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

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$671,477,323
# of Portfolio Holdings	93
Portfolio Turnover Rate	36%
Total Advisory Fees Paid (Net)	$2,458,367

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
BJ's Wholesale Club Holdings, Inc.	$13,176,826	2.0%
Encompass Health Corp.	$12,076,112	1.8%
TXNM Energy, Inc.	$11,714,954	1.7%
Jones Lang LaSalle, Inc.	$11,194,979	1.7%
Hanover Insurance Group, Inc. (The)	$10,499,665	1.6%
Nexstar Media Group, Inc.	$10,477,830	1.6%
IDACORP, Inc.	$10,347,899	1.5%
Tenet Healthcare Corp.	$10,278,224	1.5%
Pentair PLC	$10,087,885	1.5%
RPM International, Inc.	$9,567,064	1.4%
Total	$109,421,438	16.3%

Class A

Sector Breakdown (% of Net Assets)

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

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Portfolio Information

Class A

VPS-DV-A-0154-0625

Class B

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$671,477,323
# of Portfolio Holdings	93
Portfolio Turnover Rate	36%
Total Advisory Fees Paid (Net)	$2,458,367

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
BJ's Wholesale Club Holdings, Inc.	$13,176,826	2.0%
Encompass Health Corp.	$12,076,112	1.8%
TXNM Energy, Inc.	$11,714,954	1.7%
Jones Lang LaSalle, Inc.	$11,194,979	1.7%
Hanover Insurance Group, Inc. (The)	$10,499,665	1.6%
Nexstar Media Group, Inc.	$10,477,830	1.6%
IDACORP, Inc.	$10,347,899	1.5%
Tenet Healthcare Corp.	$10,278,224	1.5%
Pentair PLC	$10,087,885	1.5%
RPM International, Inc.	$9,567,064	1.4%
Total	$109,421,438	16.3%

Class B

Sector Breakdown (% of Net Assets)

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

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Portfolio Information

Class B

VPS-DV-B-0154-0625

Class A

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$249,492,569
# of Portfolio Holdings	1,424
Portfolio Turnover Rate	4%
Total Advisory Fees Paid (Net)	$792,234

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$8,119,580	3.2%
Microsoft Corp.	$7,398,974	3.0%
Apple, Inc.	$6,491,784	2.6%
U.S. Treasury Notes, 2.00%, due 11/15/26	$4,687,995	1.9%
Amazon.com, Inc.	$4,413,688	1.8%
U.S. Treasury Notes, 2.38%, due 05/15/27	$4,258,434	1.7%
U.S. Treasury Notes, 2.25%, due 11/15/27	$3,469,394	1.4%
Meta Platforms, Inc. - Class A	$3,405,547	1.4%
U.S. Treasury Notes, 1.63%, due 05/15/31	$2,716,094	1.1%
Broadcom, Inc.	$2,593,591	1.0%
Total	$47,555,081	19.1%

Class A

Security Type Breakdown (% Net Assets)

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

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Portfolio Information

Class A

VPS-DAA-A-0154-0625

Class B

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$249,492,569
# of Portfolio Holdings	1,424
Portfolio Turnover Rate	4%
Total Advisory Fees Paid (Net)	$792,234

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$8,119,580	3.2%
Microsoft Corp.	$7,398,974	3.0%
Apple, Inc.	$6,491,784	2.6%
U.S. Treasury Notes, 2.00%, due 11/15/26	$4,687,995	1.9%
Amazon.com, Inc.	$4,413,688	1.8%
U.S. Treasury Notes, 2.38%, due 05/15/27	$4,258,434	1.7%
U.S. Treasury Notes, 2.25%, due 11/15/27	$3,469,394	1.4%
Meta Platforms, Inc. - Class A	$3,405,547	1.4%
U.S. Treasury Notes, 1.63%, due 05/15/31	$2,716,094	1.1%
Broadcom, Inc.	$2,593,591	1.0%
Total	$47,555,081	19.1%

Class B

Security Type Breakdown (% Net Assets)

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

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Portfolio Information

Class B

VPS-DAA-B-0154-0625

Class B

June 30, 2025

AB VPS Global Risk Allocation - Moderate Portfolio

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Portfolio Information

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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$679,275,317
# of Portfolio Holdings	1,207
Portfolio Turnover Rate	1%
Total Advisory Fees Paid (Net)	$1,415,945

Graphical Representation of Holdings

Security Type Breakdown (% Net Assets)

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)

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.

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Portfolio Information

Class B

VPS-GRA-B-0154-0625

Class A

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$1,069,820,546
# of Portfolio Holdings	74
Portfolio Turnover Rate	34%
Total Advisory Fees Paid (Net)	$2,555,941

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
JPMorgan Chase & Co.	$44,230,119	4.1%
Berkshire Hathaway, Inc. - Class B	$40,906,206	3.8%
Philip Morris International, Inc.	$39,224,245	3.7%
Johnson & Johnson	$38,061,634	3.5%
Walmart, Inc.	$33,310,713	3.1%
RTX Corp.	$32,002,619	3.0%
EOG Resources, Inc.	$26,644,683	2.5%
Texas Instruments, Inc.	$26,475,910	2.5%
S&P Global, Inc.	$24,841,159	2.3%
Elevance Health, Inc.	$23,038,101	2.2%
Total	$328,735,389	30.7%

Class A

Sector Breakdown (% of Net Assets)

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

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Portfolio Information

Class A

VPS-RV-A-0154-0625

Class B

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$1,069,820,546
# of Portfolio Holdings	74
Portfolio Turnover Rate	34%
Total Advisory Fees Paid (Net)	$2,555,941

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
JPMorgan Chase & Co.	$44,230,119	4.1%
Berkshire Hathaway, Inc. - Class B	$40,906,206	3.8%
Philip Morris International, Inc.	$39,224,245	3.7%
Johnson & Johnson	$38,061,634	3.5%
Walmart, Inc.	$33,310,713	3.1%
RTX Corp.	$32,002,619	3.0%
EOG Resources, Inc.	$26,644,683	2.5%
Texas Instruments, Inc.	$26,475,910	2.5%
S&P Global, Inc.	$24,841,159	2.3%
Elevance Health, Inc.	$23,038,101	2.2%
Total	$328,735,389	30.7%

Class B

Sector Breakdown (% of Net Assets)

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

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

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

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Portfolio Information

Class B

VPS-RV-B-0154-0625

Class A

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$154,668,293
# of Portfolio Holdings	22
Portfolio Turnover Rate	2%
Total Advisory Fees Paid (Net)	$333,002

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
iShares Core S&P 500 ETF	$51,752,015	33.5%
iShares Core U.S. Aggregate Bond ETF	$22,855,680	14.8%
Vanguard Total Bond Market ETF	$22,795,848	14.8%
iShares Core MSCI EAFE ETF	$22,431,076	14.5%
iShares Core MSCI Emerging Markets ETF	$9,142,569	5.9%
U.S. Treasury Inflation Index, 0.13%, due 01/15/32	$5,113,384	3.3%
Vanguard Mid-Cap ETF	$3,455,900	2.2%
Vanguard Real Estate ETF	$2,885,544	1.9%
Purchased Options - Calls, S&P 500 Index, USD 6100.00, due 12/18/26	$1,303,200	0.8%
Purchased Options - Calls, S&P 500 Index, USD 6000.00, due 12/18/26	$1,107,960	0.7%
Total	$142,843,176	92.4%

Class A

Portfolio Breakdown (% of Net Assets)


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

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Portfolio Information

Class A

VPS-BHA-A-0154-0625

Class B

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$154,668,293
# of Portfolio Holdings	22
Portfolio Turnover Rate	2%
Total Advisory Fees Paid (Net)	$333,002

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
iShares Core S&P 500 ETF	$51,752,015	33.5%
iShares Core U.S. Aggregate Bond ETF	$22,855,680	14.8%
Vanguard Total Bond Market ETF	$22,795,848	14.8%
iShares Core MSCI EAFE ETF	$22,431,076	14.5%
iShares Core MSCI Emerging Markets ETF	$9,142,569	5.9%
U.S. Treasury Inflation Index, 0.13%, due 01/15/32	$5,113,384	3.3%
Vanguard Mid-Cap ETF	$3,455,900	2.2%
Vanguard Real Estate ETF	$2,885,544	1.9%
Purchased Options - Calls, S&P 500 Index, USD 6100.00, due 12/18/26	$1,303,200	0.8%
Purchased Options - Calls, S&P 500 Index, USD 6000.00, due 12/18/26	$1,107,960	0.7%
Total	$142,843,176	92.4%

Class B

Portfolio Breakdown (% of Net Assets)


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.

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Class B

VPS-BHA-B-0154-0625

Class A

June 30, 2025

AB VPS International Value Portfolio

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$306,815,261
# of Portfolio Holdings	62
Portfolio Turnover Rate	28%
Total Advisory Fees Paid (Net)	$1,002,063

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Shell PLC	$10,782,287	3.5%
Roche Holding AG	$9,820,335	3.2%
Airbus SE	$7,215,540	2.4%
AXA SA	$6,911,877	2.3%
Tokyo Electron Ltd.	$6,894,337	2.2%
Taiwan Semiconductor Manufacturing Co., Ltd.	$6,509,344	2.1%
Melrose Industries PLC	$6,258,504	2.0%
Industria de Diseno Textil SA	$6,212,383	2.0%
Resona Holdings, Inc.	$6,039,299	2.0%
Haleon PLC	$5,894,087	1.9%
Total	$72,537,993	23.6%

Class A

Country Breakdown (% of Net Assets)

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)

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.

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Class A

VPS-IV-A-0154-0625

Class B

June 30, 2025

AB VPS International Value Portfolio

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$306,815,261
# of Portfolio Holdings	62
Portfolio Turnover Rate	28%
Total Advisory Fees Paid (Net)	$1,002,063

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Shell PLC	$10,782,287	3.5%
Roche Holding AG	$9,820,335	3.2%
Airbus SE	$7,215,540	2.4%
AXA SA	$6,911,877	2.3%
Tokyo Electron Ltd.	$6,894,337	2.2%
Taiwan Semiconductor Manufacturing Co., Ltd.	$6,509,344	2.1%
Melrose Industries PLC	$6,258,504	2.0%
Industria de Diseno Textil SA	$6,212,383	2.0%
Resona Holdings, Inc.	$6,039,299	2.0%
Haleon PLC	$5,894,087	1.9%
Total	$72,537,993	23.6%

Class B

Country Breakdown (% of Net Assets)

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)

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.

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Class B

VPS-IV-B-0154-0625

Class A

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$978,885,448
# of Portfolio Holdings	55
Portfolio Turnover Rate	10%
Total Advisory Fees Paid (Net)	$2,741,199

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$103,919,344	10.6%
Microsoft Corp.	$86,990,045	8.9%
Meta Platforms, Inc. - Class A	$64,489,137	6.6%
Amazon.com, Inc.	$62,470,206	6.4%
Netflix, Inc.	$55,523,008	5.7%
Broadcom, Inc.	$50,205,513	5.1%
Alphabet, Inc. - Class C	$49,490,746	5.0%
Visa, Inc. - Class A	$45,736,121	4.7%
Eli Lilly & Co.	$26,196,106	2.7%
Costco Wholesale Corp.	$25,426,609	2.6%
Total	$570,446,835	58.3%

Class A

Sector Breakdown (% of Net Assets)

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.

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Class A

VPS-LCG-A-0154-0625

Class B

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$978,885,448
# of Portfolio Holdings	55
Portfolio Turnover Rate	10%
Total Advisory Fees Paid (Net)	$2,741,199

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
NVIDIA Corp.	$103,919,344	10.6%
Microsoft Corp.	$86,990,045	8.9%
Meta Platforms, Inc. - Class A	$64,489,137	6.6%
Amazon.com, Inc.	$62,470,206	6.4%
Netflix, Inc.	$55,523,008	5.7%
Broadcom, Inc.	$50,205,513	5.1%
Alphabet, Inc. - Class C	$49,490,746	5.0%
Visa, Inc. - Class A	$45,736,121	4.7%
Eli Lilly & Co.	$26,196,106	2.7%
Costco Wholesale Corp.	$25,426,609	2.6%
Total	$570,446,835	58.3%

Class B

Sector Breakdown (% of Net Assets)

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.

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Class B

VPS-LCG-B-0154-0625

Class A

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$63,954,957
# of Portfolio Holdings	104
Portfolio Turnover Rate	47%
Total Advisory Fees Paid (Net)	$119,455

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Credo Technology Group Holding Ltd.	$1,543,475	2.4%
AeroVironment, Inc.	$1,282,560	2.0%
SPX Technologies, Inc.	$1,054,539	1.7%
Construction Partners, Inc. - Class A	$1,039,099	1.6%
Alkami Technology, Inc.	$1,023,313	1.6%
Casella Waste Systems, Inc. - Class A	$1,002,768	1.6%
Primoris Services Corp.	$995,294	1.6%
SiTime Corp.	$990,396	1.5%
Ollie's Bargain Outlet Holdings, Inc.	$990,195	1.5%
Celsius Holdings, Inc.	$961,572	1.5%
Total	$10,883,211	17.0%

Class A

Sector Breakdown (% of Net Assets)

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.

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Class A

VPS-SCG-A-0154-0625

Class B

June 30, 2025

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$63,954,957
# of Portfolio Holdings	104
Portfolio Turnover Rate	47%
Total Advisory Fees Paid (Net)	$119,455

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Credo Technology Group Holding Ltd.	$1,543,475	2.4%
AeroVironment, Inc.	$1,282,560	2.0%
SPX Technologies, Inc.	$1,054,539	1.7%
Construction Partners, Inc. - Class A	$1,039,099	1.6%
Alkami Technology, Inc.	$1,023,313	1.6%
Casella Waste Systems, Inc. - Class A	$1,002,768	1.6%
Primoris Services Corp.	$995,294	1.6%
SiTime Corp.	$990,396	1.5%
Ollie's Bargain Outlet Holdings, Inc.	$990,195	1.5%
Celsius Holdings, Inc.	$961,572	1.5%
Total	$10,883,211	17.0%

Class B

Sector Breakdown (% of Net Assets)

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.

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Class B

VPS-SCG-B-0154-0625

Class A

June 30, 2025

AB VPS Sustainable Global Thematic Portfolio

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$162,412,703
# of Portfolio Holdings	56
Portfolio Turnover Rate	36%
Total Advisory Fees Paid (Net)	$535,350

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Microsoft Corp.	$6,825,460	4.2%
Flex Ltd.	$5,692,777	3.5%
NVIDIA Corp.	$5,587,632	3.4%
Visa, Inc. - Class A	$4,187,105	2.6%
Taiwan Semiconductor Manufacturing Co., Ltd.	$4,168,906	2.6%
London Stock Exchange Group PLC	$4,142,011	2.5%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	$4,085,713	2.5%
Rockwell Automation, Inc.	$3,996,337	2.5%
AIA Group Ltd.	$3,819,038	2.4%
Cameco Corp.	$3,810,226	2.3%
Total	$46,315,205	28.5%

Class A

Country Breakdown (% of Net Assets)

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)

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.

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Portfolio Information

Class A

VPS-SGT-A-0154-0625

Class B

June 30, 2025

AB VPS Sustainable Global Thematic Portfolio

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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%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

Key Portfolio Statistics

Net Assets	$162,412,703
# of Portfolio Holdings	56
Portfolio Turnover Rate	36%
Total Advisory Fees Paid (Net)	$535,350

Graphical Representation of Holdings

10 Top Holdings

Company	U.S. $ Value	% of Net Assets
Microsoft Corp.	$6,825,460	4.2%
Flex Ltd.	$5,692,777	3.5%
NVIDIA Corp.	$5,587,632	3.4%
Visa, Inc. - Class A	$4,187,105	2.6%
Taiwan Semiconductor Manufacturing Co., Ltd.	$4,168,906	2.6%
London Stock Exchange Group PLC	$4,142,011	2.5%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP	$4,085,713	2.5%
Rockwell Automation, Inc.	$3,996,337	2.5%
AIA Group Ltd.	$3,819,038	2.4%
Cameco Corp.	$3,810,226	2.3%
Total	$46,315,205	28.5%

Class B

Country Breakdown (% of Net Assets)

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)

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^® 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^06.30.25

LOGO

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


BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

June 30, 2025 (unaudited)		AB Variable Products Series Fund


Company			Shares		U.S. $ Value

INVESTMENT COMPANIES–87.8%
FUNDS AND INVESTMENT TRUSTS–87.8%(a)
iShares Core MSCI EAFE ETF				268,700	$	22,431,076
iShares Core MSCI Emerging Markets ETF(b)				152,300		9,142,569
iShares Core S&P 500 ETF				83,350		51,752,015
iShares Core U.S. Aggregate Bond ETF				230,400		22,855,680
Vanguard Mid-Cap ETF(b)				12,350		3,455,900
Vanguard Real Estate ETF(b)				32,400		2,885,544
Vanguard Small-Cap ETF(b)				2,050		485,809
Vanguard Total Bond Market ETF				309,600		22,795,848

Total Investment Companies (cost $115,122,654)						135,804,441

	Principal Amount (000)
INFLATION-LINKED SECURITIES–3.3%
UNITED STATES–3.3%
U.S. Treasury Inflation Index 0.125%, 01/15/2032 (TIPS)(c) (cost $5,661,310)		U.S.$		5,639		5,113,384

	Notional Amount
PURCHASED OPTIONS–CALLS–2.0%
OPTIONS ON EQUITY INDICES–2.0%
S&P 500 Index Expiration: Dec 2026; Contracts: 18; Exercise Price: USD 6,100.00; Counterparty: Morgan Stanley & Co., Inc.(d)		USD		10,980,000		1,303,200


Company		Notional Amount		U.S. $ Value

S&P 500 Index Expiration: Dec 2026; Contracts: 14; Exercise Price: USD 6,000.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		8,400,000	$	1,107,960
S&P 500 Index Expiration: Dec 2026; Contracts: 6; Exercise Price: USD 5,300.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		3,180,000		784,710

Total Purchased Options–Calls (premiums paid $2,837,307)					3,195,870

PURCHASED OPTIONS–PUTS–1.7%
OPTIONS ON EQUITY INDICES–1.7%
S&P 500 Index Expiration: Dec 2026; Contracts: 27; Exercise Price: USD 5,600.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		15,120,000		664,740
S&P 500 Index Expiration: Dec 2026; Contracts: 18; Exercise Price: USD 6,100.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		10,980,000		655,650
S&P 500 Index Expiration: Dec 2026; Contracts: 14; Exercise Price: USD 6,000.00; Counterparty: Morgan Stanley & Co., Inc.(d)	USD		8,400,000		472,150


BALANCED HEDGED ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund

Company

Notional
Amount

U.S. $ Value

S&P 500 Index
Expiration: Dec 2026; Contracts: 12;
Exercise Price: USD 5,700.00;
Counterparty: Morgan Stanley & Co., Inc.(d)

USD

6,840,000

320,100

S&P 500 Index
Expiration: Dec 2026; Contracts: 12;
Exercise Price: USD 5,500.00;
Counterparty: Morgan Stanley & Co., Inc.(d)

USD

6,600,000

272,460

S&P 500 Index
Expiration: Dec 2026; Contracts: 12;
Exercise Price: USD 5,300.00;
Counterparty: Morgan Stanley & Co., Inc.(d)

USD

6,360,000

231,120

Total Purchased Options–Puts
(premiums paid $3,553,782)

2,616,220

COMMON STOCKS–0.0%

ENERGY–0.0%

OIL, GAS & CONSUMABLE
FUELS–0.0%

Gazprom PJSC(d)(e)(f)(g)

31,460

–0

–

LUKOIL PJSC(d)(e)(f)(g)

790

–0

–

–0

–

Company

U.S. $ Value

MATERIALS–0.0%

METALS & MINING–0.0%

MMC Norilsk Nickel PJSC (ADR)(d)(e)(f)(g)

2,540

–0

–

Total Common Stocks
(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)
(cost $6,617,635)

6,617,635

TOTAL INVESTMENTS–99.1%
(cost $134,065,386)

153,347,550

Other assets less liabilities–0.9%

1,320,743

NET ASSETS–100.0%

154,668,293

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
MSCI EAFE Futures		35		September 2025	$	4,692,975	$	29,359
MSCI Emerging Markets Index Futures		18		September 2025		1,110,150		4,615
S&P 500 E-Mini Futures		37		September 2025		11,569,437		409,055
U.S. Long Bond (CBT) Futures		17		September 2025		1,962,969		57,355
U.S. T-Note 10 Yr (CBT) Futures		373		September 2025		41,822,625		657,521

Sold Contracts
E-Mini Russell 2000 Index Futures		5		September 2025		547,925		(8,488	)
S&P Mid 400 E-Mini Futures		5		September 2025		1,562,750		(23,290	)

							$	1,126,127



		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
Date

Cost

Market
Value

Percentage
of Net Assets

Gazprom PJSC

09/28/2021-09/29/2021

154,653

–0

–

0.00

LUKOIL PJSC

06/29/2018-07/09/2021

61,154

–0

–

0.00

MMC Norilsk Nickel PJSC (ADR)

06/29/2018-10/01/2021

56,891

–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
STATEMENT OF ASSETS & LIABILITIES

June 30, 2025 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $127,447,751)	$	146,729,915	(a)
Affiliated issuers (cost $6,617,635)		6,617,635
Cash		2,735
Foreign currencies, at value (cost $4,105)		4,448
Receivable for investment securities sold		1,622,502
Receivable for variation margin on futures		197,932
Unaffiliated dividends and interest receivable		24,158
Affiliated dividends receivable		20,083
Receivable due from Adviser		969
Receivable for capital stock sold		20

Total assets		155,220,397

LIABILITIES
Payable for investment securities purchased		149,661
Payable for capital stock redeemed		136,999
Custody and accounting fees payable		80,307
Advisory fee payable		54,449
Administrative fee payable		47,100
Distribution fee payable		27,332
Foreign capital gains tax payable		5,943
Directors’ fees payable		1,987
Transfer Agent fee payable		147
Accrued expenses		48,179

Total liabilities		552,104

NET ASSETS	$	154,668,293

COMPOSITION OF NET ASSETS
Capital stock, at par	$	15,691
Additional paid-in capital		128,116,545
Distributable earnings		26,536,057

NET ASSETS	$	154,668,293

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	14,914,294		1,487,751		$ 10.02

B	$	139,753,999		14,202,917	$	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
STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	1,671,869
Affiliated issuers		136,738
Interest		90,803
Securities lending income, net		6,037

		1,905,447

EXPENSES
Advisory fee (see Note B)		339,879
Distribution fee—Class B		170,518
Transfer agency—Class A		264
Transfer agency—Class B		2,464
Administrative		53,080
Custody and accounting		30,835
Audit and tax		28,158
Printing		25,875
Legal		16,136
Directors’ fees		10,712
Miscellaneous		10,064

Total expenses		687,985
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(6,877	)

Net expenses		681,108

Net investment income		1,224,339

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		119,204
Futures		1,519,492
Foreign currency transactions		(46	)
Net change in unrealized appreciation (depreciation) of:
Investments		8,269,849
Futures		2,317,895
Foreign currency denominated assets and liabilities		879

Net gain on investment and foreign currency transactions		12,227,273

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	13,451,612

(a)

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

See notes to financial statements.



BALANCED HEDGED ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,224,339		$	2,874,239
Net realized gain on investment and foreign currency transactions		1,638,650			8,556,900
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		10,588,623			2,415,686

Net increase in net assets from operations		13,451,612			13,846,825
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(633,925	)
Class B		–0	–		(5,620,894	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(15,129,830	)		(24,086,380	)

Total decrease		(1,678,218	)		(16,494,374	)
NET ASSETS
Beginning of period		156,346,511			172,840,885

End of period	$	154,668,293		$	156,346,511

See notes to financial statements.


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.


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:

Investment Companies

135,804,441

–0

–

–0

–

135,804,441

Inflation-Linked Securities

–0

–

5,113,384

–0

–

5,113,384

Purchased Options—Calls

–0

–

3,195,870

–0

–

3,195,870

Purchased Options—Puts

–0

–

2,616,220

–0

–

2,616,220

Common Stocks

–0

–

–0

–

(a)

–0

–

Short-Term Investments

6,617,635

–0

–

–0

–

6,617,635

Total Investments in Securities

142,422,076

10,925,474

(a)

153,347,550

Other Financial Instruments(b):

Assets:

Futures

1,157,905

–0

–

–0

–

1,157,905

(c)

Liabilities:

Futures

(31,778

)

–0

–

–0

–

(31,778

)(c)

Total

143,548,203

10,925,474

(a)

154,473,677

(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
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 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	7,545	$	16,192	$	17,119	$	6,618		$	137
AB Government Money Market Portfolio*		6,437		32,885		39,322		–0	–		3

Total							$	6,618		$	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)	$	2,820,844		$	13,740,527
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	$	24,729,356
Gross unrealized depreciation		(4,321,065	)

Net unrealized appreciation	$	20,408,291


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.



		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

Liability Derivatives

Derivative Type

Statement of
Assets and Liabilities

Location

Fair Value

Statement of
Assets and Liabilities

Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

714,876

Equity contracts

Receivable/Payable for variation margin on futures

443,029

Receivable/Payable for variation margin on futures

31,778

Equity contracts

Investments in securities, at value

5,812,090

Total

6,969,995

31,778

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


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	170,508		$	1,315,626

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		1,348,984			1,002,269

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		(157,866	)		(443,551	)

Total		$	1,361,626		$	1,874,344

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


Futures:
Average notional amount of buy contracts	$	67,598,360
Average notional amount of sale contracts	$	2,373,730	(a)
Purchased Options:
Average notional amount	$	88,242,857

(a)

Positions were open for four months during the period.


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 Portfolio
Market Value of Securities on Loan*		Cash Collateral*			Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	12,860,265	$	–0	–	$	13,070,521	$	3,487	$	2,550	$	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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		4,300			83,454		$	40,522		$	745,767
Shares issued in reinvestment of dividends and distributions		–0	–		70,909			–0	–		633,925
Shares redeemed		(199,692	)		(276,002	)		(1,886,811	)		(2,489,227	)

Net decrease		(195,392	)		(121,639	)	$	(1,846,289	)	$	(1,109,535	)

Class B
Shares sold		200,019			447,965		$	1,819,150		$	4,013,635
Shares issued on reinvestment of dividends and distributions		–0	–		639,464			–0	–		5,620,894
Shares redeemed		(1,640,875	)		(3,631,685	)		(15,102,691	)		(32,611,374	)

Net decrease		(1,440,856	)		(2,544,256	)	$	(13,283,541	)	$	(22,976,845	)

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
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.

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.



		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:
Ordinary income	$	4,625,970	$	1,598,559
Net long-term capital gains		1,628,849		8,895,421

Total taxable distributions paid	$	6,254,819	$	10,493,980

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


Undistributed ordinary income	$	10,897,149
Accumulated capital and other losses		(8,961,977	)(a)
Unrealized appreciation (depreciation)		11,149,273	(b)

Total accumulated earnings (deficit)	$	13,084,445

(a)

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

(b)

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
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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	(c)		.00	(c)		–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)		$14,914			$15,428			$15,843			$16,241			$21,879			$21,252
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.68	%^		.66	%		.69	%		.63	%		.56	%		.55	%
Expenses, before waivers/reimbursements(e)‡		.68	%^		.67	%		.70	%		.71	%		.75	%		.77	%
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
portfolios		.05	%^		.04	%		.04	%		.09	%		.20	%		.22	%

See footnote summary on page 20.



		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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	(c)		.00	(c)		–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)		$139,754			$140,919			$156,998			$161,149			$223,893			$222,427
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.93	%^		.91	%		.94	%		.88	%		.81	%		.80	%
Expenses, before waivers/reimbursements(e)‡		.94	%^		.92	%		.95	%		.96	%		1.00	%		1.02	%
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
portfolios		.05	%^		.04	%		.04	%		.09	%		.20	%		.22	%

See footnote summary on page 20.


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

(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



		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^06.30.25

LOGO

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.

