 99837 |
|  Demant A/S(a) | 586 | 24484 |
|  Dexcom, Inc.(a) | 2747 | 239786 |
|  DiaSorin SpA | 153 | 16376 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Edwards Lifesciences Corp.(a) | 4147 | $324337 |
|  EssilorLuxottica SA | 2039 | 559895 |
|  Fisher & Paykel Healthcare Corp., Ltd. | 4019 | 88276 |
|  GE HealthCare Technologies, Inc. | 3215 | 238135 |
|  Hologic, Inc.(a) | 1578 | 102822 |
|  Hoya Corp. | 2349 | 278972 |
|  IDEXX Laboratories, Inc.(a) | 576 | 308932 |
|  Insulet Corp.(a) | 493 | 154891 |
|  Intuitive Surgical, Inc.(a) | 2508 | 1362872 |
|  Koninklijke Philips NV | 5702 | 136918 |
|  Medtronic PLC | 9016 | 785925 |
|  Olympus Corp. | 7784 | 92461 |
|  ResMed, Inc. | 1033 | 266514 |
|  Siemens Healthineers AG | 2319 | 128738 |
|  Smith & Nephew PLC | 5705 | 87368 |
|  Solventum Corp.(a) | 972 | 73716 |
|  Sonova Holding AG (REG) | 347 | 103484 |
|  STERIS PLC | 691 | 165992 |
|  Straumann Holding AG (REG)(a) | 765 | 100131 |
|  Stryker Corp. | 2415 | 955446 |
|  Sysmex Corp. | 3470 | 60403 |
|  Terumo Corp. | 9181 | 168488 |
|  Zimmer Biomet Holdings, Inc. | 1400 | 127694 |
|  |  | 10888554 |
|  HEALTH CARE PROVIDERS & SERVICES–1.0% |  |  |
|  Cardinal Health, Inc. | 1699 | 285432 |
|  Cencora, Inc. | 1214 | 364018 |
|  Centene Corp.(a) | 3487 | 189274 |
|  Cigna Group (The) | 1925 | 636366 |
|  CVS Health Corp. | 8865 | 611508 |
|  DaVita, Inc.(a) | 309 | 44017 |
|  Elevance Health, Inc. | 1631 | 634394 |
|  Fresenius Medical Care AG | 1509 | 86700 |
|  Fresenius SE & Co. KGaA | 2895 | 145684 |
|  HCA Healthcare, Inc. | 1257 | 481557 |
|  Henry Schein, Inc.(a) | 877 | 64065 |
|  Humana, Inc. | 848 | 207319 |
|  Labcorp Holdings, Inc. | 586 | 153831 |
|  McKesson Corp. | 881 | 645579 |
|  Molina Healthcare, Inc.(a) | 390 | 116181 |
|  Quest Diagnostics, Inc. | 780 | 140111 |
|  Sigma Healthcare Ltd.(a)(b) | 31655 | 62306 |
|  Sonic Healthcare Ltd. | 3129 | 55231 |
|  UnitedHealth Group, Inc. | 6471 | 2018758 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Universal Health Services, Inc.–Class B | 413 | $74815 |
|  |  | 7017146 |
|  HEALTH CARE TECHNOLOGY–0.0% |  |  |
|  M3, Inc. | 3054 | 41952 |
|  Pro Medicus Ltd.(b) | 394 | 73731 |
|  |  | 115683 |
|  LIFE SCIENCES TOOLS & SERVICES–0.5% |  |  |
|  Agilent Technologies, Inc. | 2006 | 236728 |
|  Bio-Techne Corp. | 1112 | 57212 |
|  Charles River Laboratories International, Inc.(a) | 360 | 54623 |
|  Danaher Corp. | 4500 | 888930 |
|  Eurofins Scientific SE | 812 | 57867 |
|  IQVIA Holdings, Inc.(a) | 1176 | 185326 |
|  Lonza Group AG (REG)(a) | 495 | 354006 |
|  Mettler-Toledo International, Inc.(a) | 147 | 172684 |
|  QIAGEN NV | 1482 | 71402 |
|  Revvity, Inc. | 856 | 82792 |
|  Sartorius AG (Preference Shares) | 180 | 45846 |
|  Sartorius Stedim Biotech | 200 | 47853 |
|  Thermo Fisher Scientific, Inc. | 2690 | 1090687 |
|  Waters Corp.(a) | 418 | 145899 |
|  West Pharmaceutical Services, Inc. | 509 | 111369 |
|  |  | 3603224 |
|  PHARMACEUTICALS–3.1% |  |  |
|  Astellas Pharma, Inc. | 12414 | 121545 |
|  AstraZeneca PLC | 10632 | 1479646 |
|  Bayer AG (REG) | 6733 | 202847 |
|  Bristol-Myers Squibb Co. | 14269 | 660512 |
|  Chugai Pharmaceutical Co., Ltd. | 4596 | 239993 |
|  Daiichi Sankyo Co., Ltd. | 11782 | 272966 |
|  Eisai Co., Ltd. | 1787 | 51323 |
|  Eli Lilly & Co. | 5540 | 4318596 |
|  Galderma Group AG(a) | 734 | 106691 |
|  GSK PLC | 28219 | 538036 |
|  Haleon PLC | 61855 | 317912 |
|  Hikma Pharmaceuticals PLC | 1141 | 31137 |
|  Ipsen SA | 258 | 30732 |
|  Johnson & Johnson | 16929 | 2585905 |
|  Kyowa Kirin Co., Ltd. | 1626 | 27833 |
|  Merck & Co., Inc. | 17787 | 1408019 |
|  Merck KGaA | 886 | 114877 |
|  Novartis AG (REG) | 13036 | 1582272 |
|  Novo Nordisk A/S–Class B | 22084 | 1530289 |
|  Ono Pharmaceutical Co., Ltd.(b) | 2603 | 28211 |
|  Orion Oyj–Class B(b) | 743 | 55898 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Otsuka Holdings Co., Ltd. | 3000 | $148738 |
|  Pfizer, Inc. | 39848 | 965916 |
|  Recordati Industria Chimica e Farmaceutica SpA | 788 | 49530 |
|  Roche Holding AG (BR) | 219 | 76109 |
|  Roche Holding AG (Genusschein) | 4817 | 1572364 |
|  Sandoz Group AG | 2865 | 157012 |
|  Sanofi SA | 7613 | 737043 |
|  Shionogi & Co., Ltd. | 5161 | 92910 |
|  Takeda Pharmaceutical Co., Ltd. | 10950 | 338059 |
|  Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a) | 7860 | 131734 |
|  UCB SA(b) | 866 | 170392 |
|  Viatris, Inc. | 8393 | 74949 |
|  Zoetis, Inc. | 3149 | 491087 |
|  |  | 20711083 |
|  |  | 49043247 |
|  **COMMUNICATION SERVICES–6.4%** |  |  |
|  DIVERSIFIED TELECOMMUNICATION SERVICES–1.0% |  |  |
|  AT&T, Inc. | 50474 | 1460718 |
|  BT Group PLC(b) | 40957 | 109057 |
|  Cellnex Telecom SA | 3389 | 131962 |
|  Charter Communications, Inc.–Class A(a) | 679 | 277582 |
|  Comcast Corp.–Class A | 26520 | 946499 |
|  Deutsche Telekom AG (REG) | 23936 | 876144 |
|  Elisa Oyj | 975 | 54192 |
|  HKT Trust & HKT Ltd.–Class H | 26371 | 39426 |
|  Infrastrutture Wireless Italiane SpA(b) | 1916 | 23429 |
|  Koninklijke KPN NV | 26649 | 129999 |
|  Nippon Telegraph & Telephone Corp. | 204842 | 218999 |
|  Orange SA | 12761 | 194327 |
|  Singapore Telecommunications Ltd. | 50950 | 153603 |
|  Swisscom AG (REG) | 177 | 125686 |
|  Telecom Italia SpA/Milano(a)(b) | 73548 | 36341 |
|  Telefonica SA(b) | 25256 | 132924 |
|  Telenor ASA | 4221 | 65730 |
|  Telia Co. AB | 16173 | 58171 |
|  Telstra Group Ltd. | 27599 | 88003 |
|  Verizon Communications, Inc. | 29601 | 1280835 |
|  Washington H Soul Pattinson & Co., Ltd.(b) | 1638 | 45283 |
|  |  | 6448910 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  ENTERTAINMENT–1.3% |  |  |
|  Bollore SE | 4850 | $30484 |
|  Capcom Co., Ltd. | 2419 | 82612 |
|  CTS Eventim AG & Co. KGaA | 428 | 53222 |
|  Electronic Arts, Inc. | 1668 | 266379 |
|  Konami Group Corp. | 672 | 106244 |
|  Live Nation Entertainment, Inc.(a) | 1103 | 166862 |
|  Netflix, Inc.(a) | 3008 | 4028103 |
|  Nexon Co., Ltd. | 2252 | 45359 |
|  Nintendo Co., Ltd. | 7555 | 725505 |
|  Sea Ltd. (ADR)(a) | 2622 | 419363 |
|  Spotify Technology SA(a) | 1053 | 808009 |
|  Take-Two Interactive Software, Inc.(a) | 1154 | 280249 |
|  TKO Group Holdings, Inc. | 468 | 85153 |
|  Toho Co., Ltd./Tokyo | 749 | 44188 |
|  Universal Music Group NV(b) | 7541 | 244634 |
|  Walt Disney Co. (The) | 12712 | 1576415 |
|  Warner Bros Discovery, Inc.(a) | 15697 | 179888 |
|  |  | 9142669 |
|  INTERACTIVE MEDIA & SERVICES–3.7% |  |  |
|  Alphabet, Inc.–Class A | 41015 | 7228073 |
|  Alphabet, Inc.–Class C | 33241 | 5896621 |
|  Auto Trader Group PLC | 6028 | 68278 |
|  CAR Group Ltd. | 2589 | 63760 |
|  LY Corp. | 19594 | 72157 |
|  Match Group, Inc. | 1766 | 54552 |
|  Meta Platforms, Inc.–Class A | 15398 | 11365110 |
|  REA Group Ltd.(b) | 362 | 57326 |
|  Scout24 SE | 514 | 70957 |
|  |  | 24876834 |
|  MEDIA–0.1% |  |  |
|  Dentsu Group, Inc.(b) | 1356 | 30046 |
|  Fox Corp.–Class A | 1532 | 85853 |
|  Fox Corp.–Class B | 928 | 47913 |
|  Informa PLC | 9201 | 101866 |
|  Interpublic Group of Cos., Inc. (The) | 2619 | 64113 |
|  News Corp.–Class A | 2658 | 78996 |
|  News Corp.–Class B | 785 | 26933 |
|  Omnicom Group, Inc. | 1382 | 99421 |
|  Paramount Global–Class B | 4183 | 53961 |
|  Publicis Groupe SA | 1569 | 177211 |
|  WPP PLC | 7395 | 52068 |
|  |  | 818381 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  WIRELESS TELECOMMUNICATION SERVICES–0.3% |  |  |
|  KDDI Corp. | 21042 | $361303 |
|  SoftBank Corp. | 196170 | 303858 |
|  SoftBank Group Corp. | 6588 | 478987 |
|  T-Mobile US, Inc. | 3372 | 803413 |
|  Tele2 AB–Class B | 3753 | 54784 |
|  Vodafone Group PLC | 136694 | 146324 |
|  |  | 2148669 |
|  |  | 43435463 |
|  **CONSUMER STAPLES–4.5%** |  |  |
|  BEVERAGES–0.9% |  |  |
|  Anheuser-Busch InBev SA/NV | 6776 | 466191 |
|  Asahi Group Holdings Ltd. | 9872 | 131960 |
|  Brown-Forman Corp.–Class B | 1281 | 34472 |
|  Carlsberg AS–Class B | 655 | 92802 |
|  Coca-Cola Co. (The) | 27225 | 1926169 |
|  Coca-Cola Europacific Partners PLC | 1579 | 146405 |
|  Coca-Cola HBC AG(a) | 1528 | 79827 |
|  Constellation Brands, Inc.–Class A | 1093 | 177809 |
|  Davide Campari-Milano NV(b) | 4219 | 28404 |
|  Diageo PLC | 15251 | 384571 |
|  Heineken Holding NV | 889 | 66337 |
|  Heineken NV | 1974 | 172217 |
|  Keurig Dr. Pepper, Inc. | 8395 | 277539 |
|  Kirin Holdings Co., Ltd.(b) | 5300 | 74272 |
|  Molson Coors Beverage Co.–Class B | 1211 | 58237 |
|  Monster Beverage Corp.(a) | 4924 | 308439 |
|  PepsiCo, Inc. | 9644 | 1273394 |
|  Pernod Ricard SA | 1383 | 137956 |
|  Suntory Beverage & Food Ltd.(b) | 930 | 29741 |
|  |  | 5866742 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL–1.3% |  |  |
|  Aeon Co., Ltd.(b) | 4477 | 137232 |
|  Carrefour SA | 3718 | 52447 |
|  Coles Group Ltd. | 9191 | 126028 |
|  Costco Wholesale Corp. | 3121 | 3089603 |
|  Dollar General Corp. | 1546 | 176832 |
|  Dollar Tree, Inc.(a) | 1421 | 140736 |
|  J Sainsbury PLC | 12050 | 47957 |
|  Jeronimo Martins SGPS SA | 1941 | 49142 |
|  Kesko Oyj–Class B | 1872 | 46171 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Kobe Bussan Co., Ltd. | 1007 | $31273 |
|  Koninklijke Ahold Delhaize NV | 6258 | 261374 |
|  Kroger Co. (The) | 4681 | 335768 |
|  Marks & Spencer Group PLC | 14187 | 69048 |
|  MatsukiyoCocokara & Co. | 2297 | 47250 |
|  Seven & i Holdings Co., Ltd. | 15220 | 244971 |
|  Sysco Corp. | 3440 | 260546 |
|  Target Corp. | 3222 | 317850 |
|  Tesco PLC | 46116 | 254262 |
|  Walgreens Boots Alliance, Inc.(a) | 5043 | 57894 |
|  Walmart, Inc. | 30587 | 2990797 |
|  Woolworths Group Ltd.(b) | 8372 | 171491 |
|  |  | 8908672 |
|  FOOD PRODUCTS–0.8% |  |  |
|  Ajinomoto Co., Inc. | 6214 | 168543 |
|  Archer-Daniels-Midland Co. | 3365 | 177605 |
|  Associated British Foods PLC | 2257 | 63770 |
|  Barry Callebaut AG (REG)(b) | 24 | 26234 |
|  Bunge Global SA | 939 | 75383 |
|  Chocoladefabriken Lindt & Spruengli AG | 7 | 117975 |
|  Chocoladefabriken Lindt & Spruengli AG (REG) | 1 | 166726 |
|  Conagra Brands, Inc. | 3356 | 68697 |
|  Danone SA | 4425 | 362068 |
|  General Mills, Inc. | 3876 | 200816 |
|  Hershey Co. (The) | 1039 | 172422 |
|  Hormel Foods Corp. | 2046 | 61891 |
|  J M Smucker Co. (The) | 748 | 73454 |
|  JDE Peet's NV(b) | 1171 | 33449 |
|  Kellanova | 1891 | 150391 |
|  Kerry Group PLC–Class A | 1131 | 124960 |
|  Kikkoman Corp. | 4642 | 43058 |
|  Kraft Heinz Co. (The) | 6134 | 158380 |
|  Lamb Weston Holdings, Inc. | 1003 | 52005 |
|  Lotus Bakeries NV | 3 | 28908 |
|  McCormick & Co., Inc./MD | 1776 | 134656 |
|  MEIJI Holdings Co., Ltd. | 1671 | 36952 |
|  Mondelez International, Inc.–Class A | 9095 | 613367 |
|  Mowi ASA | 3190 | 61610 |
|  Nestle SA (REG) | 17966 | 1786294 |
|  Nissin Foods Holdings Co., Ltd.(b) | 1342 | 27880 |
|  Orkla ASA | 4805 | 52334 |