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


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

June 30, 2025 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–63.7%
INFORMATION TECHNOLOGY–16.7%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		2,258	$	231,016
Cisco Systems, Inc.		8,380		581,405
F5, Inc.(a)		129		37,967
Juniper Networks, Inc.		736		29,389
Motorola Solutions, Inc.		352		148,002
Nokia Oyj(b)		10,923		56,675
Telefonaktiebolaget LM Ericsson–Class B		5,595		47,811

				1,132,265

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		2,553		252,109
CDW Corp./DE		293		52,327
Celestica, Inc.(a)		258		40,310
Corning, Inc.		1,712		90,034
Halma PLC		844		37,097
Hexagon AB–Class B(b)		4,126		41,588
Jabil, Inc.		239		52,126
Keyence Corp.		410		163,929
Keysight Technologies, Inc.(a)		385		63,086
Kyocera Corp.		2,409		28,933
Murata Manufacturing Co., Ltd.		3,307		48,880
Omron Corp.		353		9,516
Shimadzu Corp.		478		11,818
TDK Corp.		3,839		44,811
TE Connectivity PLC		629		106,093
Teledyne Technologies, Inc.(a)		105		53,792
Trimble, Inc.(a)		547		41,561
Yokogawa Electric Corp.		434		11,594
Zebra Technologies Corp.–Class A(a)		114		35,153

				1,184,757

IT SERVICES–0.9%
Accenture PLC–Class A		1,319		394,236
Akamai Technologies, Inc.(a)		325		25,922
Capgemini SE		362		61,987
CGI, Inc.		448		47,049
Cognizant Technology Solutions Corp.–Class A		1,037		80,917
Fujitsu Ltd.		3,701		89,784
Gartner, Inc.(a)		171		69,122
GoDaddy, Inc.–Class A(a)		315		56,719
International Business Machines Corp.		1,953		575,705
MongoDB, Inc.(a)		181		38,008
NEC Corp.		2,462		71,829


Company	Shares		U.S. $ Value

Nomura Research Institute Ltd.		754	$	30,158
NTT Data Group Corp.		1,322		36,594
Obic Co., Ltd.		705		27,414
Okta, Inc.(a)		369		36,889
Otsuka Corp.(b)		460		9,371
SCSK Corp.		292		8,797
Shopify, Inc.–Class A(a)		2,565		295,839
Snowflake, Inc.–Class A(a)		669		149,702
TIS, Inc.		394		13,203
Twilio, Inc.–Class A(a)		324		40,293
VeriSign, Inc.		189		54,583
Wix.com Ltd.(a)		118		18,698

				2,232,819

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.2%
Advanced Micro Devices, Inc.(a)		3,422		485,582
Advantest Corp.		1,614		119,647
Analog Devices, Inc.		1,045		248,731
Applied Materials, Inc.		1,712		313,416
ASM International NV		105		67,355
ASML Holding NV		830		665,110
BE Semiconductor Industries NV(b)		181		27,069
Broadcom, Inc.		9,409		2,593,591
Disco Corp.		194		57,471
Entegris, Inc.		337		27,179
First Solar, Inc.(a)(b)		227		37,578
Infineon Technologies AG		2,751		117,391
Intel Corp.(a)		9,184		205,722
KLA Corp.		280		250,807
Lam Research Corp.		2,704		263,207
Lasertec Corp.(b)		171		22,924
Marvell Technology, Inc.		1,824		141,178
Microchip Technology, Inc.		1,122		78,955
Micron Technology, Inc.		2,354		290,130
Monolithic Power Systems, Inc.		107		78,258
NVIDIA Corp.		51,393		8,119,580
NXP Semiconductors NV		535		116,892
ON Semiconductor Corp.(a)		939		49,213
QUALCOMM, Inc.		2,330		371,076
Renesas Electronics Corp.		3,335		41,259
SCREEN Holdings Co., Ltd.		200		16,262
STMicroelectronics NV		1,335		40,934
Teradyne, Inc.		359		32,281
Texas Instruments, Inc.		1,917		398,007
Tokyo Electron Ltd.		944		180,785

				15,457,590

SOFTWARE–5.9%
Adobe, Inc.(a)		898		347,418
ANSYS, Inc.(a)		195		68,488
AppLovin Corp.–Class A(a)		489		171,189
Atlassian Corp.–Class A(a)		365		74,128


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Autodesk, Inc.(a)		449	$	138,997
Bentley Systems, Inc.–Class B		356		19,213
Cadence Design Systems, Inc.(a)		578		178,111
Check Point Software Technologies Ltd.(a)		193		42,701
Cloudflare, Inc.–Class A(a)		651		127,485
Coinbase Global, Inc.–Class A(a)		421		147,556
Constellation Software, Inc./Canada		43		157,670
Crowdstrike Holdings, Inc.–Class A(a)		523		266,369
CyberArk Software Ltd.(a)		105		42,722
Dassault Systemes SE		1,355		49,107
Datadog, Inc.–Class A(a)		639		85,837
Descartes Systems Group, Inc. (The)(a)		191		19,402
Docusign, Inc.(a)		450		35,051
Fair Isaac Corp.(a)		52		95,054
Fortinet, Inc.(a)		1,377		145,577
Gen Digital, Inc.		994		29,224
HubSpot, Inc.(a)		111		61,786
Intuit, Inc.		589		463,914
Microsoft Corp.		14,875		7,398,974
MicroStrategy, Inc.–Class A(a)		522		211,008
Monday.com Ltd.(a)		91		28,618
Nemetschek SE		129		18,704
Nice Ltd.(a)		141		23,901
Nutanix, Inc.–Class A(a)		564		43,112
Open Text Corp.		577		16,860
Oracle Corp.		3,544		774,825
Oracle Corp. Japan		81		9,654
Palantir Technologies, Inc.–Class A(a)		4,512		615,076
Palo Alto Networks, Inc.(a)		1,395		285,473
PTC, Inc.(a)		268		46,187
Roper Technologies, Inc.		227		128,673
Sage Group PLC (The)		1,888		32,422
Salesforce, Inc.		2,025		552,197
Samsara, Inc.–Class A(a)		633		25,181
SAP SE		2,200		672,715
ServiceNow, Inc.(a)		436		448,243
Synopsys, Inc.(a)		326		167,134
Temenos AG (REG)		125		8,979
Trend Micro, Inc./Japan		289		19,989
Tyler Technologies, Inc.(a)		96		56,913
WiseTech Global Ltd.(b)		446		31,985
Workday, Inc.–Class A(a)		454		108,960
Xero Ltd.(a)		324		38,339
Zoom Communications, Inc.(a)		559		43,591
Zscaler, Inc.(a)		224		70,323

				14,645,035


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.8%
Apple, Inc.		31,641		6,491,784
Canon, Inc.(b)		2,011		58,327
Dell Technologies, Inc.–Class C		674		82,632
FUJIFILM Holdings Corp.(b)		2,196		47,556
Hewlett Packard Enterprise Co.		2,648		54,152
HP, Inc.		1,897		46,401
Logitech International SA (REG)		338		30,651
NetApp, Inc.		459		48,906
Pure Storage, Inc.–Class A(a)		689		39,673
Ricoh Co., Ltd.(b)		606		5,719
Seagate Technology Holdings PLC		471		67,979
Super Micro Computer, Inc.(a)(b)		1,122		54,989
Western Digital Corp.(b)		769		49,208

				7,077,977

				41,730,443

FINANCIALS–10.8%
BANKS–4.2%
ABN AMRO Bank NV(b)		831		22,691
AIB Group PLC		4,042		33,358
ANZ Group Holdings Ltd.		6,258		120,008
Banco Bilbao Vizcaya Argentaria SA		12,138		186,904
Banco BPM SpA		2,842		33,173
Banco de Sabadell SA		10,428		33,198
Banco Santander SA		31,915		264,284
Bank Hapoalim BM		2,489		47,809
Bank Leumi Le-Israel BM		3,029		56,356
Bank of America Corp.		15,217		720,069
Bank of Ireland Group PLC		1,839		26,206
Bank of Montreal		1,525		169,002
Bank of Nova Scotia (The)		2,624		145,098
Bankinter SA(b)		1,117		14,582
Banque Cantonale Vaudoise (REG)(b)		67		7,727
Barclays PLC		30,122		139,187
BNP Paribas SA		2,144		192,320
BOC Hong Kong Holdings Ltd.–Class H		7,531		32,784
BPER Banca SpA(b)		1,661		15,076
CaixaBank SA		8,202		71,069
Canadian Imperial Bank of Commerce		1,980		140,545
Chiba Bank Ltd. (The)		662		6,118
Citigroup, Inc.		3,965		337,501
Citizens Financial Group, Inc.		972		43,497



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Commerzbank AG		1,819	$	57,322
Commonwealth Bank of Australia		3,525		429,022
Concordia Financial Group Ltd.		1,448		9,397
Credit Agricole SA		2,090		39,539
Danske Bank A/S		1,408		57,508
DBS Group Holdings Ltd.(a)		4,450		157,094
DNB Bank ASA		1,810		50,055
Erste Group Bank AG		685		58,311
Fifth Third Bancorp		1,359		55,896
FinecoBank Banca Fineco SpA		1,136		25,201
First Citizens BancShares, Inc./NC–Class A		21		41,086
Hang Seng Bank Ltd.–Class H		1,585		23,785
HSBC Holdings PLC		37,224		450,268
Huntington Bancshares, Inc./OH		2,941		49,291
ING Groep NV		6,629		145,292
Intesa Sanpaolo SpA		31,874		183,607
Israel Discount Bank Ltd.–Class A		2,136		21,306
Japan Post Bank Co., Ltd.		3,447		37,161
JPMorgan Chase & Co.		5,890		1,707,570
KBC Group NV		511		52,740
KeyCorp		1,764		30,729
Lloyds Banking Group PLC		126,685		133,211
M&T Bank Corp.		359		69,642
Mediobanca Banca di Credito Finanziario SpA(b)		891		20,734
Mitsubishi UFJ Financial Group, Inc.		24,146		329,197
Mizrahi Tefahot Bank Ltd.		346		22,570
Mizuho Financial Group, Inc.		5,030		139,632
National Australia Bank Ltd.(b)		6,450		167,170
National Bank of Canada(b)		820		84,616
NatWest Group PLC		17,014		119,489
Nordea Bank Abp		6,617		98,181
Oversea-Chinese Banking Corp., Ltd.		6,934		88,917
PNC Financial Services Group, Inc. (The)		834		155,474
Regions Financial Corp.		1,763		41,466
Resona Holdings, Inc.		3,965		36,620
Royal Bank of Canada		2,981		392,877
Skandinaviska Enskilda Banken AB(b)		3,239		56,458
Societe Generale SA		1,512		86,493
Standard Chartered PLC		4,178		69,140
Sumitomo Mitsui Financial Group, Inc.		7,772		195,706
Sumitomo Mitsui Trust Group, Inc.		1,334		35,481

Svenska Handelsbanken AB–Class A		2,871		38,435
Swedbank AB–Class A		1,697		44,947
Toronto-Dominion Bank (The)		3,690		271,408
Truist Financial Corp.		2,758		118,566
UniCredit SpA		2,953		198,097
United Overseas Bank Ltd.		2,692		76,194
US Bancorp		3,282		148,511
Wells Fargo & Co.		6,870		550,424
Westpac Banking Corp.		7,210		160,686

				10,491,084

CAPITAL MARKETS–2.2%
3i Group PLC		2,050		116,014
Ameriprise Financial, Inc.		202		107,813
Amundi SA		137		11,105
Ares Management Corp.–Class A		454		78,633
ASX Ltd.		432		19,835
Bank of New York Mellon Corp. (The)		1,513		137,849
Blackrock, Inc.		311		326,317
Blackstone, Inc.		1,537		229,904
Brookfield Asset Management Ltd.–Class A		910		50,367
Brookfield Corp.		2,871		177,689
Carlyle Group, Inc. (The)(b)		522		26,831
Cboe Global Markets, Inc.		233		54,338
Charles Schwab Corp. (The)		3,629		331,110
CME Group, Inc.		759		209,196
CVC Capital Partners PLC(b)(c)		206		4,236
Daiwa Securities Group, Inc.		2,225		15,802
Deutsche Bank AG (REG)		3,898		115,558
Deutsche Boerse AG		397		129,696
EQT AB(b)		828		27,776
Euronext NV		174		29,813
FactSet Research Systems, Inc.		85		38,019
Futu Holdings Ltd. (ADR)		140		17,303
Goldman Sachs Group, Inc. (The)		655		463,576
Hong Kong Exchanges & Clearing Ltd.–Class H		2,537		136,456
IGM Financial, Inc.(b)		184		5,813
Interactive Brokers Group, Inc.–Class A		972		53,858
Intercontinental Exchange, Inc.		1,210		221,999
Japan Exchange Group, Inc.		1,716		17,383
Julius Baer Group Ltd.		458		31,068
KKR & Co., Inc.		1,310		174,269
London Stock Exchange Group PLC		1,004		146,832
LPL Financial Holdings, Inc.		178		66,745


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Macquarie Group Ltd.		763	$	114,759
Moody’s Corp.		341		171,042
Morgan Stanley		2,548		358,911
MSCI, Inc.		164		94,585
Nasdaq, Inc.		901		80,567
Nomura Holdings, Inc.		5,815		38,319
Northern Trust Corp.		434		55,027
Partners Group Holding AG		51		66,725
Raymond James Financial, Inc.		433		66,409
Robinhood Markets, Inc.–Class A(a)		1,540		144,190
S&P Global, Inc.		661		348,539
SBI Holdings, Inc.		595		20,733
Schroders PLC		611		3,039
Singapore Exchange Ltd.		1,635		19,145
State Street Corp.		642		68,270
T. Rowe Price Group, Inc.		494		47,671
TMX Group Ltd.		618		26,195
Tradeweb Markets, Inc.–Class A		259		37,918
UBS Group AG (REG)(a)		6,927		235,184

				5,570,431

CONSUMER FINANCE–0.3%
American Express Co.		1,182		377,034
Capital One Financial Corp.		1,347		286,588
Synchrony Financial		865		57,730

				721,352

FINANCIAL SERVICES–2.0%
Adyen NV(a)		54		99,173
Apollo Global Management, Inc.		841		119,313
Banca Mediolanum SpA		196		3,378
Berkshire Hathaway, Inc.–Class B(a)		2,823		1,371,329
Block, Inc.(a)		1,168		79,342
Corebridge Financial, Inc.		556		19,738
Corpay, Inc.(a)		149		49,441
Edenred SE		537		16,679
Equitable Holdings, Inc.		679		38,092
Eurazeo SE		89		6,363
EXOR NV(d)		197		19,887
Fidelity National Information Services, Inc.		1,116		90,853
Fiserv, Inc.(a)		1,177		202,927
Global Payments, Inc.		547		43,782
Groupe Bruxelles Lambert NV		185		15,792
Industrivarden AB–Class A		265		9,634
Industrivarden AB–Class C		344		12,457
Infratil Ltd.		1,239		7,995
Investor AB–Class B		3,645		108,014
Jack Henry & Associates, Inc.		162		29,187
L E Lundbergforetagen AB–Class B		169		8,436
M&G PLC		3,612		12,767

Mastercard, Inc.–Class A		1,716		964,289
Mitsubishi HC Capital, Inc.(b)		1,236		9,100
Nexi SpA		257		1,535
ORIX Corp.		2,297		51,836
PayPal Holdings, Inc.(a)		1,980		147,154
Sofina SA		35		11,576
Toast, Inc.–Class A(a)(b)		989		43,803
Visa, Inc.–Class A		3,630		1,288,831
Wise PLC–Class A(a)		1,150		16,428

				4,899,131

INSURANCE–2.1%
Admiral Group PLC		579		26,001
Aegon Ltd.(b)		2,248		16,291
Aflac, Inc.		1,092		115,162
Ageas SA/NV		332		22,459
AIA Group Ltd.–Class H		22,525		204,041
Allianz SE (REG)		814		330,348
Allstate Corp. (The)		559		112,532
American Financial Group, Inc./OH		149		18,805
American International Group, Inc.		1,230		105,276
Aon PLC–Class A		410		146,272
Arch Capital Group Ltd.		781		71,110
Arthur J Gallagher & Co.		539		172,545
ASR Nederland NV		329		21,861
Aviva PLC		5,357		45,544
AXA SA		3,732		183,260
Baloise Holding AG (REG)		92		21,698
Brown & Brown, Inc.		542		60,092
Chubb Ltd.		802		232,356
Cincinnati Financial Corp.		349		51,973
Dai-ichi Life Holdings, Inc.		7,105		54,017
Erie Indemnity Co.–Class A		57		19,767
Everest Group Ltd.		95		32,286
Fairfax Financial Holdings Ltd.		44		79,421
Fidelity National Financial, Inc.		581		32,571
Generali		1,782		63,388
Gjensidige Forsikring ASA		444		11,255
Great-West Lifeco, Inc.(b)		613		23,314
Hannover Rueck SE		135		42,540
Hartford Insurance Group, Inc. (The)		633		80,309
Helvetia Holding AG (REG)		83		19,486
iA Financial Corp., Inc.		208		22,803
Insurance Australia Group Ltd.		4,386		26,075
Intact Financial Corp.		374		86,967
Japan Post Holdings Co., Ltd.		3,432		31,788
Japan Post Insurance Co., Ltd.		392		8,875
Legal & General Group PLC		11,630		40,693



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Loews Corp.		398	$	36,481
Manulife Financial Corp.		3,629		116,032
Markel Group, Inc.(a)		29		57,923
Marsh & McLennan Cos., Inc.		1,038		226,948
Medibank Pvt. Ltd.		4,545		15,094
MetLife, Inc.		1,220		98,112
MS&AD Insurance Group Holdings, Inc.		2,568		57,409
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		282		183,112
NN Group NV		598		39,790
Phoenix Group Holdings PLC		996		9,011
Poste Italiane SpA		786		16,888
Power Corp. of Canada(b)		1,111		43,396
Principal Financial Group, Inc.		496		39,397
Progressive Corp. (The)		1,235		329,572
Prudential Financial, Inc.		741		79,613
Prudential PLC		5,385		67,400
QBE Insurance Group Ltd.		3,035		46,736
Sampo Oyj–Class A(b)		4,916		52,909
Sompo Holdings, Inc.		1,800		54,243
Sun Life Financial, Inc.		1,197		79,648
Suncorp Group Ltd.(a)		2,046		29,159
Swiss Life Holding AG (REG)		64		64,791
Swiss Re AG		636		110,020
T&D Holdings, Inc.		996		21,862
Talanx AG		144		18,668
Tokio Marine Holdings, Inc.		3,870		164,015
Travelers Cos., Inc. (The)		478		127,884
Tryg A/S		754		19,492
Unipol Assicurazioni SpA		546		10,813
W R Berkley Corp.		675		49,592
Willis Towers Watson PLC		221		67,737
Zurich Insurance Group AG		309		216,214

				5,183,142

MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITs)–0.0%
Annaly Capital Management, Inc.		1,068		20,100

				26,885,240

INDUSTRIALS–7.3%
AEROSPACE & DEFENSE–1.6%
Airbus SE		1,252		261,919
Axon Enterprise, Inc.(a)		154		127,503
BAE Systems PLC		6,345		164,671
Boeing Co. (The)(a)		1,585		332,105
CAE, Inc.(a)		675		19,783
Dassault Aviation SA		44		15,557

Elbit Systems Ltd.		60		26,726
General Dynamics Corp.		481		140,289
General Electric Co.		2,247		578,355
HEICO Corp.		98		32,144
HEICO Corp.–Class A		168		43,470
Howmet Aerospace, Inc.		811		150,952
Kongsberg Gruppen ASA		970		37,614
L3Harris Technologies, Inc.		396		99,333
Leonardo SpA(b)		900		50,784
Lockheed Martin Corp.		445		206,097
Melrose Industries PLC		2,075		15,113
MTU Aero Engines AG		120		53,311
Northrop Grumman Corp.		289		144,494
Rheinmetall AG		95		201,181
Rolls-Royce Holdings PLC		17,856		236,639
RTX Corp.		2,812		410,608
Saab AB–Class B		712		39,810
Safran SA		759		247,528
Singapore Technologies Engineering Ltd.		2,908		17,831
Textron, Inc.		404		32,437
Thales SA		207		61,122
TransDigm Group, Inc.		119		180,956

				3,928,332

AIR FREIGHT & LOGISTICS–0.2%
CH Robinson Worldwide, Inc.		263		25,235
Deutsche Post AG		2,022		93,659
DSV A/S		431		103,377
Expeditors International of Washington, Inc.		304		34,732
FedEx Corp.		480		109,109
InPost SA(a)		197		3,278
SG Holdings Co., Ltd.(b)		652		7,262
United Parcel Service, Inc.–Class B		1,545		155,952

				532,604

BUILDING PRODUCTS–0.4%
AGC, Inc.(b)		422		12,380
Allegion PLC		192		27,671
Assa Abloy AB–Class B		2,073		64,809
Builders FirstSource, Inc.(a)		253		29,523
Carlisle Cos., Inc.(b)		99		36,967
Carrier Global Corp.		1,638		119,885
Cie de Saint-Gobain SA		946		111,132
Daikin Industries Ltd.		556		65,265
Geberit AG (REG)		75		59,066
Johnson Controls International PLC		1,391		146,917
Kingspan Group PLC		344		29,312
Lennox International, Inc.		71		40,700
Masco Corp.		471		30,314
Nibe Industrier AB–Class B(b)		2,145		9,158
Otis Worldwide Corp.		827		81,889
Owens Corning		190		26,129


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

ROCKWOOL A/S–Class B		210	$	9,843
Trane Technologies PLC		473		206,895

				1,107,855

COMMERCIAL SERVICES & SUPPLIES–0.4%
Brambles Ltd.		2,720		42,007
Cintas Corp.		766		170,719
Copart, Inc.(a)		1,933		94,852
Dai Nippon Printing Co., Ltd.		493		7,484
Element Fleet Management Corp.(b)		682		17,083
GFL Environmental, Inc.		468		23,624
RB Global, Inc.(b)		412		43,770
Rentokil Initial PLC		4,566		22,030
Republic Services, Inc.		461		113,687
Rollins, Inc.		647		36,504
Secom Co., Ltd.		840		30,177
Securitas AB–Class B		755		11,304
TOPPAN Holdings, Inc.		436		11,845
Veralto Corp.		552		55,724
Waste Connections, Inc.		545		101,763
Waste Management, Inc.		848		194,039

				976,612

CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		393		27,316
AECOM		295		33,294
Bouygues SA		421		19,040
Eiffage SA		153		21,498
EMCOR Group, Inc.		102		54,559
Ferrovial SE		1,038		55,370
Kajima Corp.		903		23,552
Obayashi Corp.		1,053		15,955
Quanta Services, Inc.		313		118,339
Skanska AB–Class B		549		12,789
Stantec, Inc.		254		27,637
Taisei Corp.		300		17,472
Vinci SA		1,043		153,812
WSP Global, Inc.(b)		291		59,358

				639,991

ELECTRICAL EQUIPMENT–0.8%
ABB Ltd. (REG)		3,331		199,623
AMETEK, Inc.		486		87,946
Eaton Corp. PLC		826		294,874
Emerson Electric Co.		1,188		158,396
Fuji Electric Co., Ltd.		340		15,658
Fujikura Ltd.		500		26,303
GE Vernova, Inc.		576		304,790
Hubbell, Inc.		120		49,009
Legrand SA		584		78,273
Mitsubishi Electric Corp.		3,917		84,251

NIDEC Corp.		1,500		29,150
Prysmian SpA		625		44,249
Ralliant Corp.(a)		252		12,236
Rockwell Automation, Inc.		252		83,707
Schneider Electric SE		1,152		309,295
Siemens Energy AG(a)		1,431		167,256
Vertiv Holdings Co.–Class A		760		97,591
Vestas Wind Systems A/S		1,943		29,186

				2,071,793

GROUND TRANSPORTATION–0.6%
Canadian National Railway Co.		1,126		117,326
Canadian Pacific Kansas City Ltd.		1,960		155,706
Central Japan Railway Co.		1,635		36,550
CSX Corp.		3,990		130,194
East Japan Railway Co.		1,739		37,407
Grab Holdings Ltd.–Class A(a)		4,403		22,147
Hankyu Hanshin Holdings, Inc.		426		11,580
JB Hunt Transport Services, Inc.		178		25,561
MTR Corp., Ltd.–Class H		2,764		9,939
Norfolk Southern Corp.		477		122,098
Old Dominion Freight Line, Inc.		426		69,140
TFI International, Inc.(b)		177		15,889
Tokyo Metro Co., Ltd.		600		6,982
Tokyu Corp.		639		7,602
U-Haul Holding Co.		216		11,744
Uber Technologies, Inc.(a)		3,965		369,934
Union Pacific Corp.		1,263		290,591
West Japan Railway Co.		896		20,483

				1,460,873

INDUSTRIAL CONGLOMERATES–0.5%
3M Co.		1,136		172,945
CK Hutchison Holdings Ltd.–Class H		5,047		31,078
DCC PLC		220		14,278
Hikari Tsushin, Inc.		38		11,220
Hitachi Ltd.		9,647		280,383
Honeywell International, Inc.		1,367		318,347
Investment AB Latour–Class B(b)		329		8,677
Jardine Matheson Holdings Ltd.		340		16,341
Keppel Ltd.		2,974		17,367
Lifco AB–Class B		518		20,993
Sekisui Chemical Co., Ltd.		783		14,181
Siemens AG (REG)		1,601		411,230
Smiths Group PLC		746		23,010



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Swire Pacific Ltd.–Class H		356	$	3,052

				1,343,102

MACHINERY–1.2%
Alfa Laval AB(b)		643		27,082
Alstom SA(a)		535		12,487
Atlas Copco AB–Class A(b)		5,657		91,451
Atlas Copco AB–Class B		3,126		44,491
Caterpillar, Inc.		1,007		390,927
CNH Industrial NV		1,553		20,127
Cummins, Inc.		291		95,302
Daifuku Co., Ltd.		706		18,162
Daimler Truck Holding AG		1,057		50,148
Deere & Co.		544		276,619
Dover Corp.		305		55,885
Epiroc AB–Class A(b)		1,243		27,047
Epiroc AB–Class B		612		11,734
FANUC Corp.		1,877		50,955
Fortive Corp.		757		39,462
GEA Group AG		326		22,853
Graco, Inc.		374		32,153
Hoshizaki Corp.		202		6,961
IDEX Corp.		168		29,496
IHI Corp.		347		37,533
Illinois Tool Works, Inc.		588		145,383
Indutrade AB(b)		607		16,574
Ingersoll Rand, Inc.		837		69,622
Knorr-Bremse AG		161		15,617
Komatsu Ltd.		1,838		60,642
Kone Oyj–Class B		756		49,806
Kubota Corp.(b)		1,700		19,171
Makita Corp.		495		15,245
Metso Oyj(b)		978		12,675
MINEBEA MITSUMI, Inc.		733		10,719
Mitsubishi Heavy Industries Ltd.		6,750		168,915
Nordson Corp.		121		25,939
PACCAR, Inc.		1,106		105,136
Parker-Hannifin Corp.		272		189,984
Pentair PLC		367		37,676
Rational AG		12		10,084
Sandvik AB		2,148		49,323
Schindler Holding AG		91		33,886
Schindler Holding AG (REG)		53		19,254
SKF AB–Class B(b)		531		12,197
SMC Corp.		121		43,362
Snap-on, Inc.		117		36,408
Spirax Group PLC		164		13,411
Techtronic Industries Co., Ltd.–Class H		2,817		31,083
Toyota Industries Corp.(a)		343		38,712
Trelleborg AB–Class B(b)		450		16,763
VAT Group AG(b)(c)		60		25,424
Volvo AB–Class B		3,346		94,148
Wartsila Oyj Abp(b)		890		21,035
Westinghouse Air Brake Technologies Corp.		381		79,762

Xylem, Inc./NY		542		70,113
Yangzijiang Shipbuilding Holdings Ltd.		5,000		8,725

				2,887,669

MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		7		12,915
AP Moller–Maersk A/S–Class B		10		18,597
Kawasaki Kisen Kaisha Ltd.		700		9,913
Kuehne & Nagel International AG (REG)		108		23,387
Mitsui OSK Lines Ltd.		717		23,947
Nippon Yusen KK		889		31,982
SITC International Holdings Co., Ltd.–Class H		2,000		6,408

				127,149

PASSENGER AIRLINES–0.1%
ANA Holdings, Inc.		295		5,776
Delta Air Lines, Inc.		363		17,852
Deutsche Lufthansa AG (REG)		731		6,206
International Consolidated Airlines Group SA(b)		1,672		7,877
Japan Airlines Co., Ltd.		258		5,262
Qantas Airways Ltd.		936		6,613
Ryanair Holdings PLC		1,710		48,505
Singapore Airlines Ltd.(b)		2,936		16,103
United Airlines Holdings, Inc.(a)		182		14,493

				128,687

PROFESSIONAL SERVICES–0.6%
Automatic Data Processing, Inc.		857		264,299
Booz Allen Hamilton Holding Corp.		282		29,365
Broadridge Financial Solutions, Inc.		261		63,431
Bureau Veritas SA		706		24,097
Computershare Ltd.		983		25,788
Equifax, Inc.		278		72,105
Experian PLC		1,934		99,729
Intertek Group PLC		356		23,189
Jacobs Solutions, Inc.		274		36,017
Leidos Holdings, Inc.		271		42,753
Paychex, Inc.		683		99,349
Paycom Software, Inc.		116		26,842
Randstad NV(b)		241		11,139
Recruit Holdings Co., Ltd.		2,965		174,362
RELX PLC		3,891		210,883
SGS SA (REG)		358		36,350
SS&C Technologies Holdings, Inc.		492		40,738


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Teleperformance SE		120	$	11,655
Thomson Reuters Corp.		351		70,584
TransUnion		434		38,192
Verisk Analytics, Inc.		295		91,893
Wolters Kluwer NV		502		83,954

				1,576,714

TRADING COMPANIES & DISTRIBUTORS–0.5%
AddTech AB–Class B(b)		578		19,705
AerCap Holdings NV		410		47,970
Ashtead Group PLC		961		61,625
Beijer Ref AB(b)		531		8,380
Brenntag SE		273		18,086
Bunzl PLC		728		23,199
Fastenal Co.		2,416		101,472
Ferguson Enterprises, Inc.		418		91,019
ITOCHU Corp.		2,504		131,122
Marubeni Corp.		2,852		57,491
Mitsubishi Corp.		7,201		143,890
Mitsui & Co., Ltd.		5,201		105,996
MonotaRO Co., Ltd.		279		5,492
Reece Ltd.(b)		22		208
Rexel SA		497		15,329
SGH Ltd.		452		16,098
Sumitomo Corp.		2,189		56,491
Toromont Industries Ltd.		181		16,268
Toyota Tsusho Corp.		1,135		25,709
United Rentals, Inc.		138		103,969
Watsco, Inc.		78		34,446
WW Grainger, Inc.		97		100,903

				1,184,868

TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA		1,670		44,578
Aeroports de Paris SA		77		9,654
Auckland International Airport Ltd.		2,700		12,747
Getlink SE		379		7,316
Transurban Group		6,381		58,711

				133,006

				18,099,255

CONSUMER DISCRETIONARY–6.4%
AUTOMOBILE COMPONENTS–0.1%
Aisin Corp.		719		9,198
Aptiv PLC(a)		510		34,792
Bridgestone Corp.(b)		1,146		46,863
Cie Generale des Etablissements Michelin SCA		1,356		50,435
Continental AG		245		21,383
Denso Corp.		3,768		50,850
Magna International, Inc.		595		23,001

Sumitomo Electric Industries Ltd.		1,279		27,426

				263,948

AUTOMOBILES–1.2%
Bayerische Motoren Werke AG		645		57,443
Bayerische Motoren Werke AG (Preference Shares)(a)		124		10,298
Dr. Ing hc F Porsche AG (Preference Shares)(a)(c)		253		12,504
Ferrari NV		266		130,316
Ford Motor Co.		8,205		89,024
General Motors Co.		2,035		100,142
Honda Motor Co., Ltd.		8,852		85,358
Isuzu Motors Ltd.		1,112		14,087
Mercedes-Benz Group AG		1,521		88,614
Nissan Motor Co., Ltd.(a)		2,841		6,874
Porsche Automobil Holding SE (Preference Shares)		340		13,498
Renault SA		427		19,704
Rivian Automotive, Inc.–Class A(a)(b)		1,400		19,236
Stellantis NV(b)		3,983		39,894
Subaru Corp.		995		17,250
Suzuki Motor Corp.		3,011		36,301
Tesla, Inc.(a)		6,098		1,937,091
Toyota Motor Corp.		19,961		343,788
Volkswagen AG (Preference Shares)		459		48,523
Yamaha Motor Co., Ltd.(b)		1,315		9,840

				3,079,785

BROADLINE RETAIL–2.2%
Amazon.com, Inc.(a)		20,118		4,413,688
Canadian Tire Corp., Ltd.–Class A(b)		115		15,656
Cie Financiere Richemont SA (REG)–Class A		1,133		214,401
Dollarama, Inc.		617		86,935
eBay, Inc.		973		72,450
MercadoLibre, Inc.(a)		97		253,522
Next PLC		260		44,406
Pan Pacific International Holdings Corp.		771		26,519
Prosus NV(a)		2,756		154,629
Rakuten Group, Inc.(a)		2,435		13,417
Wesfarmers Ltd.		2,390		133,380

				5,429,003

DISTRIBUTORS–0.0%
D’ieteren Group		48		10,337
Genuine Parts Co.		309		37,485
LKQ Corp.		575		21,281
Pool Corp.(b)		84		24,484

				93,587



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

DIVERSIFIED CONSUMER SERVICES–0.0%
Pearson PLC		989	$	14,569

HOTELS, RESTAURANTS & LEISURE–1.2%
Accor SA		424		22,221
Airbnb, Inc.–Class A(a)		918		121,488
Amadeus IT Group SA(b)		943		79,668
Aristocrat Leisure Ltd.		1,128		48,329
Booking Holdings, Inc.		70		405,247
Carnival Corp.(a)		2,129		59,867
Chipotle Mexican Grill, Inc.(a)		2,855		160,308
Compass Group PLC		3,575		121,092
Darden Restaurants, Inc.		261		56,890
Delivery Hero SE(a)		424		11,508
Domino’s Pizza, Inc.		73		32,894
DoorDash, Inc.–Class A(a)		755		186,115
DraftKings, Inc.–Class A(a)		1,001		42,933
Entain PLC		858		10,627
Evolution AB		330		26,210
Expedia Group, Inc.		275		46,387
FDJ United		247		9,692
Flutter Entertainment PLC(a)		373		106,589
Galaxy Entertainment Group Ltd.–Class H		4,343		19,359
Genting Singapore Ltd.(b)		3,748		2,108
Hilton Worldwide Holdings, Inc.		505		134,502
Hyatt Hotels Corp.–Class A(b)		93		12,987
InterContinental Hotels Group PLC		330		37,731
Las Vegas Sands Corp.		786		34,199
Lottery Corp., Ltd. (The)(b)		3,448		12,096
Marriott International, Inc./MD–Class A		493		134,693
McDonald’s Corp.		1,507		440,300
Oriental Land Co., Ltd./Japan		2,081		47,929
Restaurant Brands International, Inc.		692		45,903
Royal Caribbean Cruises Ltd.		539		168,782
Sands China Ltd.–Class H(a)		4,620		9,655
Sodexo SA		197		12,125
Starbucks Corp.		2,393		219,271
Whitbread PLC		392		15,212
Yum! Brands, Inc.		585		86,685
Zensho Holdings Co., Ltd.		200		12,105

				2,993,707

HOUSEHOLD DURABLES–0.3%
Barratt Redrow PLC		2,234		13,989
D.R. Horton, Inc.		631		81,348

Garmin Ltd.		343		71,591
Lennar Corp.–Class A		517		57,185
NVR, Inc.(a)		7		51,700
Panasonic Holdings Corp.		4,700		50,287
PulteGroup, Inc.		449		47,352
Sekisui House Ltd.		1,053		23,176
Sony Group Corp.		12,953		336,782

				733,410

LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		1,237		44,333
Shimano, Inc.		160		23,197

				67,530

SPECIALTY RETAIL–1.0%
AutoZone, Inc.(a)		36		133,640
Avolta AG(a)		195		10,622
Best Buy Co., Inc.		447		30,007
Burlington Stores, Inc.(a)		140		32,570
Carvana Co.(a)		254		85,588
Dick’s Sporting Goods, Inc.		125		24,726
Dynatrace, Inc.(a)		666		36,770
Fast Retailing Co., Ltd.		403		138,174
H & M Hennes & Mauritz AB–Class B(b)		914		12,873
Home Depot, Inc. (The)		2,094		767,744
Industria de Diseno Textil SA		2,298		119,879
JD Sports Fashion PLC		1,294		1,578
Kingfisher PLC		2,621		10,467
Lowe’s Cos., Inc.		1,179		261,585
Nitori Holdings Co., Ltd.		162		15,592
O’Reilly Automotive, Inc.(a)		1,815		163,586
Ross Stores, Inc.		693		88,413
Sanrio Co., Ltd.		409		19,777
TJX Cos., Inc. (The)		2,353		290,572
Tractor Supply Co.		1,083		57,150
Ulta Beauty, Inc.(a)		101		47,250
Williams-Sonoma, Inc.		275		44,927
Zalando SE(a)		499		16,466
ZOZO, Inc.		813		8,784

				2,418,740

TEXTILES, APPAREL & LUXURY GOODS–0.4%
adidas AG		360		84,035
Asics Corp.		1,400		35,700
Deckers Outdoor Corp.(a)		338		34,838
Gildan Activewear, Inc.		320		15,768
Hermes International SCA		67		181,628
Kering SA		166		36,164
Lululemon Athletica, Inc.(a)		245		58,207
LVMH Moet Hennessy Louis Vuitton SE		580		303,560
Moncler SpA		519		29,605
NIKE, Inc.–Class B		2,482		176,321
Pandora A/S		183		32,244


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Swatch Group AG (The)(b)		65	$	10,612

				998,682

				16,092,961

HEALTH CARE–6.1%
BIOTECHNOLOGY–0.9%
AbbVie, Inc.		3,726		691,620
Alnylam Pharmaceuticals, Inc.(a)		273		89,023
Amgen, Inc.		1,133		316,345
Argenx SE(a)		136		75,287
Biogen, Inc.(a)		326		40,942
BioMarin Pharmaceutical, Inc.(a)		426		23,417
CSL Ltd.		1,020		161,120
Genmab A/S(a)		143		29,697
Gilead Sciences, Inc.		2,626		291,145
Grifols SA(a)		240		2,928
Incyte Corp.(a)		366		24,925
Natera, Inc.(a)		286		48,317
Neurocrine Biosciences, Inc.(a)		220		27,652
Regeneron Pharmaceuticals, Inc.		226		118,650
Swedish Orphan Biovitrum AB(a)(b)		435		13,239
United Therapeutics Corp.(a)		95		27,298
Vertex Pharmaceuticals, Inc.(a)		542		241,298

				2,222,903

HEALTH CARE EQUIPMENT & SUPPLIES–1.3%
Abbott Laboratories		3,653		496,845
Alcon AG		1,053		93,383
Align Technology, Inc.(a)		155		29,346
Avantor, Inc.(a)		1,144		15,398
Baxter International, Inc.		978		29,614
Becton Dickinson & Co.		605		104,211
BioMerieux		92		12,725
Boston Scientific Corp.(a)		3,116		334,690
Cochlear Ltd.		146		28,875
Coloplast A/S–Class B		281		26,752
Cooper Cos., Inc. (The)(a)		445		31,666
Demant A/S(a)		190		7,939
Dexcom, Inc.(a)		813		70,967
DiaSorin SpA		50		5,352
Edwards Lifesciences Corp.(a)		1,234		96,511
EssilorLuxottica SA		627		172,170
Fisher & Paykel Healthcare Corp., Ltd.		1,074		23,590
GE HealthCare Technologies, Inc.		949		70,292
Hologic, Inc.(a)		499		32,515
Hoya Corp.		748		88,834

IDEXX Laboratories, Inc.(a)		171		91,714
Insulet Corp.(a)		157		49,326
Intuitive Surgical, Inc.(a)		755		410,275
Koninklijke Philips NV(b)		1,638		39,332
Medtronic PLC		2,702		235,533
Olympus Corp.		2,102		24,968
ResMed, Inc.		327		84,366
Siemens Healthineers AG		753		41,802
Smith & Nephew PLC		1,517		23,232
Solventum Corp.(a)		327		24,800
Sonova Holding AG (REG)		113		33,699
STERIS PLC		219		52,608
Straumann Holding AG (REG)(a)		248		32,461
Stryker Corp.		724		286,436
Sysmex Corp.		769		13,386
Terumo Corp.		2,625		48,174
Zimmer Biomet Holdings, Inc.		440		40,132

				3,303,919

HEALTH CARE PROVIDERS & SERVICES–0.8%
Cardinal Health, Inc.		505		84,840
Cencora, Inc.		388		116,342
Centene Corp.(a)		1,013		54,986
Cigna Group (The)		571		188,761
CVS Health Corp.		2,659		183,418
DaVita, Inc.(a)		98		13,960
Elevance Health, Inc.		477		185,534
Fresenius Medical Care AG		489		28,096
Fresenius SE & Co. KGaA		939		47,253
HCA Healthcare, Inc.		389		149,026
Humana, Inc.		269		65,765
Labcorp Holdings, Inc.		186		48,827
McKesson Corp.		264		193,454
Molina Healthcare, Inc.(a)		122		36,344
Quest Diagnostics, Inc.		249		44,728
Sigma Healthcare Ltd.(a)(b)		7,815		15,382
Sonic Healthcare Ltd.		724		12,779
UnitedHealth Group, Inc.		1,927		601,166
Universal Health Services, Inc.–Class B		129		23,368

				2,094,029

HEALTH CARE TECHNOLOGY–0.1%
M3, Inc.		583		8,009
Pro Medicus Ltd.(b)		128		23,953
Veeva Systems, Inc.–Class A(a)		326		93,881

				125,843

LIFE SCIENCES TOOLS & SERVICES–0.5%
Agilent Technologies, Inc.		634		74,819
Danaher Corp.		1,357		268,062



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Eurofins Scientific SE		263	$	18,743
Illumina, Inc.(a)		352		33,584
IQVIA Holdings, Inc.(a)		392		61,775
Lonza Group AG (REG)(a)		153		109,420
Mettler-Toledo International, Inc.(a)		47		55,212
QIAGEN NV		480		23,126
Revvity, Inc.(b)		267		25,824
Sartorius AG (Preference Shares)		59		15,027
Sartorius Stedim Biotech		65		15,552
Thermo Fisher Scientific, Inc.		796		322,746
Waters Corp.(a)		133		46,423
West Pharmaceutical Services, Inc.		161		35,227

				1,105,540

PHARMACEUTICALS–2.5%
Astellas Pharma, Inc.		3,469		33,965
AstraZeneca PLC		3,266		454,526
Bayer AG (REG)		2,019		60,827
Bristol-Myers Squibb Co.		4,286		198,399
Chugai Pharmaceutical Co., Ltd.		1,389		72,531
Daiichi Sankyo Co., Ltd.		3,554		82,339
Eisai Co., Ltd.		545		15,653
Eli Lilly & Co.		1,698		1,323,642
Galderma Group AG(a)		274		39,827
GSK PLC		8,669		165,287
Haleon PLC		19,008		97,694
Hikma Pharmaceuticals PLC		370		10,097
Ipsen SA		84		10,006
Johnson & Johnson		5,076		775,359
Kyowa Kirin Co., Ltd.(b)		210		3,595
Merck & Co., Inc.		5,300		419,548
Merck KGaA		288		37,342
Novartis AG (REG)		4,005		486,115
Novo Nordisk A/S–Class B		6,784		470,090
Ono Pharmaceutical Co., Ltd.(b)		321		3,479
Orion Oyj–Class B(b)		241		18,131
Otsuka Holdings Co., Ltd.		978		48,489
Pfizer, Inc.		11,945		289,547
Recordati Industria Chimica e Farmaceutica SpA		256		16,091
Roche Holding AG (BR)		72		25,022
Roche Holding AG (Genusschein)		1,480		483,101
Royalty Pharma PLC–Class A		819		29,509
Sandoz Group AG		930		50,967
Sanofi SA		2,339		226,447
Shionogi & Co., Ltd.		1,365		24,573
Takeda Pharmaceutical Co., Ltd.		3,276		101,140

Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		2,274		38,112
UCB SA(b)		282		55,486
Zoetis, Inc.		940		146,593

				6,313,529

				15,165,763

COMMUNICATION SERVICES–5.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.8%
AT&T, Inc.		15,119		437,544
BCE, Inc.(b)		164		3,637
BT Group PLC(b)		11,193		29,804
Cellnex Telecom SA(b)		1,100		42,832
Charter Communications, Inc.–Class A(a)		206		84,215
Comcast Corp.–Class A		7,944		283,521
Deutsche Telekom AG (REG)		7,352		269,110
Elisa Oyj(b)		316		17,564
HKT Trust & HKT Ltd.–Class H		7,744		11,578
Infrastrutture Wireless Italiane SpA(b)		194		2,372
Koninklijke KPN NV		7,587		37,011
Nippon Telegraph & Telephone Corp.		61,910		66,189
Orange SA		3,794		57,776
Quebecor, Inc.–Class B		344		10,471
Singapore Telecommunications Ltd.		14,771		44,531
Swisscom AG (REG)		58		41,185
Telecom Italia SpA/Milano(a)(b)		12,451		6,152
Telefonica SA(b)		7,259		38,205
Telenor ASA		1,044		16,257
Telia Co. AB		3,946		14,193
Telstra Group Ltd.		7,382		23,538
TELUS Corp.		804		12,912
Verizon Communications, Inc.		8,888		384,584
Washington H Soul Pattinson & Co., Ltd.(b)		531		14,680

				1,949,861

ENTERTAINMENT–1.2%
Bollore SE		758		4,764
Capcom Co., Ltd.		736		25,135
CTS Eventim AG & Co. KGaA		139		17,285
Electronic Arts, Inc.		551		87,995
Konami Group Corp.		230		36,363
Liberty Media Corp.-Liberty Formula One–Class C(a)		471		49,219
Live Nation Entertainment, Inc.(a)		360		54,461


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Netflix, Inc.(a)		901	$	1,206,556
Nexon Co., Ltd.		640		12,891
Nintendo Co., Ltd.		2,325		223,269
ROBLOX Corp.–Class A(a)		1,128		118,666
Sea Ltd. (ADR)(a)		806		128,912
Spotify Technology SA(a)		324		248,618
Take-Two Interactive Software, Inc.(a)		371		90,097
Toho Co., Ltd./Tokyo		289		17,050
Universal Music Group NV(b)		2,287		74,192
Walt Disney Co. (The)		3,808		472,230
Warner Bros Discovery, Inc.(a)		4,703		53,896

				2,921,599

INTERACTIVE MEDIA & SERVICES–3.0%
Alphabet, Inc.–Class A		12,286		2,165,162
Alphabet, Inc.–Class C		10,421		1,848,581
Auto Trader Group PLC		1,490		16,877
CAR Group Ltd.		624		15,367
LY Corp.		4,954		18,244
Meta Platforms, Inc.–Class A		4,614		3,405,547
Pinterest, Inc.–Class A(a)		1,173		42,064
REA Group Ltd.(b)		118		18,686
Reddit, Inc.–Class A(a)		154		23,188
Scout24 SE		167		23,054
Snap, Inc.–Class A(a)		1,817		15,790

				7,592,560

MEDIA–0.1%
Dentsu Group, Inc.(b)		426		9,439
Fox Corp.–Class A		484		27,123
Fox Corp.–Class B		314		16,212
Informa PLC		2,471		27,357
News Corp.–Class A		841		24,995
Omnicom Group, Inc.		434		31,222
Publicis Groupe SA		509		57,489
Trade Desk, Inc. (The)–Class A(a)		937		67,455
WPP PLC		1,720		12,110

				273,402

WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		6,439		110,561
Rogers Communications, Inc.–Class B(b)		807		23,936
SoftBank Corp.		60,296		93,396
SoftBank Group Corp.		2,062		149,920
T-Mobile US, Inc.		962		229,206
Tele2 AB–Class B		881		12,860
Vodafone Group PLC		39,328		42,099

				661,978

				13,399,400


CONSUMER STAPLES–3.9%
BEVERAGES–0.7%
Anheuser-Busch InBev SA/NV		2,082		143,242
Asahi Group Holdings Ltd.(b)		2,807		37,521
Brown-Forman Corp.–Class B(b)		405		10,899
Carlsberg AS–Class B		213		30,178
Coca-Cola Co. (The)		8,611		609,228
Coca-Cola Europacific Partners PLC		513		47,565
Coca-Cola HBC AG(a)		485		25,338
Constellation Brands, Inc.–Class A		362		58,890
Davide Campari-Milano NV(b)		613		4,127
Diageo PLC		4,687		118,188
Heineken Holding NV		288		21,490
Heineken NV		641		55,923
Keurig Dr. Pepper, Inc.		2,715		89,758
Kirin Holdings Co., Ltd.(b)		1,378		19,311
Molson Coors Beverage Co.–Class B		395		18,996
Monster Beverage Corp.(a)		1,537		96,278
PepsiCo, Inc.		2,889		381,464
Pernod Ricard SA		449		44,788
Suntory Beverage & Food Ltd.(b)		238		7,611

				1,820,795

CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2%
Aeon Co., Ltd.(b)		1,425		43,680
Albertsons Cos., Inc.–Class A		601		12,928
Alimentation Couche-Tard, Inc.		1,591		79,086
Carrefour SA		868		12,244
Coles Group Ltd.		2,630		36,063
Costco Wholesale Corp.		935		925,594
Dollar General Corp.		489		55,932
Dollar Tree, Inc.(a)		455		45,063
Empire Co., Ltd.–Class A		285		11,827
George Weston Ltd.		130		26,073
J Sainsbury PLC		3,911		15,565
Jeronimo Martins SGPS SA		630		15,950
Kesko Oyj–Class B(b)		607		14,971
Kobe Bussan Co., Ltd.		296		9,192
Koninklijke Ahold Delhaize NV		1,909		79,732
Kroger Co. (The)		1,320		94,684
Loblaw Cos. Ltd.		334		55,248
Marks & Spencer Group PLC		3,546		17,258
MatsukiyoCocokara & Co.		700		14,399
Metro, Inc./CN		464		36,449



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Seven & i Holdings Co., Ltd.		4,508	$	72,558
Sysco Corp.		1,021		77,331
Target Corp.		960		94,704
Tesco PLC		14,010		77,244
Walmart, Inc.		9,287		908,083
Woolworths Group Ltd.(b)		2,477		50,738

				2,882,596

FOOD PRODUCTS–0.7%
Ajinomoto Co., Inc.		1,916		51,968
Archer-Daniels-Midland Co.		1,068		56,369
Associated British Foods PLC		725		20,484
Barry Callebaut AG (REG)(b)		8		8,745
Bunge Global SA		298		23,923
Chocoladefabriken Lindt & Spruengli AG		3		50,561
Chocoladefabriken Lindt & Spruengli AG (REG)		1		166,726
Conagra Brands, Inc.		838		17,154
Danone SA		1,360		111,280
General Mills, Inc.		1,126		58,338
Hershey Co. (The)		329		54,598
Hormel Foods Corp.		672		20,328
J M Smucker Co. (The)		237		23,273
JDE Peet’s NV(b)		380		10,854
Kellanova		610		48,513
Kerry Group PLC–Class A		367		40,548
Kikkoman Corp.		924		8,571
Kraft Heinz Co. (The)		1,805		46,605
Lotus Bakeries NV		1		9,636
McCormick & Co., Inc./MD		562		42,611
MEIJI Holdings Co., Ltd.		440		9,730
Mondelez International, Inc.–Class A		2,729		184,044
Mowi ASA		771		14,891
Nestle SA (REG)		5,519		548,734
Nissin Foods Holdings Co., Ltd.(b)		392		8,144
Orkla ASA		1,121		12,209
Salmar ASA		148		6,414
Saputo, Inc.		300		6,140
The Campbell’s Co.		431		13,210
Tyson Foods, Inc.–Class A		636		35,578
WH Group Ltd.–Class H		13,049		12,576
Wilmar International Ltd.		1,997		4,508
Yakult Honsha Co., Ltd.(b)		484		9,115

				1,736,378

HOUSEHOLD PRODUCTS–0.5%
Church & Dwight Co., Inc.		548		52,668
Clorox Co. (The)		274		32,899
Colgate-Palmolive Co.		1,623		147,531
Essity AB–Class B		1,162		32,175

Henkel AG & Co. KGaA		231		16,753
Henkel AG & Co. KGaA (Preference Shares)		376		29,547
Kimberly-Clark Corp.		699		90,115
Procter & Gamble Co. (The)		4,939		786,882
Reckitt Benckiser Group PLC		1,436		97,830
Unicharm Corp.(b)		1,846		13,330

				1,299,730

PERSONAL CARE PRODUCTS–0.3%
Beiersdorf AG		221		27,779
Estee Lauder Cos., Inc. (The)–Class A		521		42,097
Kao Corp.(b)		993		44,492
Kenvue, Inc.		4,033		84,411
L’Oreal SA		507		217,175
Shiseido Co., Ltd.(b)		557		9,948
Unilever PLC		5,269		321,547

				747,449

TOBACCO–0.5%
Altria Group, Inc.		3,552		208,254
British American Tobacco PLC		4,173		198,411
Imperial Brands PLC		1,610		63,611
Japan Tobacco, Inc.(b)		2,424		71,410
Philip Morris International, Inc.		3,279		597,204

				1,138,890

				9,625,838

ENERGY–2.2%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.		2,072		79,441
Halliburton Co.		1,678		34,198
Schlumberger NV		2,864		96,803
Tenaris SA		621		11,640

				222,082

OIL, GAS & CONSUMABLE FUELS–2.1%
Aker BP ASA		703		17,965
ARC Resources Ltd.(b)		1,070		22,559
BP PLC		33,736		168,083
Cameco Corp.		968		71,888
Canadian Natural Resources Ltd.		4,421		138,953
Cenovus Energy, Inc.		2,678		36,441
Cheniere Energy, Inc.		470		114,454
Chevron Corp.		3,495		500,449
ConocoPhillips		2,663		238,978
Coterra Energy, Inc.		1,507		38,248
Devon Energy Corp.		1,217		38,713
Diamondback Energy, Inc.		425		58,395


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Enbridge, Inc.(b)		4,590	$	208,138
ENEOS Holdings, Inc.		5,008		24,824
Eni SpA		4,571		73,840
EOG Resources, Inc.		1,162		138,987
EQT Corp.		1,170		68,234
Equinor ASA		1,659		41,896
Expand Energy Corp.		466		54,494
Exxon Mobil Corp.		9,111		982,166
Galp Energia SGPS SA		641		11,734
Hess Corp.		617		85,479
Idemitsu Kosan Co., Ltd.		885		5,367
Imperial Oil Ltd.		396		31,459
Inpex Corp.(b)		1,554		21,814
Keyera Corp.		509		16,648
Kinder Morgan, Inc.		4,212		123,833
Marathon Petroleum Corp.		657		109,134
Neste Oyj(b)		498		6,749
Occidental Petroleum Corp.		1,451		60,956
OMV AG		327		17,783
ONEOK, Inc.		1,316		107,425
Pembina Pipeline Corp.		1,157		43,442
Phillips 66		858		102,359
Repsol SA(b)		2,210		32,324
Santos Ltd.		6,059		30,549
Shell PLC		12,608		439,887
Suncor Energy, Inc.		2,606		97,619
Targa Resources Corp.		484		84,255
TC Energy Corp.(b)		2,189		106,866
Texas Pacific Land Corp.		44		46,481
TotalEnergies SE		4,303		263,011
Tourmaline Oil Corp.		791		38,163
Valero Energy Corp.		661		88,852
Whitecap Resources, Inc.(b)		1,970		13,237
Williams Cos., Inc. (The)		2,571		161,484
Woodside Energy Group Ltd.(b)(d)		3,889		60,073

				5,244,688

				5,466,770

MATERIALS–2.0%
CHEMICALS–1.0%
Air Liquide SA		1,219		251,359
Air Products & Chemicals, Inc.		469		132,286
Akzo Nobel NV(b)		380		26,662
Arkema SA		127		9,378
Asahi Kasei Corp.		1,927		13,718
BASF SE		1,880		92,984
CF Industries Holdings, Inc.		370		34,040
Corteva, Inc.		1,439		107,249
Covestro AG(a)		399		28,388
Croda International PLC		295		11,844
Dow, Inc.		1,394		36,913
DSM-Firmenich AG(a)		414		44,043
DuPont de Nemours, Inc.		931		63,857
Ecolab, Inc.		538		144,959
EMS-Chemie Holding AG(a)(b)		16		12,096

Evonik Industries AG		341		7,045
Givaudan SA (REG)		20		96,991
ICL Group Ltd.		979		6,721
IMCD NV(b)		132		17,753
International Flavors & Fragrances, Inc.		569		41,850
Linde PLC		997		467,772
LyondellBasell Industries NV–Class A		561		32,459
Mitsubishi Chemical Group Corp.		2,042		10,733
Nippon Paint Holdings Co., Ltd.		1,388		11,163
Nippon Sanso Holdings Corp.		350		13,245
Nitto Denko Corp.		1,293		24,970
Novonesis Novozymes B–Class B		784		56,289
Nutrien Ltd.(b)		1,004		58,504
PPG Industries, Inc.		505		57,444
RPM International, Inc.		286		31,414
Sherwin-Williams Co. (The)		504		173,053
Shin-Etsu Chemical Co., Ltd.		3,785		124,988
Sika AG (REG)(a)		321		87,339
Syensqo SA(b)		162		12,549
Symrise AG		296		31,040
Toray Industries, Inc.		2,312		15,826
Yara International ASA		368		13,580

				2,402,504

CONSTRUCTION MATERIALS–0.2%
Amrize Ltd.(a)		1,098		54,772
CRH PLC		1,428		131,090
Heidelberg Materials AG		298		70,178
Holcim AG(a)		1,098		81,537
James Hardie Industries PLC(a)		764		20,516
Martin Marietta Materials, Inc.		136		74,659
Vulcan Materials Co.		294		76,681

				509,433

CONTAINERS & PACKAGING–0.1%
Amcor PLC		4,536		41,686
Avery Dennison Corp.		176		30,883
Ball Corp.		594		33,318
CCL Industries, Inc.–Class B		328		19,127
Crown Holdings, Inc.		260		26,775
International Paper Co.		1,115		52,215
Packaging Corp. of America		200		37,690
SIG Group AG(a)(b)		431		7,972
Smurfit WestRock PLC		1,161		50,097

				299,763



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

METALS & MINING–0.7%
Agnico Eagle Mines Ltd.		1,060	$	126,289
Alamos Gold, Inc.–Class A		927		24,656
Anglo American PLC		2,301		67,816
Antofagasta PLC		682		16,956
ArcelorMittal SA		1,043		33,120
Barrick Mining Corp.(b)		3,579		74,510
BHP Group Ltd.(b)		10,691		257,200
BlueScope Steel Ltd.(b)		652		9,936
Boliden AB(a)		632		19,750
Evolution Mining Ltd.		3,592		18,701
First Quantum Minerals Ltd.(a)		1,258		22,347
Fortescue Ltd.(b)		3,276		32,931
Franco-Nevada Corp.		429		70,433
Freeport-McMoRan, Inc.		3,027		131,220
Glencore PLC(a)		21,544		83,949
Ivanhoe Mines Ltd.–Class A(a)(b)		1,046		7,858
JFE Holdings, Inc.		846		9,841
Kinross Gold Corp.		2,405		37,583
Lundin Gold, Inc.		241		12,725
Lundin Mining Corp.(b)		1,064		11,189
Newmont Corp.		2,374		138,309
Nippon Steel Corp.		1,843		34,855
Norsk Hydro ASA		2,201		12,604
Northern Star Resources Ltd.		2,655		32,795
Nucor Corp.		513		66,454
Pan American Silver Corp.		805		22,842
Reliance, Inc.		118		37,040
Rio Tinto Ltd.(b)		826		58,473
Rio Tinto PLC		2,377		138,351
South32 Ltd.		7,500		14,332
Steel Dynamics, Inc.		317		40,579
Sumitomo Metal Mining Co., Ltd.		472		11,632
Teck Resources Ltd.–Class B		1,046		42,301
Wheaton Precious Metals Corp.		952		85,612

				1,805,189

PAPER & FOREST PRODUCTS–0.0%
Holmen AB–Class B(b)		169		6,694
Mondi PLC		680		11,111
Stora Enso Oyj–Class R(b)		790		8,589
Svenska Cellulosa AB SCA–Class B(b)		970		12,613
UPM-Kymmene Oyj(b)		1,003		27,390
West Fraser Timber Co., Ltd.		120		8,800