---

------

**AB Variable Products Series Fund**

---

| | | | |
|:---|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Salmar ASA | 458 | $| 19848 |
|  The Campbell's Co. | 1383 |  | 42389 |
|  Tyson Foods, Inc.–Class A | 2012 |  | 112551 |
|  WH Group Ltd.–Class H | 57329 |  | 55253 |
|  Wilmar International Ltd. | 12860 |  | 29029 |
|  Yakult Honsha Co., Ltd.(b) | 1717 |  | 32336 |
|  |  |  | 5331234 |
|  HOUSEHOLD PRODUCTS–0.6% |  |  |  |
|  Church & Dwight Co., Inc. | 1730 |  | 166270 |
|  Clorox Co. (The) | 866 |  | 103981 |
|  Colgate-Palmolive Co. | 5706 |  | 518675 |
|  Essity AB–Class B | 4128 |  | 114300 |
|  Henkel AG & Co. KGaA | 712 |  | 51638 |
|  Henkel AG & Co. KGaA (Preference Shares) | 1160 |  | 91157 |
|  Kimberly-Clark Corp. | 2332 |  | 300641 |
|  Procter & Gamble Co. (The) | 16488 |  | 2626868 |
|  Reckitt Benckiser Group PLC | 4674 |  | 318425 |
|  Unicharm Corp. | 7703 |  | 55622 |
|  |  |  | 4347577 |
|  PERSONAL CARE PRODUCTS–0.4% |  |  |  |
|  Beiersdorf AG | 680 |  | 85475 |
|  Estee Lauder Cos., Inc. (The)–Class A | 1647 |  | 133078 |
|  Kao Corp.(b) | 3218 |  | 144184 |
|  Kenvue, Inc. | 13481 |  | 282157 |
|  L'Oreal SA | 1649 |  | 706355 |
|  Shiseido Co., Ltd.(b) | 2777 |  | 49599 |
|  Unilever PLC | 17154 |  | 1046844 |
|  |  |  | 2447692 |
|  TOBACCO–0.5% | TOBACCO–0.5% | TOBACCO–0.5% | TOBACCO–0.5% |
|  Altria Group, Inc. | 11917 |  | 698694 |
|  British American Tobacco PLC | 13585 |  | 645917 |
|  Imperial Brands PLC | 5361 |  | 211814 |
|  Japan Tobacco, Inc.(b) | 8233 |  | 242539 |
|  Philip Morris International, Inc. | 10933 |  | 1991227 |
|  |  |  | 3790191 |
|  |  |  | 30692108 |
|  **ENERGY–2.2%** |  |  |  |
|  ENERGY EQUIPMENT & SERVICES–0.1% |  |  |  |
|  Baker Hughes Co. | 6962 |  | 266923 |
|  Halliburton Co. | 6104 |  | 124399 |
|  Schlumberger NV | 9850 |  | 332930 |
|  Tenaris SA | 2790 |  | 52298 |
|  |  |  | 776550 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  OIL, GAS & CONSUMABLE FUELS–2.1% |  |  |
|  Aker BP ASA | 2166 | $55351 |
|  APA Corp. | 2601 | 47572 |
|  BP PLC | 109807 | 547090 |
|  Chevron Corp. | 11752 | 1682769 |
|  ConocoPhillips | 8971 | 805058 |
|  Coterra Energy, Inc. | 5178 | 131418 |
|  Devon Energy Corp. | 4619 | 146930 |
|  Diamondback Energy, Inc. | 1314 | 180544 |
|  ENEOS Holdings, Inc. | 18688 | 92633 |
|  Eni SpA | 15097 | 243879 |
|  EOG Resources, Inc. | 3955 | 473058 |
|  EQT Corp. | 4196 | 244711 |
|  Equinor ASA | 5742 | 145009 |
|  Expand Energy Corp. | 1479 | 172954 |
|  Exxon Mobil Corp. | 30608 | 3299542 |
|  Galp Energia SGPS SA | 2860 | 52355 |
|  Hess Corp. | 1943 | 269183 |
|  Idemitsu Kosan Co., Ltd. | 5626 | 34118 |
|  Inpex Corp.(b) | 6021 | 84518 |
|  Kinder Morgan, Inc. | 13593 | 399634 |
|  Marathon Petroleum Corp. | 2222 | 369096 |
|  Neste Oyj(b) | 2900 | 39301 |
|  Occidental Petroleum Corp. | 4751 | 199590 |
|  OMV AG | 1010 | 54925 |
|  ONEOK, Inc. | 4363 | 356152 |
|  Phillips 66 | 2904 | 346447 |
|  Repsol SA(b) | 7934 | 116046 |
|  Santos Ltd. | 22265 | 112257 |
|  Shell PLC | 41045 | 1432040 |
|  Targa Resources Corp. | 1533 | 266865 |
|  Texas Pacific Land Corp. | 132 | 139443 |
|  TotalEnergies SE | 14010 | 856329 |
|  Valero Energy Corp. | 2226 | 299219 |
|  Williams Cos., Inc. (The) | 8571 | 538344 |
|  Woodside Energy Group<br>Ltd.(b)(d) | 13013 | 201011 |
|  |  | 14435391 |
|  |  | 15211941 |
|  **MATERIALS–2.1%** |  |  |
|  CHEMICALS–1.2% |  |  |
|  Air Liquide SA | 3967 | 818000 |
|  Air Products & Chemicals, Inc. | 1564 | 441142 |
|  Akzo Nobel NV(b) | 1171 | 82162 |
|  Albemarle Corp. | 827 | 51828 |
|  Arkema SA | 391 | 28873 |
|  Asahi Kasei Corp. | 8398 | 59783 |
|  BASF SE | 6118 | 302593 |
|  CF Industries Holdings, Inc. | 1224 | 112608 |
|  Corteva, Inc. | 4820 | 359235 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Covestro AG(a) | 1231 | $87583 |
|  Croda International PLC | 909 | 36494 |
|  Dow, Inc. | 4949 | 131049 |
|  DSM-Firmenich AG(a) | 1274 | 135535 |
|  DuPont de Nemours, Inc. | 2940 | 201655 |
|  Eastman Chemical Co. | 810 | 60475 |
|  Ecolab, Inc. | 1772 | 477448 |
|  EMS-Chemie Holding AG(a)(b) | 48 | 36288 |
|  Evonik Industries AG | 1866 | 38549 |
|  Givaudan SA (REG) | 63 | 305520 |
|  ICL Group Ltd. | 5307 | 36434 |
|  IMCD NV(b) | 405 | 54471 |
|  International Flavors & Fragrances, Inc. | 1807 | 132905 |
|  Linde PLC | 3348 | 1570815 |
|  LyondellBasell Industries NV–Class A | 1823 | 105479 |
|  Mitsubishi Chemical Group Corp. | 9275 | 48750 |
|  Mosaic Co. (The) | 2234 | 81496 |
|  Nippon Paint Holdings Co., Ltd. | 6547 | 52653 |
|  Nippon Sanso Holdings Corp. | 1159 | 43858 |
|  Nitto Denko Corp. | 4830 | 93274 |
|  Novonesis Novozymes B–Class B | 2415 | 173389 |
|  PPG Industries, Inc. | 1631 | 185526 |
|  Sherwin-Williams Co. (The) | 1629 | 559333 |
|  Shin-Etsu Chemical Co., Ltd. | 12360 | 408151 |
|  Sika AG (REG)(a) | 1045 | 284327 |
|  Syensqo SA(b) | 501 | 38810 |
|  Symrise AG | 910 | 95427 |
|  Toray Industries, Inc. | 9483 | 64913 |
|  Yara International ASA | 1135 | 41885 |
|  |  | 7838716 |
|  CONSTRUCTION MATERIALS–0.2% |  |  |
|  Amrize Ltd.(a) | 3572 | 178183 |
|  Heidelberg Materials AG | 917 | 215950 |
|  Holcim AG(a) | 3572 | 265254 |
|  James Hardie Industries PLC(a) | 2947 | 79137 |
|  Martin Marietta Materials, Inc. | 430 | 236053 |
|  Vulcan Materials Co. | 929 | 242302 |
|  |  | 1216879 |
|  CONTAINERS & PACKAGING–0.1% |  |  |
|  Amcor PLC | 10163 | 93398 |
|  Avery Dennison Corp. | 565 | 99141 |
|  Ball Corp. | 2098 | 117677 |
|  International Paper Co. | 3707 | 173599 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Packaging Corp. of America | 627 | $118158 |
|  SIG Group AG(a)(b) | 2096 | 38770 |
|  Smurfit WestRock PLC | 3477 | 150032 |
|  |  | 790775 |
|  METALS & MINING–0.6% |  |  |
|  Anglo American PLC | 7660 | 225793 |
|  Antofagasta PLC | 2703 | 67204 |
|  ArcelorMittal SA | 3216 | 102122 |
|  BHP Group Ltd.(b) | 34809 | 837421 |
|  BlueScope Steel Ltd. | 3007 | 45822 |
|  Boliden AB(a) | 1948 | 60874 |
|  Evolution Mining Ltd. | 13728 | 71472 |
|  Fortescue Ltd.(b) | 11604 | 116646 |
|  Freeport-McMoRan, Inc. | 10105 | 438052 |
|  Glencore PLC(a) | 70281 | 273860 |
|  JFE Holdings, Inc. | 3952 | 45972 |
|  Newmont Corp. | 8005 | 466371 |
|  Nippon Steel Corp. | 6596 | 124743 |
|  Norsk Hydro ASA | 9640 | 55202 |
|  Northern Star Resources Ltd. | 9307 | 114961 |
|  Nucor Corp. | 1651 | 213871 |
|  Rio Tinto Ltd.(b) | 2544 | 180090 |
|  Rio Tinto PLC | 7736 | 450267 |
|  South32 Ltd. | 30936 | 59116 |
|  Steel Dynamics, Inc. | 996 | 127498 |
|  Sumitomo Metal Mining Co., Ltd. | 1654 | 40763 |
|  |  | 4118120 |
|  PAPER & FOREST PRODUCTS–0.0% |  |  |
|  Holmen AB–Class B(b) | 522 | 20678 |
|  Mondi PLC | 3026 | 49446 |
|  Stora Enso Oyj–Class R(b) | 3992 | 43399 |
|  Svenska Cellulosa AB SCA–Class B | 4165 | 54157 |
|  UPM-Kymmene Oyj(b) | 3659 | 99920 |
|  |  | 267600 |
|  |  | 14232090 |
|  **UTILITIES–2.0%** |  |  |
|  ELECTRIC UTILITIES–1.2% |  |  |
|  Acciona SA(b) | 169 | 30482 |
|  Alliant Energy Corp. | 1804 | 109088 |
|  American Electric Power Co., Inc. | 3749 | 388996 |
|  BKW AG | 145 | 31791 |
|  Chubu Electric Power Co., Inc. | 4413 | 54608 |
|  CK Infrastructure Holdings Ltd.–Class H | 4216 | 27919 |
|  CLP Holdings Ltd.–Class H | 10993 | 92844 |
|  Constellation Energy Corp. | 2200 | 710072 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  Contact Energy Ltd.(b) | 5502 | $30194 |
|  Duke Energy Corp. | 5456 | 643808 |
|  Edison International | 2722 | 140455 |
|  EDP SA | 21513 | 93458 |
|  Elia Group SA/NV(b) | 336 | 38806 |
|  Endesa SA(b) | 2178 | 68988 |
|  Enel SpA | 55748 | 529088 |
|  Entergy Corp. | 3015 | 250607 |
|  Evergy, Inc. | 1617 | 111460 |
|  Eversource Energy | 2579 | 164076 |
|  Exelon Corp. | 7068 | 306893 |
|  FirstEnergy Corp. | 3607 | 145218 |
|  Fortum Oyj | 3075 | 57662 |
|  Iberdrola SA(b) | 39750 | 764712 |
|  Kansai Electric Power Co., Inc. (The) | 6513 | 77243 |
|  NextEra Energy, Inc. | 14460 | 1003813 |
|  NRG Energy, Inc. | 1424 | 228666 |
|  Origin Energy Ltd. | 11811 | 83952 |
|  PG&E Corp. | 15424 | 215011 |
|  Pinnacle West Capital Corp. | 799 | 71487 |
|  Power Assets Holdings Ltd.–Class H | 9273 | 59621 |
|  PPL Corp. | 5191 | 175923 |
|  Redeia Corp. SA(b) | 2782 | 59529 |
|  Southern Co. (The) | 7704 | 707458 |
|  SSE PLC | 7582 | 190916 |
|  Terna–Rete Elettrica Nazionale | 9646 | 99170 |
|  Verbund AG | 467 | 35878 |
|  Xcel Energy, Inc. | 4038 | 274988 |
|  |  | 8074880 |
|  GAS UTILITIES–0.1% |  |  |
|  APA Group | 8942 | 48079 |
|  Atmos Energy Corp. | 1116 | 171987 |
|  Hong Kong & China Gas Co., Ltd.–Class H | 76951 | 64699 |
|  Osaka Gas Co., Ltd. | 2469 | 63330 |
|  Snam SpA | 13825 | 83692 |
|  Tokyo Gas Co., Ltd. | 2312 | 76902 |
|  |  | 508689 |
|  INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1% |  |  |
|  AES Corp. (The) | 5000 | 52600 |
|  EDP Renovaveis SA(b) | 2162 | 24192 |
|  Meridian Energy Ltd. | 8963 | 32234 |
|  Orsted AS(a) | 1153 | 49670 |
|  RWE AG | 4333 | 181068 |
|  Vistra Corp. | 2392 | 463594 |
|  |  | 803358 |
|  MULTI-UTILITIES–0.5% |  |  |
|  Ameren Corp. | 1898 | 182284 |
|  CenterPoint Energy, Inc. | 4583 | 168379 |
|  Centrica PLC | 34459 | 76457 |
|  CMS Energy Corp. | 2101 | 145557 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Consolidated Edison, Inc. | 2436 | $| 244453 |
|  Dominion Energy, Inc. | 5907 |  | 333864 |
|  DTE Energy Co. | 1457 |  | 192994 |
|  E.ON SE | 15389 |  | 283552 |
|  Engie SA | 12519 |  | 294231 |
|  National Grid PLC | 34565 |  | 507368 |
|  NiSource, Inc. | 3304 |  | 133283 |
|  Public Service Enterprise Group, Inc. | 3503 |  | 294882 |
|  Sembcorp Industries Ltd. | 5983 |  | 32231 |
|  Sempra | 4454 |  | 337480 |
|  Veolia Environnement SA | 4314 |  | 154018 |
|  WEC Energy Group, Inc. | 2234 |  | 232783 |
|  |  |  | 3613816 |
|  WATER UTILITIES–0.1% |  |  |  |
|  American Water Works Co., Inc. | 1370 |  | 190581 |
|  Severn Trent PLC | 1903 |  | 71500 |
|  United Utilities Group PLC | 4675 |  | 73410 |
|  |  |  | 335491 |
|  |  |  | 13336234 |
|  **REAL ESTATE–1.5%** |  |  |  |
|  DIVERSIFIED REITs–0.0% |  |  |  |
|  Covivio SA/France | 383 |  | 24284 |
|  Land Securities Group PLC | 4851 |  | 42135 |
|  Stockland | 16451 |  | 58140 |
|  |  |  | 124559 |
|  HEALTH CARE REITs–0.2% |  |  |  |
|  Alexandria Real Estate Equities, Inc. | 1083 |  | 78658 |
|  Healthpeak Properties, Inc. | 4919 |  | 86132 |
|  Ventas, Inc. | 3074 |  | 194123 |
|  Welltower, Inc. | 4284 |  | 658579 |
|  |  |  | 1017492 |
|  HOTEL & RESORT REITs–0.0% |  |  |  |
|  Host Hotels & Resorts, Inc. | 4915 |  | 75494 |
|  INDUSTRIAL REITs–0.2% | INDUSTRIAL REITs–0.2% | INDUSTRIAL REITs–0.2% | INDUSTRIAL REITs–0.2% |
|  CapitaLand Ascendas REIT(a) | 26020 |  | 54907 |
|  Goodman Group | 13922 |  | 313866 |
|  Prologis, Inc. | 6517 |  | 685067 |
|  Segro PLC | 8814 |  | 82509 |
|  |  |  | 1136349 |
|  OFFICE REITs–0.0% |  |  |  |
|  BXP, Inc. | 1023 |  | 69022 |
|  Gecina SA | 316 |  | 34786 |
|  Nippon Building Fund, Inc.(b) | 52 |  | 48016 |
|  |  |  | 151824 |

---

------

---

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

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3% |  |  |
|  Azrieli Group Ltd. | 291 | $26798 |
|  CapitaLand Investment Ltd./Singapore(b) | 15674 | 32675 |
|  CBRE Group, Inc.–Class A(a) | 2078 | 291169 |
|  CK Asset Holdings Ltd.–Class H | 13387 | 59155 |
|  CoStar Group, Inc.(a) | 2963 | 238225 |
|  Daito Trust Construction Co., Ltd. | 392 | 42696 |
|  Daiwa House Industry Co., Ltd. | 3851 | 132331 |
|  Fastighets AB Balder–Class B(a) | 4921 | 36683 |
|  Henderson Land Development Co., Ltd.–Class H | 9723 | 34147 |
|  Hongkong Land Holdings Ltd. | 7586 | 43771 |
|  Hulic Co., Ltd.(b) | 3170 | 31975 |
|  LEG Immobilien SE | 529 | 47087 |
|  Mitsubishi Estate Co., Ltd. | 7259 | 136085 |
|  Mitsui Fudosan Co., Ltd. | 18075 | 174986 |
|  Sagax AB–Class B(b) | 1506 | 34509 |
|  Sino Land Co., Ltd.–Class H | 24057 | 25624 |
|  Sumitomo Realty & Development Co., Ltd. | 2112 | 81564 |
|  Sun Hung Kai Properties Ltd.–Class H | 9699 | 111762 |
|  Swiss Prime Site AG (REG)(a) | 550 | 82568 |
|  Unibail-Rodamco-Westfield | 833 | 80074 |
|  Vonovia SE | 5294 | 187690 |
|  Wharf Holdings Ltd. (The)–Class H(b) | 7160 | 21800 |
|  Wharf Real Estate Investment Co., Ltd.–Class H | 11179 | 31733 |
|  |  | 1985107 |
|  RESIDENTIAL REITs–0.1% |  |  |
|  AvalonBay Communities, Inc. | 999 | 203296 |
|  Camden Property Trust | 750 | 84518 |
|  Equity Residential | 2403 | 162178 |
|  Essex Property Trust, Inc. | 452 | 128097 |
|  Invitation Homes, Inc. | 4006 | 131397 |
|  Mid-America Apartment Communities, Inc. | 822 | 121664 |
|  UDR, Inc. | 2117 | 86437 |
|  |  | 917587 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  RETAIL REITs–0.2% |  |  |
|  CapitaLand Integrated Commercial Trust(a) | 39955 | $68226 |
|  Federal Realty Investment Trust | 542 | 51485 |
|  Kimco Realty Corp. | 4778 | 100434 |
|  Klepierre SA(a) | 1475 | 58320 |
|  Link REIT–Class H | 17796 | 95324 |
|  Realty Income Corp. | 6154 | 354532 |
|  Regency Centers Corp. | 1148 | 81772 |
|  Scentre Group | 35708 | 83868 |
|  Simon Property Group, Inc. | 2157 | 346759 |
|  Vicinity Ltd. | 26585 | 43399 |
|  |  | 1284119 |
|  SPECIALIZED REITs–0.5% |  |  |
|  American Tower Corp. | 3286 | 726272 |
|  Crown Castle, Inc. | 3056 | 313943 |
|  Digital Realty Trust, Inc. | 2225 | 387884 |
|  Equinix, Inc. | 684 | 544102 |
|  Extra Space Storage, Inc. | 1491 | 219833 |
|  Iron Mountain, Inc. | 2065 | 211807 |
|  Public Storage | 1108 | 325109 |
|  SBA Communications Corp. | 756 | 177539 |
|  VICI Properties, Inc. | 7412 | 241631 |
|  Weyerhaeuser Co. | 5102 | 131070 |
|  |  | 3279190 |
|  |  | 9971721 |
|  Total Common Stocks <br>(cost $359,962,405) |  | 499335223 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal<br>Amount<br>(000)** | |
|  **GOVERNMENTS–TREASURIES–2.9%** |  |  |  |
|  JAPAN–2.9% |  |  |  |
|  Japan Government Ten Year Bond <br>Series 374 <br>0.80%, 03/20/2034 | JPY | 1260000 | 8380459 |
|  Japan Government<br>Twenty Year Bond <br>Series 188 <br>1.60%, 03/20/2044 |  | 1367000 | 8482984 |
|  Japan Government<br>Thirty Year Bond <br>Series 82 <br>1.80%, 03/20/2054 |  | 504000 | 2797383 |
|  Total Governments–<br>Treasuries <br>(cost $19,500,668) |  |  | 19660826 |

---

------

**AB Variable Products Series Fund**

---

| | | | |
|:---|:---|:---|:---|
| **<br> <br> <br>Company** | | **Notional<br>Amount** | **U.S. $ Value** |
|  **PURCHASED OPTIONS–PUTS–0.0%** |  |  |  |
|  OPTIONS ON EQUITY INDICES–0.0% |  |  |  |
|  Euro STOXX 50<br>Price EUR Index <br>Expiration: Jul<br>2025; Contracts: 284;<br>Exercise Price: EUR<br>5,150.00; <br>Counterparty:<br>Morgan Stanley &<br>Co., Inc.(a) | EUR | 14626000 | $82297 |
|  FTSE 100 Index <br>Expiration: Jul<br>2025; Contracts: 65;<br>Exercise Price: GBP<br>8,650.00; <br>Counterparty:<br>Morgan Stanley &<br>Co., Inc.(a) | GBP | 5622500 | 28774 |
|  Nikkei 225 Index <br>Expiration: Jul<br>2025; Contracts: 42;<br>Exercise Price: JPY<br>37,250.00; <br>Counterparty:<br>Morgan Stanley & Co., Inc.(a) | JPY | 1564500000 | 21145 |
|  S&P 500 Index <br>Expiration: Jul 2025;<br>Contracts: 171; <br>Exercise Price: USD<br>5,890.00; <br>Counterparty:<br>Morgan Stanley &<br>Co., Inc.(a) | USD | 100719000 | 182970 |
|  Total Purchased<br>Options–Puts <br>(premiums paid<br>$1,616,345) |  |  | 315186 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **SHORT-TERM<br>INVESTMENTS–21.0%** |  |  |
|  INVESTMENT<br>COMPANIES–21.0% |  |  |
|  AB Fixed Income<br>Shares, Inc.–<br>Government Money<br>Market Portfolio–<br>Class AB,<br>4.17%(e)(f)(g) <br>(cost $142,543,815) | 142543815 | $142543815 |
|  **TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–97.4%** <br> (cost $523,623,233) |  | 661855050 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.2%** |  |  |
|  INVESTMENT COMPANIES–0.2% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(e)(f)(g) <br>(cost $1,322,606) | 1322606 | 1322606 |
|  **TOTAL INVESTMENTS–97.6%** (cost $524,945,839) |  | 663177656 |
|  Other assets less liabilities–2.4% |  | 16097661 |
|  **NET ASSETS–100.0%** |  | $679275317 |

---

------

---

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

---

#### FUTURES (see Note D)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Month** | **Current<br>Notional** | **Value and<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** | **Purchased Contracts** |
|  Canadian 10 Yr Bond Futures | 82 | September 2025 | $7346429 | $45016 |
|  Euro-BTP Futures | 114 | September 2025 | 16248651 | 58918 |
|  Euro-Bund Futures | 80 | September 2025 | 12264822 | (68921) |
|  Euro-OAT Futures | 135 | September 2025 | 19693450 | (129035) |
|  Japan 10 Yr Bond (OSE) Futures | 37 | September 2025 | 35719176 | 120596 |
|  Long Gilt Futures | 191 | September 2025 | 24390242 | 652470 |
|  MSCI EAFE Futures | 5 | September 2025 | 670425 | 9886 |
|  S&P/TSX 60 Index Futures | 56 | September 2025 | 13159537 | 171778 |
|  TOPIX Index Futures | 27 | September 2025 | 5353877 | 130138 |
|  U.S. Long Bond (CBT) Futures | 263 | September 2025 | 30368281 | 887465 |
|  U.S. T-Note 2 Yr (CBT) Futures | 86 | September 2025 | 17890016 | 75129 |
|  U.S. T-Note 5 Yr (CBT) Futures | 926 | September 2025 | 100934000 | 1375351 |
|  U.S. Ultra Bond (CBT) Futures | 118 | September 2025 | 14056750 | 407710 |
|  **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** | **Sold Contracts** |
|  Euro STOXX 50 Index Futures | 66 | September 2025 | 4141462 | 12807 |
|  FTSE 100 Index Futures | 6 | September 2025 | 723894 | 9699 |
|  Hang Seng Index Futures | 4 | July 2025 | 613609 | 397 |
|  MSCI Singapore ETS Index Futures | 22 | July 2025 | 711561 | (11245) |
|  Nikkei 225 (CME) Futures | 42 | September 2025 | 8482950 | (476402) |
|  OMXS 30 Index Futures | 30 | July 2025 | 790517 | (11579) |
|  S&P 500 E-Mini Futures | 174 | September 2025 | 54407625 | (1321052) |
|  SPI 200 Futures | 13 | September 2025 | 1826054 | 1629 |
|  U.S. 10 Yr Ultra Futures | 68 | September 2025 | 7770063 | (149396) |
|  U.S. T-Note 10 Yr (CBT) Futures | 261 | September 2025 | 29264625 | (451603) |
|  |  |  |  | $1339756 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | CHF | 2088 | USD | 2559 | 07/09/2025 | $(74703) |
|  Bank of America NA | SGD | 1930 | USD | 1500 | 07/17/2025 | (19841) |
|  BNP Paribas SA | EUR | 16518 | USD | 18454 | 07/09/2025 | (1012176) |
|  Citibank NA | GBP | 8846 | USD | 11717 | 07/16/2025 | (425588) |
|  Citibank NA | USD | 2 | KRW | 2942 | 07/17/2025 | 110 |
|  Citibank NA | USD | 11 | TWD | 331 | 08/22/2025 | 406 |
|  Goldman Sachs Bank USA | CHF | 3655 | USD | 4363 | 07/09/2025 | (247508) |
|  Morgan Stanley Capital Services, Inc. | EUR | 8788 | USD | 10024 | 07/09/2025 | (333537) |
|  Morgan Stanley Capital Services, Inc. | AUD | 2608 | USD | 1705 | 08/21/2025 | (12833) |
|  Morgan Stanley Capital Services, Inc. | JPY | 5998334 | USD | 41136 | 08/27/2025 | (779944) |
|  Morgan Stanley Capital Services, Inc. | SEK | 24277 | USD | 2569 | 09/04/2025 | (7871) |
|  State Street Bank & Trust Co. | NZD | 77 | USD | 47 | 08/21/2025 | (261) |
|  State Street Bank & Trust Co. | NOK | 1938 | USD | 192 | 09/04/2025 | (699) |
|  UBS | USD | 5236 | CAD | 7068 | 08/28/2025 | (30775) |
|  |  |  |  |  |  | $(2945220) |

---

------

**AB Variable Products Series Fund**

#### WRITTEN OPTIONS – PUTS (see Note D)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Contracts** | **Exercise<br>Price** | **Exercise<br>Price** | **Expiration<br>Month** | **Notional<br>(000)** | **Notional<br>(000)** | **Premiums<br>Received** | **U.S. $ Value** |
|  Euro STOXX<br>50 Price EUR Index(h) | Morgan Stanley & Co., Inc. | 284 | EUR | 4925.00 | July 2025 | EUR | 13987 | $89005 | $(23250) |
|  FTSE 100<br>Index(h) | Morgan Stanley & Co., Inc. | 65 | GBP | 8300.00 | July 2025 | GBP | 5395 | 17371 | (7584) |
|  Nikkei 225<br>Index(i) | Morgan Stanley & Co., Inc. | 42 | JPY | 35750.00 | July 2025 | JPY | 1501500 | 78157 | (8458) |
|  S&P 500<br>Index(j) | Morgan Stanley & Co., Inc. | 171 | USD | 5650.00 | July 2025 | USD | 96615 | 529753 | (67545) |
|  |  |  |  |  |  |  |  | $714286 | $(106837) |

---

#### TOTAL RETURN SWAPS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty & <br>Referenced Obligation** | **Rate Paid/<br>Received** | **Payment<br>Frequency** | **Current<br>Notional<br>(000)** | **Current<br>Notional<br>(000)** | **Maturity<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Pay Total Return on Reference Obligation** |  |  |  |  |  |  |
|  Morgan Stanley Capital Services LLC<br>Swiss Market Index Futures | 0.00% | Maturity | CHF | 1071 | 09/19/2025 | $23117 |

---

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At June 30, 2025, the aggregate market value of these securities amounted to $146,948 or 0.0% of net assets.