				75,197

				5,092,086


Company	Shares		U.S. $ Value

UTILITIES–1.6%
ELECTRIC UTILITIES–1.0%
Acciona SA(b)		55	$	9,920
Alliant Energy Corp.		571		34,528
American Electric Power Co., Inc.		1,125		116,730
BKW AG		47		10,305
Chubu Electric Power Co., Inc.		1,339		16,569
CK Infrastructure Holdings Ltd.–Class H		1,326		8,781
CLP Holdings Ltd.–Class H		3,458		29,205
Constellation Energy Corp.		660		213,022
Contact Energy Ltd.(b)		888		4,873
Duke Energy Corp.		1,637		193,166
Edison International		856		44,170
EDP SA		5,742		24,945
Elia Group SA/NV(b)		109		12,589
Emera, Inc.		662		30,325
Endesa SA(b)		706		22,363
Enel SpA		17,130		162,576
Entergy Corp.		902		74,974
Evergy, Inc.		512		35,292
Eversource Energy		817		51,978
Exelon Corp.		2,126		92,311
FirstEnergy Corp.		1,093		44,004
Fortis, Inc./Canada(b)		1,116		53,286
Fortum Oyj		715		13,408
Hydro One Ltd.(c)		733		26,413
Iberdrola SA(b)		12,208		234,858
Kansai Electric Power Co., Inc. (The)		1,614		19,142
NextEra Energy, Inc.		4,336		301,005
NRG Energy, Inc.		453		72,743
Origin Energy Ltd.		3,107		22,084
PG&E Corp.		4,546		63,371
Power Assets Holdings Ltd.–Class H		2,358		15,161
PPL Corp.		1,496		50,699
Redeia Corp. SA(b)		655		14,016
Southern Co. (The)		2,310		212,127
SSE PLC		2,250		56,655
Terna–Rete Elettrica Nazionale		2,636		27,101
Verbund AG		151		11,601
Xcel Energy, Inc.		1,207		82,197

				2,508,493

GAS UTILITIES–0.1%
AltaGas Ltd.		662		19,217
APA Group		1,983		10,662
Atmos Energy Corp.		353		54,401
Hong Kong & China Gas Co., Ltd.–Class H		18,947		15,930
Osaka Gas Co., Ltd.		740		18,981
Snam SpA(b)		3,643		22,054


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Tokyo Gas Co., Ltd.		650	$	21,620

				162,865

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
Brookfield Renewable Corp.(b)		306		10,029
EDP Renovaveis SA(b)		228		2,551
Meridian Energy Ltd.		1,490		5,359
Orsted AS(a)		374		16,111
RWE AG		1,275		53,280
Vistra Corp.		717		138,962

				226,292

MULTI-UTILITIES–0.4%
Ameren Corp.		601		57,720
Canadian Utilities Ltd.–Class A		296		8,190
CenterPoint Energy, Inc.		1,313		48,240
Centrica PLC		8,885		19,714
CMS Energy Corp.		665		46,071
Consolidated Edison, Inc.		751		75,363
Dominion Energy, Inc.		1,795		101,453
DTE Energy Co.		462		61,197
E.ON SE		4,707		86,729
Engie SA		3,834		90,110
National Grid PLC		10,314		151,396
NiSource, Inc.		1,047		42,236
Public Service Enterprise Group, Inc.		1,046		88,052
Sembcorp Industries Ltd.		1,000		5,387
Sempra		1,373		104,032
Veolia Environnement SA		1,254		44,770
WEC Energy Group, Inc.		710		73,982

				1,104,642

WATER UTILITIES–0.0%
American Water Works Co., Inc.		434		60,374
Essential Utilities, Inc.		582		21,615
Severn Trent PLC		601		22,581
United Utilities Group PLC		1,194		18,749

				123,319

				4,125,611

REAL ESTATE–1.3%
DIVERSIFIED REITs–0.0%
Covivio SA/France		124		7,862
Land Securities Group PLC		982		8,529
Stockland		3,937		13,914
WP Carey, Inc.		487		30,379

				60,684

HEALTH CARE REITs–0.1%
Alexandria Real Estate Equities, Inc.		346		25,130
Healthpeak Properties, Inc.		1,264		22,133

Ventas, Inc.		974		61,508
Welltower, Inc.		1,366		209,995

				318,766

INDUSTRIAL REITs–0.1%
CapitaLand Ascendas REIT(a)		7,639		16,120
Goodman Group		4,278		96,446
Prologis, Inc.		1,953		205,299
Segro PLC		2,320		21,718

				339,583

OFFICE REITs–0.0%
BXP, Inc.(b)		334		22,535
Gecina SA		103		11,338
Nippon Building Fund, Inc.(b)		18		16,621

				50,494

REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Azrieli Group Ltd.		94		8,656
CapitaLand Investment Ltd./Singapore(b)		4,504		9,389
CBRE Group, Inc.–Class A(a)		628		87,995
CK Asset Holdings Ltd.–Class H		3,531		15,603
CoStar Group, Inc.(a)		874		70,270
Daito Trust Construction Co., Ltd.		124		13,506
Daiwa House Industry Co., Ltd.		1,095		37,627
Fastighets AB Balder–Class B(a)(b)		893		6,657
FirstService Corp.(b)		91		15,880
Henderson Land Development Co., Ltd.–Class H		2,938		10,318
Hongkong Land Holdings Ltd.		1,595		9,203
Hulic Co., Ltd.(b)		503		5,074
LEG Immobilien SE		166		14,776
Mitsubishi Estate Co., Ltd.		2,067		38,750
Mitsui Fudosan Co., Ltd.		5,275		51,068
Sagax AB–Class B(b)		264		6,049
Sino Land Co., Ltd.–Class H		7,242		7,714
Sumitomo Realty & Development Co., Ltd.		615		23,751
Sun Hung Kai Properties Ltd.–Class H		2,616		30,144
Swiss Prime Site AG (REG)(a)		179		26,872
Unibail-Rodamco-Westfield		270		25,955
Vonovia SE		1,497		53,074
Wharf Holdings Ltd. (The)–Class H(b)		2,000		6,089
Wharf Real Estate Investment Co., Ltd.–Class H		2,876		8,164



		AB Variable Products Series Fund


Company			Shares		U.S. $ Value

Zillow Group, Inc.–Class C(a)				364	$	25,498

						608,082

RESIDENTIAL REITs–0.2%
American Homes 4 Rent–Class A				739		26,656
AvalonBay Communities, Inc.				317		64,510
Camden Property Trust				238		26,820
Equity LifeStyle Properties, Inc.				404		24,915
Equity Residential				760		51,292
Essex Property Trust, Inc.				143		40,526
Invitation Homes, Inc.				1,144		37,523
Mid-America Apartment Communities, Inc.				260		38,483
Sun Communities, Inc.(b)				284		35,923
UDR, Inc.				700		28,581

						375,229

RETAIL REITs–0.2%
CapitaLand Integrated Commercial Trust(a)				9,430		16,102
Kimco Realty Corp.				1,273		26,758
Klepierre SA(a)				478		18,900
Link REIT–Class H				5,073		27,173
Realty Income Corp.				1,878		108,192
Regency Centers Corp.				384		27,352
Scentre Group				9,520		22,360
Simon Property Group, Inc.				688		110,603
Vicinity Ltd.				5,511		8,997

						366,437

SPECIALIZED REITs–0.4%
American Tower Corp.				986		217,926
Crown Castle, Inc.				917		94,203
Digital Realty Trust, Inc.				710		123,774
Equinix, Inc.				207		164,662
Extra Space Storage, Inc.				472		69,592
Gaming & Leisure Properties, Inc.				611		28,522
Iron Mountain, Inc.				654		67,081
Public Storage				333		97,709
SBA Communications Corp.				241		56,597
VICI Properties, Inc.				2,194		71,524
Weyerhaeuser Co.				1,428		36,685

						1,028,275

						3,147,550

Total Common Stocks (cost $55,724,089)						158,830,917

Company	Principal Amount (000)				U.S. $ Value

GOVERNMENTS– TREASURIES–32.4%
UNITED STATES–32.4%
U.S. Treasury Bonds
1.25%, 05/15/2050		U.S.$		639	$	307,178
2.00%, 02/15/2050				304		178,967
2.25%, 08/15/2046				3,477		2,280,086
2.25%, 08/15/2049				287		180,261
2.25%, 02/15/2052				2,209		1,351,729
2.375%, 11/15/2049				584		375,833
2.375%, 05/15/2051				1,716		1,089,741
2.50%, 02/15/2045				212		149,684
2.50%, 05/15/2046				202		139,864
2.75%, 08/15/2047				254		181,467
2.875%, 05/15/2043				221		170,223
2.875%, 08/15/2045				2,897		2,168,183
2.875%, 11/15/2046				187		137,508
2.875%, 05/15/2049				313		225,184
2.875%, 05/15/2052				417		294,180
3.00%, 05/15/2045				265		203,170
3.00%, 02/15/2047				238		178,637
3.00%, 05/15/2047				409		306,799
3.00%, 02/15/2048				350		260,549
3.00%, 08/15/2048				792		586,593
3.00%, 02/15/2049				257		189,396
3.125%, 02/15/2043				487		391,390
3.50%, 02/15/2039				555		501,332
3.625%, 08/15/2043				1,869		1,608,250
3.625%, 05/15/2053				184		149,950
3.75%, 11/15/2043				194		169,766
4.00%, 11/15/2052				208		182,012
4.25%, 05/15/2039				134		130,251
4.25%, 08/15/2054				266		243,725
4.375%, 11/15/2039				502		492,313
4.375%, 08/15/2043				195		186,271
4.50%, 08/15/2039				179		178,178
5.25%, 11/15/2028				2,017		2,108,604
5.375%, 02/15/2031				359		385,131
5.50%, 08/15/2028				762		801,108
6.125%, 11/15/2027				1,389		1,461,862
6.25%, 05/15/2030				374		413,952
U.S. Treasury Notes
0.625%, 05/15/2030				934		802,896
0.625%, 08/15/2030				572		487,289
0.75%, 08/31/2026				1,015		978,070
0.875%, 09/30/2026				1,513		1,457,230
0.875%, 11/15/2030				566		485,522
1.00%, 07/31/2028				2,116		1,950,080
1.125%, 10/31/2026				1,163		1,121,386
1.375%, 11/15/2031				407		347,881
1.50%, 08/15/2026				848		824,624
1.50%, 02/15/2030				1,257		1,137,464
1.625%, 05/15/2031				3,081		2,716,094
1.875%, 02/15/2032				1,787		1,569,838
2.00%, 11/15/2026				4,808		4,687,995
2.25%, 08/15/2027				2,292		2,222,591
2.25%, 11/15/2027				3,588		3,469,394


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Principal Amount (000)				U.S. $ Value

2.375%, 05/15/2027		U.S.$		4,367	$	4,258,434
2.375%, 05/15/2029				1,533		1,457,741
2.625%, 02/15/2029				451		433,940
2.75%, 02/15/2028				129		125,603
2.75%, 08/15/2032				949		875,083
2.875%, 05/15/2028				400		391,293
2.875%, 05/15/2032				2,242		2,092,346
3.125%, 11/15/2028				912		894,802
3.125%, 08/31/2029				727		709,043
3.375%, 05/15/2033				1,115		1,063,186
3.50%, 04/30/2028				794		789,664
3.50%, 09/30/2029				608		601,382
3.50%, 02/15/2033				1,420		1,369,176
3.625%, 03/31/2028				1,209		1,206,334
3.625%, 08/31/2029				807		802,667
3.625%, 09/30/2031				599		589,037
3.75%, 12/31/2028				1,202		1,202,351
3.75%, 12/31/2030				503		500,485
3.875%, 08/15/2033				1,128		1,111,518
3.875%, 08/15/2034				868		847,634
4.00%, 06/30/2028				694		699,654
4.00%, 01/31/2029				561		565,953
4.00%, 07/31/2029				752		758,487
4.00%, 02/15/2034				1,299		1,285,858
4.125%, 11/15/2032				1,062		1,069,728
4.25%, 06/30/2029				567		576,945
4.25%, 11/15/2034				316		317,048
4.25%, 05/15/2035				826		827,950
4.375%, 08/31/2028				1,306		1,331,202
4.375%, 11/30/2030				493		505,633
4.375%, 05/15/2034				1,051		1,067,649
4.50%, 05/31/2029				1,211		1,243,821
4.50%, 11/15/2033				1,206		1,239,379
4.625%, 09/30/2028				578		593,940
4.625%, 04/30/2029				1,925		1,985,569
4.625%, 02/15/2035				808		833,595

Total Governments–Treasuries (cost $87,190,734)						80,841,811

AGENCIES–0.8%
AGENCY DEBENTURES–0.8%
Federal Farm Credit Banks Funding Corp. 4.625%, 03/05/2026				219		219,589
Federal Home Loan Banks 4.625%, 11/17/2026				800		807,976
Federal National Mortgage Association 6.625%, 11/15/2030				900		1,018,279

Total Agencies (cost $2,014,245)						2,045,844


PURCHASED OPTIONS–PUTS–0.4%
OPTIONS ON EQUITY INDICES–0.4%
Euro STOXX 50 Price EUR Index Expiration: Feb 2026; Contracts: 670; Exercise Price: EUR 4,600.00; Counterparty: UBS AG(a)		EUR		3,082,000		65,159
Euro STOXX 50 Price EUR Index Expiration: Feb 2026; Contracts: 240; Exercise Price: EUR 4,600.00; Counterparty: UBS AG(a)		EUR		1,104,000		23,340
FTSE 100 Index Expiration: Jun 2026; Contracts: 220; Exercise Price: GBP 7,600.00; Counterparty: UBS AG(a)		GBP		1,672,000		36,458
Nikkei 225 Index Expiration: Jun 2026; Contracts: 15,000; Exercise Price: JPY 30,750.00; Counterparty: UBS AG(a)		JPY		461,250,000		69,594
S&P 500 Index Expiration: Jun 2026; Contracts: 8,400; Exercise Price: USD 5,075.00; Counterparty: UBS AG(a)		USD		42,630,000		926,291

Total Purchased Options–Puts (premiums paid $1,277,087)						1,120,842

			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) (cost $6,396,953)		6,396,953	$	6,396,953

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.9% (cost $152,603,108)				249,236,367


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) (cost $467,808)		467,808		467,808

TOTAL INVESTMENTS–100.1% (cost $153,070,916)			$	249,704,175
Other assets less liabilities–(0.1)%				(211,606	)

NET ASSETS–100.0%			$	249,492,569

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Euro STOXX 50 Index Futures		24		September 2025	$	1,505,986	$	(4,557	)
Micro S&P 500 E-Mini Futures		14		September 2025		437,763		13,090
MSCI EAFE Futures		1		September 2025		134,085		242
Nikkei 225 (OSE) Futures		2		September 2025		562,619		34,141
S&P 500 E-Mini Futures		19		September 2025		5,941,063		210,470
TOPIX Index Futures		3		September 2025		594,875		14,185
U.S. T-Note 2 Yr (CBT) Futures		41		September 2025		8,528,961		26,995
U.S. T-Note 10 Yr (CBT) Futures		71		September 2025		7,960,875		111,945
U.S. Ultra Bond (CBT) Futures		20		September 2025		2,382,500		80,554

Sold Contracts
FTSE 100 Index Futures		4		September 2025		482,596		6,466
Hang Seng Index Futures		1		July 2025		153,402		36
MSCI Singapore ETS Index Futures		1		July 2025		32,344		(511	)
S&P/TSX 60 Index Futures		6		September 2025		1,409,950		(11,818	)
SPI 200 Futures		1		September 2025		140,466		126
U.S. T-Note 5 Yr (CBT) Futures		13		September 2025		1,417,000		(20,228	)

							$	461,136

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		CHF	2,945		USD	3,609		07/09/2025	$	(105,335	)
Barclays Capital, Inc.		GBP	1,115		USD	1,508		07/16/2025		(21,830	)
Citibank NA		USD	3,362		GBP	2,515		07/16/2025		90,685


DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA		USD	1,299		EUR	1,134		07/09/2025	$	37,075
JPMorgan Chase Bank		EUR	3,104		USD	3,460		07/09/2025		(198,629	)
JPMorgan Chase Bank		AUD	3,700		USD	2,411		08/21/2025		(26,961	)
JPMorgan Chase Bank		NZD	1,169		USD	708		08/21/2025		(5,215	)
Morgan Stanley Capital Services, Inc.		USD	4,289		EUR	3,760		07/09/2025		142,706
Morgan Stanley Capital Services, Inc.		GBP	3,401		USD	4,616		07/16/2025		(53,293	)
Morgan Stanley Capital Services, Inc.		USD	1,614		GBP	1,192		07/16/2025		21,607
Morgan Stanley Capital Services, Inc.		USD	1,651		AUD	2,525		08/21/2025		12,428
Morgan Stanley Capital Services, Inc.		USD	7,353		CAD	9,944		08/28/2025		(29,158	)
Morgan Stanley Capital Services, Inc.		SEK	11,496		USD	1,216		09/04/2025		(4,555	)
State Street Bank & Trust Co.		CHF	243		USD	297		07/09/2025		(8,703	)
State Street Bank & Trust Co.		EUR	705		USD	803		07/09/2025		(26,943	)
State Street Bank & Trust Co.		USD	713		EUR	620		07/09/2025		17,506
State Street Bank & Trust Co.		GBP	511		USD	681		07/16/2025		(20,428	)
State Street Bank & Trust Co.		USD	328		GBP	242		07/16/2025		4,521
State Street Bank & Trust Co.		NZD	186		USD	113		08/21/2025		(391	)
State Street Bank & Trust Co.		USD	708		NZD	1,169		08/21/2025		5,768
State Street Bank & Trust Co.		JPY	114,546		USD	783		08/27/2025		(17,845	)
UBS		USD	1,571		AUD	2,407		08/21/2025		14,851
UBS		CAD	7,099		USD	5,258		08/28/2025		30,133
UBS		USD	3,072		NOK	31,119		09/04/2025		17,014

									$	(124,992	)

(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)

(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
STATEMENT OF ASSETS & LIABILITIES

June 30, 2025 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $146,206,155)	$	242,839,414	(a)
Affiliated issuers (cost $6,864,761—including investment of cash collateral for securities loaned of $467,808)		6,864,761
Cash		1,612
Cash collateral due from broker		1,035,365
Foreign currencies, at value (cost $363,851)		368,831
Unaffiliated interest and dividends receivable		893,809
Receivable for investment securities sold		679,015
Unrealized appreciation on forward currency exchange contracts		394,294
Receivable for variation margin on futures		96,491
Affiliated dividends receivable		15,520
Receivable due from Adviser		14,083
Receivable for capital stock sold		2,108

Total assets		253,205,303

LIABILITIES
Cash collateral due to broker		1,200,000
Payable for investment securities purchased and foreign currency transactions		955,359
Unrealized depreciation on forward currency exchange contracts		519,286
Payable for collateral received on securities loaned		467,808
Custody and accounting fees payable		207,738
Advisory fee payable		136,789
Payable for capital stock redeemed		91,747
Distribution fee payable		48,814
Administrative fee payable		48,184
Directors’ fees payable		2,137
Foreign capital gains tax payable		1,091
Transfer Agent fee payable		147
Accrued expenses		33,634

Total liabilities		3,712,734

NET ASSETS	$	249,492,569

COMPOSITION OF NET ASSETS
Capital stock, at par	$	24,214
Additional paid-in capital		157,729,228
Distributable earnings		91,739,127

NET ASSETS	$	249,492,569

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	199,364		19,224	$	10.37

B	$	249,293,205		24,195,252	$	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
STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $107,732)	$	1,587,601
Affiliated issuers		94,248
Interest		1,313,225
Securities lending income, net		6,168

		3,001,242

EXPENSES
Advisory fee (see Note B)		854,749
Distribution fee—Class B		305,029
Transfer agency—Class B		1,348
Custody and accounting		83,467
Administrative		51,916
Audit and tax		33,280
Printing		18,702
Legal		18,389
Directors’ fees		11,291
Miscellaneous		23,447

Total expenses		1,401,618
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(62,515	)

Net expenses		1,339,103

Net investment income		1,662,139

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		4,855,330
Forward currency exchange contracts		(807,601	)
Futures		(2,119,049	)
Swaps		(29,421	)
Foreign currency transactions		54,192
Net change in unrealized appreciation (depreciation) of:
Investments(a)		10,009,223
Forward currency exchange contracts		(234,021	)
Futures		914,305
Foreign currency denominated assets and liabilities		44,946

Net gain on investment and foreign currency transactions		12,687,904

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	14,350,043

(a)

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

See notes to financial statements.



DYNAMIC ASSET ALLOCATION PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,662,139		$	2,988,545
Net realized gain on investment and foreign currency transactions		1,953,451			3,824,530
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		10,734,453			18,859,850

Net increase in net assets from operations		14,350,043			25,672,925
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(2,481	)
Class B		–0	–		(2,801,157	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(16,275,476	)		(25,268,198	)

Total decrease		(1,925,433	)		(2,398,911	)
NET ASSETS
Beginning of period		251,418,002			253,816,913

End of period	$	249,492,569		$	251,418,002

See notes to financial statements.


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.

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.


DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

2. Fair Value Measurements

•

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)



		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

120,492,595

38,338,322

(a)

158,830,917

Governments—Treasuries

–0

–

80,841,811

–0

–

80,841,811

Agencies

–0

–

2,045,844

–0

–

2,045,844

Purchased Options—Puts

–0

–

1,120,842

–0

–

1,120,842

Warrants

–0

–

–0

–

(a)

–0

–

Short-Term Investments

6,396,953

–0

–

–0

–

6,396,953

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

467,808

–0

–

–0

–

467,808

Total Investments in Securities

127,357,356

122,346,819

(a)

249,704,175

Other Financial Instruments(b):

Assets:

Futures

498,250

–0

–

–0

–

498,250

(c)

Forward Currency Exchange Contracts

–0

–

394,294

–0

–

394,294

Liabilities:

Futures

(37,114

)

–0

–

–0

–

(37,114

)(c)

Forward Currency Exchange Contracts

–0

–

(519,286

)

–0

–

(519,286

)

Total

127,818,492

122,221,827

(a)

250,040,319

(a)

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

(b)

(c)

3. Currency Translation


DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

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

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.

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 12/31/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	–0	–	$	32,746	$	26,349	$	6,397	$	94
AB Government Money Market Portfolio*		2,922			4,263		6,717		468		1

Total								$	6,865	$	95

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

NOTE C: Distribution Plan

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)	$	4,415,361	$	21,927,249
U.S. government securities		6,190,655		11,952,653


DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund


Gross unrealized appreciation	$	106,182,565
Gross unrealized depreciation		(9,213,162	)

Net unrealized appreciation	$	96,969,403

1. Derivative Financial Instruments

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

•

Futures

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

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


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

Liability Derivatives

Derivative Type

Statement of
Assets and Liabilities
Location

Fair Value

Statement of
Assets and Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

219,494

Payable for variation margin on futures

20,228

Equity contracts

Receivable for variation margin on futures

278,756

Payable for variation margin on futures

16,886

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

394,294

Unrealized depreciation on forward currency exchange contracts

519,286

Equity contracts

Investments in securities, at value

1,120,842

Total

2,013,386

556,400



		AB Variable Products Series Fund


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(145,668	)	$	537,199

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(1,973,381	)		377,106

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(807,601	)		(234,021	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		59,077			(286,877	)

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(29,421	)		–0	–

Total		$	(2,896,994	)	$	393,407

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


Futures:
Average notional amount of buy contracts	$	32,870,317
Average notional amount of sale contracts	$	5,341,193
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	27,066,254
Average principal amount of sale contracts	$	32,179,199
Purchased Options:
Average notional amount	$	51,034,475
Total Return Swaps:
Average notional amount	$	142,286	(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.


DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

Counterparty

Derivative Assets
Subject to a MA

Derivatives
Available for
Offset

Cash Collateral
Received*

Security Collateral
Received*

Net Amount of
Derivative Assets

Citibank NA

90,685

–0

–

–0

–

–0

–

90,685

Goldman Sachs Bank USA

37,075

–0

–

–0

–

–0

–

37,075

Morgan Stanley Capital Services, Inc.

176,741

(87,006

)

–0

–

–0

–

89,735

State Street Bank & Trust Co.

27,795

(27,795

)

–0

–

–0

–

–0

–

UBS/UBS AG

1,182,840

–0

–

(1,182,840

)

–0

–

–0

–

Total

1,515,136

(114,801

)

(1,182,840

)

–0

–

217,495

Counterparty

Derivative Liabilities
Subject to a MA

Derivatives
Available for
Offset

Cash Collateral
Pledged*

Security Collateral
Pledged*

Net Amount of
Derivative Liabilities

Bank of America NA

105,335

–0

–

–0

–

–0

–

105,335

Barclays Capital, Inc.

21,830

–0

–

–0

–

–0

–

21,830

JPMorgan Chase Bank

230,805

–0

–

–0

–

–0

–

230,805

Morgan Stanley Capital Services, Inc.

87,006

(87,006

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

74,310

(27,795

)

–0

–

–0

–

46,515

Total

519,286

(114,801

)

–0

–

–0

–

404,485

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

NOTE E: Securities Lending



		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 Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	4,046,082	$	467,808	$	3,787,591	$	5,444	$	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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		978			2,657		$	9,710		$	25,039
Shares issued in reinvestment of dividends		–0	–		263			–0	–		2,481
Shares redeemed		(1,077	)		(8,853	)		(10,737	)		(80,486	)

Net decrease		(99	)		(5,933	)	$	(1,027	)	$	(52,966	)

Class B
Shares sold		213,164			1,172,404		$	2,080,462		$	11,014,981
Shares issued on reinvestment of dividends		–0	–		298,981			–0	–		2,801,157
Shares redeemed		(1,863,691	)		(4,118,173	)		(18,354,911	)		(39,031,370	)

Net decrease		(1,650,527	)		(2,646,788	)	$	(16,274,449	)	$	(25,215,232	)

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

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


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.

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.

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.

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

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.

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


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

Total taxable distributions paid	$	2,803,638		$	1,463,869

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


Undistributed ordinary income	$	3,946,523
Accumulated capital and other losses		(11,295,364	)(a)
Unrealized appreciation (depreciation)		84,737,925	(b)

Total accumulated earnings (deficit)	$	77,389,084

(a)

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

(b)

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


DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

NOTE J: Subsequent Events



DYNAMIC ASSET ALLOCATION PORTFOLIO

FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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:
Expenses, net of waivers/reimbursements(d)‡		.85	%^{^}		.85	%		.85	%		.84	%		.82	%		.80	%
Expenses, before waivers/reimbursements(d)‡		.89	%^{^}		.88	%		.93	%		.91	%		.83	%		.80	%
Net investment income(b)		1.62	%^{^}		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
portfolios		.00	%^{^}		.00	%		.00	%		.01	%		.01	%		.01	%

See footnote summary on page 40.


DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS

(continued)		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$249,293			$251,229			$253,591			$235,366			$301,920			$548,422
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.10	%^{^}		1.10	%		1.10	%		1.09	%		1.06	%		1.05	%
Expenses, before waivers/reimbursements(d)‡		1.15	%^{^}		1.13	%		1.18	%		1.17	%		1.07	%		1.06	%
Net investment income(b)		1.36	%^{^}		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
portfolios		.00	%^{^}		.00	%		.00	%		.01	%		.01	%		.01	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

(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”).

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.

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



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

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

JUN^06.30.25

LOGO

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.