(d) Fair valued by the Adviser.

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

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(h) One contract relates to 10 shares.

(i) One contract relates to 1000 shares.

(j) One contract relates to 100 shares.

------

---

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

---

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

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

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.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value | &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $381,079,418) | $519311235 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $143,866,421—including investment of cash collateral for securities loaned of $1,322,606) | 143866421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 11367181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value (cost $7,586,014) | 7733912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends and interest receivable | 1101512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 481301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for variation margin on futures | 412047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 390098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 24535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on total return swaps | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency exchange contracts | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 684715466 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options, at value (premiums received $714,286) | 106837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency exchange contracts | 2945736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received on securities loaned | 1322606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 372356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 252366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 133582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 47057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax payable | 2065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased and foreign currency transactions | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 254290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5440149 |
|  **NET ASSETS** | $679275317 |
|  **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $51065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 580945804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 98278448 |
|  **NET ASSETS** | $679275317 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| B | $679275317 | 51064698 | $13.30 |

---

(a) Includes securities on loan with a value of $8,167,566 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $294,407) | $4666399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 3841702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 287410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 10237 |
|  | 8805748 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 1607604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 851792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 101314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 53036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 37477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 32067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 14320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 12555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 28718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2739863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (191659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2548204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6257544 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 3456282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (3557996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (11308177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 1006382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | (123045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 244278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments(a) | 39455727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (5198137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 4285062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options | 273705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 23117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 511165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment and foreign currency transactions | 29068363 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $35325907 |

---

(a) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $1,623.

See notes to financial statements.

------

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** | **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6257544 | $14102414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions and foreign currency transactions | (10282276) | 24131035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 39350639 | 51323168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 35325907 | 89556617 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (14233081) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (71769577) | (135200766) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total decrease | (36443670) | (59877230) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 715718987 | 775596217 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $679275317 | $715718987 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

#### NOTE A: Significant Accounting Policies
The AB Global Risk Allocation—Moderate Portfolio (the "Portfolio") is a series of AB Variable Products Series Fund, Inc. (the "Fund"). The Portfolio's investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the "Adviser") considers undue risk. The Portfolio is 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. Class A shares have been authorized but currently are not offered. 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.

------

**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.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $123273092 | $10575552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $133848644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 51542953 | 30671578 | –0 | 82214531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 32290632 | 24097044 | –0 | 56387676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 38361138 | 12600430 | –0 | 50961568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 34653349 | 14389898 | –0 | 49043247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 37581014 | 5854449 | –0 | 43435463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 20507936 | 10184172 | –0 | 30692108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 11092781 | 4119160 | –0 | 15211941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 7212912 | 7019178 | –0 | 14232090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 8893962 | 4442272 | –0 | 13336234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 7573799 | 2397922 | –0 | 9971721 |
|  Governments—Treasuries | –0 | 19660826 | –0 | 19660826 |
|  Purchased Options—Puts | –0 | 315186 | –0 | 315186 |
|  Short-Term Investments | 142543815 | –0 | –0 | 142543815 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 1322606 | –0 | –0 | 1322606 |
|  Total Investments in Securities | 516849989 | 146327667 | –0 | 663177656 |
|  **Other Financial Instruments(a):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 3958989 | –0 | –0 | 3958989 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | 516 | –0 | 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | –0 | 23117 | –0 | 23117 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | (2619233) | –0 | –0 | (2619233)(b) |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | (2945736) | –0 | (2945736) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options—Put | –0 | (106837) | –0 | (106837) |
|  **Total** | $**518189745** | $**143298727** | $**–0** | $**661488472** |

---

(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.

------

**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 segment's 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.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | 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. Prior to January 1, 2020, the Portfolio paid the Adviser an advisory fee at an annual rate of .60% of the Portfolio's average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses, to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs), inclusive of the Portfolio's proportionate share of fees and expenses of registered investment companies or series thereof in which the Portfolio invests ("Acquired Fund Expenses") on an annual basis (the "Expense Caps") to 1.00% of daily average net assets for Class B. The Expense Caps may not be terminated by the Adviser before May 1, 2026. For the six months ended June 30, 2025, there were no such operating expenses waived by the Adviser. For the six months ended June 30, 2025, such waiver for Acquired Fund Expenses for affiliated underlying portfolios amounted to $190,692.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $223885 | $34446 | $115788 | $142543 | $3842 |
|  AB Government Money Market Portfolio\* | 2321 | 9118 | 10116 | 1323 | 1 |
|  Total |  |  |  | $143866 | $3843 |

---

\* 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 six months ended June 30, 2025, the reimbursement for such services amounted to $53,036.

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 $833 for the six months ended June 30, 2025.

#### 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 six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $6050954 | $2998205 |
|  U.S. government securities | –0 | –0 |

---

------

**AB Variable Products Series Fund**

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $173994080 |
|  Gross unrealized depreciation | (36737161) |
|  Net unrealized appreciation | $137256919 |

---

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 six months ended June 30, 2025, the Portfolio held futures for hedging and non-hedging purposes.

**•** **Forward Currency Exchange Contracts** 

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

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

During the six months ended June 30, 2025, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

------

---

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

---

**•** **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 six months ended June 30, 2025, the Portfolio held purchased options for hedging and non-hedging purposes.

During the six months ended June 30, 2025, the Portfolio held written 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 Fund in accordance with the terms of the respective swaps to provide value and recourse to the Fund or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by having a netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to the Portfolio to cover the Portfolio's exposure to the counterparty. Additionally, risks may arise from unanticipated movements in interest rates, inflation or in the value of the underlying securities. The Portfolio accrues

------

**AB Variable Products Series Fund**

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 six months ended June 30, 2025, 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 six months ended June 30, 2025, the Portfolio had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and Liabilities<br>Location** | **Fair Value** |
|  Interest rate contracts | Receivable for variation margin on futures | $3622655 \* | Payable for variation margin on futures | $798955 \* |
|  Equity contracts | Receivable for variation margin on futures | 336334 \* | Payable for variation margin on futures | 1820278 \* |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | 516 | Unrealized depreciation on forward currency exchange contracts | 2945736 |
|  Equity contracts | Investments in securities, at value | 315186 |  |  |
|  Equity contracts |  |  | Written options, at value | 106837 |
|  Equity contracts | Unrealized appreciation on total return swaps | 23117 |  |  |
|  Total |  | $4297808 |  | $5671806 |

---

\* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation (depreciation) on futures and centrally cleared swaps as reported in the portfolio of investments.

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or (Loss) on<br>Derivatives Within Statement of Operations** | **Realized Gain or<br>(Loss) on<br>Derivatives** | **Change in Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Interest rate contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | $(4014401) | $5696899 |
|  Equity contracts | Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures | (7293776) | (1411837) |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | (3557996) | (5198137) |
|  Equity contracts | Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments | 4206067 | (752921) |
|  Equity contracts | Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options | 1006382 | 273705 |
|  Equity contracts | Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps | (123045) | 23117 |
|  Total |  | $(9776769) | $(1369174) |

---

The following table represents the average monthly volume of the Portfolio's derivative transactions during the six months ended June 30, 2025:

---

| | |
|:---|:---|
|  Futures: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of buy contracts | $270312806.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount of sale contracts | $67699768.0 |
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $17061659.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $109865353.0 |
|  Purchased Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $137605773.0 |
|  Written Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $131538853.0 |
|  Total Return Swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional amount | $1258539.0 (a) |

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

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

------

**AB Variable Products Series Fund**

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolio as of June 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative<br>Assets Subject<br>to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash Collateral<br>Received\*** | **Security Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Citibank NA | $516 | $(516) | $–0 | $–0 | $–0 |
|  Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC | 23117 | (23117) | –0 | –0 | –0 |
|  Total | $23633 | $(23633) | $–0 | $–0 | $0 |
| **Counterparty** | **Derivative<br>Liabilities Subject<br>to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash Collateral<br>Pledged\*** | **Security Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |
|  Bank of America NA | $94544 | $–0 | $–0 | $–0 | $94544 |
|  BNP Paribas SA | 1012176 | –0 | –0 | –0 | 1012176 |
|  Citibank NA | 425588 | (516) | –0 | –0 | 425072 |
|  Goldman Sachs Bank USA | 247508 | –0 | –0 | –0 | 247508 |
|  Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC | 1134185 | (23117) | –0 | –0 | 1111068 |
|  State Street Bank & Trust Co. | 960 | –0 | –0 | –0 | 960 |
|  UBS | 30775 | –0 | –0 | –0 | 30775 |
|  Total | $2945736 | $(23633) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $2922103 |

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

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| | |
|:---|:---|
| ^ | 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. |

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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

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

---

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 six months ended June 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money Market<br>Portfolio** | **AB Government Money Market<br>Portfolio** |
| **Market Value of<br>Securities**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on Loan\***  | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $8167566 | $1322606 | $7367289 | $9077 | $1160 | $967 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class B** |  |  |  |  |
|  Shares sold | 367109 | 1576021 | $4721925 | $19260216 |
|  Shares issued on reinvestment of dividends | –0 | 1181169 | –0 | 14233081 |
|  Shares redeemed | (5995671) | (13745723) | (76491502) | (168694063) |
|  Net decrease | (5628562) | (10988533) | $(71769577) | $(135200766) |

---

At June 30, 2025, 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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.

------

**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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Portfolio performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates.

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

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

**Foreign (Non-U.S.) Risk**—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be more difficult to trade due to adverse market, economic, political, regulatory or other factors. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

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

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

**Derivatives Risk**—Derivatives may be difficult to price or unwind and leveraged so that small changes may produce disproportionate losses for the Portfolio. 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.

------

---

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

---

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

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

#### NOTE H: Joint Credit Facility
A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $14233081 | $16918422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | –0 | –0 |
|  Total taxable distributions paid | $14233081 | $16918422 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $23819135 |
|  Accumulated capital and other losses | (58675308)(a) |
|  Unrealized appreciation (depreciation) | 97808714 (b) |
|  Total accumulated earnings (deficit) | $62952541 |

---

(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.

#### 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.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | 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** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** |  | **2020** |
|  Net asset value, beginning of period | $12.62 |  | $11.46 | $10.20 | $12.25 | $10.94 |  | $11.19 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .12 |  | .23 | .21 | .10 | .01 |  | .00 |
|  Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions | .56 |  | 1.17 | 1.29 | (1.80) | 1.30 |  | .23 |
|  Contributions from Affiliates | –0 |  | –0 | –0 | .00 (c) | .00 | (c) | –0 |
|  Net increase (decrease) in net asset value from operations | .68 |  | 1.40 | 1.50 | (1.70) | 1.31 |  | .23 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.24 | (.24 | (.07) | –0 |  | (.14 |
|  Distributions from net realized gain on investment transactions | –0 |  | –0 | –0 | (.28) | –0 |  | (.34 |
|  Total dividends and distributions | –0 |  | (.24 | (.24 | (.35) | –0 |  | (.48 |
|  Net asset value, end of period | $13.30 |  | $12.62 | $11.46 | $10.20 | $12.25 |  | $10.94 |
| **Total Return** |  |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d) | 5.39 | % | 12.28 | 14.79 | (14.07)% | 11.97 | % | 2.45 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $679275 |  | $715719 | $775596 | $799391 | $1065829 |  | $89696 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)(f)‡ | .75 | %^ | .74 | .77 | .75% | .75 | % | .94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)(f)‡ | .80 | %^ | .78 | .80 | .79% | .78 | % | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.84 | %^ | 1.85 | 1.98 | .92% | .09 | % | .01 |
|  Portfolio turnover rate | 1 | % | 8 | 3 | 2% | 18 | % | 31 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .05 | %^ | .04 | .03 | .04% | .03 | % | .06 |

---

See footnote summary on page 38.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO | GLOBAL RISK ALLOCATION—MODERATE 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 six months ended June 30, 2025 and the years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020, such waiver amounted to .05% (annualized), .04%, .03%, .04%, .03% and .06%, respectively.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .75 | %^ | .74% | .77% | .75% | .75% | .94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .80 | %^ | .78% | .80% | .79% | .78% | 1.20% |

---

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| 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

------

---

| | |
|:---|:---|
| 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.

------

---

| | |
|:---|:---|
| GLOBAL RISK ALLOCATION— | GLOBAL RISK ALLOCATION— |
| MODERATE 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 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.

------

VPS-GRA-0152-0625

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## JUN <sup>06.30.25</sup>
![LOGO](g850810g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS–97.0%** |  |  |
|  **INDUSTRIALS–20.9%** |  |  |
|  AEROSPACE & DEFENSE–6.1% |  |  |
|  Airbus SE | 34491 | $7215540 |
|  BAE Systems PLC | 203735 | 5287506 |
|  Melrose Industries PLC | 859309 | 6258504 |
|  |  | 18761550 |
|  CONSTRUCTION & ENGINEERING–3.0% |  |  |
|  Shimizu Corp. | 348700 | 3894895 |
|  Vinci SA | 35886 | 5292122 |
|  |  | 9187017 |
|  ELECTRICAL EQUIPMENT–1.6% |  |  |
|  Mitsubishi Electric Corp. | 222500 | 4785745 |
|  GROUND TRANSPORTATION–1.4% |  |  |
|  Keisei Electric Railway Co., Ltd. | 464800 | 4345845 |
|  MACHINERY–5.7% |  |  |
|  Amada Co., Ltd. | 212000 | 2313556 |
|  CNH Industrial NV | 422042 | 5469664 |
|  Kawasaki Heavy Industries Ltd. | 29400 | 2222569 |
|  Techtronic Industries Co., Ltd.–Class H | 255000 | 2813663 |
|  Toyota Industries Corp.(a) | 42100 | 4751520 |
|  |  | 17570972 |
|  PASSENGER AIRLINES–1.6% |  |  |
|  Ryanair Holdings PLC (Sponsored ADR)(b) | 84413 | 4868098 |
|  PROFESSIONAL SERVICES–1.5% |  |  |
|  Persol Holdings Co., Ltd. | 2364300 | 4614392 |
|  |  | 64133619 |
|  **FINANCIALS–15.5%** |  |  |
|  BANKS–9.9% |  |  |
|  ABN AMRO Bank NV | 168774 | 4608535 |
|  Banco Bilbao Vizcaya Argentaria SA | 324010 | 4989195 |
|  Danske Bank A/S | 125097 | 5109437 |
|  Erste Group Bank AG | 45768 | 3896014 |
|  NatWest Group PLC | 822241 | 5774559 |
|  Resona Holdings, Inc. | 653900 | 6039299 |
|  |  | 30417039 |
|  INSURANCE–5.6% |  |  |
|  ASR Nederland NV | 71584 | 4756442 |
|  AXA SA | 140757 | 6911877 |
|  Prudential PLC | 441618 | 5527397 |
|  |  | 17195716 |
|  |  | 47612755 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **HEALTH CARE–13.0%** |  |  |
|  HEALTH CARE EQUIPMENT & SUPPLIES–1.5% |  |  |
|  Siemens Healthineers AG | 85628 | $4753583 |
|  HEALTH CARE PROVIDERS & SERVICES–1.2% |  |  |
|  Fresenius SE & Co. KGaA | 75598 | 3804303 |
|  LIFE SCIENCES TOOLS & SERVICES–1.5% |  |  |
|  ICON PLC(a) | 31327 | 4556512 |
|  PHARMACEUTICALS–8.8% |  |  |
|  GSK PLC | 171345 | 3266942 |
|  Haleon PLC | 1146793 | 5894087 |
|  Merck KGaA | 25304 | 3280876 |
|  Novo Nordisk A/S–Class B | 66830 | 4630919 |
|  Roche Holding AG | 30085 | 9820335 |
|  |  | 26893159 |
|  |  | 40007557 |
|  **CONSUMER DISCRETIONARY–9.6%** |  |  |
|  AUTOMOBILE COMPONENTS–1.1% |  |  |
|  Toyo Tire Corp.(b) | 166800 | 3532984 |
|  AUTOMOBILES–1.9% |  |  |
|  Honda Motor Co., Ltd. | 596300 | 5750029 |
|  HOUSEHOLD DURABLES–1.9% |  |  |
|  Sony Group Corp. | 220100 | 5722667 |
|  SPECIALTY RETAIL–3.3% |  |  |
|  Industria de Diseno Textil SA | 119087 | 6212383 |
|  JD Sports Fashion PLC | 3189339 | 3889313 |
|  |  | 10101696 |
|  TEXTILES, APPAREL & LUXURY GOODS–1.4% |  |  |
|  Burberry Group PLC(a) | 260508 | 4231483 |
|  |  | 29338859 |
|  **ENERGY–7.2%** |  |  |
|  ENERGY EQUIPMENT & SERVICES–4.8% |  |  |
|  Shell PLC | 307017 | 10782287 |
|  Vallourec SACA | 212223 | 3914714 |
|  |  | 14697001 |
|  OIL, GAS & CONSUMABLE FUELS–2.4% |  |  |
|  Cameco Corp. | 41114 | 3053320 |
|  Repsol SA(b) | 294171 | 4302663 |
|  |  | 7355983 |
|  |  | 22052984 |

---

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **INFORMATION TECHNOLOGY–7.1%** |  |  |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.4% |  |  |
|  NXP Semiconductors NV | 14378 | $3141449 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 178000 | 6509344 |
|  Tokyo Electron Ltd. | 36000 | 6894337 |
|  |  | 16545130 |
|  TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7% |  |  |
|  Samsung Electronics Co., Ltd. | 119718 | 5294122 |
|  |  | 21839252 |
|  **MATERIALS–6.7%** |  |  |
|  CHEMICALS–3.4% |  |  |
|  Arkema SA | 40405 | 2983650 |
|  Kuraray Co., Ltd.(b) | 298100 | 3790725 |
|  Tosoh Corp. | 248900 | 3642325 |
|  |  | 10416700 |
|  CONSTRUCTION MATERIALS–1.7% |  |  |
|  CRH PLC | 56936 | 5226725 |
|  METALS & MINING–1.6% |  |  |
|  Lundin Mining Corp.(b) | 457116 | 4806977 |
|  |  | 20450402 |
|  **COMMUNICATION SERVICES–5.8%** |  |  |
|  DIVERSIFIED TELECOMMUNICATION SERVICES–4.5% |  |  |
|  Deutsche Telekom AG (REG) | 125697 | 4600962 |
|  Koninklijke KPN NV | 933769 | 4555103 |
|  Telstra Group Ltd. | 1432511 | 4567737 |
|  |  | 13723802 |
|  ENTERTAINMENT–1.3% |  |  |
|  Toho Co. Ltd./Tokyo | 70400 | 4153307 |
|  |  | 17877109 |
|  **CONSUMER STAPLES–5.0%** |  |  |
|  BEVERAGES–1.7% |  |  |
|  Coca-Cola Europacific Partners PLC | 55958 | 5188426 |
|  FOOD PRODUCTS–3.3% |  |  |
|  Nestle SA (REG) | 58062 | 5772892 |
|  Toyo Suisan Kaisha Ltd. | 63800 | 4240599 |
|  |  | 10013491 |
|  |  | 15201917 |
|  **UTILITIES–3.5%** |  |  |
|  ELECTRIC UTILITIES–3.5% |  |  |
|  EDP SA | 1214382 | 5275614 |
|  Enel SpA | 571593 | 5424822 |
|  |  | 10700436 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **REAL ESTATE–2.7%** |  |  |
|  DIVERSIFIED REITs–1.3% |  |  |
|  Merlin Properties Socimi SA | 299324 | $3946208 |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT–1.4% |  |  |
|  Mitsui Fudosan Co., Ltd. | 462300 | 4475563 |
|  |  | 8421771 |
|  Total Common Stocks <br>(cost $232,825,973) |  | 297636661 |
|  **SHORT-TERM INVESTMENTS–1.4%** |  |  |
|  INVESTMENT COMPANIES–1.4% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $4,115,994) | 4115994 | 4115994 |
|  **TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.4%** <br>(cost $236,941,967) |  | 301752655 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES<br>LOANED–1.3%** |  |  |
|  INVESTMENT COMPANIES–1.3% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $4,090,434) | 4090434 | 4090434 |
|  **TOTAL INVESTMENTS–99.7%** <br> (cost $241,032,401) |  | 305843089 |
|  Other assets less<br>liabilities–0.3% |  | 972172 |
|  **NET ASSETS–100.0%** |  | $306815261 |

---

------

**AB Variable Products Series Fund**

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | BRL | 8384 | USD | 1521 | 07/02/2025 | $(21680) |
|  Bank of America NA | USD | 1503 | BRL | 8384 | 07/02/2025 | 39521 |
|  Bank of America NA | EUR | 4366 | USD | 5064 | 07/09/2025 | (80376) |
|  Bank of America NA | USD | 10627 | CHF | 8671 | 07/09/2025 | 310180 |
|  Bank of America NA | USD | 1322 | EUR | 1161 | 07/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;46361 |
|  Bank of America NA | KRW | 404005 | USD | 293 | 07/17/2025 | (6002) |
|  Bank of America NA | USD | 748 | BRL | 4192 | 08/04/2025 | 18016 |
|  Barclays Capital, Inc. | USD | 2286 | ILS | 7989 | 08/14/2025 | 86205 |
|  Barclays Capital, Inc. | JPY | 133678 | USD | 920 | 08/27/2025 | (14002) |
|  Citibank NA | EUR | 918 | USD | 1052 | 07/09/2025 | (29106) |
|  Citibank NA | USD | 1221 | GBP | 918 | 07/16/2025 | 39366 |
|  Citibank NA | KRW | 6188857 | USD | 4346 | 07/17/2025 | (231849) |
|  Citibank NA | TWD | 103034 | USD | 3457 | 08/22/2025 | (126322) |
|  Deutsche Bank AG | EUR | 815 | USD | 930 | 07/09/2025 | (30718) |
|  Deutsche Bank AG | USD | 995 | GBP | 739 | 07/16/2025 | 19159 |
|  Goldman Sachs Bank USA | USD | 966 | EUR | 849 | 07/09/2025 | 34378 |
|  HSBC Bank USA | TWD | 54816 | USD | 1855 | 08/22/2025 | (51368) |
|  HSBC Bank USA | JPY | 130127 | USD | 901 | 08/27/2025 | (8479) |
|  JPMorgan Chase Bank | GBP | 909 | USD | 1247 | 07/16/2025 | (1140) |
|  Morgan Stanley Capital Services, Inc. | EUR | 10740 | USD | 12240 | 07/09/2025 | (417675) |
|  Morgan Stanley Capital Services, Inc. | USD | 6725 | EUR | 5828 | 07/09/2025 | 142426 |
|  Morgan Stanley Capital Services, Inc. | USD | 3390 | GBP | 2521 | 07/16/2025 | 70578 |
|  Morgan Stanley Capital Services, Inc. | USD | 17461 | AUD | 26704 | 08/21/2025 | 131410 |
|  Morgan Stanley Capital Services, Inc. | JPY | 2218204 | USD | 15212 | 08/27/2025 | (288426) |
|  Morgan Stanley Capital Services, Inc. | USD | 9530 | SEK | 90122 | 09/04/2025 | 35707 |
|  NatWest Markets PLC | EUR | 1352 | USD | 1559 | 07/09/2025 | (35216) |
|  NatWest Markets PLC | USD | 2465 | EUR | 2207 | 07/09/2025 | 135529 |
|  NatWest Markets PLC | GBP | 601 | USD | 812 | 07/16/2025 | (12880) |
|  Standard Chartered Bank | USD | 3574 | SGD | 4596 | 07/17/2025 | 44765 |
|  State Street Bank & Trust Co. | CHF | 289 | USD | 356 | 07/09/2025 | (8708) |
|  State Street Bank & Trust Co. | EUR | 1591 | USD | 1834 | 07/09/2025 | (41830) |
|  State Street Bank & Trust Co. | USD | 1744 | CHF | 1443 | 07/09/2025 | 76624 |
|  State Street Bank & Trust Co. | USD | 655 | EUR | 579 | 07/09/2025 | 26917 |
|  State Street Bank & Trust Co. | GBP | 976 | USD | 1317 | 07/16/2025 | (23209) |
|  State Street Bank & Trust Co. | USD | 1945 | GBP | 1439 | 07/16/2025 | 29890 |
|  State Street Bank & Trust Co. | USD | 325 | SGD | 419 | 07/17/2025 | 5331 |
|  State Street Bank & Trust Co. | USD | 771 | NZD | 1273 | 08/21/2025 | 6282 |
|  State Street Bank & Trust Co. | JPY | 15788 | USD | 109 | 08/27/2025 | (1027) |
|  State Street Bank & Trust Co. | USD | 503 | CAD | 686 | 08/28/2025 | 2056 |
|  State Street Bank & Trust Co. | USD | 326 | NOK | 3291 | 09/04/2025 | 433 |
|  UBS | CHF | 674 | USD | 823 | 07/09/2025 | (27198) |
|  UBS | EUR | 669 | USD | 771 | 07/09/2025 | (17036) |
|  UBS | USD | 2051 | EUR | 1804 | 07/09/2025 | 74695 |
|  UBS | HKD | 17587 | USD | 2270 | 07/11/2025 | 27962 |
|  UBS | GBP | 417 | USD | 562 | 07/16/2025 | (10043) |
|  UBS | USD | 833 | AUD | 1273 | 08/21/2025 | 5553 |
|  UBS | USD | 1733 | JPY | 248440 | 08/27/2025 | 2956 |
|  UBS | CAD | 10999 | USD | 8147 | 08/28/2025 | 46685 |
|  UBS | USD | 2378 | NOK | 24088 | 09/04/2025 | 13170 |
|  |  |  |  |  |  | $(12135) |

---

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

(a) Non-income producing security.

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

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

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

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

NZD—New Zealand Dollar

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $232,825,973) | $297636661 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $8,206,428—including investment of cash collateral for securities loaned of $4,090,434) | 8206428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 4602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash collateral due from broker | 280000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value (cost $7,799,095) | 7896068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold and foreign currency transactions | 5516119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency exchange contracts | 1472155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends receivable | 1250346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 214415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 20315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 322500862 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased and foreign currency transactions | 9085053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received on securities loaned | 4090434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency exchange contracts | 1484290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 550461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 179575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 49024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 47283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 197256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 15685601 |
|  **NET ASSETS** | $306815261 |
|  **COMPOSITION OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $16102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 219750028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 87049131 |
|  **NET ASSETS** | $306815261 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $55628450 | 2906232 | $19.14 |
| B | $251186811 | 13195443 | $19.04 |

---

(a) Includes securities on loan with a value of $17,340,737 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $672,979) | $5372539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 100415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 19793 |
|  | 5493055 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 1026068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 280157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 58831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 53559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 41338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 27836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 19095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 11379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 16519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before bank overdraft expense | 1537808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft expense | 8559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1546367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (24005) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1522362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3970693 |
|  **REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 20128528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 796218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 170517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 39536095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | 192307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 212593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment and foreign currency transactions | 61036258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from Affiliates (see Note B) | 26406 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $65033357 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3970693 | $5807920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 21095263 | 13427005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 39940995 | (5103041) |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from Affiliates (see Note B) | 26406 | –0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 65033357 | 14131884 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (1259417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (5086573) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (12344761) | (39227503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 52688596 | (31441609) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 254126665 | 285568274 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $306815261 | $254126665 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

#### NOTE A: Significant Accounting Policies
The AB International Value Portfolio (the "Portfolio") is a series of AB Variable Products Series Fund, Inc. (the "Fund"). The Portfolio's investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the "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

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**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 June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $10337762 | $53795857 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $64133619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | –0 | 47612755 | –0 | 47612755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 4556512 | 35451045 | –0 | 40007557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | –0 | 29338859 | –0 | 29338859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 3053320 | 18999664 | –0 | 22052984 |

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| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $3141449 | $18697803 | $–0 | $21839252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 10033702 | 10416700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | 20450402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | –0 | 17877109 | –0 | 17877109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 5188426 | 10013491 | –0 | 15201917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | –0 | 10700436 | –0 | 10700436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | –0 | 8421771 | –0 | 8421771 |
|  Short-Term Investments | 4115994 | –0 | –0 | 4115994 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 4090434 | –0 | –0 | 4090434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 44517599 | 261325490 | –0 | 305843089 |
|  **Other Financial Instruments(b):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | 1472155 | –0 | 1472155 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | (1484290) | –0 | (1484290) |
|  **Total** | $**44517599** | $**261313355** | $**–0** | $**305830954** |

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(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

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**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 segment's 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 May 9, 2025, 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 .90% and 1.15% of the daily average net assets for the Class A and Class B, respectively. Prior to May 9, 2025, the Adviser had 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 six months ended June 30, 2025, such reimbursements/waivers amounted to $16,160.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2025, the reimbursement for such services amounted to $53,559.

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 $833 for the six months ended June 30, 2025.

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

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| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

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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 six months ended June 30, 2025, such waiver amounted to $4,694.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $2345 | $53108 | $51337 | $4116 | $100 |
|  AB Government Money Market Portfolio\* | 599 | 55374 | 51883 | 4090 | 7 |
|  Total |  |  |  | $8206 | $107 |

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

During the six months ended June 30, 2025, the Adviser reimbursed the Portfolio $26,406 for trading losses incurred due to a trade entry error.

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

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

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

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

#### NOTE D: Investment Transactions
Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $75682884 | $88817655 |
|  U.S. government securities | –0 | –0 |

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

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| | |
|:---|:---|
|  Gross unrealized appreciation | $72502706 |
|  Gross unrealized depreciation | (7704153) |
|  Net unrealized appreciation | $64798553 |

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**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 six months ended June 30, 2025, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the six months ended June 30, 2025, the Portfolio had entered into the following derivatives:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>Subject to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash<br>Collateral<br>Received\*** | **Security<br>Collateral<br>Received\*** | **Net Amount of<br>Derivative<br>Assets** |
|  Bank of America NA | $414078 | $(108058) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 – $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 – $| 306020 |
|  Barclays Capital, Inc. | 86205 | (14002) | –0 – | –0 – | 72203 |
|  Citibank NA | 39366 | (39366) | –0 – | –0 – | –0 |
|  Deutsche Bank AG | 19159 | (19159) | –0 – | –0 – | –0 |
|  Goldman Sachs Bank USA | 34378 | –0 | –0 – | –0 – | 34378 |
|  Morgan Stanley Capital Services, Inc. | 380121 | (380121) | –0 – | –0 – | –0 |
|  NatWest Markets PLC | 135529 | (48096) | –0 – | –0 – | 87433 |
|  Standard Chartered Bank | 44765 | –0 | –0 – | –0 – | 44765 |
|  State Street Bank & Trust Co. | 147533 | (74774) | –0 – | –0 – | 72759 |
|  UBS | 171021 | (54277) | –0 – | –0 – | 116744 |
|  Total | $1472155 | $(737853) | $–0 – $| –0 – $| 734302 |

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| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Liabilities<br>Subject to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash<br>Collateral<br>Pledged\*** | **Security<br>Collateral<br>Pledged\*** | **Net Amount of<br>Derivative<br>Liabilities** |
|  Bank of America NA | $108058 | $(108058) | $–0 | $–0 – $| –0 |
|  Barclays Capital, Inc. | 14002 | (14002) | –0 | –0 – | –0 |
|  Citibank NA | 387277 | (39366) | (280000) | –0 – | 67911 |
|  Deutsche Bank AG | 30718 | (19159) | –0 | –0 – | 11559 |
|  HSBC Bank USA | 59847 | –0 | –0 | –0 – | 59847 |
|  JPMorgan Chase Bank | 1140 | –0 | –0 | –0 – | 1140 |
|  Morgan Stanley Capital Services, Inc. | 706101 | (380121) | –0 | –0 – | 325980 |
|  NatWest Markets PLC | 48096 | (48096) | –0 | –0 – | –0 |
|  State Street Bank & Trust Co. | 74774 | (74774) | –0 | –0 – | –0 |
|  UBS | 54277 | (54277) | –0 | –0 – | –0 |
|  Total | $1484290 | $(737853) | $(280000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 – $| 466437 |

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

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| | |
|:---|:---|
| ^ | 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. |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of<br>Assets and Liabilities<br>Location** | **Fair Value** | **Statement of<br>Assets and Liabilities<br>Location** | **Fair Value** |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $1472155 | Unrealized depreciation on forward currency exchange contracts | $1484290 |
|  Total |  | $1472155 |  | $1484290 |

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| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or (Loss) on Derivatives**<br> **Within Statement of Operations** | **Realized Gain or<br>(Loss) on<br>Derivatives** | **Change in Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $796218 | $192307 |
|  Total |  | $796218 | $192307 |

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The following table represents the average monthly volume of the Portfolio's derivative transactions during the six months ended June 30, 2025:

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| | |
|:---|:---|
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $70080728.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $64377864.0 |

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolio as of June 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

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**AB Variable Products Series Fund**

2. Currency Transactions

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

#### NOTE E: Securities Lending
The Portfolio may enter into securities lending transactions. Under the Portfolio's securities lending program, all loans of securities will be collateralized continually by cash collateral and/or non-cash collateral. Non-cash collateral will include only securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. 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 six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Government Money** <br> **Market Portfolio** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AB Government Money** <br> **Market Portfolio** |
|<br>**Market Value of<br>Securities**<br>**on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $17340737 | $4090434 | $14216556 | $12733 | $7060 | $3151 |

---

\* As of June 30, 2025.

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| | |
|:---|:---|
| INTERNATIONAL VALUE 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** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  Shares sold | 186878 | 354407 | $3209807 | $5462071 |
|  Shares issued in reinvestment of dividends | –0 | 82007 | –0 | 1259417 |
|  Shares redeemed | (305087) | (405948) | (5180362) | (6306092) |
|  Net increase (decrease) | (118209) | 30466 | $(1970555) | $415396 |
|  **Class B** | **Class B** | **Class B** | **Class B** | **Class B** |
|  Shares sold | 874777 | 892064 | $14989109 | $14003321 |
|  Shares issued on reinvestment of dividends | –0 | 332521 | –0 | 5086573 |
|  Shares redeemed | (1520982) | (3786600) | (25363315) | (58732793) |
|  Net decrease | (646205) | (2562015) | $(10374206) | $(39642899) |

---

At June 30, 2025, certain shareholders of the Portfolio owned 54% 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

**Emerging-Market Risk**—Investments in emerging market countries may have more risk because the markets are less developed, less liquid and are subject to increased potential for market manipulation, and 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.

------

**AB Variable Products Series Fund**

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

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

#### NOTE H: Joint Credit Facility
A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $6345990 | $2000855 |
|  Total taxable distributions paid | $6345990 | $2000855 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1847403 |
|  Accumulated capital and other losses | (2624144)(a) |
|  Unrealized appreciation (depreciation) | 22818921 (b) |
|  Total accumulated earnings (deficit) | $22042180 |

---

(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.

#### 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.

------

---

| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| FINANCIAL HIGHLIGHTS | **AB Variable Products Series Fund** |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.12 |  | $14.79 | $12.95 | $15.72 | $14.45 | $14.37 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .26 |  | .35 | .29 | .44 | .37 | .18 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.76 |  | .40 | 1.67 | (2.58) | 1.22 | .14 |
|  Contributions from Affiliates | .00 | (c) | –0 | –0 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | 4.02 |  | .75 | 1.96 | (2.14) | 1.59 | .32 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.42 | (.12 | (.60 | (.32 | (.24 |
|  Return of capital | –0 |  | –0 | –0 | (.03 | –0 | –0 |
|  Total dividends and distributions | –0 |  | (.42 | (.12 | (.63 | (.32 | (.24 |
|  Net asset value, end of period | $19.14 |  | $15.12 | $14.79 | $12.95 | $15.72 | $14.45 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 26.59 | % | 5.07 | 15.15 | (13.61) | 11.08 | 2.46 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $55628 |  | $45730 | $44286 | $40197 | $45175 | $41994 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)(f) | .91 | %^ | .90 | .90 | .88 | .90 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)(f) | .92 | %^ | .92 | .90 | .89 | .90 | .92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 3.11 | %^ | 2.26 | 2.03 | 3.24 | 2.34 | 1.47 |
|  Portfolio turnover rate | 28 | % | 51 | 46 | 37 | 43 | 54 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | %^ | .00 | .00 | .00 | .00 | .00 |

---

See footnote summary on page 20.

------

**AB Variable Products Series Fund**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $15.06 |  | $14.71 | $12.90 | $15.62 | $14.34 | $14.24 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .24 |  | .31 | .26 | .40 | .32 | .14 |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 3.74 |  | .40 | 1.65 | (2.56) | 1.23 | .15 |
|  Contributions from Affiliates | .00 | (c) | –0 | –0 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | 3.98 |  | .71 | 1.91 | (2.16) | 1.55 | .29 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.36 | (.10 | (.53 | (.27 | (.19 |
|  Return of capital | –0 |  | –0 | –0 | (.03 | –0 | –0 |
|  Total dividends and distributions | –0 |  | (.36 | (.10 | (.56 | (.27 | (.19 |
|  Net asset value, end of period | $19.04 |  | $15.06 | $14.71 | $12.90 | $15.62 | $14.34 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 26.36 | % | 4.81 | 14.83 | (13.80) | 10.86 | 2.21 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $251187 |  | $208397 | $241282 | $223060 | $304737 | $299415 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)(f) | 1.16 | %^ | 1.14 | 1.15 | 1.13 | 1.15 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)(f) | 1.18 | %^ | 1.17 | 1.15 | 1.14 | 1.15 | 1.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 2.86 | %^ | 2.04 | 1.80 | 2.98 | 2.08 | 1.18 |
|  Portfolio turnover rate | 28 | % | 51 | 46 | 37 | 43 | 54 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | %^ | .00 | .00 | .00 | .00 | .00 |

---

See footnote summary on page 20.

------

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| | |
|:---|:---|
| INTERNATIONAL VALUE PORTFOLIO |  |
| FINANCIAL HIGHLIGHTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

(a) Based on average shares outstanding.

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

(c) 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, for the six months ended June 30, 2025, such waiver amounted to .01% (annualized).

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .90 | .90% | .90% | .88% | .90% | .91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | .92 | .92% | .90% | .89% | .90% | .92% |
|  **Class B** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.15 | 1.14% | 1.15% | 1.13% | 1.15% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.17 | 1.17% | 1.15% | 1.14% | 1.15% | 1.17% |

---

\* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio's performance for the six months ended June 30, 2025 and for the years ended December 31, 2024, December 31, 2022 and December 31, 2020 by .14%, .01%, .01% and .04%, respectively.

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| 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 in-person on May 6-8, 2025 (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 2023 and 2024 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

------

---

| | |
|:---|:---|
| **INTERNATIONAL VALUE 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 have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 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 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.

------

**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 and the directors noted that the Fund's expense ratio was currently at 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, as a condition to their approval, that the Adviser lower its existing expense limitation from 0.92% to 0.90%, and the Adviser agreed to do so.