The [A/B] logo and AllianceBernstein^® 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)		120,193	$	6,789,703

AIR FREIGHT & LOGISTICS–2.5%
CH Robinson Worldwide, Inc.		79,912		7,667,556
GXO Logistics, Inc.(a)(b)		187,450		9,128,815

				16,796,371

COMMERCIAL SERVICES & SUPPLIES–0.9%
MillerKnoll, Inc.(a)		310,514		6,030,182

CONSTRUCTION & ENGINEERING–2.6%
Fluor Corp.(b)		150,684		7,725,569
MasTec, Inc.(b)		16,151		2,752,615
WillScot Holdings Corp.(a)		244,463		6,698,286

				17,176,470

ELECTRICAL EQUIPMENT–1.4%
Regal Rexnord Corp.(a)		65,368		9,475,745

GROUND TRANSPORTATION–1.1%
ArcBest Corp.		97,489		7,507,628

MACHINERY–3.9%
CNH Industrial NV(a)		565,610		7,330,305
JBT Marel Corp.(a)		68,873		8,282,667
Pentair PLC		98,265		10,087,885

				25,700,857

MARINE TRANSPORTATION–1.8%
Kirby Corp.(b)		65,551		7,434,139
Star Bulk Carriers Corp.(a)		280,401		4,836,917

				12,271,056

PROFESSIONAL SERVICES–2.6%
CACI International, Inc.–Class A(a)(b)		19,839		9,457,251
First Advantage Corp.(a)(b)		359,106		5,964,751
Robert Half, Inc.		53,292		2,187,637

				17,609,639

TRADING COMPANIES & DISTRIBUTORS–2.3%
Core & Main, Inc.–Class A(b)		132,900		8,020,515
Herc Holdings, Inc.		54,803		7,217,007

				15,237,522

				134,595,173

FINANCIALS–19.5%
BANKS–9.5%
Comerica, Inc.		90,473		5,396,714
First BanCorp/Puerto Rico		288,767		6,015,017
First Citizens BancShares, Inc./NC–Class A		4,300		8,412,821


Company	Shares		U.S. $ Value

First Hawaiian, Inc.(a)		246,845	$	6,161,251
Flagstar Financial, Inc.(a)		370,327		3,925,466
Independent Bank Corp.(a)		104,647		6,580,727
Texas Capital Bancshares, Inc.(b)		70,007		5,558,556
UMB Financial Corp.		82,584		8,684,533
Webster Financial Corp.		101,138		5,522,135
Wintrust Financial Corp.(a)		63,091		7,822,022

				64,079,242

CAPITAL MARKETS–3.9%
Cboe Global Markets, Inc.(a)		39,604		9,236,049
Invesco Ltd.		598,878		9,444,306
Stifel Financial Corp.		72,481		7,522,078

				26,202,433

FINANCIAL SERVICES–3.2%
HA Sustainable Infrastructure Capital, Inc.(a)		275,262		7,393,537
NCR Atleos Corp.(a)(b)		325,418		9,284,176
Walker & Dunlop, Inc.		68,840		4,851,843

				21,529,556

INSURANCE–2.9%
American Financial Group, Inc./OH(a)		70,616		8,912,445
Hanover Insurance Group, Inc. (The)		61,810		10,499,665

				19,412,110

				131,223,341

INFORMATION TECHNOLOGY–13.0%
COMMUNICATIONS EQUIPMENT–2.8%
Calix, Inc.(b)		88,435		4,703,858
F5, Inc.(b)		22,830		6,719,325
Lumentum Holdings, Inc.(a)(b)		75,100		7,139,006

				18,562,189

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.8%
Avnet, Inc.		116,063		6,160,624
Belden, Inc.(a)		43,974		5,092,189
Crane NXT Co.(a)		119,848		6,459,807
IPG Photonics Corp.(a)(b)		98,600		6,768,890
TD SYNNEX Corp.		59,335		8,051,760

				32,533,270

IT SERVICES–1.0%
Globant SA(b)		74,593		6,776,028

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.8%
FormFactor, Inc.(b)		147,373		5,071,105
ON Semiconductor Corp.(a)(b)		129,798		6,802,713

				11,873,818


DISCOVERY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

SOFTWARE–2.6%
ACI Worldwide, Inc.(b)		143,614	$	6,593,319
Commvault Systems, Inc.(b)		25,303		4,411,072
Nice Ltd. (Sponsored ADR)(a)(b)		37,480		6,330,747

				17,335,138

				87,080,443

CONSUMER DISCRETIONARY–9.2%
AUTOMOBILE COMPONENTS–1.3%
BorgWarner, Inc.		257,159		8,609,683

DIVERSIFIED CONSUMER SERVICES–1.4%
ADT, Inc.		1,057,297		8,955,306
Laureate Education, Inc.(b)		10,461		244,578

				9,199,884

HOTELS, RESTAURANTS & LEISURE–0.6%
Cracker Barrel Old Country Store, Inc.(a)		66,659		4,071,532

LEISURE PRODUCTS–1.0%
Brunswick Corp./DE(a)		122,973		6,793,028

SPECIALTY RETAIL–3.6%
AutoNation, Inc.(b)		39,741		7,894,550
Bath & Body Works, Inc.		317,222		9,503,971
Group 1 Automotive, Inc.		15,855		6,924,037

				24,322,558

TEXTILES, APPAREL & LUXURY GOODS–1.3%
Crocs, Inc.(a)(b)		88,657		8,979,181

				61,975,866

REAL ESTATE–8.9%
DIVERSIFIED REITs–0.6%
Broadstone Net Lease, Inc.		245,061		3,933,229

HEALTH CARE REITs–1.3%
American Healthcare REIT, Inc.(a)		231,060		8,489,144

HOTEL & RESORT REITs–0.7%
Ryman Hospitality Properties, Inc.(a)		49,120		4,846,670

INDUSTRIAL REITs–1.4%
First Industrial Realty Trust, Inc.		50,398		2,425,656
STAG Industrial, Inc.		200,758		7,283,500

				9,709,156

OFFICE REITs–1.3%
COPT Defense Properties		323,110		8,911,374

REAL ESTATE MANAGEMENT & DEVELOPMENT–1.7%
Jones Lang LaSalle, Inc.(b)		43,768		11,194,979


Company	Shares		U.S. $ Value

RESIDENTIAL REITs–1.3%
Independence Realty Trust, Inc.(a)		475,050	$	8,403,635

SPECIALIZED REITs–0.6%
CubeSmart		92,216		3,919,180

				59,407,367

HEALTH CARE–7.1%
HEALTH CARE EQUIPMENT & SUPPLIES–2.6%
Envista Holdings Corp.(a)(b)		415,172		8,112,461
Integer Holdings Corp.(b)		73,566		9,046,411

				17,158,872

HEALTH CARE PROVIDERS & SERVICES–3.3%
Encompass Health Corp.		98,476		12,076,112
Tenet Healthcare Corp.(b)		58,399		10,278,224

				22,354,336

LIFE SCIENCES TOOLS & SERVICES–1.2%
ICON PLC(b)		55,862		8,125,128

				47,638,336

CONSUMER STAPLES–5.7%
CONSUMER STAPLES DISTRIBUTION & RETAIL–3.3%
BJ’s Wholesale Club Holdings, Inc.(b)		122,200		13,176,826
Dollar Tree, Inc.(b)		90,575		8,970,548

				22,147,374

FOOD PRODUCTS–1.3%
Nomad Foods Ltd.		517,925		8,799,546

HOUSEHOLD PRODUCTS–1.1%
WD-40 Co.		32,290		7,365,026

				38,311,946

MATERIALS–4.7%
CHEMICALS–2.4%
Avient Corp.		211,610		6,837,119
RPM International, Inc.		87,100		9,567,064

				16,404,183

CONTAINERS & PACKAGING–2.3%
Graphic Packaging Holding Co.(a)		408,852		8,614,512
O-I Glass, Inc.(b)		460,416		6,786,532

				15,401,044

				31,805,227



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

UTILITIES–4.3%
ELECTRIC UTILITIES–3.3%
IDACORP, Inc.		89,631	$	10,347,899
TXNM Energy, Inc.		208,007		11,714,954

				22,062,853

GAS UTILITIES–1.0%
ONE Gas, Inc.		95,182		6,839,779

				28,902,632

ENERGY–4.1%
OIL, GAS & CONSUMABLE FUELS–4.1%
Cameco Corp.(a)		60,413		4,484,457
HF Sinclair Corp.(a)		71,685		2,944,820
Magnolia Oil & Gas Corp.–Class A(a)		300,503		6,755,307
Matador Resources Co.(a)		157,400		7,511,128
Northern Oil & Gas, Inc.(a)		203,557		5,770,841

				27,466,553

COMMUNICATION SERVICES–2.4%
MEDIA–2.4%
Criteo SA (Sponsored ADR)(b)		235,589		5,644,712
Nexstar Media Group, Inc.(a)		60,583		10,477,830

				16,122,542

Total Common Stocks (cost $600,408,988)				664,529,426

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) (cost $4,797,238)		4,797,238		4,797,238

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.7% (cost $605,206,226)				669,326,664


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) (cost $7,461,026)		7,461,026	$	7,461,026

TOTAL INVESTMENTS–100.8% (cost $612,667,252)				676,787,690
Other assets less liabilities–(0.8)%				(5,310,367	)

NET ASSETS–100.0%			$	671,477,323

(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)

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
Investments in securities, at value
Unaffiliated issuers (cost $600,408,988)	$	664,529,426	(a)
Affiliated issuers (cost $12,258,264—including investment of cash collateral for securities loaned of $7,461,026)		12,258,264
Cash		13,041
Receivable for investment securities sold		4,433,560
Unaffiliated dividends receivable		994,538
Receivable for capital stock sold		368,743
Affiliated dividends receivable		23,779
Receivable due from Adviser		1,180

Total assets		682,622,531

LIABILITIES
Payable for collateral received on securities loaned		7,461,026
Payable for investment securities purchased		2,829,258
Advisory fee payable		393,451
Payable for capital stock redeemed		162,229
Distribution fee payable		79,155
Administrative fee payable		48,329
Directors’ fees payable		3,030
Transfer Agent fee payable		147
Accrued expenses		168,583

Total liabilities		11,145,208

NET ASSETS	$	671,477,323

COMPOSITION OF NET ASSETS
Capital stock, at par	$	37,795
Additional paid-in capital		523,510,096
Distributable earnings		147,929,432

NET ASSETS	$	671,477,323

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	267,827,363		14,916,904	$	17.95

B	$	403,649,960		22,877,596	$	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
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $13,337)	$	5,937,402
Affiliated issuers		136,727
Securities lending income, net		64,430

		6,138,559

EXPENSES
Advisory fee (see Note B)		2,466,907
Distribution fee—Class B		499,194
Transfer agency—Class A		1,344
Transfer agency—Class B		2,076
Custody and accounting		57,579
Administrative		52,379
Legal		30,481
Printing		26,092
Audit and tax		23,414
Directors’ fees		14,114
Miscellaneous		10,456

Total expenses		3,184,036
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(8,540	)

Net expenses		3,175,496

Net investment income		2,963,063

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on Investment transactions		3,193,400
Net change in unrealized appreciation (depreciation) of investments		(20,113,547	)

Net loss on investment transactions		(16,920,147	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(13,957,084	)

See notes to financial statements.



DISCOVERY VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,963,063		$	4,980,294
Net realized gain on investment transactions		3,193,400			75,326,069
Net change in unrealized appreciation (depreciation) of investments		(20,113,547	)		(13,528,536	)

Net increase (decrease) in net assets from operations		(13,957,084	)		66,777,827
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(15,717,646	)
Class B		–0	–		(25,029,921	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(11,594,262	)		(47,076,392	)

Total decrease		(25,551,346	)		(21,046,132	)
NET ASSETS
Beginning of period		697,028,669			718,074,801

End of period	$	671,477,323		$	697,028,669

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.

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.


DISCOVERY VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

2. Fair Value Measurements

•

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 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)

664,529,426

–0

–

–0

–

664,529,426

Short-Term Investments

4,797,238

–0

–

–0

–

4,797,238

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

7,461,026

–0

–

–0

–

7,461,026

Total Investments in Securities

676,787,690

–0

–

–0

–

676,787,690

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

676,787,690

–0

–

–0

–

676,787,690

(a)

See Portfolio of Investments for sector classifications.

(b)



		AB Variable Products Series Fund

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

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


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

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 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	3,835	$	84,996	$	84,034	$	4,797	$	137
AB Government Money Market Portfolio*		54,913		44,610		92,062		7,461		3

Total							$	12,258	$	140

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

NOTE C: Distribution Plan



		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:


	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	241,121,388		$	252,627,961
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	103,052,698
Gross unrealized depreciation		(38,932,260	)

Net unrealized appreciation	$	64,120,438

1. Derivative Financial Instruments

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

2. Currency Transactions

NOTE E: Securities Lending


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:


								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	154,688,584	$	7,461,026	$	150,713,778	$	61,201	$	3,229	$	2,159

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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		743,044			1,081,016		$	12,882,488		$	19,812,611
Shares issued in reinvestment of dividends and distributions		–0	–		910,113			–0	–		15,717,646
Shares redeemed		(639,600	)		(1,830,723	)		(11,241,222	)		(33,273,557	)

Net increase		103,444			160,406		$	1,641,266		$	2,256,700

Class B
Shares sold		874,357			762,271		$	14,955,768		$	13,662,298
Shares issued on reinvestment of dividends and distributions		–0	–		1,471,482			–0	–		25,029,921
Shares redeemed		(1,615,091	)		(4,903,222	)		(28,191,296	)		(88,025,311	)

Net decrease		(740,734	)		(2,669,469	)	$	(13,235,528	)	$	(49,333,092	)

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



		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.

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

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2024		2023
Distributions paid from:
Ordinary income	$	10,009,617	$	9,916,054
Net long-term capital gains		30,737,950		52,699,331

Total taxable distributions paid	$	40,747,567	$	62,615,385


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:


Undistributed ordinary income	$	17,767,166
Undistributed capital gains		62,876,928
Unrealized appreciation (depreciation)		81,242,424	(a)

Total accumulated earnings (deficit)	$	161,886,518

(a)

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

NOTE J: Subsequent Events



DISCOVERY VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$267,827			$271,351			$259,538			$228,586			$286,390			$222,441
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.81	%^		.81	%		.81	%		.80	%		.80	%		.83	%
Expenses, before waivers/reimbursements		.82	%^		.81	%		.81	%		.80	%		.80	%		.83	%
Net investment income(b)		1.06	%^		.86	%		.91	%		1.00	%		.98	%		1.17	%
Portfolio turnover rate		36	%		53	%		49	%		42	%		54	%		58	%

See footnote summary on page 16.


DISCOVERY VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS

(continued)		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$403,650			$425,678			$458,537			$431,086			$563,741			$432,719
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%^		1.06	%		1.06	%		1.05	%		1.05	%		1.08	%
Expenses, before waivers/reimbursements		1.07	%^		1.06	%		1.06	%		1.05	%		1.05	%		1.08	%
Net investment income(b)		.80	%^		.61	%		.65	%		.74	%		.73	%		.91	%
Portfolio turnover rate^.		36	%		53	%		49	%		42	%		54	%		58	%

(a)

Based on average shares outstanding.

(b)

Net of expenses waived/reimbursed by the Adviser.

(c)

Annualized.

See notes to financial statements.



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”).

Nature, Extent and Quality of Services Provided

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.



		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^06.30.25

LOGO

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.

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


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

June 30, 2025 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–73.5%
INFORMATION TECHNOLOGY–19.7%
COMMUNICATIONS EQUIPMENT–0.5%
Arista Networks, Inc.(a)		7,264	$	743,180
Cisco Systems, Inc.		28,005		1,942,987
F5, Inc.(a)		405		119,199
Juniper Networks, Inc.		2,328		92,957
Motorola Solutions, Inc.		1,175		494,040
Nokia Oyj(b)		36,499		189,380
Telefonaktiebolaget LM Ericsson–Class B		19,038		162,686

				3,744,429

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		8,516		840,955
CDW Corp./DE		937		167,339
Corning, Inc.		5,421		285,090
Halma PLC		2,603		114,412
Hexagon AB–Class B(b)		14,228		143,412
Jabil, Inc.		770		167,937
Keyence Corp.		1,302		520,576
Keysight Technologies, Inc.(a)		1,216		199,254
Kyocera Corp.		8,795		105,631
Murata Manufacturing Co., Ltd.		11,427		168,899
Omron Corp.		1,173		31,620
Shimadzu Corp.		1,585		39,186
TDK Corp.		13,310		155,362
TE Connectivity PLC		2,098		353,870
Teledyne Technologies, Inc.(a)		328		168,038
Trimble, Inc.(a)		1,728		131,293
Yokogawa Electric Corp.		1,528		40,819
Zebra Technologies Corp.–Class A(a)		361		111,318

				3,745,011

IT SERVICES–0.8%
Accenture PLC–Class A		4,398		1,314,518
Akamai Technologies, Inc.(a)		1,056		84,227
Capgemini SE		1,116		191,100
Cognizant Technology Solutions Corp.–Class A		3,478		271,388
EPAM Systems, Inc.(a)		399		70,551
Fujitsu Ltd.		12,092		293,344
Gartner, Inc.(a)		540		218,279
GoDaddy, Inc.–Class A(a)		993		178,800
International Business Machines Corp.		6,502		1,916,660


Company	Shares		U.S. $ Value

NEC Corp.		8,415	$	245,508
Nomura Research Institute Ltd.		2,629		105,153
NTT Data Group Corp.		1,925		53,285
Obic Co., Ltd.		2,265		88,075
Otsuka Corp.(b)		1,526		31,087
SCSK Corp.		1,046		31,513
TIS, Inc.		1,423		47,684
VeriSign, Inc.		572		165,194
Wix.com Ltd.(a)		363		57,521

				5,363,887

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–7.6%
Advanced Micro Devices, Inc.(a)		11,394		1,616,809
Advantest Corp.		5,228		387,557
Analog Devices, Inc.		3,488		830,214
Applied Materials, Inc.		5,715		1,046,245
ASM International NV		321		205,914
ASML Holding NV		2,700		2,163,610
BE Semiconductor Industries NV(b)		556		83,152
Broadcom, Inc.		32,959		9,085,148
Disco Corp.		616		182,486
Enphase Energy, Inc.(a)		931		36,914
First Solar, Inc.(a)		753		124,652
Infineon Technologies AG		8,951		381,957
Intel Corp.(a)		30,447		682,013
KLA Corp.		934		836,621
Lam Research Corp.		9,026		878,591
Lasertec Corp.(b)		536		71,856
Microchip Technology, Inc.		3,782		266,139
Micron Technology, Inc.		7,834		965,540
Monolithic Power Systems, Inc.		336		245,744
NVIDIA Corp.		172,204		27,206,510
NXP Semiconductors NV		1,787		390,442
ON Semiconductor Corp.(a)		2,963		155,291
QUALCOMM, Inc.		7,777		1,238,565
Renesas Electronics Corp.		11,570		143,137
SCREEN Holdings Co., Ltd.		544		44,233
Skyworks Solutions, Inc.		1,130		84,208
STMicroelectronics NV		4,640		142,272
Teradyne, Inc.		1,145		102,958
Texas Instruments, Inc.		6,401		1,328,976
Tokyo Electron Ltd.		3,099		593,487

				51,521,241

SOFTWARE–6.8%
Adobe, Inc.(a)		3,061		1,184,240
ANSYS, Inc.(a)		615		216,000
Autodesk, Inc.(a)		1,512		468,070


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Cadence Design Systems, Inc.(a)		1,928	$	594,113
Check Point Software Technologies Ltd.(a)		594		131,422
Coinbase Global, Inc.–Class A(a)		1,476		517,323
Crowdstrike Holdings, Inc.–Class A(a)		1,732		882,125
CyberArk Software Ltd.(a)		322		131,015
Dassault Systemes SE		4,593		166,458
Fair Isaac Corp.(a)		172		314,409
Fortinet, Inc.(a)		4,473		472,886
Gen Digital, Inc.		3,813		112,102
Intuit, Inc.		1,968		1,550,056
Microsoft Corp.		52,272		26,000,616
Monday.com Ltd.(a)		278		87,425
Nemetschek SE		396		57,417
Nice Ltd.(a)		434		73,569
Oracle Corp.		11,407		2,493,912
Oracle Corp. Japan		257		30,632
Palantir Technologies, Inc.–Class A(a)		14,413		1,964,780
Palo Alto Networks, Inc.(a)		4,656		952,804
PTC, Inc.(a)		846		145,800
Roper Technologies, Inc.		754		427,397
Sage Group PLC (The)		6,774		116,329
Salesforce, Inc.		6,729		1,834,931
SAP SE		7,161		2,189,688
ServiceNow, Inc.(a)		1,448		1,488,660
Synopsys, Inc.(a)		1,087		557,283
Temenos AG (REG)		386		27,728
Trend Micro, Inc./Japan		848		58,653
Tyler Technologies, Inc.(a)		301		178,445
WiseTech Global Ltd.		1,376		98,681
Workday, Inc.–Class A(a)		1,505		361,200
Xero Ltd.(a)		997		117,974

				46,004,143

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.5%
Apple, Inc.		105,629		21,671,902
Canon, Inc.(b)		6,350		184,174
Dell Technologies, Inc.–Class C		2,194		268,984
FUJIFILM Holdings Corp.(b)		7,694		166,618
Hewlett Packard Enterprise Co.		9,310		190,390
HP, Inc.		6,594		161,289
Logitech International SA (REG)		1,043		94,584
NetApp, Inc.		1,430		152,367
Ricoh Co., Ltd.		3,672		34,654


Company	Shares		U.S. $ Value

Seagate Technology Holdings PLC		1,489	$	214,907
Super Micro Computer, Inc.(a)(b)		3,541		173,544
Western Digital Corp.		2,446		156,520

				23,469,933

				133,848,644

FINANCIALS–12.1%
BANKS–4.5%
ABN AMRO Bank NV(b)		3,141		85,768
AIB Group PLC		14,366		118,560
ANZ Group Holdings Ltd.		20,365		390,535
Banco Bilbao Vizcaya Argentaria SA		39,523		608,586
Banco BPM SpA		7,791		90,941
Banco de Sabadell SA		36,919		117,534
Banco Santander SA		103,910		860,466
Bank Hapoalim BM		8,599		165,170
Bank Leumi Le-Israel BM		10,278		191,228
Bank of America Corp.		46,559		2,203,172
Bank of Ireland Group PLC		6,753		96,231
Bankinter SA		4,621		60,325
Banque Cantonale Vaudoise (REG)(b)		206		23,759
Barclays PLC		98,034		452,992
BNP Paribas SA		6,979		626,028
BOC Hong Kong Holdings Ltd.–Class H		25,272		110,015
BPER Banca SpA(b)		6,822		61,918
CaixaBank SA		27,047		234,357
Chiba Bank Ltd. (The)		3,848		35,562
Citigroup, Inc.		13,199		1,123,499
Citizens Financial Group, Inc.		3,074		137,562
Commerzbank AG		6,089		191,883
Commonwealth Bank of Australia		11,475		1,396,603
Concordia Financial Group Ltd.		7,034		45,649
Credit Agricole SA		7,257		137,290
Danske Bank A/S		4,727		193,069
DBS Group Holdings Ltd.(a)		14,338		506,161
DNB Bank ASA		6,137		169,716
Erste Group Bank AG		2,110		179,614
Fifth Third Bancorp		4,710		193,722
FinecoBank Banca Fineco SpA		4,193		93,016
Hang Seng Bank Ltd.–Class H		5,168		77,552
HSBC Holdings PLC		121,182		1,465,839
Huntington Bancshares, Inc./OH		10,222		171,321



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

ING Groep NV		21,575	$	472,874
Intesa Sanpaolo SpA		103,779		597,810
Israel Discount Bank Ltd.–Class A		8,429		84,077
Japan Post Bank Co., Ltd.		12,387		133,538
JPMorgan Chase & Co.		19,661		5,699,921
KBC Group NV		1,574		162,452
KeyCorp		7,004		122,010
Lloyds Banking Group PLC		412,227		433,463
M&T Bank Corp.		1,167		226,387
Mediobanca Banca di Credito Finanziario SpA(b)		3,428		79,773
Mitsubishi UFJ Financial Group, Inc.		78,635		1,072,077
Mizrahi Tefahot Bank Ltd.		1,066		69,537
Mizuho Financial Group, Inc.		16,349		453,847
National Australia Bank Ltd.(b)		20,991		544,040
NatWest Group PLC		55,365		388,826
Nordea Bank Abp		21,534		319,515
Oversea-Chinese Banking Corp., Ltd.		23,668		303,502
PNC Financial Services Group, Inc. (The)		2,784		518,993
Regions Financial Corp.		6,392		150,340
Resona Holdings, Inc.		14,198		131,130
Skandinaviska Enskilda Banken AB		10,875		189,557
Societe Generale SA		4,937		282,417
Standard Chartered PLC		13,836		228,965
Sumitomo Mitsui Financial Group, Inc.		25,334		637,934
Sumitomo Mitsui Trust Group, Inc.		4,446		118,252
Svenska Handelsbanken AB–Class A		9,995		133,806
Swedbank AB–Class A		5,819		154,124
Truist Financial Corp.		9,253		397,786
UniCredit SpA		9,558		641,183
United Overseas Bank Ltd.		8,464		239,563
US Bancorp		10,969		496,347
Wells Fargo & Co.		23,126		1,852,855
Westpac Banking Corp.		23,465		522,953

				30,475,497

CAPITAL MARKETS–2.4%
3i Group PLC		6,671		377,526
Ameriprise Financial, Inc.		676		360,801
Amundi SA		422		34,206
ASX Ltd.		1,332		61,159
Bank of New York Mellon Corp. (The)		5,046		459,741


Company	Shares		U.S. $ Value

Blackrock, Inc.		1,024	$	1,074,432
Blackstone, Inc.		5,147		769,888
Cboe Global Markets, Inc.		736		171,643
Charles Schwab Corp. (The)		11,983		1,093,329
CME Group, Inc.		2,534		698,421
CVC Capital Partners PLC(b)(c)		1,457		29,958
Daiwa Securities Group, Inc.		9,130		64,841
Deutsche Bank AG (REG)		12,686		376,082
Deutsche Boerse AG		1,291		421,756
EQT AB(b)		2,553		85,643
Euronext NV		536		91,839
FactSet Research Systems, Inc.		267		119,424
Franklin Resources, Inc.		2,180		51,993
Futu Holdings Ltd. (ADR)		375		46,346
Goldman Sachs Group, Inc. (The)		2,194		1,552,803
Hong Kong Exchanges & Clearing Ltd.–Class H		8,263		444,438
Intercontinental Exchange, Inc.		4,040		741,219
Invesco Ltd.		3,150		49,676
Japan Exchange Group, Inc.		6,842		69,310
Julius Baer Group Ltd.		1,412		95,783
KKR & Co., Inc.		4,747		631,493
London Stock Exchange Group PLC		3,267		477,789
Macquarie Group Ltd.		2,482		373,307
MarketAxess Holdings, Inc.		265		59,185
Moody’s Corp.		1,088		545,730
Morgan Stanley		8,701		1,225,623
MSCI, Inc.		546		314,900
Nasdaq, Inc.		2,910		260,212
Nomura Holdings, Inc.		20,619		135,873
Northern Trust Corp.		1,378		174,717
Partners Group Holding AG		156		204,099
Raymond James Financial, Inc.		1,297		198,921
S&P Global, Inc.		2,215		1,167,947
SBI Holdings, Inc.		1,919		66,868
Schroders PLC		4,968		24,706
Singapore Exchange Ltd.		5,739		67,199
State Street Corp.		2,028		215,658
T. Rowe Price Group, Inc.		1,565		151,023
UBS Group AG (REG)(a)		22,554		765,748

				16,403,255

CONSUMER FINANCE–0.3%
American Express Co.		3,903		1,244,979


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Capital One Financial Corp.		4,478	$	952,739
Synchrony Financial		2,733		182,401

				2,380,119

FINANCIAL SERVICES–2.6%
Adyen NV(a)		173		317,721
Apollo Global Management, Inc.		3,143		445,897
Banca Mediolanum SpA		1,533		26,419
Berkshire Hathaway, Inc.–Class B(a)		12,888		6,260,604
Corpay, Inc.(a)		490		162,592
Edenred SE		1,656		51,436
Eurazeo SE		275		19,660
EXOR NV(d)		606		61,174
Fidelity National Information Services, Inc.		3,725		303,252
Fiserv, Inc.(a)		4,000		689,640
Global Payments, Inc.		1,741		139,350
Groupe Bruxelles Lambert NV		569		48,570
Industrivarden AB–Class A		817		29,701
Industrivarden AB–Class C		1,061		38,421
Infratil Ltd.		6,304		40,678
Investor AB–Class B		11,863		351,541
Jack Henry & Associates, Inc.		513		92,427
L E Lundbergforetagen AB–Class B		521		26,007
M&G PLC		15,658		55,347
Mastercard, Inc.–Class A		5,726		3,217,668
Mitsubishi HC Capital, Inc.(b)		6,001		44,184
Nexi SpA(b)		3,372		20,139
ORIX Corp.		7,926		178,863
PayPal Holdings, Inc.(a)		6,956		516,970
Sofina SA		106		35,059
Visa, Inc.–Class A		12,118		4,302,496
Wise PLC–Class A(a)		4,568		65,256

				17,541,072

INSURANCE–2.3%
Admiral Group PLC		1,785		80,158
Aegon Ltd.		9,064		65,684
Aflac, Inc.		3,480		367,001
Ageas SA/NV		1,023		69,203
AIA Group Ltd.–Class H		73,395		664,844
Allianz SE (REG)		2,648		1,074,647
Allstate Corp. (The)		1,863		375,041
American International Group, Inc.		4,172		357,081
Aon PLC–Class A		1,521		542,632
Arch Capital Group Ltd.		2,636		240,008
Arthur J Gallagher & Co.		1,789		572,695


Company	Shares		U.S. $ Value

ASR Nederland NV		1,014	$	67,376
Assurant, Inc.		361		71,294
Aviva PLC		18,353		156,032
AXA SA		12,147		596,479
Baloise Holding AG (REG)		283		66,746
Brown & Brown, Inc.		1,669		185,042
Chubb Ltd.		2,620		759,066
Cincinnati Financial Corp.		1,093		162,770
Dai-ichi Life Holdings, Inc.		24,132		183,466
Erie Indemnity Co.–Class A		175		60,688
Everest Group Ltd.		302		102,635
Generali		5,916		210,441
Gjensidige Forsikring ASA		1,371		34,755
Globe Life, Inc.		590		73,331
Hannover Rueck SE		413		130,142
Hartford Insurance Group, Inc. (The)		2,022		256,531
Helvetia Holding AG (REG)		254		59,633
Insurance Australia Group Ltd.		16,215		96,399
Japan Post Holdings Co., Ltd.		12,178		112,795
Japan Post Insurance Co., Ltd.		1,282		29,025
Legal & General Group PLC		40,241		140,801
Loews Corp.		1,242		113,842
Marsh & McLennan Cos., Inc.		3,453		754,964
Medibank Pvt. Ltd.		18,879		62,695
MetLife, Inc.		4,071		327,390
MS&AD Insurance Group Holdings, Inc.		8,812		196,998
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		917		595,440
NN Group NV		1,844		122,698
Phoenix Group Holdings PLC		4,813		43,544
Poste Italiane SpA(b)		3,134		67,337
Principal Financial Group, Inc.		1,480		117,556
Progressive Corp. (The)		4,119		1,099,196
Prudential Financial, Inc.		2,489		267,418
Prudential PLC		17,883		223,828
QBE Insurance Group Ltd.		10,349		159,365
Sampo Oyj–Class A		16,593		178,582
Sompo Holdings, Inc.		6,099		183,792
Suncorp Group Ltd.(a)		7,425		105,818
Swiss Life Holding AG (REG)		197		199,436



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Swiss Re AG		2,067	$	357,564
T&D Holdings, Inc.		3,377		74,125
Talanx AG		443		57,431
Tokio Marine Holdings, Inc.		12,579		533,111
Travelers Cos., Inc. (The)		1,594		426,459
Tryg A/S		2,324		60,078
Unipol Assicurazioni SpA		2,459		48,700
W R Berkley Corp.		2,111		155,095
Willis Towers Watson PLC		702		215,163
Zurich Insurance Group AG		1,004		702,522