#### 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.

------

VPS-IV-0152-0625

------

## JUN <sup>06.30.25</sup>
![LOGO](g918496g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS–100.9%** |  |  |
|  **INFORMATION TECHNOLOGY–37.7%** |  |  |
|  COMMUNICATIONS EQUIPMENT–1.7% |  |  |
|  Arista Networks, Inc.(a) | 90192 | $9227544 |
|  Motorola Solutions, Inc. | 16190 | 6807247 |
|  |  | 16034791 |
|  IT SERVICES – 0.5% |  |  |
|  Shopify, Inc.–Class A(a) | 43542 | 5022570 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–22.9% |  |  |
|  Applied Materials, Inc. | 102703 | 18801838 |
|  ASML Holding NV (REG) | 3780 | 3029254 |
|  Astera Labs, Inc.(a) | 60930 | 5509291 |
|  Broadcom, Inc. | 182135 | 50205513 |
|  NVIDIA Corp. | 657759 | 103919344 |
|  QUALCOMM, Inc. | 68834 | 10962503 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 67460 | 15279015 |
|  Texas Instruments, Inc. | 80996 | 16816390 |
|  |  | 224523148 |
|  SOFTWARE–12.6% |  |  |
|  AppLovin Corp.–Class A(a) | 18477 | 6468428 |
|  Cadence Design Systems, Inc.(a) | 26945 | 8303102 |
|  Manhattan Associates, Inc.(a) | 20311 | 4010813 |
|  Microsoft Corp. | 174886 | 86990045 |
|  ServiceNow, Inc.(a) | 11136 | 11448699 |
|  Synopsys, Inc.(a) | 12553 | 6435672 |
|  |  | 123656759 |
|  |  | 369237268 |
|  **COMMUNICATION SERVICES–17.7%** |  |  |
|  ENTERTAINMENT–5.7% |  |  |
|  Netflix, Inc.(a) | 41462 | 55523008 |
|  INTERACTIVE MEDIA & SERVICES–12.0% |  |  |
|  Alphabet, Inc.–Class C | 278994 | 49490746 |
|  Meta Platforms, Inc.–Class A | 87373 | 64489137 |
|  Reddit, Inc.–Class A(a) | 24900 | 3749193 |
|  |  | 117729076 |
|  |  | 173252084 |
|  **CONSUMER DISCRETIONARY–13.6%** |  |  |
|  AUTOMOBILES – 0.8% |  |  |
|  Ferrari NV | 15818 | 7762525 |
|  BROADLINE RETAIL–6.4% |  |  |
|  Amazon.com, Inc.(a) | 284745 | 62470206 |
|  HOTELS, RESTAURANTS & LEISURE–2.3% |  |  |
|  Chipotle Mexican Grill, Inc.(a) | 306730 | 17222889 |
|  Texas Roadhouse, Inc. | 27050 | 5069441 |
|  |  | 22292330 |
|  SPECIALTY RETAIL–2.7% |  |  |
|  Home Depot, Inc. (The) | 54674 | 20045675 |
|  Tractor Supply Co. | 118693 | 6263430 |
|  |  | 26309105 |
|  TEXTILES, APPAREL & LUXURY GOODS–1.4% |  |  |
|  Lululemon Athletica, Inc.(a) | 34115 | 8105042 |
|  On Holding AG–Class A(a) | 118860 | 6186663 |
|  |  | 14291705 |
|  |  | 133125871 |
|  **HEALTH CARE–11.9%** |  |  |
|  BIOTECHNOLOGY–1.6% |  |  |
|  Genmab A/S (Sponsored ADR)(a) | 147067 | 3038404 |
|  Vertex Pharmaceuticals, Inc.(a) | 28435 | 12659262 |
|  |  | 15697666 |
|  HEALTH CARE EQUIPMENT & SUPPLIES–3.0% |  |  |
|  Intuitive Surgical, Inc.(a) | 33623 | 18271074 |
|  Stryker Corp. | 28490 | 11271499 |
|  |  | 29542573 |
|  HEALTH CARE PROVIDERS & SERVICES–1.4% |  |  |
|  McKesson Corp. | 12630 | 9255012 |
|  UnitedHealth Group, Inc. | 14330 | 4470530 |
|  |  | 13725542 |
|  HEALTH CARE TECHNOLOGY–1.4% |  |  |
|  Veeva Systems, Inc.–Class A(a) | 48085 | 13847518 |
|  LIFE SCIENCES TOOLS & SERVICES–1.8% |  |  |
|  Mettler-Toledo International, Inc.(a) | 5883 | 6910878 |
|  Waters Corp.(a) | 31186 | 10885161 |
|  |  | 17796039 |
|  PHARMACEUTICALS–2.7% |  |  |
|  Eli Lilly & Co. | 33605 | 26196106 |
|  |  | 116805444 |
|  **FINANCIALS–7.3%** |  |  |
|  CAPITAL MARKETS–1.5% |  |  |
|  Cboe Global Markets, Inc. | 64259 | 14985841 |

---

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  FINANCIAL SERVICES–4.7% |  |  |
|  Visa, Inc.–Class A | 128816 | $45736121 |
|  INSURANCE–1.1% |  |  |
|  Progressive Corp. (The) | 39580 | 10562319 |
|  |  | 71284281 |
|  **INDUSTRIALS–6.2%** |  |  |
|  AEROSPACE & DEFENSE–0.8% |  |  |
|  Axon Enterprise, Inc.(a) | 9854 | 8158521 |
|  BUILDING PRODUCTS–1.6% |  |  |
|  Otis Worldwide Corp. | 118911 | 11774567 |
|  Trex Co., Inc.(a) | 68414 | 3720354 |
|  |  | 15494921 |
|  COMMERCIAL SERVICES & SUPPLIES–1.3% |  |  |
|  Copart, Inc.(a) | 249419 | 12238990 |
|  GROUND TRANSPORTATION–0.5% |  |  |
|  Saia, Inc.(a) | 19610 | 5372944 |
|  PROFESSIONAL SERVICES–1.5% |  |  |
|  Verisk Analytics, Inc. | 46157 | 14377905 |
|  TRADING COMPANIES & DISTRIBUTORS–0.5% |  |  |
|  United Rentals, Inc. | 6670 | 5025178 |
|  |  | 60668459 |
|  **CONSUMER STAPLES–5.2%** |  |  |
|  BEVERAGES–2.6% |  |  |
|  Celsius Holdings, Inc.(a) | 124441 | 5772818 |
|  Monster Beverage Corp.(a) | 306075 | 19172538 |
|  |  | 24945356 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL–2.6% |  |  |
|  Costco Wholesale Corp. | 25685 | 25426609 |
|  |  | 50371965 |
|  **MATERIALS–1.3%** |  |  |
|  CHEMICALS–1.3% |  |  |
|  Sherwin-Williams Co. (The) | 36951 | 12687495 |
|  Total Common Stocks <br>(cost $483,818,035) |  | 987432867 |
|  **RIGHTS–0.0%** |  |  |
|  **HEALTH CARE–0.0%** |  |  |
|  HEALTH CARE PROVIDERS & SERVICES–0.0% |  |  |
|  ABIOMED, Inc. (CVR)(a)(b)(c) <br>(cost $11,601) | 11373 | 28717 |
|  **SHORT-TERM INVESTMENTS–1.1%** |  |  |
|  INVESTMENT COMPANIES–1.1% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(d)(e)(f) <br>(cost $11,116,686) | 11116686 | 11116686 |
|  **TOTAL INVESTMENTS–102.0%** (cost $494,946,322) |  | 998578270 |
|  Other assets less liabilities–(2.0)% |  | (19692822) |
|  **NET ASSETS–100.0%** |  | $978885448 |

---

(a) Non-income producing security.

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

(c) Fair valued by the Adviser.

(d) 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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

(f) Affiliated investments.

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

CVR—Contingent Value Right

See notes to financial statements.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $483,829,636) | $987461584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $11,116,686) | 11116686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends receivable | 118530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 96217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 33302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 998827917 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 19137231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 459237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 116889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 49112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 177011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19942469 |
|  **NET ASSETS** | $978885448 |
|  **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $10965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 370199155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 608675328 |
|  **NET ASSETS** | $978885448 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $387737556 | 4045826 | $95.84 |
| B | $591147892 | 6919272 | $85.43 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $30,217) | $2500644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 227954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 1174 |
|  | $2729825 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 2752085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 698052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 2641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 53241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 48212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 33699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 30646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 21298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 15344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3668488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (10886) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3657602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (927777) |
|  **REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 19538919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 48273375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment transactions | 67812294 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $66884517 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(927777) | $(1658710) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 19538919 | 90877917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 48273375 | 101144866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 66884517 | 190364073 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (14973256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (23217785) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (39492402) | 25827317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase | 27392115 | 178000349 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 951493333 | 773492984 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $978885448 | $951493333 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

#### NOTE A: Significant Accounting Policies
The AB Large Cap Growth Portfolio (the "Portfolio") is a series of AB Variable Products Series Fund, Inc. (the "Fund"). The Portfolio's investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the "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

------

**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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks(a) | $987432867 | $–0 | $–0 | $987432867 |
|  Rights | –0 | –0 | 28717 | 28717 |
|  Short-Term Investments | 11116686 | –0 | –0 | 11116686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 998549553 | –0 | 28717 | 998578270 |
|  **Other Financial Instruments(b)** | –0 | –0 | –0 | –0 |
|  **Total** | $**998549553** | $**–0** | $**28717** | $**998578270** |

---

(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.

------

---

| | |
|:---|:---|
| 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

------

**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 six months ended June 30, 2025, the reimbursement for such services amounted to $53,241.

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 $833 for the six months ended June 30, 2025.

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 six months ended June 30, 2025, such waiver amounted to $10,773.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |  |
|  AB Government Money Market Portfolio | $22856 | $41662 | $53401 | $11117 | $228 |  |
|  AB Government Money Market Portfolio\* | 3265 | 435 | 3700 | –0 | 0 | \*\* |
|  Total |  |  |  | $11117 | $228 |  |

---

\* 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 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.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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

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

#### NOTE D: Investment Transactions
Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $89094632 | $100410777 |
|  U.S. government securities | –0 | –0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $518407192 |
|  Gross unrealized depreciation | (14775244) |
|  Net unrealized appreciation | $503631948 |

---

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2025.

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

------

**AB Variable Products Series Fund**

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 six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Market Value of<br>Securities<br>on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **AB Government Money<br>Market Portfolio** | **AB Government Money<br>Market Portfolio** |
| **Market Value of<br>Securities<br>on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income<br>Earned** | **Advisory Fee<br>Waived** |
| $–0 | $–0 | $–0 | $724 | $450 | $113 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** |  |  |  |  |
|  Shares sold | 157265 | 180385 | $13746360 | $15397210 |
|  Shares issued in reinvestment of dividends and distributions | –0 | 188628 | –0 | 14973256 |
|  Shares redeemed | (319814) | (593493) | (27900158) | (50409600) |
|  Net decrease | (162549) | (224480) | $(14153798) | $(20039134) |
|  **Class B** |  |  |  |  |
|  Shares sold | 465677 | 1103284 | $36458162 | $85672707 |
|  Shares issued on reinvestment of distributions | –0 | 327380 | –0 | 23217785 |
|  Shares redeemed | (767545) | (828978) | (61796766) | (63024041) |
|  Net increase (decrease) | (301868) | 601686 | $(25338604) | $45866451 |

---

At June 30, 2025, certain shareholders of the Portfolio owned 71% in aggregate of the Portfolio's outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio's performance.

#### NOTE G: Risks Involved in Investing in the Portfolio
**Market Risk**—The value of the Portfolio's assets will fluctuate as the 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), terrorism, war, interest rate levels, tariffs and trade disputes, and regional and global conflicts, that affect large portions of the market. It includes the risk that a particular style of investing may underperform the market generally.

**Focused Portfolio Risk**—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio's net asset value, or NAV, than would be the case if the Portfolio were invested in a larger number of companies.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **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 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.

**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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

**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 six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $199068 | $–0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 37991973 | 48552260 |
|  Total taxable distributions paid | $38191041 | $48552260 |

---

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

---

| | |
|:---|:---|
|  Undistributed capital gains | $89128813.0 |
|  Unrealized appreciation (depreciation) | 452661998.0 (a) |
|  Total accumulated earnings (deficit) | $541790811.0 |

---

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

------

**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.

#### 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.

------

---

| | |
|:---|:---|
| 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** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $89.31 | $74.50 | $58.90 | $93.09 | $77.09 | $61.26 |
| **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | (.02 | (.04 | .11 | (.05 | (.19 | (.06 |
|  Net realized and unrealized gain (loss) on investment transactions | 6.55 | 18.41 | 20.12 | (25.48) | 22.16 | 21.18 |
|  Contributions from Affiliates | –0 | –0 | .00 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | 6.53 | 18.37 | 20.23 | (25.53) | 21.97 | 21.12 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | –0 | (.05 | –0 | –0 | –0 | –0 |
|  Distributions from net realized gain on investment transactions | –0 | (3.51) | (4.63) | (8.66) | (5.97) | (5.29) |
|  Total dividends and distributions | –0 | (3.56) | (4.63) | (8.66) | (5.97) | (5.29) |
|  Net asset value, end of period | $95.84 | $89.31 | $74.50 | $58.90 | $93.09 | $77.09 |
| **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 7.31 | 25.26 | 35.13 | (28.51) | 28.98 | 35.49 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $387738 | $375852 | $330245 | $260596 | $389051 | $331436 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .65 | .65 | .65 | .65 | .65 | .66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .65 | .65 | .66 | .65 | .65 | .67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | (.05 | (.04 | .17 | (.07 | (.22 | (.08 |
|  Portfolio turnover rate | 10 | 27 | 30 | 34 | 17 | 33 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .00 | .01 | .00 | .00 | .01 |

---

See footnote summary on page 15.

------

**AB Variable Products Series Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025<br>(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $79.72 | $66.96 | $53.45 | $85.67 | $71.51 | $57.28 |
| **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment loss(a)(b) | (.12 | (.22 | (.05) | (.20 | (.37 | (.21 |
|  Net realized and unrealized gain (loss) on investment transactions | 5.83 | 16.49 | 18.19 | (23.36) | 20.50 | 19.73 |
|  Contributions from Affiliates | –0 | –0 | .00 (c) | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | 5.71 | 16.27 | 18.14 | (23.56) | 20.13 | 19.52 |
| **Less: Distributions** |  |  |  |  |  |  |
|  Distributions from net realized gain on investment transactions | –0 | (3.51) | (4.63) | (8.66) | (5.97) | (5.29) |
|  Net asset value, end of period | $85.43 | $79.72 | $66.96 | $53.45 | $85.67 | $71.51 |
| **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 7.16 | 24.95 | 34.78% | (28.69) | 28.65 | 35.15 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $591147 | $575641 | $443248 | $330487 | $490111 | $413127 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .90 | .90 | .90% | .90 | .90 | .91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .90 | .90 | .91% | .90 | .90 | .92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss(b) | (.30 | (.29 | (.08)% | (.32 | (.47 | (.33 |
|  Portfolio turnover rate | 10 | 27 | 30% | 34 | 17 | 33 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .00 | .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 six months ended June 30, 2025 and the year ended December 31, 2024 by .01% and .11%, respectively.

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| CONTINUANCE DISCLOSURE | **AB Variable Products Series Fund** |

---

#### INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND'S ADVISORY AGREEMENT
The disinterested directors (the "directors") of AB Variable Products Series Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the "Fund") at a meeting held in-person on May 6-8, 2025 (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 2023 and 2024 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

------

**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 have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund's underperformance in the most recent period, 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,

------

---

| | |
|:---|:---|
| LARGE CAP GROWTH PORTFOLIO |  |
| CONTINUANCE DISCLOSURE |  |
| (continued) | **AB Variable Products Series Fund** |

---

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

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year. 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.

------

VPS-LCG-0152-0625

------

## JUN <sup>06.30.25</sup>
![LOGO](g943078g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS–95.4%** | **COMMON STOCKS–95.4%** |  |
|  **FINANCIALS–22.0%** |  |  |
|  BANKS–7.9% |  |  |
|  Citigroup, Inc. | 240123 | $20439270 |
|  JPMorgan Chase & Co. | 152565 | 44230119 |
|  Wells Fargo & Co. | 248269 | 19891312 |
|  |  | 84560701 |
|  CAPITAL MARKETS–2.9% |  |  |
|  Blackstone Secured Lending Fund(a) | 216002 | 6642062 |
|  S&P Global, Inc. | 47111 | 24841159 |
|  |  | 31483221 |
|  FINANCIAL SERVICES–7.7% | FINANCIAL SERVICES–7.7% |  |
|  Berkshire Hathaway, Inc.–Class B(b) | 84209 | 40906206 |
|  Fiserv, Inc.(b) | 130318 | 22468126 |
|  Mastercard, Inc.–Class A | 25082 | 14094579 |
|  MGIC Investment Corp. | 189347 | 5271421 |
|  |  | 82740332 |
|  INSURANCE–3.5% |  |  |
|  Axis Capital Holdings Ltd. | 207138 | 21505067 |
|  MetLife, Inc. | 192722 | 15498703 |
|  |  | 37003770 |
|  |  | 235788024 |
|  **HEALTH CARE–17.8%** |  |  |
|  BIOTECHNOLOGY–4.4% |  |  |
|  Gilead Sciences, Inc. | 176064 | 19520216 |
|  Regeneron Pharmaceuticals, Inc. | 37977 | 19937925 |
|  United Therapeutics Corp.(b) | 25492 | 7325126 |
|  |  | 46783267 |
|  HEALTH CARE EQUIPMENT & SUPPLIES–1.2% |  |  |
|  GE HealthCare Technologies, Inc. | 113807 | 8429684 |
|  ResMed, Inc.(a) | 16090 | 4151220 |
|  |  | 12580904 |
|  HEALTH CARE PROVIDERS & SERVICES–6.6% |  |  |
|  Cencora, Inc. | 57158 | 17138826 |
|  Elevance Health, Inc. | 59230 | 23038101 |
|  HCA Healthcare, Inc. | 32904 | 12605522 |
|  Quest Diagnostics, Inc. | 99376 | 17850911 |
|  |  | 70633360 |
|  LIFE SCIENCES TOOLS & SERVICES–1.0% |  |  |
|  Agilent Technologies, Inc. | 88663 | 10463121 |
|  PHARMACEUTICALS–4.6% | PHARMACEUTICALS–4.6% |  |
|  Johnson & Johnson | 249176 | 38061634 |
|  Roche Holding AG (Sponsored ADR)(a) | 288092 | 11742630 |
|  |  | 49804264 |
|  |  | 190264916 |
|  **INDUSTRIALS–16.7%** |  |  |
|  AEROSPACE & DEFENSE–3.5% |  |  |
|  Curtiss-Wright Corp. | 10965 | 5356951 |
|  RTX Corp. | 219166 | 32002619 |
|  |  | 37359570 |
|  BUILDING PRODUCTS–2.1% | BUILDING PRODUCTS–2.1% |  |
|  Allegion PLC | 50793 | 7320287 |
|  Carlisle Cos., Inc.(a) | 13291 | 4962859 |
|  Otis Worldwide Corp. | 100544 | 9955867 |
|  |  | 22239013 |
|  COMMERCIAL SERVICES & SUPPLIES–1.6% |  |  |
|  Veralto Corp. | 165401 | 16697231 |
|  ELECTRICAL EQUIPMENT–2.2% |  |  |
|  Generac Holdings, Inc.(b) | 124496 | 17829072 |
|  nVent Electric PLC | 82407 | 6036313 |
|  |  | 23865385 |
|  GROUND TRANSPORTATION–3.3% |  |  |
|  CSX Corp. | 363378 | 11857024 |
|  JB Hunt Transport Services, Inc. | 72913 | 10470307 |
|  Landstar System, Inc. | 20640 | 2869373 |
|  Uber Technologies, Inc.(b) | 108610 | 10133313 |
|  |  | 35330017 |
|  MACHINERY–2.9% |  |  |
|  Allison Transmission Holdings, Inc. | 68732 | 6528853 |
|  PACCAR, Inc. | 96811 | 9202853 |
|  Westinghouse Air Brake Technologies Corp. | 74165 | 15526443 |
|  |  | 31258149 |
|  PROFESSIONAL SERVICES–0.4% |  |  |
|  FTI Consulting, Inc.(b) | 26561 | 4289601 |
|  TRADING COMPANIES & DISTRIBUTORS–0.7% |  |  |
|  MSC Industrial Direct Co., Inc.–Class A(a) | 85876 | 7301178 |
|  |  | 178340144 |
|  **CONSUMER STAPLES–8.6%** | **CONSUMER STAPLES–8.6%** |  |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL–4.2% |  |  |
|  Casey's General Stores, Inc. | 22875 | 11672426 |

---

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Walmart, Inc. | 340670 | $| 33310713 |
|  |  |  | 44983139 |
|  FOOD PRODUCTS–0.7% |  |  |  |
|  Mondelez International, Inc.–Class A | 114402 |  | 7715271 |
|  TOBACCO–3.7% |  |  |  |
|  Philip Morris International, Inc. | 215364 |  | 39224245 |
|  |  |  | 91922655 |
|  **INFORMATION TECHNOLOGY–8.5%** |  |  |  |
|  COMMUNICATIONS EQUIPMENT–0.6% |  |  |  |
|  Cisco Systems, Inc. | 98480 |  | 6832542 |
|  ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5% |  |  |  |
|  Zebra Technologies Corp.–Class A(b) | 17380 |  | 5359297 |
|  IT SERVICES–2.1% |  |  |  |
|  Accenture PLC–Class A | 75744 |  | 22639124 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.5% |  |  |  |
|  Lam Research Corp. | 56324 |  | 5482578 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR) | 69664 |  | 15778200 |
|  Texas Instruments, Inc. | 127521 |  | 26475910 |
|  |  |  | 47736688 |
|  SOFTWARE–0.8% |  |  |  |
|  Nice Ltd. (Sponsored ADR)(b) | 50075 |  | 8458168 |
|  |  |  | 91025819 |
|  **CONSUMER DISCRETIONARY–6.6%** |  |  |  |
|  AUTOMOBILE COMPONENTS–0.5% |  |  |  |
|  BorgWarner, Inc. | 154100 |  | 5159268 |
|  HOTELS, RESTAURANTS & LEISURE–0.6% |  |  |  |
|  Starbucks Corp.(a) | 69245 |  | 6344919 |
|  SPECIALTY RETAIL–4.4% |  |  |  |
|  Dick's Sporting Goods, Inc. | 72260 |  | 14293751 |
|  Lowe's Cos., Inc. | 39750 |  | 8819333 |
|  Ross Stores, Inc. | 82868 |  | 10572299 |
|  Ulta Beauty, Inc.(b) | 28503 |  | 13334273 |
|  |  |  | 47019656 |
|  TEXTILES, APPAREL & LUXURY GOODS–1.1% |  |  |  |
|  Lululemon Athletica, Inc.(b) | 14185 |  | 3370073 |
|  NIKE, Inc.–Class B | 120179 |  | 8537516 |
|  |  |  | 11907589 |
|  |  |  | 70431432 |
|  **ENERGY–5.7%** |  |  |  |
|  ENERGY EQUIPMENT & SERVICES–0.3% |  |  |  |
|  Cactus, Inc.–Class A | 82668 |  | 3614245 |
|  OIL, GAS & CONSUMABLE FUELS–5.4% |  |  |  |
|  Chevron Corp. | 86426 |  | 12375339 |
|  ConocoPhillips | 126495 |  | 11351661 |
|  EOG Resources, Inc. | 222763 |  | 26644683 |
|  Phillips 66 | 63891 |  | 7622196 |
|  |  |  | 57993879 |
|  |  |  | 61608124 |
|  **COMMUNICATION SERVICES–5.6%** |  |  |  |
|  DIVERSIFIED TELECOMMUNICATION SERVICES–2.5% |  |  |  |
|  AT&T, Inc. | 486620 |  | 14082783 |
|  Comcast Corp.–Class A | 359170 |  | 12818777 |
|  |  |  | 26901560 |
|  ENTERTAINMENT–3.1% |  |  |  |
|  Electronic Arts, Inc. | 88447 |  | 14124986 |
|  Walt Disney Co. (The) | 153250 |  | 19004532 |
|  |  |  | 33129518 |
|  |  |  | 60031078 |
|  **MATERIALS–2.7%** |  |  |  |
|  CHEMICALS–1.8% |  |  |  |
|  CF Industries Holdings, Inc. | 101432 |  | 9331744 |
|  PPG Industries, Inc. | 87403 |  | 9942091 |
|  |  |  | 19273835 |
|  METALS & MINING–0.9% | METALS & MINING–0.9% | METALS & MINING–0.9% | METALS & MINING–0.9% |
|  Steel Dynamics, Inc. | 74044 |  | 9478373 |
|  |  |  | 28752208 |
|  **REAL ESTATE–1.2%** | **REAL ESTATE–1.2%** | **REAL ESTATE–1.2%** | **REAL ESTATE–1.2%** |
|  REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2% |  |  |  |
|  Jones Lang LaSalle, Inc.(b) | 8300 |  | 2122974 |
|  SPECIALIZED REITS–1.0% | SPECIALIZED REITS–1.0% | SPECIALIZED REITS–1.0% | SPECIALIZED REITS–1.0% |
|  Public Storage | 35697 |  | 10474214 |
|  |  |  | 12597188 |
|  Total Common Stocks <br>(cost $836,531,775) |  |  | 1020761588 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **SHORT-TERM INVESTMENTS–3.3%** |  |  |
|  INVESTMENT COMPANIES–3.3% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $34,903,931) | 34903931 | $34903931 |
|  **TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.7%** <br> (cost $871,435,706) |  | 1055665519 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.2%** |  |  |
|  INVESTMENT COMPANIES–1.2% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $12,757,034) | 12757034 | 12757034 |
|  **TOTAL INVESTMENTS–99.9%**<br>(cost $884,192,740) |  | 1068422553 |
|  Other assets less<br>liabilities–0.1% |  | 1397993 |
|  **NET ASSETS–100.0%** |  | $1069820546 |

---

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

(b) Non-income producing security.

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

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

REIT—Real Estate Investment Trust

See notes to financial statements.

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $836,531,775) | $1020761588 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $47,660,965—including investment of cash collateral for securities loaned of $12,757,034) | 47660965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 29226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 18830821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends receivable | 1609739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 114512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 6169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 4017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1089017037 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received on securities loaned | 12757034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 4719099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 866695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 449732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 139834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 48931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 3109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 211911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 19196491 |
|  **NET ASSETS** | $1069820546 |
|  **COMPOSITION OF NET ASSETS** | **COMPOSITION OF NET ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $32923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 759700476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 310087147 |
|  **NET ASSETS** | $1069820546 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $350061695 | 10576264 | $33.10 |
| B | $719758851 | 22346453 | $32.21 |

---

(a) Includes securities on loan with a value of $37,485,438 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $77,814) | $8403993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 647077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 42561 |
|  | $9093992 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 2590586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 875716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 3638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 57542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 52865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 38392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 34745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 21711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 15521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 11495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 3703459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (34645) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3668814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5425178 |
|  **REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 24643515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 13473304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment transactions | 38116819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from Affiliates (see Note B) | 249 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $43542246 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE IN NET ASSETS FROM OPERATIONS** | **INCREASE IN NET ASSETS FROM OPERATIONS** | **INCREASE IN NET ASSETS FROM OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $5425178 | $10330354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 24643515 | 90733236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | 13473304 | 6898581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contributions from Affiliates (see Note B) | 249 | –0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 43542246 | 107962171 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (9860890) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (34400457) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 103844043 | (16530) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase | 147386289 | 63684294 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 922434257 | 858749963 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1069820546 | $922434257 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **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

------

---

| | |
|:---|:---|
| 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks(a) | $1020761588 | $–0 | $–0 | $1020761588 |
|  Short-Term Investments | 34903931 | –0 | –0 | 34903931 |
|  Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund | 12757034 | –0 | –0 | 12757034 |
|  Total Investments in Securities | 1068422553 | –0 | –0 | 1068422553 |
|  **Other Financial Instruments(b)** | –0 | –0 | –0 | –0 |
|  **Total** | $**1068422553** | $**–0** | $**–0** | $**1068422553** |

---

(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.

------

**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 results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about

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---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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 segment's 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 six months ended June 30, 2025, the reimbursement for such services amounted to $52,865.

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 $833 for the six months ended June 30, 2025.

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 six months ended June 30, 2025, such waiver amounted to $30,758.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $20864 | $229881 | $215841 | $34904 | $647 |
|  AB Government Money Market Portfolio\* | 23971 | 77881 | 89095 | 12757 | 18 |
|  Total |  |  |  | $47661 | $665 |

---

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

During the six months ended June 30, 2025, the Adviser reimbursed the Portfolio $249 for trading losses incurred due to NAV entry errors.

#### 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.

------

**AB Variable Products Series Fund**

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

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

#### NOTE D: Investment Transactions
Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $411284618 | $318832068 |
|  U.S. government securities | –0 | –0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $198686426 |
|  Gross unrealized depreciation | (14456613) |
|  Net unrealized appreciation | $184229813 |

---

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2025.

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

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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 six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money Market<br>Portfolio** | **AB Government Money Market<br>Portfolio** |
| **Market Value of<br>Securities**<br> **on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $37485438 | $12757034 | $25867486 | $24159 | $18402 | $3887 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** |  |  |  |  |
|  Shares sold | 4358692 | 1488728 | $140076267 | $47509996 |
|  Shares issued in reinvestment of dividends and distributions | –0 | 322990 | –0 | 9860890 |
|  Shares redeemed | (437872) | (1068235) | (14078608) | (33761481) |
|  Net increase | 3920820 | 743483 | $125997659 | $23609405 |
|  **Class B** |  |  |  |  |
|  Shares sold | 1115478 | 1733484 | $34700655 | $54152119 |
|  Shares issued on reinvestment of dividends and distributions | –0 | 1155153 | –0 | 34400457 |
|  Shares redeemed | (1819915) | (3615533) | (56854271) | (112178511) |
|  Net decrease | (704437) | (726896) | $(22153616) | $(23625935) |

---

At June 30, 2025, certain shareholders of the Portfolio owned 48% 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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 financials 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.

------

**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 six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $11941310 | $10958671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 32320037 | 66640589 |
|  Total taxable distributions paid | $44261347 | $77599260 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $10330103.0 |
|  Undistributed capital gains | 88189633.0 |
|  Unrealized appreciation (depreciation) | 168025416.0 (a) |
|  Total accumulated earnings (deficit) | $266545152.0 |

---

(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.

#### NOTE J: Subsequent Events
Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio's financial statements through this date.

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| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO | RELATIVE VALUE PORTFOLIO |
| FINANCIAL HIGHLIGHTS | **AB Variable Products Series Fund** |

---

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $31.68 |  | $29.50 | $29.00 | $36.83 | $28.97 | $30.30 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .22 |  | .42 | .47 | .48 | .38 | .40 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.20 |  | 3.36 | 2.86 | (2.21) | 7.76 | .13 |
|  Contributions from Affiliates | .00 | (c) | –0 | –0 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | 1.42 |  | 3.78 | 3.33 | (1.73) | 8.14 | .53 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.47 | (.45 | (.49 | (.28 | (.42 |
|  Distributions from net realized gain on investment transactions | –0 |  | (1.13) | (2.38) | (5.61) | –0 | (1.44) |
|  Total dividends and distributions | –0 |  | (1.60) | (2.83) | (6.10) | (.28 | (1.86) |
|  Net asset value, end of period | $33.10 |  | $31.68 | $29.50 | $29.00 | $36.83 | $28.97 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 4.48 | % | 13.02 | 12.03 | (4.19) | 28.15 | 2.72 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $350062 |  | $210860 | $174389 | $157648 | $170190 | $143269 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .59 | %^ | .60 | .60 | .59 | .59 | .61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .60 | %^ | .60 | .61 | .59 | .59 | .62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.37 | %^ | 1.33 | 1.65 | 1.50 | 1.13 | 1.53 |
|  Portfolio turnover rate | 34 | % | 58 | 70 | 66 | 51 | 54 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | %^ | .01 | .01 | .00 | .00 | .01 |

---

See footnote summary on page 16.

------

**AB Variable Products Series Fund**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $30.87 |  | $28.78 | $28.36 | $36.12 | $28.43 | $29.76 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income(a)(b) | .17 |  | .34 | .39 | .39 | .29 | .33 |
|  Net realized and unrealized gain (loss) on investment transactions | 1.17 |  | 3.28 | 2.79 | (2.16) | 7.61 | .13 |
|  Contributions from affiliates | .00 | (c) | –0 | –0 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | 1.34 |  | 3.62 | 3.18 | (1.77) | 7.90 | .46 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | (.40 | (.38 | (.38 | (.21 | (.35 |
|  Distributions from net realized gain on investment transactions | –0 |  | (1.13) | (2.38) | (5.61) | –0 | (1.44) |
|  Total dividends and distributions | –0 |  | (1.53) | (2.76) | (5.99) | (.21 | (1.79) |
|  Net asset value, end of period | $32.21 |  | $30.87 | $28.78 | $28.36 | $36.12 | $28.43 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | 4.34 | % | 12.76 | 11.72 | (4.42) | 27.84 | 2.47 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $719759 |  | $711574 | $684361 | $677187 | $752562 | $868715 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)‡ | .84 | %^ | .85 | .85 | .84 | .84 | .86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)‡ | .85 | %^ | .85 | .86 | .84 | .85 | .87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income(b) | 1.08 | %^ | 1.08 | 1.40 | 1.25 | .87 | 1.28 |
|  Portfolio turnover rate | 34 | % | 58 | 70 | 66 | 51 | 54 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | %^ | .01 | .01 | .00 | .00 | .01 |

---

See footnote summary on page 16.

------

---

| | |
|:---|:---|
| RELATIVE VALUE PORTFOLIO |  |
| FINANCIAL HIGHLIGHTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

(a) Based on average shares outstanding.

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

(c) 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, for the six months ended June 30, 2025 and for the years ended December 31, 2023 and December 31, 2020, such waiver amounted to .01% (annualized), .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 six months ended June 30, 2025 and for the year ended December 31, 2024 by .01% and .10%.

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| 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 in-person on May 6-8, 2025 (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 2023 and 2024 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

------

---

| | |
|:---|:---|
| RELATIVE VALUE 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 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 have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund's underperformance in the most recent period, 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,

------

**AB Variable Products Series Fund**

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

In connection with their review of the Fund's advisory fee, the directors also considered the total expense ratio of the Class A shares of the Fund in comparison to the medians for a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund's latest fiscal year. 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.

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VPS-RV-0152-0625

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## JUN <sup>06.30.25</sup>
![LOGO](g946890g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

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| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

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---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  **COMMON STOCKS–99.2%** |  |  |  |
|  **INDUSTRIALS–25.3%** |  |  |  |
|  AEROSPACE & DEFENSE–7.1% |  |  |  |
|  AeroVironment, Inc.(a)(b) | 4501 | $| 1282560 |
|  Karman Holdings, Inc.(a) | 11474 |  | 577945 |
|  Leonardo DRS, Inc. | 19899 |  | 924906 |
|  Loar Holdings, Inc.(a) | 8305 |  | 715642 |
|  StandardAero, Inc.(a)(b) | 23854 |  | 754979 |
|  Voyager Technologies, Inc.–Class A(a) | 6890 |  | 270432 |
|  |  |  | 4526464 |
|  BUILDING PRODUCTS–4.7% |  |  |  |
|  Armstrong World Industries, Inc. | 4958 |  | 805377 |
|  AZEK Co., Inc. (The)(a) | 10688 |  | 580893 |
|  CSW Industrials, Inc. | 2589 |  | 742603 |
|  Knife River Corp.(a)(b) | 10675 |  | 871507 |
|  |  |  | 3000380 |
|  COMMERCIAL SERVICES & SUPPLIES–1.6% |  |  |  |
|  Casella Waste Systems, Inc.–Class A(a) | 8691 |  | 1002768 |
|  CONSTRUCTION & ENGINEERING–4.5% |  |  |  |
|  Construction Partners, Inc.–Class A(a)(b) | 9777 |  | 1039099 |
|  Everus Construction Group, Inc.(a)(b) | 13496 |  | 857401 |
|  Primoris Services Corp. | 12770 |  | 995294 |
|  |  |  | 2891794 |
|  GROUND TRANSPORTATION–0.0% |  |  |  |
|  Saia, Inc.(a) | 83 |  | 22741 |
|  MACHINERY–5.3% | MACHINERY–5.3% | MACHINERY–5.3% | MACHINERY–5.3% |
|  Enpro, Inc.(b) | 4086 |  | 782673 |
|  Esab Corp. | 5852 |  | 705459 |
|  ITT, Inc. | 5302 |  | 831513 |
|  SPX Technologies, Inc.(a) | 6289 |  | 1054539 |
|  |  |  | 3374184 |
|  MARINE TRANSPORTATION–1.3% |  |  |  |
|  Kirby Corp.(a) | 7431 |  | 842750 |
|  PROFESSIONAL SERVICES–0.8% |  |  |  |
|  FTI Consulting, Inc.(a) | 3198 |  | 516477 |
|  |  |  | 16177558 |
|  **INFORMATION TECHNOLOGY–23.4%** |  |  |  |
|  ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.2% |  |  |  |
|  Allegro MicroSystems, Inc.(a)(b) | 22331 |  | 763497 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–7.0% |  |  |  |
|  Credo Technology Group Holding Ltd.(a) | 16670 |  | 1543475 |
|  Lattice Semiconductor Corp.(a) | 3317 |  | 162500 |
|  MACOM Technology Solutions Holdings, Inc.(a) | 6599 |  | 945571 |
|  Semtech Corp.(a) | 19025 |  | 858788 |
|  SiTime Corp.(a) | 4648 |  | 990396 |
|  |  |  | 4500730 |
|  SOFTWARE–13.9% | SOFTWARE–13.9% | SOFTWARE–13.9% | SOFTWARE–13.9% |
|  Alkami Technology, Inc.(a)(b) | 33952 |  | 1023313 |
|  Amplitude, Inc.–Class A(a) | 42963 |  | 532741 |
|  Braze, Inc.–Class A(a) | 21617 |  | 607438 |
|  Clearwater Analytics Holdings, Inc.–Class A(a) | 35542 |  | 779436 |
|  Gitlab, Inc.–Class A(a)(b) | 7907 |  | 356685 |
|  Intapp, Inc.(a) | 17217 |  | 888742 |
|  JFrog Ltd.(a) | 21105 |  | 926087 |
|  Klaviyo, Inc.–Class A(a) | 26231 |  | 880837 |
|  Monday.com Ltd.(a) | 2629 |  | 826768 |
|  Onestream, Inc.(a)(b) | 25573 |  | 723716 |
|  Rubrik, Inc.–Class A(a) | 5671 |  | 508065 |
|  SentinelOne, Inc.–Class A(a) | 13567 |  | 248005 |
|  ServiceTitan, Inc.–Class A(a) | 5330 |  | 571269 |
|  |  |  | 8873102 |
|  TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3% |  |  |  |
|  ACV Auctions, Inc.–Class A(a) | 50777 |  | 823603 |
|  |  |  | 14960932 |
|  **HEALTH CARE–20.7%** |  |  |  |
|  BIOTECHNOLOGY–11.0% |  |  |  |
|  Akero Therapeutics, Inc.(a) | 9020 |  | 481307 |
|  Apogee Therapeutics, Inc.(a)(b) | 8198 |  | 356039 |
|  ARS Pharmaceuticals, Inc.(a) | 23261 |  | 405905 |
|  Ascendis Pharma A/S (ADR)(a) | 1958 |  | 337951 |
|  Blueprint Medicines Corp.(a) | 3226 |  | 413509 |
|  Bridgebio Pharma, Inc.(a) | 14752 |  | 636991 |
|  Caris Life Sciences, Inc.(a) | 10237 |  | 273533 |
|  CG oncology, Inc.(a)(b) | 12542 |  | 326092 |
|  Cytokinetics, Inc.(a)(b) | 6611 |  | 218427 |
|  Denali Therapeutics, Inc.(a) | 18297 |  | 255975 |
|  Dianthus Therapeutics, Inc.(a)(b) | 11319 |  | 210873 |
|  Halozyme Therapeutics, Inc.(a) | 6417 |  | 333812 |
|  Insmed, Inc.(a) | 5463 |  | 549796 |
|  Legend Biotech Corp. (ADR)(a) | 9280 |  | 329347 |
|  Merus NV(a) | 6547 |  | 344372 |
|  Metsera, Inc.(a)(b) | 8118 |  | 230957 |
|  MoonLake Immunotherapeutics(a)(b) | 6796 |  | 320771 |
|  Newamsterdam Pharma Co. NV(a)(b) | 13934 |  | 252345 |

---

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** | **U.S. $ Value** |
|  Ultragenyx Pharmaceutical, Inc.(a) | 6062 | $| 220414 |
|  Viridian Therapeutics, Inc.(a)(b) | 18561 |  | 259483 |
|  Xenon Pharmaceuticals, Inc.(a) | 9155 |  | 286552 |
|  |  |  | 7044451 |
|  HEALTH CARE EQUIPMENT & SUPPLIES–3.9% |  |  |  |
|  AtriCure, Inc.(a) | 21482 |  | 703965 |
|  Beta Bionics, Inc.(a)(b) | 1413 |  | 20573 |
|  Glaukos Corp.(a) | 7682 |  | 793474 |
|  Kestra Medical Technologies Ltd.(a) | 14255 |  | 236348 |
|  Masimo Corp.(a)(b) | 4481 |  | 753794 |
|  |  |  | 2508154 |
|  HEALTH CARE PROVIDERS & SERVICES–3.0% |  |  |  |
|  BrightSpring Health Services, Inc.(a)(b) | 32258 |  | 760966 |
|  GeneDx Holdings Corp.(a) | 4009 |  | 370071 |
|  PROCEPT BioRobotics Corp.(a)(b) | 13091 |  | 754042 |
|  |  |  | 1885079 |
|  HEALTH CARE TECHNOLOGY–1.3% |  |  |  |
|  Waystar Holding Corp.(a) | 19941 |  | 814989 |
|  LIFE SCIENCES TOOLS & SERVICES–1.0% |  |  |  |
|  Repligen Corp.(a) | 5185 |  | 644910 |
|  PHARMACEUTICALS–0.5% |  |  |  |
|  Rapport Therapeutics, Inc.(a)(b) | 10708 |  | 121750 |
|  Trevi Therapeutics, Inc.(a) | 41417 |  | 226551 |
|  |  |  | 348301 |
|  |  |  | 13245884 |
|  **CONSUMER DISCRETIONARY–14.0%** |  |  |  |
|  AUTOMOBILE COMPONENTS–1.4% |  |  |  |
|  Modine Manufacturing Co.(a)(b) | 9084 |  | 894774 |
|  BROADLINE RETAIL–1.5% |  |  |  |
|  Ollie's Bargain Outlet Holdings, Inc.(a)(b) | 7514 |  | 990195 |
|  HOTELS, RESTAURANTS & LEISURE–6.9% |  |  |  |
|  Cava Group, Inc.(a) | 4011 |  | 337847 |
|  Dutch Bros, Inc.–Class A(a) | 12271 |  | 838968 |
|  Portillo's, Inc.–Class A(a)(b) | 61366 |  | 716141 |
|  Rush Street Interactive, Inc.(a) | 64517 |  | 961303 |
|  Texas Roadhouse, Inc. | 3828 |  | 717406 |
|  Wingstop, Inc. | 2472 |  | 832421 |
|  |  |  | 4404086 |
|  HOUSEHOLD DURABLES–2.1% |  |  |  |
|  Champion Homes, Inc.(a) | 9620 |  | 602308 |
|  SharkNinja, Inc.(a) | 7417 |  | 734209 |
|  |  |  | 1336517 |
|  SPECIALTY RETAIL–2.1% |  |  |  |
|  Boot Barn Holdings, Inc.(a) | 6325 |  | 961400 |
|  RH(a) | 1925 |  | 363844 |
|  |  |  | 1325244 |
|  |  |  | 8950816 |
|  **FINANCIALS–10.5%** |  |  |  |
|  CAPITAL MARKETS–5.5% |  |  |  |
|  Houlihan Lokey, Inc. | 4142 |  | 745353 |
|  Marex Group PLC | 14155 |  | 558698 |
|  Piper Sandler Cos. | 3178 |  | 883293 |
|  StepStone Group, Inc.–Class A | 12077 |  | 670273 |
|  Stifel Financial Corp. | 6438 |  | 668136 |
|  |  |  | 3525753 |
|  FINANCIAL SERVICES–2.2% |  |  |  |
|  NCR Atleos Corp.(a) | 26646 |  | 760210 |
|  Shift4 Payments, Inc.–Class A(a)(b) | 6536 |  | 647783 |
|  |  |  | 1407993 |
|  INSURANCE–2.8% |  |  |  |
|  Palomar Holdings, Inc.(a) | 4981 |  | 768319 |
|  RLI Corp. | 7829 |  | 565411 |
|  TWFG, Inc.(a) | 12813 |  | 448455 |
|  |  |  | 1782185 |
|  |  |  | 6715931 |
|  **CONSUMER STAPLES–3.5%** |  |  |  |
|  BEVERAGES–1.5% |  |  |  |
|  Celsius Holdings, Inc.(a) | 20728 |  | 961572 |
|  CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2% |  |  |  |
|  Chefs' Warehouse, Inc. (The)(a) | 12116 |  | 773122 |
|  PERSONAL CARE PRODUCTS–0.8% |  |  |  |
|  BellRing Brands, Inc.(a) | 8644 |  | 500747 |
|  |  |  | 2235441 |
|  **MATERIALS–1.2%** | **MATERIALS–1.2%** | **MATERIALS–1.2%** | **MATERIALS–1.2%** |
|  CHEMICALS–1.2% |  |  |  |
|  Element Solutions, Inc. | 32961 |  | 746567 |
|  **ENERGY–0.6%** |  |  |  |
|  ENERGY EQUIPMENT & SERVICES–0.2% |  |  |  |
|  TechnipFMC PLC | 4423 |  | 152328 |
|  OIL, GAS & CONSUMABLE FUELS–0.4% |  |  |  |
|  Gulfport Energy Corp.(a) | 1093 |  | 219879 |