				15,414,588

				82,214,531

INDUSTRIALS–8.3%
AEROSPACE & DEFENSE–1.9%
Airbus SE		4,075		852,493
Axon Enterprise, Inc.(a)		509		421,422
BAE Systems PLC		20,652		535,979
Boeing Co. (The)(a)		5,274		1,105,061
Dassault Aviation SA		134		47,379
Elbit Systems Ltd.		184		81,960
General Dynamics Corp.		1,784		520,321
General Electric Co.		7,547		1,942,522
Howmet Aerospace, Inc.		2,848		530,098
Huntington Ingalls Industries, Inc.		275		66,402
Kongsberg Gruppen ASA		3,010		116,719
L3Harris Technologies, Inc.		1,324		332,112
Leonardo SpA(b)		2,774		156,528
Lockheed Martin Corp.		1,473		682,205
Melrose Industries PLC		8,742		63,670
MTU Aero Engines AG		369		163,930
Northrop Grumman Corp.		957		478,481
Rheinmetall AG		307		650,133
Rolls-Royce Holdings PLC		58,138		770,482
RTX Corp.		9,367		1,367,769
Saab AB–Class B		2,196		122,786
Safran SA		2,469		805,201
Singapore Technologies Engineering Ltd.		10,451		64,082
Textron, Inc.		1,284		103,092
Thales SA		635		187,499
TransDigm Group, Inc.		394		599,132

				12,767,458

AIR FREIGHT & LOGISTICS–0.2%
CH Robinson Worldwide, Inc.		835		80,118
Deutsche Post AG		6,580		304,785
DSV A/S		1,401		336,036
Expeditors International of Washington, Inc.		984		112,422


Company	Shares		U.S. $ Value

FedEx Corp.		1,558	$	354,149
InPost SA(a)		1,542		25,661
SG Holdings Co., Ltd.(b)		2,243		24,983
United Parcel Service, Inc.–Class B		5,143		519,134

				1,757,288

BUILDING PRODUCTS–0.5%
A O Smith Corp.		830		54,423
AGC, Inc.(b)		1,310		38,430
Allegion PLC		611		88,057
Assa Abloy AB–Class B		6,870		214,781
Builders FirstSource, Inc.(a)		809		94,402
Carrier Global Corp.		5,678		415,573
Cie de Saint-Gobain SA		3,078		361,589
Daikin Industries Ltd.		1,766		207,299
Geberit AG (REG)		229		180,348
Johnson Controls International PLC		4,621		488,070
Kingspan Group PLC		1,061		90,407
Lennox International, Inc.		225		128,979
Masco Corp.		1,491		95,961
Nibe Industrier AB–Class B(b)		10,388		44,353
Otis Worldwide Corp.		2,788		276,068
ROCKWOOL A/S–Class B		647		30,326
Trane Technologies PLC		1,577		689,796

				3,498,862

COMMERCIAL SERVICES & SUPPLIES–0.4%
Brambles Ltd.		9,407		145,280
Cintas Corp.		2,412		537,562
Copart, Inc.(a)		6,165		302,517
Dai Nippon Printing Co., Ltd.		2,698		40,955
Rentokil Initial PLC		17,307		83,502
Republic Services, Inc.		1,427		351,912
Rollins, Inc.		1,975		111,430
Secom Co., Ltd.		2,910		104,541
Securitas AB–Class B		3,371		50,472
TOPPAN Holdings, Inc.		1,600		43,467
Veralto Corp.		1,739		175,552
Waste Management, Inc.		2,568		587,610

				2,534,800

CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA(b)		1,211		84,174
Bouygues SA		1,299		58,747
Eiffage SA		470		66,041
Ferrovial SE		3,500		186,700
Kajima Corp.		2,854		74,437


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Obayashi Corp.		4,447	$	67,380
Quanta Services, Inc.		1,038		392,447
Skanska AB–Class B		2,333		54,346
Taisei Corp.		1,113		64,822
Vinci SA		3,393		500,367

				1,549,461

ELECTRICAL EQUIPMENT–1.0%
ABB Ltd. (REG)		10,846		649,988
AMETEK, Inc.		1,626		294,241
Eaton Corp. PLC		2,779		992,075
Emerson Electric Co.		3,965		528,653
Fuji Electric Co., Ltd.		899		41,401
Fujikura Ltd.		1,700		89,429
GE Vernova, Inc.		1,940		1,026,551
Generac Holdings, Inc.(a)		419		60,005
Hubbell, Inc.		377		153,971
Legrand SA		1,834		245,808
Mitsubishi Electric Corp.		13,032		280,305
NIDEC Corp.		5,688		110,535
Prysmian SpA		1,926		136,359
Ralliant Corp.(a)		800		38,776
Rockwell Automation, Inc.		795		264,075
Schneider Electric SE		3,750		1,006,819
Siemens Energy AG(a)		4,657		544,315
Vestas Wind Systems A/S		6,923		103,990

				6,567,296

GROUND TRANSPORTATION–0.6%
Central Japan Railway Co.		5,271		117,831
CSX Corp.		13,560		442,463
East Japan Railway Co.		6,175		132,830
Grab Holdings Ltd.–Class A(a)		16,267		81,823
Hankyu Hanshin Holdings, Inc.		1,532		41,645
JB Hunt Transport Services, Inc.		559		80,273
MTR Corp., Ltd.–Class H		10,418		37,462
Norfolk Southern Corp.		1,592		407,504
Old Dominion Freight Line, Inc.		1,321		214,398
Tokyo Metro Co., Ltd.		2,000		23,273
Tokyu Corp.		3,446		40,994
Uber Technologies, Inc.(a)		14,689		1,370,484
Union Pacific Corp.		4,249		977,610
West Japan Railway Co.		3,040		69,498

				4,038,088

INDUSTRIAL CONGLOMERATES–0.6%
3M Co.		3,817		581,100
CK Hutchison Holdings Ltd.–Class H		18,448		113,597


Company	Shares		U.S. $ Value

DCC PLC		678	$	44,003
Hikari Tsushin, Inc.		118		34,841
Hitachi Ltd.		31,439		913,753
Honeywell International, Inc.		4,572		1,064,727
Investment AB Latour–Class B(b)		1,015		26,771
Jardine Matheson Holdings Ltd.		1,070		51,427
Keppel Ltd.		9,750		56,936
Lifco AB–Class B		1,598		64,762
Sekisui Chemical Co., Ltd.		2,629		47,613
Siemens AG (REG)		5,211		1,338,489
Smiths Group PLC		2,301		70,973
Swire Pacific Ltd.–Class H		2,277		19,519

				4,428,511

MACHINERY–1.4%
Alfa Laval AB(b)		1,983		83,521
Alstom SA(a)		2,373		55,388
Atlas Copco AB–Class A(b)		18,410		297,616
Atlas Copco AB–Class B		10,697		152,246
Caterpillar, Inc.		3,361		1,304,774
Cummins, Inc.		967		316,693
Daifuku Co., Ltd.		2,261		58,166
Daimler Truck Holding AG		3,256		154,478
Deere & Co.		1,781		905,621
Dover Corp.		965		176,817
Epiroc AB–Class A(b)		4,518		98,311
Epiroc AB–Class B		2,673		51,248
FANUC Corp.		6,530		177,272
Fortive Corp.		2,399		125,060
GEA Group AG		1,004		70,381
Hoshizaki Corp.		727		25,051
IDEX Corp.		532		93,403
IHI Corp.		1,000		108,164
Illinois Tool Works, Inc.		1,878		464,336
Indutrade AB(b)		1,873		51,142
Ingersoll Rand, Inc.		2,833		235,649
Knorr-Bremse AG		497		48,207
Komatsu Ltd.		6,193		204,329
Kone Oyj–Class B		2,329		153,436
Kubota Corp.		6,695		75,499
Makita Corp.		1,593		49,061
Metso Oyj(b)		4,262		55,235
MINEBEA MITSUMI, Inc.		2,530		36,998
Mitsubishi Heavy Industries Ltd.		21,955		549,410
Nordson Corp.		381		81,675
PACCAR, Inc.		3,687		350,486
Parker-Hannifin Corp.		905		632,115
Pentair PLC		1,162		119,291
Rational AG		35		29,410



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Sandvik AB		7,307	$	167,786
Schindler Holding AG		279		103,891
Schindler Holding AG (REG)		161		58,489
SKF AB–Class B(b)		2,339		53,728
SMC Corp.		383		137,253
Snap-on, Inc.		368		114,514
Spirax Group PLC		505		41,295
Stanley Black & Decker, Inc.		1,084		73,441
Techtronic Industries Co., Ltd.–Class H		10,200		112,547
Toyota Industries Corp.(a)		1,081		122,005
Trelleborg AB–Class B(b)		1,387		51,667
VAT Group AG(b)(c)		185		78,390
Volvo AB–Class B		10,888		306,362
Wartsila Oyj Abp		3,448		81,491
Westinghouse Air Brake Technologies Corp.		1,201		251,429
Xylem, Inc./NY		1,708		220,947
Yangzijiang Shipbuilding Holdings Ltd.		18,000		31,412

				9,397,136

MARINE TRANSPORTATION–0.1%
AP Moller–Maersk A/S–Class A		20		36,899
AP Moller–Maersk A/S–Class B		29		53,931
Kawasaki Kisen Kaisha Ltd.		2,431		34,428
Kuehne & Nagel International AG (REG)		331		71,676
Mitsui OSK Lines Ltd.		2,404		80,293
Nippon Yusen KK		2,986		107,421
SITC International Holdings Co., Ltd.–Class H		8,980		28,771

				413,419

PASSENGER AIRLINES–0.1%
ANA Holdings, Inc.		1,069		20,931
Delta Air Lines, Inc.		4,512		221,900
Deutsche Lufthansa AG (REG)		4,107		34,867
International Consolidated Airlines Group SA(b)		8,519		40,135
Japan Airlines Co., Ltd.		965		19,682
Qantas Airways Ltd.		5,082		35,902
Ryanair Holdings PLC		5,827		165,287
Singapore Airlines Ltd.(b)		9,966		54,661
Southwest Airlines Co.(b)		4,167		135,177
United Airlines Holdings, Inc.(a)		2,312		184,105

				912,647


Company	Shares		U.S. $ Value

PROFESSIONAL SERVICES–0.7%
Automatic Data Processing, Inc.		2,861	$	882,332
Broadridge Financial Solutions, Inc.		823		200,014
Bureau Veritas SA		2,178		74,340
Computershare Ltd.		3,607		94,626
Dayforce, Inc.(a)		1,118		61,926
Equifax, Inc.		872		226,171
Experian PLC		6,293		324,506
Intertek Group PLC		1,122		73,086
Jacobs Solutions, Inc.		862		113,310
Leidos Holdings, Inc.		922		145,455
Paychex, Inc.		2,253		327,721
Paycom Software, Inc.		331		76,593
Randstad NV(b)		744		34,388
Recruit Holdings Co., Ltd.		9,640		566,896
RELX PLC		12,668		686,576
SGS SA (REG)		1,104		112,095
Teleperformance SE		369		35,840
Verisk Analytics, Inc.		993		309,320
Wolters Kluwer NV		1,635		273,435

				4,618,630

TRADING COMPANIES & DISTRIBUTORS–0.5%
AddTech AB–Class B(b)		1,782		60,751
AerCap Holdings NV		1,262		147,654
Ashtead Group PLC		2,961		189,877
Beijer Ref AB(b)		2,638		41,630
Brenntag SE		841		55,716
Bunzl PLC		2,246		71,572
Fastenal Co.		8,064		338,688
ITOCHU Corp.		8,157		427,141
Marubeni Corp.		9,638		194,285
Mitsubishi Corp.		23,481		469,195
Mitsui & Co., Ltd.		16,926		344,951
MonotaRO Co., Ltd.		1,678		33,033
Reece Ltd.(b)		1,550		14,646
Rexel SA		1,533		47,282
SGH Ltd.		1,395		49,682
Sumitomo Corp.		7,459		192,492
Toyota Tsusho Corp.		4,366		98,895
United Rentals, Inc.		459		345,811
WW Grainger, Inc.		312		324,555

				3,447,856

TRANSPORTATION INFRASTRUCTURE–0.1%
Aena SME SA		5,140		137,206
Aeroports de Paris SA		237		29,713
Auckland International Airport Ltd.		11,572		54,631
Getlink SE		2,003		38,666
Transurban Group		21,303		196,008

				456,224

				56,387,676


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

CONSUMER DISCRETIONARY–7.5%
AUTOMOBILE COMPONENTS–0.1%
Aisin Corp.		3,649	$	46,680
Aptiv PLC(a)		1,613		110,039
Bridgestone Corp.(b)		3,922		160,379
Cie Generale des Etablissements Michelin SCA		4,595		170,907
Continental AG		754		65,808
Denso Corp.		12,959		174,885
Sumitomo Electric Industries Ltd.		4,883		104,708

				833,406

AUTOMOBILES–1.5%
Bayerische Motoren Werke AG		1,987		176,961
Bayerische Motoren Werke AG (Preference Shares)(a)		384		31,890
Dr. Ing hc F Porsche AG (Preference Shares)(a)(c)		781		38,600
Ferrari NV		864		423,283
Ford Motor Co.		27,371		296,975
General Motors Co.		6,996		344,273
Honda Motor Co., Ltd.		28,944		279,102
Isuzu Motors Ltd.		3,621		45,871
Mercedes-Benz Group AG		4,950		288,388
Nissan Motor Co., Ltd.(a)		15,303		37,027
Porsche Automobil Holding SE (Preference Shares)		1,050		41,683
Renault SA		1,318		60,819
Stellantis NV(b)		13,818		138,403
Subaru Corp.		4,037		69,987
Suzuki Motor Corp.		10,721		129,255
Tesla, Inc.(a)		19,677		6,250,596
Toyota Motor Corp.		65,030		1,120,011
Volkswagen AG (Preference Shares)		1,413		149,373
Yamaha Motor Co., Ltd.(b)		6,326		47,338

				9,969,835

BROADLINE RETAIL–2.5%
Amazon.com, Inc.(a)		66,322		14,550,384
Cie Financiere Richemont SA (REG)–Class A		3,687		697,701
eBay, Inc.		3,368		250,781
Next PLC		800		136,635
Pan Pacific International Holdings Corp.		2,650		91,147
Prosus NV(a)		8,969		503,219
Rakuten Group, Inc.(a)		10,368		57,129


Company	Shares		U.S. $ Value

Wesfarmers Ltd.		7,777	$	434,014

				16,721,010

DISTRIBUTORS–0.0%
D’ieteren Group		147		31,656
Genuine Parts Co.		978		118,641
LKQ Corp.		1,828		67,654
Pool Corp.		268		78,117

				296,068


DIVERSIFIED CONSUMER SERVICES–0.0%
Pearson PLC		4,094		60,309

HOTELS, RESTAURANTS & LEISURE–1.4%
Accor SA		1,307		68,498
Airbnb, Inc.–Class A(a)		3,044		402,843
Amadeus IT Group SA(b)		3,088		260,884
Aristocrat Leisure Ltd.		3,858		165,295
Booking Holdings, Inc.		233		1,348,893
Caesars Entertainment, Inc.(a)		1,494		42,415
Carnival Corp.(a)		7,367		207,160
Chipotle Mexican Grill, Inc.(a)		9,530		535,110
Compass Group PLC		11,634		394,067
Darden Restaurants, Inc.		824		179,607
Delivery Hero SE(a)		1,309		35,529
Domino’s Pizza, Inc.		243		109,496
DoorDash, Inc.–Class A(a)		2,385		587,926
Entain PLC		4,165		51,586
Evolution AB		1,017		80,773
Expedia Group, Inc.		867		146,246
FDJ United		762		29,901
Galaxy Entertainment Group Ltd.–Class H		14,639		65,255
Genting Singapore Ltd.(b)		41,481		23,331
Hilton Worldwide Holdings, Inc.		1,692		450,647
InterContinental Hotels Group PLC		1,016		116,164
Las Vegas Sands Corp.		2,416		105,120
Lottery Corp., Ltd. (The)(b)		15,258		53,525
Marriott International, Inc./MD–Class A		1,609		439,595
McDonald’s Corp.		5,039		1,472,245
MGM Resorts International(a)		1,573		54,095
Norwegian Cruise Line Holdings Ltd.(a)		3,092		62,706
Oriental Land Co., Ltd./Japan		7,404		170,527
Royal Caribbean Cruises Ltd.		1,741		545,177



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Sands China Ltd.–Class H(a)		16,654	$	34,806
Sodexo SA		606		37,297
Starbucks Corp.		7,987		731,849
Whitbread PLC		1,210		46,955
Wynn Resorts Ltd.		630		59,012
Yum! Brands, Inc.		1,962		290,729
Zensho Holdings Co., Ltd.		645		39,039

				9,444,303

HOUSEHOLD DURABLES–0.4%
Barratt Redrow PLC		9,414		58,950
D.R. Horton, Inc.		1,994		257,066
Garmin Ltd.		1,080		225,418
Lennar Corp.–Class A		1,642		181,622
Mohawk Industries, Inc.(a)		368		38,581
NVR, Inc.(a)		21		155,099
Panasonic Holdings Corp.		16,009		171,285
PulteGroup, Inc.		1,424		150,175
Sekisui House Ltd.		4,094		90,106
Sony Group Corp.		42,190		1,096,953

				2,425,255

LEISURE PRODUCTS–0.0%
Bandai Namco Holdings, Inc.		4,076		146,081
Hasbro, Inc.		922		68,062
Shimano, Inc.		511		74,085

				288,228

SPECIALTY RETAIL–1.1%
AutoZone, Inc.(a)		118		438,043
Avolta AG(a)		603		32,846
Best Buy Co., Inc.		1,368		91,834
CarMax, Inc.(a)		1,081		72,654
Fast Retailing Co., Ltd.		1,278		438,180
H & M Hennes & Mauritz AB–Class B(b)		3,883		54,689
Home Depot, Inc. (The)		6,985		2,560,980
Industria de Diseno Textil SA		7,476		389,999
JD Sports Fashion PLC		17,755		21,652
Kingfisher PLC		12,223		48,814
Lowe’s Cos., Inc.		3,970		880,824
Nitori Holdings Co., Ltd.		536		51,590
O’Reilly Automotive, Inc.(a)		6,060		546,188
Ross Stores, Inc.		2,320		295,986
Sanrio Co., Ltd.		1,200		58,027
TJX Cos., Inc. (The)		7,905		976,188
Tractor Supply Co.		3,756		198,204
Ulta Beauty, Inc.(a)		326		152,509
Williams-Sonoma, Inc.		866		141,478
Zalando SE(a)		1,539		50,783
ZOZO, Inc.		2,815		30,415

				7,531,883


Company	Shares		U.S. $ Value

TEXTILES, APPAREL & LUXURY GOODS–0.5%
adidas AG		1,172	$	273,580
Asics Corp.		4,575		116,664
Deckers Outdoor Corp.(a)		1,067		109,976
Hermes International SCA		217		588,258
Kering SA		510		111,106
Lululemon Athletica, Inc.(a)		788		187,213
LVMH Moet Hennessy Louis Vuitton SE		1,886		987,095
Moncler SpA		1,601		91,324
NIKE, Inc.–Class B		8,306		590,058
Pandora A/S		562		99,022
Ralph Lauren Corp.		280		76,798
Swatch Group AG (The)(b)		198		32,326
Tapestry, Inc.		1,456		127,851

				3,391,271

				50,961,568

HEALTH CARE–7.2%
BIOTECHNOLOGY–1.0%
AbbVie, Inc.		12,413		2,304,101
Amgen, Inc.		3,777		1,054,576
Argenx SE(a)		418		231,398
Biogen, Inc.(a)		1,029		129,232
CSL Ltd.		3,320		524,429
Genmab A/S(a)		440		91,374
Gilead Sciences, Inc.		8,763		971,554
Grifols SA(a)		2,044		24,941
Incyte Corp.(a)		1,129		76,885
Moderna, Inc.(a)		2,381		65,692
Regeneron Pharmaceuticals, Inc.		740		388,500
Swedish Orphan Biovitrum AB(a)(b)		1,342		40,844
Vertex Pharmaceuticals, Inc.(a)		1,806		804,031

				6,707,557

HEALTH CARE EQUIPMENT & SUPPLIES–1.6%
Abbott Laboratories		12,196		1,658,778
Alcon AG		3,425		303,739
Align Technology, Inc.(a)		493		93,340
Baxter International, Inc.		3,590		108,705
Becton Dickinson & Co.		2,019		347,773
BioMerieux		284		39,282
Boston Scientific Corp.(a)		10,363		1,113,090
Cochlear Ltd.		448		88,604
Coloplast A/S–Class B		865		82,350
Cooper Cos., Inc. (The)(a)		1,403		99,837
Demant A/S(a)		586		24,484
Dexcom, Inc.(a)		2,747		239,786
DiaSorin SpA		153		16,376


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Edwards Lifesciences Corp.(a)		4,147	$	324,337
EssilorLuxottica SA		2,039		559,895
Fisher & Paykel Healthcare Corp., Ltd.		4,019		88,276
GE HealthCare Technologies, Inc.		3,215		238,135
Hologic, Inc.(a)		1,578		102,822
Hoya Corp.		2,349		278,972
IDEXX Laboratories, Inc.(a)		576		308,932
Insulet Corp.(a)		493		154,891
Intuitive Surgical, Inc.(a)		2,508		1,362,872
Koninklijke Philips NV		5,702		136,918
Medtronic PLC		9,016		785,925
Olympus Corp.		7,784		92,461
ResMed, Inc.		1,033		266,514
Siemens Healthineers AG		2,319		128,738
Smith & Nephew PLC		5,705		87,368
Solventum Corp.(a)		972		73,716
Sonova Holding AG (REG)		347		103,484
STERIS PLC		691		165,992
Straumann Holding AG (REG)(a)		765		100,131
Stryker Corp.		2,415		955,446
Sysmex Corp.		3,470		60,403
Terumo Corp.		9,181		168,488
Zimmer Biomet Holdings, Inc.		1,400		127,694

				10,888,554

HEALTH CARE PROVIDERS & SERVICES–1.0%
Cardinal Health, Inc.		1,699		285,432
Cencora, Inc.		1,214		364,018
Centene Corp.(a)		3,487		189,274
Cigna Group (The)		1,925		636,366
CVS Health Corp.		8,865		611,508
DaVita, Inc.(a)		309		44,017
Elevance Health, Inc.		1,631		634,394
Fresenius Medical Care AG		1,509		86,700
Fresenius SE & Co. KGaA		2,895		145,684
HCA Healthcare, Inc.		1,257		481,557
Henry Schein, Inc.(a)		877		64,065
Humana, Inc.		848		207,319
Labcorp Holdings, Inc.		586		153,831
McKesson Corp.		881		645,579
Molina Healthcare, Inc.(a)		390		116,181
Quest Diagnostics, Inc.		780		140,111
Sigma Healthcare Ltd.(a)(b)		31,655		62,306
Sonic Healthcare Ltd.		3,129		55,231
UnitedHealth Group, Inc.		6,471		2,018,758


Company	Shares		U.S. $ Value

Universal Health Services, Inc.–Class B		413	$	74,815

				7,017,146

HEALTH CARE TECHNOLOGY–0.0%
M3, Inc.		3,054		41,952
Pro Medicus Ltd.(b)		394		73,731

				115,683

LIFE SCIENCES TOOLS & SERVICES–0.5%
Agilent Technologies, Inc.		2,006		236,728
Bio-Techne Corp.		1,112		57,212
Charles River Laboratories International, Inc.(a)		360		54,623
Danaher Corp.		4,500		888,930
Eurofins Scientific SE		812		57,867
IQVIA Holdings, Inc.(a)		1,176		185,326
Lonza Group AG (REG)(a)		495		354,006
Mettler-Toledo International, Inc.(a)		147		172,684
QIAGEN NV		1,482		71,402
Revvity, Inc.		856		82,792
Sartorius AG (Preference Shares)		180		45,846
Sartorius Stedim Biotech		200		47,853
Thermo Fisher Scientific, Inc.		2,690		1,090,687
Waters Corp.(a)		418		145,899
West Pharmaceutical Services, Inc.		509		111,369

				3,603,224

PHARMACEUTICALS–3.1%
Astellas Pharma, Inc.		12,414		121,545
AstraZeneca PLC		10,632		1,479,646
Bayer AG (REG)		6,733		202,847
Bristol-Myers Squibb Co.		14,269		660,512
Chugai Pharmaceutical Co., Ltd.		4,596		239,993
Daiichi Sankyo Co., Ltd.		11,782		272,966
Eisai Co., Ltd.		1,787		51,323
Eli Lilly & Co.		5,540		4,318,596
Galderma Group AG(a)		734		106,691
GSK PLC		28,219		538,036
Haleon PLC		61,855		317,912
Hikma Pharmaceuticals PLC		1,141		31,137
Ipsen SA		258		30,732
Johnson & Johnson		16,929		2,585,905
Kyowa Kirin Co., Ltd.		1,626		27,833
Merck & Co., Inc.		17,787		1,408,019
Merck KGaA		886		114,877
Novartis AG (REG)		13,036		1,582,272
Novo Nordisk A/S–Class B		22,084		1,530,289
Ono Pharmaceutical Co., Ltd.(b)		2,603		28,211
Orion Oyj–Class B(b)		743		55,898



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Otsuka Holdings Co., Ltd.		3,000	$	148,738
Pfizer, Inc.		39,848		965,916
Recordati Industria Chimica e Farmaceutica SpA		788		49,530
Roche Holding AG (BR)		219		76,109
Roche Holding AG (Genusschein)		4,817		1,572,364
Sandoz Group AG		2,865		157,012
Sanofi SA		7,613		737,043
Shionogi & Co., Ltd.		5,161		92,910
Takeda Pharmaceutical Co., Ltd.		10,950		338,059
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)(a)		7,860		131,734
UCB SA(b)		866		170,392
Viatris, Inc.		8,393		74,949
Zoetis, Inc.		3,149		491,087

				20,711,083

				49,043,247

COMMUNICATION SERVICES–6.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.0%
AT&T, Inc.		50,474		1,460,718
BT Group PLC(b)		40,957		109,057
Cellnex Telecom SA		3,389		131,962
Charter Communications, Inc.–Class A(a)		679		277,582
Comcast Corp.–Class A		26,520		946,499
Deutsche Telekom AG (REG)		23,936		876,144
Elisa Oyj		975		54,192
HKT Trust & HKT Ltd.–Class H		26,371		39,426
Infrastrutture Wireless Italiane SpA(b)		1,916		23,429
Koninklijke KPN NV		26,649		129,999
Nippon Telegraph & Telephone Corp.		204,842		218,999
Orange SA		12,761		194,327
Singapore Telecommunications Ltd.		50,950		153,603
Swisscom AG (REG)		177		125,686
Telecom Italia SpA/Milano(a)(b)		73,548		36,341
Telefonica SA(b)		25,256		132,924
Telenor ASA		4,221		65,730
Telia Co. AB		16,173		58,171
Telstra Group Ltd.		27,599		88,003
Verizon Communications, Inc.		29,601		1,280,835
Washington H Soul Pattinson & Co., Ltd.(b)		1,638		45,283

				6,448,910


Company	Shares		U.S. $ Value

ENTERTAINMENT–1.3%
Bollore SE		4,850	$	30,484
Capcom Co., Ltd.		2,419		82,612
CTS Eventim AG & Co. KGaA		428		53,222
Electronic Arts, Inc.		1,668		266,379
Konami Group Corp.		672		106,244
Live Nation Entertainment, Inc.(a)		1,103		166,862
Netflix, Inc.(a)		3,008		4,028,103
Nexon Co., Ltd.		2,252		45,359
Nintendo Co., Ltd.		7,555		725,505
Sea Ltd. (ADR)(a)		2,622		419,363
Spotify Technology SA(a)		1,053		808,009
Take-Two Interactive Software, Inc.(a)		1,154		280,249
TKO Group Holdings, Inc.		468		85,153
Toho Co., Ltd./Tokyo		749		44,188
Universal Music Group NV(b)		7,541		244,634
Walt Disney Co. (The)		12,712		1,576,415
Warner Bros Discovery, Inc.(a)		15,697		179,888

				9,142,669

INTERACTIVE MEDIA & SERVICES–3.7%
Alphabet, Inc.–Class A		41,015		7,228,073
Alphabet, Inc.–Class C		33,241		5,896,621
Auto Trader Group PLC		6,028		68,278
CAR Group Ltd.		2,589		63,760
LY Corp.		19,594		72,157
Match Group, Inc.		1,766		54,552
Meta Platforms, Inc.–Class A		15,398		11,365,110
REA Group Ltd.(b)		362		57,326
Scout24 SE		514		70,957

				24,876,834

MEDIA–0.1%
Dentsu Group, Inc.(b)		1,356		30,046
Fox Corp.–Class A		1,532		85,853
Fox Corp.–Class B		928		47,913
Informa PLC		9,201		101,866
Interpublic Group of Cos., Inc. (The)		2,619		64,113
News Corp.–Class A		2,658		78,996
News Corp.–Class B		785		26,933
Omnicom Group, Inc.		1,382		99,421
Paramount Global–Class B		4,183		53,961
Publicis Groupe SA		1,569		177,211
WPP PLC		7,395		52,068

				818,381


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

WIRELESS TELECOMMUNICATION SERVICES–0.3%
KDDI Corp.		21,042	$	361,303
SoftBank Corp.		196,170		303,858
SoftBank Group Corp.		6,588		478,987
T-Mobile US, Inc.		3,372		803,413
Tele2 AB–Class B		3,753		54,784
Vodafone Group PLC		136,694		146,324

				2,148,669

				43,435,463

CONSUMER STAPLES–4.5%
BEVERAGES–0.9%
Anheuser-Busch InBev SA/NV		6,776		466,191
Asahi Group Holdings Ltd.		9,872		131,960
Brown-Forman Corp.–Class B		1,281		34,472
Carlsberg AS–Class B		655		92,802
Coca-Cola Co. (The)		27,225		1,926,169
Coca-Cola Europacific Partners PLC		1,579		146,405
Coca-Cola HBC AG(a)		1,528		79,827
Constellation Brands, Inc.–Class A		1,093		177,809
Davide Campari-Milano NV(b)		4,219		28,404
Diageo PLC		15,251		384,571
Heineken Holding NV		889		66,337
Heineken NV		1,974		172,217
Keurig Dr. Pepper, Inc.		8,395		277,539
Kirin Holdings Co., Ltd.(b)		5,300		74,272
Molson Coors Beverage Co.–Class B		1,211		58,237
Monster Beverage Corp.(a)		4,924		308,439
PepsiCo, Inc.		9,644		1,273,394
Pernod Ricard SA		1,383		137,956
Suntory Beverage & Food Ltd.(b)		930		29,741