---

------

**AB Variable Products Series Fund**

---

| | | |
|:---|:---|:---|
| **Company** | **Shares** | **U.S. $ Value** |
|  Permian Resources Corp. | 2714 | $36965 |
|  |  | 256844 |
|  |  | 409172 |
|  Total Common Stocks <br>(cost $53,648,575) |  | 63442301 |
|  **SHORT-TERM INVESTMENTS–0.9%** |  |  |
|  INVESTMENT COMPANIES–0.9% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $557,472) | 557472 | 557472 |
|  **TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.1%** <br> (cost $54,206,047) |  | 63999773 |
|  **INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.2%** |  |  |
|  INVESTMENT COMPANIES–2.2% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) <br>(cost $1,427,635) | 1427635 | 1427635 |
|  **TOTAL INVESTMENTS–102.3%** <br> (cost $55,633,682) |  | 65427408 |
|  Other assets less<br>liabilities–(2.3)% |  | (1472451) |
|  **NET ASSETS–100.0%** |  | $63954957 |

---

(a) Non-income producing security.

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

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

(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. Additionally, shareholder reports for AB funds can be obtained by calling AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $53,648,575) | $63442301.0 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $1,985,107—including investment of cash collateral for securities loaned of $1,427,635) | 1985107.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2743.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 600431.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 63264.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 17102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends receivable | 7750.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 3087.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 66121785.0 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for collateral received on securities loaned | 1427635.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment securities purchased | 416964.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 102275.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 47995.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 37382.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 7280.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 1805.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 125334.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2166828.0 |
|  **NET ASSETS** | $63954957.0 |
|  **COMPOSITION OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $6169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 55137662.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 8811126.0 |
|  **NET ASSETS** | $63954957.0 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $26701389 | 2140691 | $12.47 |
| B | $37253568 | 4028310 | $9.25 |

---

(a) Includes securities on loan with a value of $12,836,035 (see Note E).

See notes to financial statements.

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $76180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 21332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 18569 |
|  | 116234 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 225244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 44972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 1298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 52081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 33472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 21222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 13249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 12275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 10081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before bank overdraft expense | 419180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank overdraft expense | 2171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 421351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (105789) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 315562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (199328) |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 1984318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (2396633) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss on investment transactions | (412315) |
|  **NET DECREASE IN NET ASSETS FROM OPERATIONS** | $(611643) |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(199328) | $(333459) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment transactions | 1984318 | 8936895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments | (2396633) | 987931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations | (611643) | 9591367 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (49738) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (328198) | (1774244) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | (939841) | 7767385 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 64894798 | 57127413 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $63954957 | $64894798 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

#### NOTE A: Significant Accounting Policies
The AB Small Cap Growth Portfolio (the "Portfolio") is a series of AB Variable Products Series Fund, Inc. (the "Fund"). The Portfolio's investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940 (the "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

------

---

| | |
|:---|:---|
| 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks(a) | $63442301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $63442301 |
|  Short-Term Investments | 557472 | –0 | –0 | 557472 |
|  Investments of Cash Collateral for Securities<br>Loaned in Affiliated Money Market Fund | 1427635 | –0 | –0 | 1427635 |
|  Total Investments in Securities | 65427408 | –0 | –0 | 65427408 |
|  **Other Financial Instruments(b)** | –0 | –0 | –0 | –0 |
|  **Total** | $**65427408** | $**–0** | $**–0** | $**65427408** |

---

(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.

------

**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.

------

---

| | |
|:---|:---|
| 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 segment's 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 six months ended June 30, 2025, such reimbursements/waivers amounted to $103,914. This fee waiver and/or expense reimbursement agreement extends through May 1, 2026 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2025, the reimbursement for such services amounted to $52,081.

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 $833 for the six months ended June 30, 2025.

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 six months ended June 30, 2025, such waiver amounted to $990.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $683 | $15623 | $15749 | $557 | $21 |
|  AB Government Money Market Portfolio\* | 1211 | 19844 | 19627 | 1428 | 9 |
|  Total |  |  |  | $1985 | $30 |

---

\* 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%

------

**AB Variable Products Series Fund**

of the Portfolio's average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

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

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

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

#### NOTE D: Investment Transactions
Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $28568937 | $28946533 |
|  U.S. government securities | –0 | –0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $12526579 |
|  Gross unrealized depreciation | (2732853) |
|  Net unrealized appreciation | $9793726 |

---

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2025.

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

------

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| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any dividend income or other distributions from the securities; however, these distributions will not be afforded the same preferential tax treatment as qualified dividends. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in 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 six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money Market<br>Portfolio** | **AB Government Money Market<br>Portfolio** |
| **Market Value of<br>Securities**<br> **on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned** | **Advisory Fee<br>Waived** |
| $12836035 | $1427635 | $11677071 | $9894 | $8675 | $885 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** |  |  |  |  |
|  Shares sold | 510413 | 511268 | $5591597 | $6668045 |
|  Shares issued in reinvestment of dividends | –0 | 4413 | –0 | 49738 |
|  Shares redeemed | (364062) | (334328) | (4334860) | (3984470) |
|  Net increase | 146351 | 181353 | $1256737 | $2733313 |
|  **Class B** |  |  |  |  |
|  Shares sold | 394791 | 880965 | $3425560 | $7576975 |
|  Shares redeemed | (556370) | (1416878) | (5010495) | (12084532) |
|  Net decrease | (161579) | (535913) | $(1584935) | $(4507557) |

---

At June 30, 2025, certain shareholders of the Portfolio owned 69% in aggregate of the Portfolio's outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio's performance.

#### NOTE G: Risks Involved in Investing in the Portfolio
**Market Risk**—The value of the Portfolio's assets will fluctuate as the 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

------

**AB Variable Products Series Fund**

economic changes or other events, including public health crises (including the occurrence of a contagious disease or illness), terrorism, war, interest rate levels, tariffs and trade disputes, 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, industrials 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. In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

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

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

#### NOTE H: Joint Credit Facility
A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2024 and December 31, 2023 were as follows:

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| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $49738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 |
|  Total taxable distributions paid | $49738 | $–0 |

---

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

---

| | |
|:---|:---|
|  Accumulated capital and other losses | $(1290255)(a) |
|  Unrealized appreciation (depreciation) | 10713024 (b) |
|  Total accumulated earnings (deficit) | $9422769 |

---

(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.

------

---

| | |
|:---|:---|
| 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.

#### 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.

------

---

| | |
|:---|:---|
| 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** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $12.71 | $10.74 | $9.10 | $25.13 | $28.76 | $19.92 |
| **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment loss(a)(b) | (.03 | (.05 | (.04 | (.06 | (.20 | (.13 |
|  Net realized and unrealized gain (loss) on investment transactions | (.21 | 2.05 | 1.68 | (8.86) | 2.87 | 10.49 |
|  Contributions from Affiliates | –0 | –0 | .00 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | (.24 | 2.00 | 1.64 | (8.92) | 2.67 | 10.36 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |
|  Dividends from net investment income | –0 | (.03 | –0 | –0 | –0 | –0 |
|  Distributions from net realized gain on investment transactions | –0 | –0 | –0 | (7.11) | (6.30) | (1.52) |
|  Total dividends and distributions | –0 | (.03 | –0 | (7.11) | (6.30) | (1.52) |
|  Net asset value, end of period | $12.47 | $12.71 | $10.74 | $9.10 | $25.13 | $28.76 |
| **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | (1.81) | 18.64 | 18.02 | (39.09) | 9.46 | 53.98 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $26701 | $25353 | $19464 | $17213 | $32295 | $34314 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)(f)‡ | .90 | .90 | .90 | .90 | .91 | .90 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)(f)‡ | 1.25 | 1.26 | 1.31 | 1.22 | 1.08 | 1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss(b) | (.51 | (.39 | (.38 | (.42 | (.71 | (.60 |
|  Portfolio turnover rate | 47 | 92 | 69 | 67 | 67 | 103 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | .00 | .00 | .00 | .00 | .00 |

---

See footnote summary on page 17.

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| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO |  |
| FINANCIAL HIGHLIGHTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $9.44 | $7.97 | $6.77 | $21.35 | $25.36 | $17.75 |
| **Income From Investment Operations** |  |  |  |  |  |  |
|  Net investment loss(a)(b) | (.03 | (.06 | (.05 | (.07 | (.24 | (.16 |
|  Net realized and unrealized gain (loss) on investment transactions | (.16 | 1.53 | 1.25 | (7.40) | 2.53 | 9.29 |
|  Contributions from Affiliates | –0 | –0 | .00 | –0 | –0 | –0 |
|  Net increase (decrease) in net asset value from operations | (.19 | 1.47 | 1.20 | (7.47) | 2.29 | 9.13 |
| **Less: Distributions** |  |  |  |  |  |  |
|  Distributions from net realized gain on investment transactions | –0 | –0 | –0 | (7.11) | (6.30) | (1.52) |
|  Net asset value, end of period | $9.25 | $9.44 | $7.97 | $6.77 | $21.35 | $25.36 |
| **Total Return** |  |  |  |  |  |  |
|  Total investment return based on net asset value(d)\* | (2.01) | 18.44 | 17.72 | (39.26) | 9.20 | 53.64 |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $37254 | $39542 | $37663 | $32491 | $54079 | $84816 |
|  Ratio to average net assets of: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(e)(f)‡ | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(e)(f)‡ | 1.50 | 1.51 | 1.56 | 1.47 | 1.31 | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss(b) | (.77 | (.66 | (.62 | (.67 | (.96 | (.84 |
|  Portfolio turnover rate | 47 | 92 | 69 | 67 | 67 | 103 |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | .00 | .00 | .00 | .00 | .00 |

---

See footnote summary on page 17.

------

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Class A** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | .89 | %<sup>^</sup> | .90% | .90% | .90% | .90% | .90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.25 | %<sup>^</sup> | 1.26% | 1.31% | 1.22% | 1.07% | 1.09% |
|  **Class B** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net of waivers/reimbursements | 1.14 | %<sup>^</sup> | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Before waivers/reimbursements | 1.49 | %<sup>^</sup> | 1.51% | 1.56% | 1.47% | 1.31% | 1.33% |

---

(f) In connection with the Portfolio's investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio's pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2025 such waiver amounted to .01% (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 six months ended June 30, 2025 and for the years ended December 31, 2024, December 31, 2023 and December 31, 2021 by .02%, .01%, .02% and .03%, respectively.

^ Annualized.

See notes to financial statements.

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO | SMALL CAP GROWTH PORTFOLIO |
| CONTINUANCE DISCLOSURE | **AB Variable Products Series Fund** |

---

#### INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND'S ADVISORY AGREEMENT
The disinterested directors (the "directors") of AB Variable Products Series Fund, Inc. (the "Company") unanimously approved the continuance of the Company's Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the "Fund") at a meeting held-in person on May 6-8, 2025 (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 2023 and 2024 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

------

**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 2023. The directors concluded that the Adviser's level of profitability from its relationship with the Fund in 2024 was not unreasonable.

#### Fall-Out Benefits
The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund and the money market fund advised by the Adviser in which the Fund invests, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund's principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund's Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser's recent 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 have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review and their discussion with the Adviser of the reasons for the Fund's underperformance in certain periods, the directors concluded that the Fund's investment performance was acceptable.

#### Advisory Fees and Other Expenses
The directors considered the advisory fee rate payable by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates payable by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund's contractual effective advisory fee rate with a peer group median and 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 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,

------

---

| | |
|:---|:---|
| SMALL CAP GROWTH PORTFOLIO | SMALL CAP GROWTH PORTFOLIO |
| CONTINUANCE DISCLOSURE |  |
| (continued) | **AB Variable Products Series Fund** |

---

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

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

------

VPS-SCG-0152-0625

------

## JUN <sup>06.30.25</sup>
![LOGO](g946920g67z55.jpg)

SEMI-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<sup>®</sup> are registered trademarks used by permission of the owner, AllianceBernstein L.P.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  **COMMON STOCKS–98.7%** |  |  |
|  **INFORMATION TECHNOLOGY–35.6%** |  |  |
|  COMMUNICATIONS EQUIPMENT–1.7% |  |  |
|  Xiaomi Corp.–Class H(a) | 359800 | $2769645 |
|  ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–8.0% |  |  |
|  Flex Ltd.(a) | 114038 | 5692777 |
|  Halma PLC | 74591 | 3278579 |
|  Keyence Corp. | 3500 | 1399398 |
|  Zebra Technologies Corp.–Class A(a) | 8330 | 2568639 |
|  |  | 12939393 |
|  SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–10.3% |  |  |
|  Broadcom, Inc. | 12750 | 3514538 |
|  Monolithic Power Systems, Inc. | 2335 | 1707772 |
|  NVIDIA Corp. | 35367 | 5587632 |
|  NXP Semiconductors NV | 7917 | 1729785 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | 114000 | 4168906 |
|  |  | 16708633 |
|  SOFTWARE–13.3% |  |  |
|  Cadence Design Systems, Inc.(a) | 5260 | 1620869 |
|  Microsoft Corp. | 13722 | 6825460 |
|  Palo Alto Networks, Inc.(a) | 16173 | 3309643 |
|  Salesforce, Inc. | 12250 | 3340452 |
|  SAP SE | 10260 | 3137299 |
|  ServiceNow, Inc.(a) | 3220 | 3310418 |
|  |  | 21544141 |
|  TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.3% |  |  |
|  Apple, Inc. | 12810 | 2628228 |
|  Lenovo Group Ltd.–Class H | 974000 | 1176780 |
|  |  | 3805008 |
|  |  | 57766820 |
|  **INDUSTRIALS–17.0%** |  |  |
|  COMMERCIAL SERVICES & SUPPLIES–4.0% |  |  |
|  Tetra Tech, Inc. | 74994 | 2696784 |
|  Veralto Corp. | 37694 | 3805210 |
|  |  | 6501994 |
|  CONSTRUCTION & ENGINEERING–3.7% |  |  |
|  AECOM | 28964 | 3268877 |
|  WSP Global, Inc. | 13545 | 2762911 |
|  |  | 6031788 |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  ELECTRICAL EQUIPMENT–6.5% |  |  |
|  Emerson Electric Co. | 25290 | $3371916 |
|  Prysmian SpA | 43815 | 3102067 |
|  Rockwell Automation, Inc. | 12031 | 3996337 |
|  |  | 10470320 |
|  PROFESSIONAL SERVICES–2.8% |  |  |
|  Experian PLC | 51208 | 2640604 |
|  RELX PLC | 35485 | 1923204 |
|  |  | 4563808 |
|  |  | 27567910 |
|  **FINANCIALS–16.4%** |  |  |
|  BANKS–0.8% |  |  |
|  NU Holdings Ltd./Cayman Islands–Class A(a) | 87872 | 1205604 |
|  CAPITAL MARKETS–7.9% |  |  |
|  Jefferies Financial Group, Inc. | 39450 | 2157520 |
|  London Stock Exchange Group PLC | 28322 | 4142011 |
|  LPL Financial Holdings, Inc. | 8660 | 3247240 |
|  Partners Group Holding AG | 1311 | 1715216 |
|  TMX Group Ltd. | 37440 | 1586956 |
|  |  | 12848943 |
|  FINANCIAL SERVICES–4.0% |  |  |
|  Fiserv, Inc.(a) | 13218 | 2278915 |
|  Visa, Inc.–Class A | 11793 | 4187105 |
|  |  | 6466020 |
|  INSURANCE–3.7% |  |  |
|  AIA Group Ltd.–Class H | 421600 | 3819038 |
|  Reinsurance Group of America, Inc.–Class A | 11270 | 2235517 |
|  |  | 6054555 |
|  |  | 26575122 |
|  **HEALTH CARE–12.9%** |  |  |
|  BIOTECHNOLOGY–1.6% |  |  |
|  AbbVie, Inc. | 14330 | 2659935 |
|  HEALTH CARE EQUIPMENT & SUPPLIES–9.2% |  |  |
|  Alcon AG | 40794 | 3617731 |
|  Becton Dickinson & Co. | 6699 | 1153903 |
|  GE HealthCare Technologies, Inc. | 40096 | 2969910 |
|  Hologic, Inc.(a) | 28467 | 1854910 |
|  Stryker Corp. | 6120 | 2421255 |
|  Terumo Corp. | 165603 | 3039124 |
|  |  | 15056833 |
|  HEALTH CARE PROVIDERS & SERVICES–1.1% |  |  |
|  Apollo Hospitals Enterprise Ltd. | 20717 | 1749148 |

---

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| PORTFOLIO OF INVESTMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  PHARMACEUTICALS–1.0% |  |  |
|  Eli Lilly & Co. | 2030 | $1582446 |
|  |  | 21048362 |
|  **CONSUMER DISCRETIONARY–6.0%** |  |  |
|  AUTOMOBILE COMPONENTS–2.1% |  |  |
|  Aptiv PLC(a) | 49577 | 3382143 |
|  BROADLINE RETAIL–2.3% | BROADLINE RETAIL–2.3% | BROADLINE RETAIL–2.3% |
|  MercadoLibre, Inc.(a) | 1409 | 3682604 |
|  TEXTILES, APPAREL & LUXURY GOODS–1.6% |  |  |
|  On Holding AG–Class A(a) | 51038 | 2656528 |
|  |  | 9721275 |
|  **UTILITIES–4.7%** |  |  |
|  ELECTRIC UTILITIES–2.2% |  |  |
|  NextEra Energy, Inc. | 50887 | 3532576 |
|  WATER UTILITIES–2.5% |  |  |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 186335 | 4085713 |
|  |  | 7618289 |
|  **CONSUMER STAPLES–3.8%** |  |  |
|  BEVERAGES–1.5% |  |  |
|  Primo Brands Corp. | 80520 | 2385003 |
| **<br> <br> <br>Company** | **Shares** | **U.S. $ Value** |
|  FOOD PRODUCTS–2.3% |  |  |
|  Danone SA | 27250 | $2229686 |
|  Kerry Group PLC–Class A | 14110 | 1558963 |
|  |  | 3788649 |
|  |  | 6173652 |
|  **ENERGY–2.3%** |  |  |
|  OIL, GAS & CONSUMABLE FUELS–2.3% |  |  |
|  Cameco Corp. | 51330 | 3810226 |
|  Total Common Stocks <br>(cost $126,739,199) |  | 160281656 |
|  **SHORT-TERM INVESTMENTS–1.7%** |  |  |
|  INVESTMENT COMPANIES–1.7% |  |  |
|  AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(b)(c)(d) <br>(cost $2,824,069) | 2824069 | 2824069 |
|  **TOTAL INVESTMENTS–100.4%**<br> (cost $129,563,268) |  | 163105725 |
|  Other assets less liabilities–(0.4)% |  | (693022) |
|  **NET ASSETS–100.0%** |  | $162412703 |