				5,866,742

CONSUMER STAPLES DISTRIBUTION & RETAIL–1.3%
Aeon Co., Ltd.(b)		4,477		137,232
Carrefour SA		3,718		52,447
Coles Group Ltd.		9,191		126,028
Costco Wholesale Corp.		3,121		3,089,603
Dollar General Corp.		1,546		176,832
Dollar Tree, Inc.(a)		1,421		140,736
J Sainsbury PLC		12,050		47,957
Jeronimo Martins SGPS SA		1,941		49,142
Kesko Oyj–Class B		1,872		46,171


Company	Shares		U.S. $ Value

Kobe Bussan Co., Ltd.		1,007	$	31,273
Koninklijke Ahold Delhaize NV		6,258		261,374
Kroger Co. (The)		4,681		335,768
Marks & Spencer Group PLC		14,187		69,048
MatsukiyoCocokara & Co.		2,297		47,250
Seven & i Holdings Co., Ltd.		15,220		244,971
Sysco Corp.		3,440		260,546
Target Corp.		3,222		317,850
Tesco PLC		46,116		254,262
Walgreens Boots Alliance, Inc.(a)		5,043		57,894
Walmart, Inc.		30,587		2,990,797
Woolworths Group Ltd.(b)		8,372		171,491

				8,908,672

FOOD PRODUCTS–0.8%
Ajinomoto Co., Inc.		6,214		168,543
Archer-Daniels-Midland Co.		3,365		177,605
Associated British Foods PLC		2,257		63,770
Barry Callebaut AG (REG)(b)		24		26,234
Bunge Global SA		939		75,383
Chocoladefabriken Lindt & Spruengli AG		7		117,975
Chocoladefabriken Lindt & Spruengli AG (REG)		1		166,726
Conagra Brands, Inc.		3,356		68,697
Danone SA		4,425		362,068
General Mills, Inc.		3,876		200,816
Hershey Co. (The)		1,039		172,422
Hormel Foods Corp.		2,046		61,891
J M Smucker Co. (The)		748		73,454
JDE Peet’s NV(b)		1,171		33,449
Kellanova		1,891		150,391
Kerry Group PLC–Class A		1,131		124,960
Kikkoman Corp.		4,642		43,058
Kraft Heinz Co. (The)		6,134		158,380
Lamb Weston Holdings, Inc.		1,003		52,005
Lotus Bakeries NV		3		28,908
McCormick & Co., Inc./MD		1,776		134,656
MEIJI Holdings Co., Ltd.		1,671		36,952
Mondelez International, Inc.–Class A		9,095		613,367
Mowi ASA		3,190		61,610
Nestle SA (REG)		17,966		1,786,294
Nissin Foods Holdings Co., Ltd.(b)		1,342		27,880
Orkla ASA		4,805		52,334



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Salmar ASA		458	$	19,848
The Campbell’s Co.		1,383		42,389
Tyson Foods, Inc.–Class A		2,012		112,551
WH Group Ltd.–Class H		57,329		55,253
Wilmar International Ltd.		12,860		29,029
Yakult Honsha Co., Ltd.(b)		1,717		32,336

				5,331,234

HOUSEHOLD PRODUCTS–0.6%
Church & Dwight Co., Inc.		1,730		166,270
Clorox Co. (The)		866		103,981
Colgate-Palmolive Co.		5,706		518,675
Essity AB–Class B		4,128		114,300
Henkel AG & Co. KGaA		712		51,638
Henkel AG & Co. KGaA (Preference Shares)		1,160		91,157
Kimberly-Clark Corp.		2,332		300,641
Procter & Gamble Co. (The)		16,488		2,626,868
Reckitt Benckiser Group PLC		4,674		318,425
Unicharm Corp.		7,703		55,622

				4,347,577

PERSONAL CARE PRODUCTS–0.4%
Beiersdorf AG		680		85,475
Estee Lauder Cos., Inc. (The)–Class A		1,647		133,078
Kao Corp.(b)		3,218		144,184
Kenvue, Inc.		13,481		282,157
L’Oreal SA		1,649		706,355
Shiseido Co., Ltd.(b)		2,777		49,599
Unilever PLC		17,154		1,046,844

				2,447,692

TOBACCO–0.5%
Altria Group, Inc.		11,917		698,694
British American Tobacco PLC		13,585		645,917
Imperial Brands PLC		5,361		211,814
Japan Tobacco, Inc.(b)		8,233		242,539
Philip Morris International, Inc.		10,933		1,991,227

				3,790,191

				30,692,108

ENERGY–2.2%
ENERGY EQUIPMENT & SERVICES–0.1%
Baker Hughes Co.		6,962		266,923
Halliburton Co.		6,104		124,399
Schlumberger NV		9,850		332,930
Tenaris SA		2,790		52,298

				776,550


Company	Shares		U.S. $ Value

OIL, GAS & CONSUMABLE FUELS–2.1%
Aker BP ASA		2,166	$	55,351
APA Corp.		2,601		47,572
BP PLC		109,807		547,090
Chevron Corp.		11,752		1,682,769
ConocoPhillips		8,971		805,058
Coterra Energy, Inc.		5,178		131,418
Devon Energy Corp.		4,619		146,930
Diamondback Energy, Inc.		1,314		180,544
ENEOS Holdings, Inc.		18,688		92,633
Eni SpA		15,097		243,879
EOG Resources, Inc.		3,955		473,058
EQT Corp.		4,196		244,711
Equinor ASA		5,742		145,009
Expand Energy Corp.		1,479		172,954
Exxon Mobil Corp.		30,608		3,299,542
Galp Energia SGPS SA		2,860		52,355
Hess Corp.		1,943		269,183
Idemitsu Kosan Co., Ltd.		5,626		34,118
Inpex Corp.(b)		6,021		84,518
Kinder Morgan, Inc.		13,593		399,634
Marathon Petroleum Corp.		2,222		369,096
Neste Oyj(b)		2,900		39,301
Occidental Petroleum Corp.		4,751		199,590
OMV AG		1,010		54,925
ONEOK, Inc.		4,363		356,152
Phillips 66		2,904		346,447
Repsol SA(b)		7,934		116,046
Santos Ltd.		22,265		112,257
Shell PLC		41,045		1,432,040
Targa Resources Corp.		1,533		266,865
Texas Pacific Land Corp.		132		139,443
TotalEnergies SE		14,010		856,329
Valero Energy Corp.		2,226		299,219
Williams Cos., Inc. (The)		8,571		538,344
Woodside Energy Group Ltd.(b)(d)		13,013		201,011

				14,435,391

				15,211,941

MATERIALS–2.1%
CHEMICALS–1.2%
Air Liquide SA		3,967		818,000
Air Products & Chemicals, Inc.		1,564		441,142
Akzo Nobel NV(b)		1,171		82,162
Albemarle Corp.		827		51,828
Arkema SA		391		28,873
Asahi Kasei Corp.		8,398		59,783
BASF SE		6,118		302,593
CF Industries Holdings, Inc.		1,224		112,608
Corteva, Inc.		4,820		359,235


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Covestro AG(a)		1,231	$	87,583
Croda International PLC		909		36,494
Dow, Inc.		4,949		131,049
DSM-Firmenich AG(a)		1,274		135,535
DuPont de Nemours, Inc.		2,940		201,655
Eastman Chemical Co.		810		60,475
Ecolab, Inc.		1,772		477,448
EMS-Chemie Holding AG(a)(b)		48		36,288
Evonik Industries AG		1,866		38,549
Givaudan SA (REG)		63		305,520
ICL Group Ltd.		5,307		36,434
IMCD NV(b)		405		54,471
International Flavors & Fragrances, Inc.		1,807		132,905
Linde PLC		3,348		1,570,815
LyondellBasell Industries NV–Class A		1,823		105,479
Mitsubishi Chemical Group Corp.		9,275		48,750
Mosaic Co. (The)		2,234		81,496
Nippon Paint Holdings Co., Ltd.		6,547		52,653
Nippon Sanso Holdings Corp.		1,159		43,858
Nitto Denko Corp.		4,830		93,274
Novonesis Novozymes B–Class B		2,415		173,389
PPG Industries, Inc.		1,631		185,526
Sherwin-Williams Co. (The)		1,629		559,333
Shin-Etsu Chemical Co., Ltd.		12,360		408,151
Sika AG (REG)(a)		1,045		284,327
Syensqo SA(b)		501		38,810
Symrise AG		910		95,427
Toray Industries, Inc.		9,483		64,913
Yara International ASA		1,135		41,885

				7,838,716

CONSTRUCTION MATERIALS–0.2%
Amrize Ltd.(a)		3,572		178,183
Heidelberg Materials AG		917		215,950
Holcim AG(a)		3,572		265,254
James Hardie Industries PLC(a)		2,947		79,137
Martin Marietta Materials, Inc.		430		236,053
Vulcan Materials Co.		929		242,302

				1,216,879

CONTAINERS & PACKAGING–0.1%
Amcor PLC		10,163		93,398
Avery Dennison Corp.		565		99,141
Ball Corp.		2,098		117,677
International Paper Co.		3,707		173,599


Company	Shares		U.S. $ Value

Packaging Corp. of America		627	$	118,158
SIG Group AG(a)(b)		2,096		38,770
Smurfit WestRock PLC		3,477		150,032

				790,775

METALS & MINING–0.6%
Anglo American PLC		7,660		225,793
Antofagasta PLC		2,703		67,204
ArcelorMittal SA		3,216		102,122
BHP Group Ltd.(b)		34,809		837,421
BlueScope Steel Ltd.		3,007		45,822
Boliden AB(a)		1,948		60,874
Evolution Mining Ltd.		13,728		71,472
Fortescue Ltd.(b)		11,604		116,646
Freeport-McMoRan, Inc.		10,105		438,052
Glencore PLC(a)		70,281		273,860
JFE Holdings, Inc.		3,952		45,972
Newmont Corp.		8,005		466,371
Nippon Steel Corp.		6,596		124,743
Norsk Hydro ASA		9,640		55,202
Northern Star Resources Ltd.		9,307		114,961
Nucor Corp.		1,651		213,871
Rio Tinto Ltd.(b)		2,544		180,090
Rio Tinto PLC		7,736		450,267
South32 Ltd.		30,936		59,116
Steel Dynamics, Inc.		996		127,498
Sumitomo Metal Mining Co., Ltd.		1,654		40,763

				4,118,120

PAPER & FOREST PRODUCTS–0.0%
Holmen AB–Class B(b)		522		20,678
Mondi PLC		3,026		49,446
Stora Enso Oyj–Class R(b)		3,992		43,399
Svenska Cellulosa AB SCA–Class B		4,165		54,157
UPM-Kymmene Oyj(b)		3,659		99,920

				267,600

				14,232,090

UTILITIES–2.0%
ELECTRIC UTILITIES–1.2%
Acciona SA(b)		169		30,482
Alliant Energy Corp.		1,804		109,088
American Electric Power Co., Inc.		3,749		388,996
BKW AG		145		31,791
Chubu Electric Power Co., Inc.		4,413		54,608
CK Infrastructure Holdings Ltd.–Class H		4,216		27,919
CLP Holdings Ltd.–Class H		10,993		92,844
Constellation Energy Corp.		2,200		710,072



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Contact Energy Ltd.(b)		5,502	$	30,194
Duke Energy Corp.		5,456		643,808
Edison International		2,722		140,455
EDP SA		21,513		93,458
Elia Group SA/NV(b)		336		38,806
Endesa SA(b)		2,178		68,988
Enel SpA		55,748		529,088
Entergy Corp.		3,015		250,607
Evergy, Inc.		1,617		111,460
Eversource Energy		2,579		164,076
Exelon Corp.		7,068		306,893
FirstEnergy Corp.		3,607		145,218
Fortum Oyj		3,075		57,662
Iberdrola SA(b)		39,750		764,712
Kansai Electric Power Co., Inc. (The)		6,513		77,243
NextEra Energy, Inc.		14,460		1,003,813
NRG Energy, Inc.		1,424		228,666
Origin Energy Ltd.		11,811		83,952
PG&E Corp.		15,424		215,011
Pinnacle West Capital Corp.		799		71,487
Power Assets Holdings Ltd.–Class H		9,273		59,621
PPL Corp.		5,191		175,923
Redeia Corp. SA(b)		2,782		59,529
Southern Co. (The)		7,704		707,458
SSE PLC		7,582		190,916
Terna–Rete Elettrica Nazionale		9,646		99,170
Verbund AG		467		35,878
Xcel Energy, Inc.		4,038		274,988

				8,074,880

GAS UTILITIES–0.1%
APA Group		8,942		48,079
Atmos Energy Corp.		1,116		171,987
Hong Kong & China Gas Co., Ltd.–Class H		76,951		64,699
Osaka Gas Co., Ltd.		2,469		63,330
Snam SpA		13,825		83,692
Tokyo Gas Co., Ltd.		2,312		76,902

				508,689

INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp. (The)		5,000		52,600
EDP Renovaveis SA(b)		2,162		24,192
Meridian Energy Ltd.		8,963		32,234
Orsted AS(a)		1,153		49,670
RWE AG		4,333		181,068
Vistra Corp.		2,392		463,594

				803,358

MULTI-UTILITIES–0.5%
Ameren Corp.		1,898		182,284
CenterPoint Energy, Inc.		4,583		168,379
Centrica PLC		34,459		76,457
CMS Energy Corp.		2,101		145,557


Company	Shares		U.S. $ Value

Consolidated Edison, Inc.		2,436	$	244,453
Dominion Energy, Inc.		5,907		333,864
DTE Energy Co.		1,457		192,994
E.ON SE		15,389		283,552
Engie SA		12,519		294,231
National Grid PLC		34,565		507,368
NiSource, Inc.		3,304		133,283
Public Service Enterprise Group, Inc.		3,503		294,882
Sembcorp Industries Ltd.		5,983		32,231
Sempra		4,454		337,480
Veolia Environnement SA		4,314		154,018
WEC Energy Group, Inc.		2,234		232,783

				3,613,816

WATER UTILITIES–0.1%
American Water Works Co., Inc.		1,370		190,581
Severn Trent PLC		1,903		71,500
United Utilities Group PLC		4,675		73,410

				335,491

				13,336,234

REAL ESTATE–1.5%
DIVERSIFIED REITs–0.0%
Covivio SA/France		383		24,284
Land Securities Group PLC		4,851		42,135
Stockland		16,451		58,140

				124,559

HEALTH CARE REITs–0.2%
Alexandria Real Estate Equities, Inc.		1,083		78,658
Healthpeak Properties, Inc.		4,919		86,132
Ventas, Inc.		3,074		194,123
Welltower, Inc.		4,284		658,579

				1,017,492

HOTEL & RESORT REITs–0.0%
Host Hotels & Resorts, Inc.		4,915		75,494

INDUSTRIAL REITs–0.2%
CapitaLand Ascendas REIT(a)		26,020		54,907
Goodman Group		13,922		313,866
Prologis, Inc.		6,517		685,067
Segro PLC		8,814		82,509

				1,136,349

OFFICE REITs–0.0%
BXP, Inc.		1,023		69,022
Gecina SA		316		34,786
Nippon Building Fund, Inc.(b)		52		48,016

				151,824


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

REAL ESTATE MANAGEMENT & DEVELOPMENT–0.3%
Azrieli Group Ltd.		291	$	26,798
CapitaLand Investment Ltd./Singapore(b)		15,674		32,675
CBRE Group, Inc.–Class A(a)		2,078		291,169
CK Asset Holdings Ltd.–Class H		13,387		59,155
CoStar Group, Inc.(a)		2,963		238,225
Daito Trust Construction Co., Ltd.		392		42,696
Daiwa House Industry Co., Ltd.		3,851		132,331
Fastighets AB Balder–Class B(a)		4,921		36,683
Henderson Land Development Co., Ltd.–Class H		9,723		34,147
Hongkong Land Holdings Ltd.		7,586		43,771
Hulic Co., Ltd.(b)		3,170		31,975
LEG Immobilien SE		529		47,087
Mitsubishi Estate Co., Ltd.		7,259		136,085
Mitsui Fudosan Co., Ltd.		18,075		174,986
Sagax AB–Class B(b)		1,506		34,509
Sino Land Co., Ltd.–Class H		24,057		25,624
Sumitomo Realty & Development Co., Ltd.		2,112		81,564
Sun Hung Kai Properties Ltd.–Class H		9,699		111,762
Swiss Prime Site AG (REG)(a)		550		82,568
Unibail-Rodamco-Westfield		833		80,074
Vonovia SE		5,294		187,690
Wharf Holdings Ltd. (The)–Class H(b)		7,160		21,800
Wharf Real Estate Investment Co., Ltd.–Class H		11,179		31,733

				1,985,107

RESIDENTIAL REITs–0.1%
AvalonBay Communities, Inc.		999		203,296
Camden Property Trust		750		84,518
Equity Residential		2,403		162,178
Essex Property Trust, Inc.		452		128,097
Invitation Homes, Inc.		4,006		131,397
Mid-America Apartment Communities, Inc.		822		121,664
UDR, Inc.		2,117		86,437

				917,587


Company	Shares		U.S. $ Value

RETAIL REITs–0.2%
CapitaLand Integrated Commercial Trust(a)		39,955	$	68,226
Federal Realty Investment Trust		542		51,485
Kimco Realty Corp.		4,778		100,434
Klepierre SA(a)		1,475		58,320
Link REIT–Class H		17,796		95,324
Realty Income Corp.		6,154		354,532
Regency Centers Corp.		1,148		81,772
Scentre Group		35,708		83,868
Simon Property Group, Inc.		2,157		346,759
Vicinity Ltd.		26,585		43,399

				1,284,119

SPECIALIZED REITs–0.5%
American Tower Corp.		3,286		726,272
Crown Castle, Inc.		3,056		313,943
Digital Realty Trust, Inc.		2,225		387,884
Equinix, Inc.		684		544,102
Extra Space Storage, Inc.		1,491		219,833
Iron Mountain, Inc.		2,065		211,807
Public Storage		1,108		325,109
SBA Communications Corp.		756		177,539
VICI Properties, Inc.		7,412		241,631
Weyerhaeuser Co.		5,102		131,070

				3,279,190

				9,971,721

Total Common Stocks (cost $359,962,405)				499,335,223


		Principal Amount (000)
GOVERNMENTS–TREASURIES–2.9%
JAPAN–2.9%
Japan Government Ten Year Bond Series 374 0.80%, 03/20/2034	JPY		1,260,000	8,380,459
Japan Government Twenty Year Bond Series 188 1.60%, 03/20/2044			1,367,000	8,482,984
Japan Government Thirty Year Bond Series 82 1.80%, 03/20/2054			504,000	2,797,383

Total Governments– Treasuries (cost $19,500,668)				19,660,826



		AB Variable Products Series Fund


Company		Notional Amount		U.S. $ Value

PURCHASED OPTIONS–PUTS–0.0%
OPTIONS ON EQUITY INDICES–0.0%
Euro STOXX 50 Price EUR Index Expiration: Jul 2025; Contracts: 284; Exercise Price: EUR 5,150.00; Counterparty: Morgan Stanley & Co., Inc.(a)	EUR		14,626,000	$	82,297
FTSE 100 Index Expiration: Jul 2025; Contracts: 65; Exercise Price: GBP 8,650.00; Counterparty: Morgan Stanley & Co., Inc.(a)	GBP		5,622,500		28,774
Nikkei 225 Index Expiration: Jul 2025; Contracts: 42; Exercise Price: JPY 37,250.00; Counterparty: Morgan Stanley & Co., Inc.(a)	JPY		1,564,500,000		21,145
S&P 500 Index Expiration: Jul 2025; Contracts: 171; Exercise Price: USD 5,890.00; Counterparty: Morgan Stanley & Co., Inc.(a)	USD		100,719,000		182,970

Total Purchased Options–Puts (premiums paid $1,616,345)					315,186


Company	Shares		U.S. $ Value

SHORT-TERM INVESTMENTS–21.0%
INVESTMENT COMPANIES–21.0%
AB Fixed Income Shares, Inc.– Government Money Market Portfolio– Class AB, 4.17%(e)(f)(g) (cost $142,543,815)		142,543,815	$	142,543,815

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–97.4% (cost $523,623,233)				661,855,050

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) (cost $1,322,606)		1,322,606		1,322,606

TOTAL INVESTMENTS–97.6% (cost $524,945,839)				663,177,656
Other assets less liabilities–2.4%				16,097,661

NET ASSETS–100.0%			$	679,275,317


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund

FUTURES (see Note D)


Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
Canadian 10 Yr Bond Futures		82		September 2025	$	7,346,429	$	45,016
Euro-BTP Futures		114		September 2025		16,248,651		58,918
Euro-Bund Futures		80		September 2025		12,264,822		(68,921	)
Euro-OAT Futures		135		September 2025		19,693,450		(129,035	)
Japan 10 Yr Bond (OSE) Futures		37		September 2025		35,719,176		120,596
Long Gilt Futures		191		September 2025		24,390,242		652,470
MSCI EAFE Futures		5		September 2025		670,425		9,886
S&P/TSX 60 Index Futures		56		September 2025		13,159,537		171,778
TOPIX Index Futures		27		September 2025		5,353,877		130,138
U.S. Long Bond (CBT) Futures		263		September 2025		30,368,281		887,465
U.S. T-Note 2 Yr (CBT) Futures		86		September 2025		17,890,016		75,129
U.S. T-Note 5 Yr (CBT) Futures		926		September 2025		100,934,000		1,375,351
U.S. Ultra Bond (CBT) Futures		118		September 2025		14,056,750		407,710

Sold Contracts
Euro STOXX 50 Index Futures		66		September 2025		4,141,462		12,807
FTSE 100 Index Futures		6		September 2025		723,894		9,699
Hang Seng Index Futures		4		July 2025		613,609		397
MSCI Singapore ETS Index Futures		22		July 2025		711,561		(11,245	)
Nikkei 225 (CME) Futures		42		September 2025		8,482,950		(476,402	)
OMXS 30 Index Futures		30		July 2025		790,517		(11,579	)
S&P 500 E-Mini Futures		174		September 2025		54,407,625		(1,321,052	)
SPI 200 Futures		13		September 2025		1,826,054		1,629
U.S. 10 Yr Ultra Futures		68		September 2025		7,770,063		(149,396	)
U.S. T-Note 10 Yr (CBT) Futures		261		September 2025		29,264,625		(451,603	)

							$	1,339,756

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		CHF	2,088		USD	2,559		07/09/2025	$	(74,703	)
Bank of America NA		SGD	1,930		USD	1,500		07/17/2025		(19,841	)
BNP Paribas SA		EUR	16,518		USD	18,454		07/09/2025		(1,012,176	)
Citibank NA		GBP	8,846		USD	11,717		07/16/2025		(425,588	)
Citibank NA		USD	2		KRW	2,942		07/17/2025		110
Citibank NA		USD	11		TWD	331		08/22/2025		406
Goldman Sachs Bank USA		CHF	3,655		USD	4,363		07/09/2025		(247,508	)
Morgan Stanley Capital Services, Inc.		EUR	8,788		USD	10,024		07/09/2025		(333,537	)
Morgan Stanley Capital Services, Inc.		AUD	2,608		USD	1,705		08/21/2025		(12,833	)
Morgan Stanley Capital Services, Inc.		JPY	5,998,334		USD	41,136		08/27/2025		(779,944	)
Morgan Stanley Capital Services, Inc.		SEK	24,277		USD	2,569		09/04/2025		(7,871	)
State Street Bank & Trust Co.		NZD	77		USD	47		08/21/2025		(261	)
State Street Bank & Trust Co.		NOK	1,938		USD	192		09/04/2025		(699	)
UBS		USD	5,236		CAD	7,068		08/28/2025		(30,775	)

									$	(2,945,220	)



		AB Variable Products Series Fund

WRITTEN OPTIONS – PUTS (see Note D)


Description	Counterparty		Contracts		Exercise Price			Expiration Month		Notional (000)			Premiums Received		U.S. $ Value
Euro STOXX 50 Price EUR Index(h)		Morgan Stanley & Co., Inc.		284		EUR	4,925.00		July 2025		EUR	13,987	$	89,005	$	(23,250	)
FTSE 100 Index(h)		Morgan Stanley & Co., Inc.		65		GBP	8,300.00		July 2025		GBP	5,395		17,371		(7,584	)
Nikkei 225 Index(i)		Morgan Stanley & Co., Inc.		42		JPY	35,750.00		July 2025		JPY	1,501,500		78,157		(8,458	)
S&P 500 Index(j)		Morgan Stanley & Co., Inc.		171		USD	5,650.00		July 2025		USD	96,615		529,753		(67,545	)

													$	714,286	$	(106,837	)

TOTAL RETURN SWAPS (see Note D)

Counterparty &
Referenced Obligation

Rate Paid/
Received

Payment
Frequency

Current
Notional
(000)

Maturity
Date

Unrealized
Appreciation
(Depreciation)

Pay Total Return on Reference Obligation

Morgan Stanley Capital Services LLC
Swiss Market Index Futures

0.00

Maturity

CHF

1,071

09/19/2025

23,117

(a)

Non-income producing security.

(b)

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

(c)

(d)

Fair valued by the Adviser.

(e)

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

(f)

Affiliated investments.

(g)

(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
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
STATEMENT OF ASSETS & LIABILITIES

June 30, 2025 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $381,079,418)	$	519,311,235	(a)
Affiliated issuers (cost $143,866,421—including investment of cash collateral for securities loaned of $1,322,606)		143,866,421
Cash		3,591
Cash collateral due from broker		11,367,181
Foreign currencies, at value (cost $7,586,014)		7,733,912
Unaffiliated dividends and interest receivable		1,101,512
Affiliated dividends receivable		481,301
Receivable for variation margin on futures		412,047
Receivable for capital stock sold		390,098
Receivable due from Adviser		24,535
Unrealized appreciation on total return swaps		23,117
Unrealized appreciation on forward currency exchange contracts		516

Total assets		684,715,466

LIABILITIES
Written options, at value (premiums received $714,286)		106,837
Unrealized depreciation on forward currency exchange contracts		2,945,736
Payable for collateral received on securities loaned		1,322,606
Payable for capital stock redeemed		372,356
Advisory fee payable		252,366
Distribution fee payable		133,582
Administrative fee payable		47,057
Directors’ fees payable		2,953
Foreign capital gains tax payable		2,065
Payable for investment securities purchased and foreign currency transactions		154
Transfer Agent fee payable		147
Accrued expenses		254,290

Total liabilities		5,440,149

NET ASSETS	$	679,275,317

COMPOSITION OF NET ASSETS
Capital stock, at par	$	51,065
Additional paid-in capital		580,945,804
Distributable earnings		98,278,448

NET ASSETS	$	679,275,317

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


Class	Net Assets		Shares Outstanding		Net Asset Value

B	$	679,275,317		51,064,698	$	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
STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $294,407)	$	4,666,399
Affiliated issuers		3,841,702
Interest		287,410
Securities lending income, net		10,237

		8,805,748

EXPENSES
Advisory fee (see Note B)		1,607,604
Distribution fee—Class B		851,792
Transfer agency—Class B		980
Custody and accounting		101,314
Administrative		53,036
Audit and tax		37,477
Legal		32,067
Directors’ fees		14,320
Printing		12,555
Miscellaneous		28,718

Total expenses		2,739,863
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(191,659	)

Net expenses		2,548,204

Net investment income		6,257,544

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		3,456,282
Forward currency exchange contracts		(3,557,996	)
Futures		(11,308,177	)
Written options		1,006,382
Swaps		(123,045	)
Foreign currency transactions		244,278
Net change in unrealized appreciation (depreciation) of:
Investments(a)		39,455,727
Forward currency exchange contracts		(5,198,137	)
Futures		4,285,062
Written options		273,705
Swaps		23,117
Foreign currency denominated assets and liabilities		511,165

Net gain on investment and foreign currency transactions		29,068,363

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	35,325,907

(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

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	6,257,544		$	14,102,414
Net realized gain (loss) on investment transactions and foreign currency transactions		(10,282,276	)		24,131,035
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		39,350,639			51,323,168

Net increase in net assets from operations		35,325,907			89,556,617
DISTRIBUTIONS TO SHAREHOLDERS
Class B		–0	–		(14,233,081	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(71,769,577	)		(135,200,766	)

Total decrease		(36,443,670	)		(59,877,230	)
NET ASSETS
Beginning of period		715,718,987			775,596,217

End of period	$	679,275,317		$	715,718,987

See notes to financial statements.


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.