---

#### FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Bank of America NA | BRL | 24759 | USD | 4537 | 07/02/2025 | $(20042) |
|  Bank of America NA | USD | 4449 | BRL | 24759 | 07/02/2025 | 108010 |
|  Bank of America NA | CHF | 4346 | USD | 5327 | 07/09/2025 | (155468) |
|  Bank of America NA | HKD | 7760 | USD | 1000 | 07/11/2025 | 10553 |
|  Bank of America NA | BRL | 24759 | USD | 4415 | 08/04/2025 | (106407) |
|  Barclays Capital, Inc. | USD | 1178 | INR | 101394 | 08/14/2025 | 2335 |
|  BNP Paribas SA | USD | 3159 | JPY | 458472 | 08/27/2025 | 44291 |
|  Citibank NA | GBP | 5081 | USD | 6757 | 07/16/2025 | (217883) |
|  Citibank NA | USD | 1716 | KRW | 2443196 | 07/17/2025 | 91528 |
|  Citibank NA | TWD | 43369 | USD | 1455 | 08/22/2025 | (53171) |
|  Citibank NA | CAD | 729 | USD | 537 | 08/28/2025 | (278) |
|  Deutsche Bank AG | EUR | 783 | USD | 874 | 07/09/2025 | (48487) |
|  HSBC Bank USA | HKD | 4288 | USD | 552 | 07/11/2025 | 4955 |
|  HSBC Bank USA | TWD | 13557 | USD | 459 | 08/22/2025 | (12325) |
|  Morgan Stanley Capital Services, Inc. | BRL | 24759 | USD | 4340 | 07/02/2025 | (216809) |
|  Morgan Stanley Capital Services, Inc. | USD | 4537 | BRL | 24759 | 07/02/2025 | 20042 |
|  Morgan Stanley Capital Services, Inc. | USD | 8205 | EUR | 7194 | 07/09/2025 | 273024 |
|  Morgan Stanley Capital Services, Inc. | USD | 2733 | HKD | 21174 | 07/11/2025 | (32844) |
|  Morgan Stanley Capital Services, Inc. | USD | 2385 | AUD | 3647 | 08/21/2025 | 17947 |

---

------

**AB Variable Products Series Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Contracts to<br>Deliver<br>(000)** | **Contracts to<br>Deliver<br>(000)** | **In Exchange<br>For<br>(000)** | **In Exchange<br>For<br>(000)** | **Settlement<br>Date** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Morgan Stanley Capital Services, Inc. | USD | 1255 | SEK | 11865 | 09/04/2025 | $4701 |
|  Standard Chartered Bank | USD | 1264 | TWD | 37120 | 08/22/2025 | 26800 |
|  State Street Bank & Trust Co. | CHF | 420 | USD | 502 | 07/09/2025 | (27615) |
|  State Street Bank & Trust Co. | EUR | 3729 | USD | 4226 | 07/09/2025 | (168701) |
|  State Street Bank & Trust Co. | USD | 450 | CHF | 365 | 07/09/2025 | 10019 |
|  State Street Bank & Trust Co. | USD | 886 | EUR | 778 | 07/09/2025 | 30384 |
|  State Street Bank & Trust Co. | HKD | 31526 | USD | 4069 | 07/11/2025 | 49380 |
|  State Street Bank & Trust Co. | CNH | 3244 | USD | 453 | 08/07/2025 | (935) |
|  State Street Bank & Trust Co. | USD | 507 | ZAR | 9091 | 08/07/2025 | 5629 |
|  State Street Bank & Trust Co. | USD | 384 | MXN | 7348 | 08/22/2025 | 5430 |
|  UBS | USD | 1040 | CHF | 841 | 07/09/2025 | 21188 |
|  UBS | USD | 1540 | CNH | 11028 | 08/07/2025 | 5167 |
|  UBS | CAD | 4010 | USD | 2970 | 08/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp;17021 |
|  |  |  |  |  |  | $(312561) |

---

(a) Non-income producing security.

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

(c) Affiliated investments.

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNH—Chinese Yuan Renminbi (Offshore)

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

See notes to financial statements.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| STATEMENT OF ASSETS & LIABILITIES |  |
| June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **ASSETS** | **ASSETS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (cost $126,739,199) | $160281656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers (cost $2,824,069) | 2824069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies, at value (cost $189,343) | 192611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward currency exchange contracts | 748404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividends receivable | 280583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividends receivable | 19465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable due from Adviser | 7275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for capital stock sold | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 164358405 |
|  **LIABILITIES** | **LIABILITIES** |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward currency exchange contracts | 1060965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital stock redeemed | 435355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax payable | 143260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees payable | 101987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee payable | 95151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fee payable | 48919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee payable | 19091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees payable | 2027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fee payable | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 38800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1945702 |
|  **NET ASSETS** | $162412703 |
|  **COMPOSITION OF NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock, at par | $4530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital | 101136464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings | 61271709 |
|  **NET ASSETS** | $162412703 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Net Assets** | **Shares<br>Outstanding** | **Net Asset<br>Value** |
| A | $64410034 | 1721452 | $37.42 |
| B | $98002669 | 2808981 | $34.89 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| STATEMENT OF OPERATIONS |  |
| Six Months Ended June 30, 2025 (unaudited) | **AB Variable Products Series Fund** |

---

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers (net of foreign taxes withheld of $58,020) | $905258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers | 89263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income, net | 1189 |
|  | 996287 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fee (see Note B) | 578150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fee—Class B | 116379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class A | 1251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agency—Class B | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative | 52363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting | 42570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax | 26514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing | 17424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal | 16026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Directors' fees | 10741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 10538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 873861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: expenses waived and reimbursed by the Adviser (see Notes B & E) | (42800) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 831061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 165226 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions(a) | 8553223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (320018) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (57092) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments(b) | 2055561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency exchange contracts | (368604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency denominated assets and liabilities | 33989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain on investment and foreign currency transactions | 9897059 |
|  **NET INCREASE IN NET ASSETS FROM OPERATIONS** | $10062285 |

---

(a) Net of foreign realized capital gains taxes of $127,135.

(b) Net of decrease in accrued foreign capital gains taxes on unrealized gains of $150,907.

See notes to financial statements.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| STATEMENT OF CHANGES IN NET ASSETS | **AB Variable Products Series Fund** |

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $165226 | $25158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment and foreign currency transactions | 8176113 | 20181581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities | 1720946 | (9945222) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | 10062285 | 10261517 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | –0 | (180118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class B | –0 | (318763) |
|  **CAPITAL STOCK TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (8519266) | (12638265) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 1543019 | (2875629) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 160869684 | 163745313 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $162412703 | $160869684 |

---

See notes to financial statements.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| NOTES TO FINANCIAL STATEMENTS |  |
| June 30, 2025 (unaudited) | **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

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | 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.

------

**AB Variable Products Series Fund**

The following table summarizes the valuation of the Portfolio's investments by the above fair value hierarchy levels as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities:** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $41836213 | $15930607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $57766820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 19902035 | 7665875 | –0 | 27567910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 16898857 | 9676265 | –0 | 26575122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 12642359 | 8406003 | –0 | 21048362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 9721275 | –0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | 9721275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 7618289 | –0 | –0 | 7618289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2385003 | 3788649 | –0 | 6173652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 3810226 | –0 | –0 | 3810226 |
|  Short-Term Investments | 2824069 | –0 | –0 | 2824069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | 117638326 | 45467399 | –0 | 163105725 |
|  **Other Financial Instruments(a):** |  |  |  |  |
|  **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | 748404 | –0 | 748404 |
|  **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Currency Exchange Contracts | –0 | (1060965) | –0 | (1060965) |
|  **Total** | $**117638326** | $**45154838** | $**–0** | $**162793164** |

---

(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.

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.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | 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 segment's 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 six months ended June 30, 2025, such reimbursements/waivers amounted to $38,543. This fee waiver and/or expense reimbursement agreement extends through May 1, 2026 and then may be extended by the Adviser for additional one-year terms.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2025, the reimbursement for such services amounted to $52,363.

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 $833 for the six months ended June 30, 2025.

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

------

**AB Variable Products Series Fund**

.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 six months ended June 30, 2025, such waiver amounted to $4,217.

A summary of the Portfolio's transactions in AB mutual funds for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Market Value<br>12/31/24<br>(000)** | **Purchases<br>at Cost<br>(000)** | **Sales<br>Proceeds<br>(000)** | **Market Value<br>6/30/25<br>(000)** | **Dividend<br>Income<br>(000)** |
|  AB Government Money Market Portfolio | $1471 | $32686 | $31333 | $2824 | $89 |
|  AB Government Money Market Portfolio\* | –0 | 3779 | 3779 | –0 | 1 |
|  Total |  |  |  | $2824 | $90 |

---

\* 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 six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Investment securities (excluding U.S. government securities) | $55431476 | $65240777 |
|  U.S. government securities | –0 | –0 |

---

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

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $38646719 |
|  Gross unrealized depreciation | (5416823) |
|  Net unrealized appreciation | $33229896 |

---

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.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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 six months ended June 30, 2025, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the six months ended June 30, 2025, the Portfolio had entered into the following derivatives:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivative Type** | **Statement of**<br> **Assets and Liabilities**<br> **Location** | **Fair Value** | **Statement of**<br> **Assets and Liabilities**<br> **Location** | **Fair Value** |
|  Foreign currency contracts | Unrealized appreciation on forward currency exchange contracts | $748404 | Unrealized depreciation on forward currency exchange contracts | $1060965 |
|  Total |  | $748404 |  | $1060965 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Derivative Type** | **Location of Gain or (Loss) on Derivatives<br>Within Statement of Operations** | **Realized Gain or<br>(Loss) on<br>Derivatives** | **Change in Unrealized<br>Appreciation or<br>(Depreciation)** |
|  Foreign currency contracts | Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts | $(320018) | $(368604) |
|  Total |  | $(320018) | $(368604) |

---

------

**AB Variable Products Series Fund**

The following table represents the average monthly volume of the Portfolio's derivative transactions during the six months ended June 30, 2025:

---

| | |
|:---|:---|
|  Forward Currency Exchange Contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of buy contracts | $37372509.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average principal amount of sale contracts | $42485037.0 |

---

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio's derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements ("MA") and net of the related collateral received/pledged by the Portfolio as of June 30, 2025. Exchange-traded derivatives and centrally cleared swaps are not subject to netting arrangements and as such are excluded from the table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Derivative Assets<br>Subject to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash Collateral<br>Received\*** | **Security Collateral<br>Received\*** | **Net Amount of<br>Derivative Assets** |
|  Bank of America NA | $118563 | $(118563) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $–0 | $–0 |
|  Barclays Capital, Inc. | 2335 | –0 | –0 | –0 | 2335 |
|  BNP Paribas SA | 44291 | –0 | –0 | –0 | 44291 |
|  Citibank NA | 91528 | (91528) | –0 | –0 | –0 |
|  HSBC Bank USA | 4955 | (4955) | –0 | –0 | –0 |
|  Morgan Stanley Capital Services, Inc. | 315714 | (249653) | –0 | –0 | 66061 |
|  Standard Chartered Bank | 26800 | –0 | –0 | –0 | 26800 |
|  State Street Bank & Trust Co. | 100842 | (100842) | –0 | –0 | –0 |
|  UBS | 43376 | –0 | –0 | –0 | 43376 |
|  Total | $748404 | $(565541) | $–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $182863 |
| **Counterparty** | **Derivative Liabilities<br>Subject to a MA** | **Derivatives<br>Available for<br>Offset** | **Cash Collateral<br>Pledged\*** | **Security Collateral<br>Pledged\*** | **Net Amount of<br>Derivative Liabilities** |
|  Bank of America NA | $281917 | $(118563) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;–0 | $163354 |
|  Citibank NA | 271332 | (91528) | –0 | –0 | 179804 |
|  Deutsche Bank AG | 48487 | –0 | –0 | –0 | 48487 |
|  HSBC Bank USA | 12325 | (4955) | –0 | –0 | 7370 |
|  Morgan Stanley Capital Services, Inc. | 249653 | (249653) | –0 | –0 | –0 |
|  State Street Bank & Trust Co. | 197251 | (100842) | –0 | –0 | 96409 |
|  Total | $1060965 | $(565541) | $–0 | $–0 | $495424 |

---

\* 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).

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| NOTES TO FINANCIAL STATEMENTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

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

A summary of the Portfolio's transactions surrounding securities lending for the six months ended June 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **AB Government Money Market<br>Portfolio** | **AB Government Money Market<br>Portfolio** |
| **Market Value of<br>Securities**<br> **on Loan\*** | **Cash Collateral\*** | **Market Value of<br>Non-Cash<br>Collateral\*** | **Income from<br>Borrowers** | **Income**<br> **Earned**  | **Advisory Fee<br>Waived** |
| $–0 | $–0 | $–0 | $19 | $1170 | $40 |

---

\* As of June 30, 2025.

#### NOTE F: Capital Stock
Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class A** |  |  |  |  |
|  Shares sold | 123902 | 238563 | $3998640 | $8094654 |
|  Shares issued in reinvestment of distributions | –0 | 5110 | –0 | 180118 |
|  Shares redeemed | (184373) | (217969) | (6439990) | (7625362) |
|  Net increase (decrease) | (60471) | 25704 | $(2441350) | $649410 |

---

------

**AB Variable Products Series Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **AMOUNT** | **AMOUNT** |
|  | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** | **Six Months Ended<br>June 30, 2025<br>(unaudited)** | **Year Ended<br>December 31,<br>2024** |
|  **Class B** |  |  |  |  |
|  Shares sold | 57061 | 147446 | $1846335 | $4834675 |
|  Shares issued in reinvestment of distributions | –0 | 9677 | –0 | 318763 |
|  Shares redeemed | (244274) | (558846) | (7924251) | (18441113) |
|  Net decrease | (187213) | (401723) | $(6077916) | $(13287675) |

---

At June 30, 2025, certain shareholders of the Portfolio owned 61% 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), terrorism, war, interest rate levels, tariffs and trade disputes, 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. . In addition, the value of the Fund's investments may decline because of factors such as unfavorable or unsuccessful government actions, reduction in government or central bank support, economic sanctions and tariffs and potential responses to those sanctions and tariffs.

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

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

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

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

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC 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.

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

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

#### NOTE H: Joint Credit Facility
A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $325 million revolving credit facility (the "Facility") intended to provide short-term financing related to redemptions and other short-term liquidity requirements, subject to certain restrictions. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2025.

#### NOTE I: Distributions to Shareholders
The tax character of distributions to be paid for the year ending December 31, 2025 will be determined at the end of the current fiscal year. 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: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $–0 | $186160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net long-term capital gains | 498881 | 9594374 |
|  Total taxable distributions paid | $498881 | $9780534 |

---

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

---

| | |
|:---|:---|
|  Undistributed ordinary income | $110418.0 |
|  Undistributed capital gains | 19985654.0 |
|  Unrealized appreciation (depreciation) | 31113352.0 (a) |
|  Total accumulated earnings (deficit) | $51209424.0 |

---

(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.

#### 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.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | 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** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $35.13 |  | $33.17 | $30.42 | $46.20 | $42.40 | $33.52 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .06 |  | .06 | .10 | .07 | (.10 | (.10) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.23 |  | 2.00 | 4.68 | (12.25) | 9.46 | 12.64 |
|  Net increase (decrease) in net asset value from operations | 2.29 |  | 2.06 | 4.78 | (12.18) | 9.36 | 12.54 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | –0 | (.09) | –0 | –0 | (.24) |
|  Distributions from net realized gain on investment transactions | –0 |  | (.10 | (1.94) | (3.60) | (5.56) | (3.42) |
|  Total dividends and distributions | –0 |  | (.10 | (2.03) | (3.60) | (5.56) | (3.66) |
|  Net asset value, end of period | $37.42 |  | $35.13 | $33.17 | $30.42 | $46.20 | $42.40 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(c) | 6.52 | % | 6.21 | 16.01% | (26.98) | 22.87 | 39.41% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $64410 |  | $62599 | $58246 | $52543 | $70723 | $58316 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(d)‡ | .93 | %^ | .91 | .92% | .90 | .88 | .94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(d)‡ | .98 | %^ | .96 | .97% | .96 | .93 | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | .37 | %^ | .17 | .32% | .20 | (.22 | (.29)% |
|  Portfolio turnover rate | 36 | % | 47 | 32% | 43 | 24 | 44% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | %^ | .00 | .00% | .00 | .00 | .01% |

---

See footnote summary on page 19.

------

---

| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | SUSTAINABLE GLOBAL THEMATIC PORTFOLIO |
| FINANCIAL HIGHLIGHTS |  |
| (continued) | **AB Variable Products Series Fund** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** | **CLASS B** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **Six Months<br>Ended<br>June 30, 2025**<br>**(unaudited)** | | **2024** | **2023** | **2022** | **2021** | **2020** |
|  Net asset value, beginning of period | $32.80 |  | $31.05 | $28.59 | $43.80 | $40.54 | $32.19 |
| **Income From Investment Operations** |  |  |  |  |  |  |  |
|  Net investment income (loss)(a)(b) | .02 |  | (.03 | .02 | (.02 | (.20 | (.18) |
|  Net realized and unrealized gain (loss) on investment and foreign currency transactions | 2.07 |  | 1.88 | 4.39 | (11.59) | 9.02 | 12.11 |
|  Net increase (decrease) in net asset value from operations | 2.09 |  | 1.85 | 4.41 | (11.61) | 8.82 | 11.93 |
| **Less: Dividends and Distributions** |  |  |  |  |  |  |  |
|  Dividends from net investment income | –0 |  | –0 | (.01) | –0 | –0 | (.16) |
|  Distributions from net realized gain on investment transactions | –0 |  | (.10 | (1.94) | (3.60) | (5.56) | (3.42) |
|  Total dividends and distributions | –0 |  | (.10 | (1.95) | (3.60) | (5.56) | (3.58) |
|  Net asset value, end of period | $34.89 |  | $32.80 | $31.05 | $28.59 | $43.80 | $40.54 |
| **Total Return** |  |  |  |  |  |  |  |
|  Total investment return based on net asset value(c) | 6.37 | % | 5.96 | 15.70% | (27.17) | 22.57 | 39.08% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted) | $98003 |  | $98271 | $105499 | $100515 | $149808 | $127062 |
|  Ratio to average net assets of: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of waivers/reimbursements(d)‡ | 1.18 | %^ | 1.16 | 1.17% | 1.15 | 1.13 | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses, before waivers/reimbursements(d)‡  | 1.23 | %^ | 1.21 | 1.22% | 1.21 | 1.18 | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)(b) | .11 | %^ | (.08 | .07% | (.05 | (.47 | (.54)% |
|  Portfolio turnover rate | 36 | % | 47 | 32% | 43 | 24 | 44% |
|  ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying | ‡ Expense ratios exclude the estimated acquired fund fees of the affiliated/unaffiliated underlying |
| &nbsp;&nbsp;&nbsp;&nbsp; portfolios | .01 | %^ | .00 | .00% | .00 | .00 | .01% |

---

See footnote summary on page 19.

------

**AB Variable Products Series Fund**

(a) Based on average shares outstanding.

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

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total 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, for the six months ended June 30, 2025 and for the year ended December 31, 2020, such waiver amounted to .01% (annualized) and .01%, respectively.

^ Annualized.

See notes to financial statements.

------

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| | |
|:---|:---|
| 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-in person on May 6-8, 2025 (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 2023 and 2024 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

------

**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 have received detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an independent service provider (the "15(c) service provider"), showing the performance of the Class A Shares of the Fund against a group of similar funds ("peer group") and a larger group of similar funds ("peer universe"), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2025. 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 impact of 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 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

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| | |
|:---|:---|
| SUSTAINABLE GLOBAL THEMATIC PORTFOLIO | 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 reimbursement of expenses 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.

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VPS-SGT-0152-0625

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#### 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
There were no shareholder meetings during the reporting period.

#### 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 7 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 7 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 AND AFFILIATED 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

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#### ITEM 19. EXHIBITS.
The following exhibits are attached to this Form N-CSR:

---

| | |
|:---|:---|
| EXHIBIT NO. | DESCRIPTION OF EXHIBIT |
| 19(b)(1) | [Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d918496dex99cert.htm) |
| 19(b)(2) | [Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](d918496dex99cert.htm) |
| 19(c) | [Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](d918496dex99906cert.htm) |

---

------

#### 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.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: August 14, 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.

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| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

Date: August 14, 2025

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

Date: August 14, 2025

## Ex-99.Cert

**Exhibit 19(b)(1)** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

I, Onur Erzan, President of AB Variable Products Series Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Variable Products Series Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control 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; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2025

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| |
|:---|
| /s/ Onur Erzan |
| Onur Erzan |
| President |

---

------

**Exhibit 19(b)(2)** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

I, Stephen M. Woetzel, Treasurer and Chief Financial Officer of AB Variable Products Series Fund, Inc., certify that:

1. I have reviewed this report on Form N-CSR of AB Variable Products Series Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control 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; and

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 14, 2025

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| |
|:---|
| /s/ Stephen M. Woetzel |
| Stephen M. Woetzel |
| Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EXHIBIT 19(c)** 

**CERTIFICATION PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT** 

Pursuant to 18 U.S.C. 1350, each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of AB Variable Products Series Fund, Inc. (the "Registrant"), hereby certifies that the Registrant's report on Form N-CSR for the period ended June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 14, 2025

---

| | |
|:---|:---|
| By: | /s/ Onur Erzan |
|  | Onur Erzan |
|  | President |

---

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Woetzel |
|  | Stephen M. Woetzel |
|  | Treasurer and Chief Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report or as a separate disclosure document.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.