1. Security Valuation



		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

•

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)


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2025:


	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	123,273,092		$	10,575,552		$	–0	–	$	133,848,644
Financials		51,542,953			30,671,578			–0	–		82,214,531
Industrials		32,290,632			24,097,044			–0	–		56,387,676
Consumer Discretionary		38,361,138			12,600,430			–0	–		50,961,568
Health Care		34,653,349			14,389,898			–0	–		49,043,247
Communication Services		37,581,014			5,854,449			–0	–		43,435,463
Consumer Staples		20,507,936			10,184,172			–0	–		30,692,108
Energy		11,092,781			4,119,160			–0	–		15,211,941
Materials		7,212,912			7,019,178			–0	–		14,232,090
Utilities		8,893,962			4,442,272			–0	–		13,336,234
Real Estate		7,573,799			2,397,922			–0	–		9,971,721
Governments—Treasuries		–0	–		19,660,826			–0	–		19,660,826
Purchased Options—Puts		–0	–		315,186			–0	–		315,186
Short-Term Investments		142,543,815			–0	–		–0	–		142,543,815
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,322,606			–0	–		–0	–		1,322,606

Total Investments in Securities		516,849,989			146,327,667			–0	–		663,177,656
Other Financial Instruments(a):
Assets:
Futures		3,958,989			–0	–		–0	–		3,958,989	(b)
Forward Currency Exchange Contracts		–0	–		516			–0	–		516
Total Return Swaps		–0	–		23,117			–0	–		23,117
Liabilities:
Futures		(2,619,233	)		–0	–		–0	–		(2,619,233	)(b)
Forward Currency Exchange Contracts		–0	–		(2,945,736	)		–0	–		(2,945,736	)
Written Options—Put		–0	–		(106,837	)		–0	–		(106,837	)

Total	$	518,189,745		$	143,298,727		$	–0	–	$	661,488,472

(a)

(b)

3. Currency Translation



		AB Variable Products Series Fund

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

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


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 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	223,885	$	34,446	$	115,788	$	142,543	$	3,842
AB Government Money Market Portfolio*		2,321		9,118		10,116		1,323		1

Total							$	143,866	$	3,843

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

NOTE C: Distribution Plan

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)	$	6,050,954		$	2,998,205
U.S. government securities		–0	–		–0	–



		AB Variable Products Series Fund


Gross unrealized appreciation	$	173,994,080
Gross unrealized depreciation		(36,737,161	)

Net unrealized appreciation	$	137,256,919

1. Derivative Financial Instruments

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

•

Futures

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

•

Forward Currency Exchange Contracts

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
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

•

Option Transactions

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.



		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:

During the six months ended June 30, 2025, the Portfolio held total return swaps for hedging and non-hedging purposes.

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

Asset Derivatives

Liability Derivatives

Derivative Type

Statement of
Assets and Liabilities
Location

Fair Value

Statement of
Assets and Liabilities
Location

Fair Value

Interest rate contracts

Receivable for variation margin on futures

3,622,655

Payable for variation margin on futures

798,955

Equity contracts

Receivable for variation margin on futures

336,334

Payable for variation margin on futures

1,820,278

Foreign currency contracts

Unrealized appreciation on forward currency exchange contracts

516

Unrealized depreciation on forward currency exchange contracts

2,945,736

Equity contracts

Investments in securities, at value

315,186

Equity contracts

Written options, at value

106,837

Equity contracts

Unrealized appreciation on total return swaps

23,117

Total

4,297,808

5,671,806


GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures	$	(4,014,401	)	$	5,696,899

Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation (depreciation) of futures		(7,293,776	)		(1,411,837	)

Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts		(3,557,996	)		(5,198,137	)

Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation (depreciation) of investments		4,206,067			(752,921	)

Equity contracts	Net realized gain (loss) on written options; Net change in unrealized appreciation (depreciation) of written options		1,006,382			273,705

Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation (depreciation) of swaps		(123,045	)		23,117

Total		$	(9,776,769	)	$	(1,369,174	)

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


Futures:
Average notional amount of buy contracts	$	270,312,806
Average notional amount of sale contracts	$	67,699,768
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	17,061,659
Average principal amount of sale contracts	$	109,865,353
Purchased Options:
Average notional amount	$	137,605,773
Written Options:
Average notional amount	$	131,538,853
Total Return Swaps:
Average notional amount	$	1,258,539	(a)

(a)

Positions were open for three months during the period.

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



		AB Variable Products Series Fund

Counterparty

Derivative
Assets Subject
to a MA

Derivatives
Available for
Offset

Cash Collateral
Received*

Security Collateral
Received*

Net Amount of
Derivative
Assets

Citibank NA

516

(516

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC

23,117

(23,117

)

–0

–

–0

–

–0

–

Total

23,633

(23,633

)

–0

–

–0

–

Counterparty

Derivative
Liabilities Subject
to a MA

Derivatives
Available for
Offset

Cash Collateral
Pledged*

Security Collateral
Pledged*

Net Amount of
Derivative
Liabilities

Bank of America NA

94,544

–0

–

–0

–

–0

–

94,544

BNP Paribas SA

1,012,176

–0

–

–0

–

–0

–

1,012,176

Citibank NA

425,588

(516

)

–0

–

–0

–

425,072

Goldman Sachs Bank USA

247,508

–0

–

–0

–

–0

–

247,508

Morgan Stanley Capital Services, Inc./ Morgan Stanley Capital Services LLC

1,134,185

(23,117

)

–0

–

–0

–

1,111,068

State Street Bank & Trust Co.

960

–0

–

–0

–

–0

–

960

UBS

30,775

–0

–

–0

–

–0

–

30,775

Total

2,945,736

(23,633

)

–0

–

–0

–

2,922,103

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

2. Currency Transactions

NOTE E: Securities Lending


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:


								AB Government Money Market Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	8,167,566	$	1,322,606	$	7,367,289	$	9,077	$	1,160	$	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:


	SHARES						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class B
Shares sold		367,109			1,576,021		$	4,721,925		$	19,260,216
Shares issued on reinvestment of dividends		–0	–		1,181,169			–0	–		14,233,081
Shares redeemed		(5,995,671	)		(13,745,723	)		(76,491,502	)		(168,694,063	)

Net decrease		(5,628,562	)		(10,988,533	)	$	(71,769,577	)	$	(135,200,766	)

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

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.

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.

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).

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
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


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

Total taxable distributions paid	$	14,233,081		$	16,918,422

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


Undistributed ordinary income	$	23,819,135
Accumulated capital and other losses		(58,675,308	)(a)
Unrealized appreciation (depreciation)		97,808,714	(b)

Total accumulated earnings (deficit)	$	62,952,541

(a)

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

(b)

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

NOTE J: Subsequent Events



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
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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	(c)
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)		$679,275			$715,719			$775,596			$799,391			$1,065,829			$89,696
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.75	%^		.74	%		.77	%		.75	%		.75	%		.94	%
Expenses, before waivers/reimbursements(e)(f)‡		.80	%^		.78	%		.80	%		.79	%		.78	%		1.20	%
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
portfolios		.05	%^		.04	%		.03	%		.04	%		.03	%		.06	%

See footnote summary on page 38.


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)

(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 Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020
Class B
Net of waivers/reimbursements		.75	%^		.74	%		.77	%		.75	%		.75	%		.94	%
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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability


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

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.


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

JUN^06.30.25

LOGO

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.

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


INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS

June 30, 2025 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–97.0%

INDUSTRIALS–20.9%
AEROSPACE & DEFENSE–6.1%
Airbus SE		34,491	$	7,215,540
BAE Systems PLC		203,735		5,287,506
Melrose Industries PLC		859,309		6,258,504

				18,761,550

CONSTRUCTION & ENGINEERING–3.0%
Shimizu Corp.		348,700		3,894,895
Vinci SA		35,886		5,292,122

				9,187,017

ELECTRICAL EQUIPMENT–1.6%
Mitsubishi Electric Corp.		222,500		4,785,745

GROUND TRANSPORTATION–1.4%
Keisei Electric Railway Co., Ltd.		464,800		4,345,845

MACHINERY–5.7%
Amada Co., Ltd.		212,000		2,313,556
CNH Industrial NV		422,042		5,469,664
Kawasaki Heavy Industries Ltd.		29,400		2,222,569
Techtronic Industries Co., Ltd.–Class H		255,000		2,813,663
Toyota Industries Corp.(a)		42,100		4,751,520

				17,570,972

PASSENGER AIRLINES–1.6%
Ryanair Holdings PLC (Sponsored ADR)(b)		84,413		4,868,098

PROFESSIONAL SERVICES–1.5%
Persol Holdings Co., Ltd.		2,364,300		4,614,392

				64,133,619

FINANCIALS–15.5%
BANKS–9.9%
ABN AMRO Bank NV		168,774		4,608,535
Banco Bilbao Vizcaya Argentaria SA		324,010		4,989,195
Danske Bank A/S		125,097		5,109,437
Erste Group Bank AG		45,768		3,896,014
NatWest Group PLC		822,241		5,774,559
Resona Holdings, Inc.		653,900		6,039,299

				30,417,039

INSURANCE–5.6%
ASR Nederland NV		71,584		4,756,442
AXA SA		140,757		6,911,877
Prudential PLC		441,618		5,527,397

				17,195,716

				47,612,755


Company	Shares		U.S. $ Value

HEALTH CARE–13.0%
HEALTH CARE EQUIPMENT & SUPPLIES–1.5%
Siemens Healthineers AG		85,628	$	4,753,583

HEALTH CARE PROVIDERS & SERVICES–1.2%
Fresenius SE & Co. KGaA		75,598		3,804,303

LIFE SCIENCES TOOLS & SERVICES–1.5%
ICON PLC(a)		31,327		4,556,512

PHARMACEUTICALS–8.8%
GSK PLC		171,345		3,266,942
Haleon PLC		1,146,793		5,894,087
Merck KGaA		25,304		3,280,876
Novo Nordisk A/S–Class B		66,830		4,630,919
Roche Holding AG		30,085		9,820,335

				26,893,159

				40,007,557

CONSUMER DISCRETIONARY–9.6%
AUTOMOBILE COMPONENTS–1.1%
Toyo Tire Corp.(b)		166,800		3,532,984

AUTOMOBILES–1.9%
Honda Motor Co., Ltd.		596,300		5,750,029

HOUSEHOLD DURABLES–1.9%
Sony Group Corp.		220,100		5,722,667

SPECIALTY RETAIL–3.3%
Industria de Diseno Textil SA		119,087		6,212,383
JD Sports Fashion PLC		3,189,339		3,889,313

				10,101,696

TEXTILES, APPAREL & LUXURY GOODS–1.4%
Burberry Group PLC(a)		260,508		4,231,483

				29,338,859

ENERGY–7.2%
ENERGY EQUIPMENT & SERVICES–4.8%
Shell PLC		307,017		10,782,287
Vallourec SACA		212,223		3,914,714

				14,697,001

OIL, GAS & CONSUMABLE FUELS–2.4%
Cameco Corp.		41,114		3,053,320
Repsol SA(b)		294,171		4,302,663

				7,355,983

				22,052,984


INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

INFORMATION TECHNOLOGY–7.1%
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.4%
NXP Semiconductors NV		14,378	$	3,141,449
Taiwan Semiconductor Manufacturing Co., Ltd.		178,000		6,509,344
Tokyo Electron Ltd.		36,000		6,894,337

				16,545,130

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Samsung Electronics Co., Ltd.		119,718		5,294,122

				21,839,252

MATERIALS–6.7%
CHEMICALS–3.4%
Arkema SA		40,405		2,983,650
Kuraray Co., Ltd.(b)		298,100		3,790,725
Tosoh Corp.		248,900		3,642,325

				10,416,700

CONSTRUCTION MATERIALS–1.7%
CRH PLC		56,936		5,226,725

METALS & MINING–1.6%
Lundin Mining Corp.(b)		457,116		4,806,977

				20,450,402

COMMUNICATION SERVICES–5.8%
DIVERSIFIED TELECOMMUNICATION SERVICES–4.5%
Deutsche Telekom AG (REG)		125,697		4,600,962
Koninklijke KPN NV		933,769		4,555,103
Telstra Group Ltd.		1,432,511		4,567,737

				13,723,802

ENTERTAINMENT–1.3%
Toho Co. Ltd./Tokyo		70,400		4,153,307

				17,877,109

CONSUMER STAPLES–5.0%
BEVERAGES–1.7%
Coca-Cola Europacific Partners PLC		55,958		5,188,426

FOOD PRODUCTS–3.3%
Nestle SA (REG)		58,062		5,772,892
Toyo Suisan Kaisha Ltd.		63,800		4,240,599

				10,013,491

				15,201,917

UTILITIES–3.5%
ELECTRIC UTILITIES–3.5%
EDP SA		1,214,382		5,275,614
Enel SpA		571,593		5,424,822

				10,700,436


Company	Shares		U.S. $ Value

REAL ESTATE–2.7%
DIVERSIFIED REITs–1.3%
Merlin Properties Socimi SA		299,324	$	3,946,208

REAL ESTATE MANAGEMENT & DEVELOPMENT–1.4%
Mitsui Fudosan Co., Ltd.		462,300		4,475,563

				8,421,771

Total Common Stocks (cost $232,825,973)				297,636,661

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) (cost $4,115,994)		4,115,994		4,115,994

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.4% (cost $236,941,967)				301,752,655

INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.3%
INVESTMENT COMPANIES–1.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 4.17%(c)(d)(e) (cost $4,090,434)		4,090,434		4,090,434

TOTAL INVESTMENTS–99.7% (cost $241,032,401)				305,843,089
Other assets less liabilities–0.3%				972,172

NET ASSETS–100.0%			$	306,815,261



		AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		BRL	8,384		USD	1,521		07/02/2025	$	(21,680	)
Bank of America NA		USD	1,503		BRL	8,384		07/02/2025		39,521
Bank of America NA		EUR	4,366		USD	5,064		07/09/2025		(80,376	)
Bank of America NA		USD	10,627		CHF	8,671		07/09/2025		310,180
Bank of America NA		USD	1,322		EUR	1,161		07/09/2025		46,361
Bank of America NA		KRW	404,005		USD	293		07/17/2025		(6,002	)
Bank of America NA		USD	748		BRL	4,192		08/04/2025		18,016
Barclays Capital, Inc.		USD	2,286		ILS	7,989		08/14/2025		86,205
Barclays Capital, Inc.		JPY	133,678		USD	920		08/27/2025		(14,002	)
Citibank NA		EUR	918		USD	1,052		07/09/2025		(29,106	)
Citibank NA		USD	1,221		GBP	918		07/16/2025		39,366
Citibank NA		KRW	6,188,857		USD	4,346		07/17/2025		(231,849	)
Citibank NA		TWD	103,034		USD	3,457		08/22/2025		(126,322	)
Deutsche Bank AG		EUR	815		USD	930		07/09/2025		(30,718	)
Deutsche Bank AG		USD	995		GBP	739		07/16/2025		19,159
Goldman Sachs Bank USA		USD	966		EUR	849		07/09/2025		34,378
HSBC Bank USA		TWD	54,816		USD	1,855		08/22/2025		(51,368	)
HSBC Bank USA		JPY	130,127		USD	901		08/27/2025		(8,479	)
JPMorgan Chase Bank		GBP	909		USD	1,247		07/16/2025		(1,140	)
Morgan Stanley Capital Services, Inc.		EUR	10,740		USD	12,240		07/09/2025		(417,675	)
Morgan Stanley Capital Services, Inc.		USD	6,725		EUR	5,828		07/09/2025		142,426
Morgan Stanley Capital Services, Inc.		USD	3,390		GBP	2,521		07/16/2025		70,578
Morgan Stanley Capital Services, Inc.		USD	17,461		AUD	26,704		08/21/2025		131,410
Morgan Stanley Capital Services, Inc.		JPY	2,218,204		USD	15,212		08/27/2025		(288,426	)
Morgan Stanley Capital Services, Inc.		USD	9,530		SEK	90,122		09/04/2025		35,707
NatWest Markets PLC		EUR	1,352		USD	1,559		07/09/2025		(35,216	)
NatWest Markets PLC		USD	2,465		EUR	2,207		07/09/2025		135,529
NatWest Markets PLC		GBP	601		USD	812		07/16/2025		(12,880	)
Standard Chartered Bank		USD	3,574		SGD	4,596		07/17/2025		44,765
State Street Bank & Trust Co.		CHF	289		USD	356		07/09/2025		(8,708	)
State Street Bank & Trust Co.		EUR	1,591		USD	1,834		07/09/2025		(41,830	)
State Street Bank & Trust Co.		USD	1,744		CHF	1,443		07/09/2025		76,624
State Street Bank & Trust Co.		USD	655		EUR	579		07/09/2025		26,917
State Street Bank & Trust Co.		GBP	976		USD	1,317		07/16/2025		(23,209	)
State Street Bank & Trust Co.		USD	1,945		GBP	1,439		07/16/2025		29,890
State Street Bank & Trust Co.		USD	325		SGD	419		07/17/2025		5,331
State Street Bank & Trust Co.		USD	771		NZD	1,273		08/21/2025		6,282
State Street Bank & Trust Co.		JPY	15,788		USD	109		08/27/2025		(1,027	)
State Street Bank & Trust Co.		USD	503		CAD	686		08/28/2025		2,056
State Street Bank & Trust Co.		USD	326		NOK	3,291		09/04/2025		433
UBS		CHF	674		USD	823		07/09/2025		(27,198	)
UBS		EUR	669		USD	771		07/09/2025		(17,036	)
UBS		USD	2,051		EUR	1,804		07/09/2025		74,695
UBS		HKD	17,587		USD	2,270		07/11/2025		27,962
UBS		GBP	417		USD	562		07/16/2025		(10,043	)
UBS		USD	833		AUD	1,273		08/21/2025		5,553
UBS		USD	1,733		JPY	248,440		08/27/2025		2,956
UBS		CAD	10,999		USD	8,147		08/28/2025		46,685
UBS		USD	2,378		NOK	24,088		09/04/2025		13,170

									$	(12,135	)


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)

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
Investments in securities, at value
Unaffiliated issuers (cost $232,825,973)	$	297,636,661	(a)
Affiliated issuers (cost $8,206,428—including investment of cash collateral for securities loaned of $4,090,434)		8,206,428
Cash		4,602
Cash collateral due from broker		280,000
Foreign currencies, at value (cost $7,799,095)		7,896,068
Receivable for investment securities sold and foreign currency transactions		5,516,119
Unrealized appreciation on forward currency exchange contracts		1,472,155
Unaffiliated dividends receivable		1,250,346
Receivable for capital stock sold		214,415
Affiliated dividends receivable		20,315
Receivable due from Adviser		3,753

Total assets		322,500,862

LIABILITIES
Payable for investment securities purchased and foreign currency transactions		9,085,053
Payable for collateral received on securities loaned		4,090,434
Unrealized depreciation on forward currency exchange contracts		1,484,290
Payable for capital stock redeemed		550,461
Advisory fee payable		179,575
Distribution fee payable		49,024
Administrative fee payable		47,283
Directors’ fees payable		2,078
Transfer Agent fee payable		147
Accrued expenses		197,256

Total liabilities		15,685,601

NET ASSETS	$	306,815,261

COMPOSITION OF NET ASSETS
Capital stock, at par	$	16,102
Additional paid-in capital		219,750,028
Distributable earnings		87,049,131

NET ASSETS	$	306,815,261

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	55,628,450		2,906,232	$	19.14

B	$	251,186,811		13,195,443	$	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
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $672,979)	$	5,372,539
Affiliated issuers		100,415
Interest		308
Securities lending income, net		19,793

		5,493,055

EXPENSES
Advisory fee (see Note B)		1,026,068
Distribution fee—Class B		280,157
Transfer agency—Class A		547
Transfer agency—Class B		2,479
Custody and accounting		58,831
Administrative		53,559
Printing		41,338
Audit and tax		27,836
Legal		19,095
Directors’ fees		11,379
Miscellaneous		16,519

Total expenses before bank overdraft expense		1,537,808
Bank overdraft expense		8,559

Total expenses		1,546,367
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(24,005	)

Net expenses		1,522,362

Net investment income		3,970,693

REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		20,128,528
Forward currency exchange contracts		796,218
Foreign currency transactions		170,517
Net change in unrealized appreciation (depreciation) of:
Investments		39,536,095
Forward currency exchange contracts		192,307
Foreign currency denominated assets and liabilities		212,593

Net gain on investment and foreign currency transactions		61,036,258

Contributions from Affiliates (see Note B)		26,406

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	65,033,357

See notes to financial statements.



INTERNATIONAL VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,970,693		$	5,807,920
Net realized gain on investment and foreign currency transactions		21,095,263			13,427,005
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		39,940,995			(5,103,041	)
Contributions from Affiliates (see Note B)		26,406			–0	–

Net increase in net assets from operations		65,033,357			14,131,884
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(1,259,417	)
Class B		–0	–		(5,086,573	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(12,344,761	)		(39,227,503	)

Total increase (decrease)		52,688,596			(31,441,609	)
NET ASSETS
Beginning of period		254,126,665			285,568,274

End of period	$	306,815,261		$	254,126,665

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.

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.



		AB Variable Products Series Fund

2. Fair Value Measurements

•

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 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:

Industrials

10,337,762

53,795,857

–0

–

64,133,619

Financials

–0

–

47,612,755

–0

–

47,612,755

Health Care

4,556,512

35,451,045

–0

–

40,007,557

Consumer Discretionary

–0

–

29,338,859

–0

–

29,338,859

Energy

3,053,320

18,999,664

–0

–

22,052,984


INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund


	Level 1			Level 2			Level 3			Total
Information Technology	$	3,141,449		$	18,697,803		$	–0	–	$	21,839,252
Materials		10,033,702			10,416,700			–0	–		20,450,402
Communication Services		–0	–		17,877,109			–0	–		17,877,109
Consumer Staples		5,188,426			10,013,491			–0	–		15,201,917
Utilities		–0	–		10,700,436			–0	–		10,700,436
Real Estate		–0	–		8,421,771			–0	–		8,421,771
Short-Term Investments		4,115,994			–0	–		–0	–		4,115,994
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		4,090,434			–0	–		–0	–		4,090,434

Total Investments in Securities		44,517,599			261,325,490	(a)		–0	–		305,843,089
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts		–0	–		1,472,155			–0	–		1,472,155
Liabilities:
Forward Currency Exchange Contracts		–0	–		(1,484,290	)		–0	–		(1,484,290	)

Total	$	44,517,599		$	261,313,355		$	–0	–	$	305,830,954

(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)

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions



		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

7. Dividends and Distributions

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

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.


INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

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:


Portfolio	Market Value 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	2,345	$	53,108	$	51,337	$	4,116	$	100
AB Government Money Market Portfolio*		599		55,374		51,883		4,090		7

Total							$	8,206	$	107

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

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)	$	75,682,884		$	88,817,655
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	72,502,706
Gross unrealized depreciation		(7,704,153	)

Net unrealized appreciation	$	64,798,553



		AB Variable Products Series Fund

1. Derivative Financial Instruments

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

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

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

Counterparty

Derivative Assets
Subject to a MA

Derivatives
Available for
Offset

Cash
Collateral
Received*

Security
Collateral
Received*

Net Amount of
Derivative
Assets

Bank of America NA

414,078

(108,058

)

–0

–

–0

–

306,020

Barclays Capital, Inc.

86,205

(14,002

)

–0

–

–0

–

72,203

Citibank NA

39,366

(39,366

)

–0

–

–0

–

–0

–

Deutsche Bank AG

19,159

(19,159

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

34,378

–0

–

–0

–

–0

–

34,378

Morgan Stanley Capital Services, Inc.

380,121

(380,121

)

–0

–

–0

–

–0

–

NatWest Markets PLC

135,529

(48,096

)

–0

–

–0

–

87,433

Standard Chartered Bank

44,765

–0

–

–0

–

–0

–

44,765

State Street Bank & Trust Co.

147,533

(74,774

)

–0

–

–0

–

72,759

UBS

171,021

(54,277

)

–0

–

–0

–

116,744

Total

1,472,155

(737,853

)

–0

–

–0

–

734,302


INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund


Counterparty	Derivative Liabilities Subject to a MA		Derivatives Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivative Liabilities
Bank of America NA	$	108,058	$	(108,058	)	$	–0	–	$	–0	–	$	–0	–
Barclays Capital, Inc.		14,002		(14,002	)		–0	–		–0	–		–0	–
Citibank NA		387,277		(39,366	)		(280,000	)		–0	–		67,911
Deutsche Bank AG		30,718		(19,159	)		–0	–		–0	–		11,559
HSBC Bank USA		59,847		–0	–		–0	–		–0	–		59,847
JPMorgan Chase Bank		1,140		–0	–		–0	–		–0	–		1,140
Morgan Stanley Capital Services, Inc.		706,101		(380,121	)		–0	–		–0	–		325,980
NatWest Markets PLC		48,096		(48,096	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		74,774		(74,774	)		–0	–		–0	–		–0	–
UBS		54,277		(54,277	)		–0	–		–0	–		–0	–

Total	$	1,484,290	$	(737,853	)	$	(280,000	)	$	–0	–	$	466,437	^

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


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	1,472,155	Unrealized depreciation on forward currency exchange contracts	$	1,484,290

Total		$	1,472,155		$	1,484,290


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives	Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$ 796,218	$	192,307

Total		$796,218	$	192,307

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:
Average principal amount of buy contracts	$	70,080,728
Average principal amount of sale contracts	$	64,377,864

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

2. Currency Transactions

NOTE E: Securities Lending

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 Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	17,340,737	$	4,090,434	$	14,216,556	$	12,733	$	7,060	$	3,151

As of June 30, 2025.


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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		186,878			354,407		$	3,209,807		$	5,462,071
Shares issued in reinvestment of dividends		–0	–		82,007			–0	–		1,259,417
Shares redeemed		(305,087	)		(405,948	)		(5,180,362	)		(6,306,092	)

Net increase (decrease)		(118,209	)		30,466		$	(1,970,555	)	$	415,396

Class B
Shares sold		874,777			892,064		$	14,989,109		$	14,003,321
Shares issued on reinvestment of dividends		–0	–		332,521			–0	–		5,086,573
Shares redeemed		(1,520,982	)		(3,786,600	)		(25,363,315	)		(58,732,793	)

Net decrease		(646,205	)		(2,562,015	)	$	(10,374,206	)	$	(39,642,899	)

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

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.



		AB Variable Products Series Fund

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2024		2023
Distributions paid from:
Ordinary income	$	6,345,990	$	2,000,855

Total taxable distributions paid	$	6,345,990	$	2,000,855

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


Undistributed ordinary income	$	1,847,403
Accumulated capital and other losses		(2,624,144	)(a)
Unrealized appreciation (depreciation)		22,818,921	(b)

Total accumulated earnings (deficit)	$	22,042,180

(a)

As of December 31, 2024, the Portfolio had a net capital loss carryforward of $2,624,144. During the fiscal year, the Portfolio utilized $12,927,737 of capital loss carry forwards to offset current year net realized gains.

(b)

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

NOTE J: Subsequent Events



INTERNATIONAL VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$55,628			$45,730			$44,286			$40,197			$45,175			$41,994
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)		.91	%^		.90	%		.90	%		.88	%		.90	%		.91	%
Expenses, before waivers/reimbursements(e)(f)		.92	%^		.92	%		.90	%		.89	%		.90	%		.92	%
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
portfolios		.01	%^		.00	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 20.



		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$251,187			$208,397			$241,282			$223,060			$304,737			$299,415
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)		1.16	%^		1.14	%		1.15	%		1.13	%		1.15	%		1.16	%
Expenses, before waivers/reimbursements(e)(f)		1.18	%^		1.17	%		1.15	%		1.14	%		1.15	%		1.17	%
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
portfolios		.01	%^		.00	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 20.


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)

(e)

(f)

The expense ratios presented below exclude bank overdraft expense:


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020
Class A
Net of waivers/reimbursements		.90	%^		.90	%		.90	%		.88	%		.90	%		.91	%
Before waivers/reimbursements		.92	%^		.92	%		.90	%		.89	%		.90	%		.92	%
Class B
Net of waivers/reimbursements		1.15	%^		1.14	%		1.15	%		1.13	%		1.15	%		1.16	%
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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



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

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

VPS-IV-0152-0625

JUN^06.30.25

LOGO

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.

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


LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS

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)		90,192	$	9,227,544
Motorola Solutions, Inc.		16,190		6,807,247

				16,034,791

IT SERVICES – 0.5%
Shopify, Inc.–Class A(a)		43,542		5,022,570

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–22.9%
Applied Materials, Inc.		102,703		18,801,838
ASML Holding NV (REG)		3,780		3,029,254
Astera Labs, Inc.(a)		60,930		5,509,291
Broadcom, Inc.		182,135		50,205,513
NVIDIA Corp.		657,759		103,919,344
QUALCOMM, Inc.		68,834		10,962,503
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		67,460		15,279,015
Texas Instruments, Inc.		80,996		16,816,390

				224,523,148

SOFTWARE–12.6%
AppLovin Corp.–Class A(a)		18,477		6,468,428
Cadence Design Systems, Inc.(a)		26,945		8,303,102
Manhattan Associates, Inc.(a)		20,311		4,010,813
Microsoft Corp.		174,886		86,990,045
ServiceNow, Inc.(a)		11,136		11,448,699
Synopsys, Inc.(a)		12,553		6,435,672

				123,656,759

				369,237,268

COMMUNICATION SERVICES–17.7%
ENTERTAINMENT–5.7%
Netflix, Inc.(a)		41,462		55,523,008

INTERACTIVE MEDIA & SERVICES–12.0%
Alphabet, Inc.–Class C		278,994		49,490,746
Meta Platforms, Inc.–Class A		87,373		64,489,137
Reddit, Inc.–Class A(a)		24,900		3,749,193

				117,729,076

				173,252,084

CONSUMER DISCRETIONARY–13.6%
AUTOMOBILES – 0.8%
Ferrari NV		15,818		7,762,525

BROADLINE RETAIL–6.4%
Amazon.com, Inc.(a)		284,745		62,470,206


HOTELS, RESTAURANTS & LEISURE–2.3%
Chipotle Mexican Grill, Inc.(a)		306,730		17,222,889
Texas Roadhouse, Inc.		27,050		5,069,441

				22,292,330

SPECIALTY RETAIL–2.7%
Home Depot, Inc. (The)		54,674		20,045,675
Tractor Supply Co.		118,693		6,263,430

				26,309,105

TEXTILES, APPAREL & LUXURY GOODS–1.4%
Lululemon Athletica, Inc.(a)		34,115		8,105,042
On Holding AG–Class A(a)		118,860		6,186,663

				14,291,705

				133,125,871

HEALTH CARE–11.9%
BIOTECHNOLOGY–1.6%
Genmab A/S (Sponsored ADR)(a)		147,067		3,038,404
Vertex Pharmaceuticals, Inc.(a)		28,435		12,659,262

				15,697,666

HEALTH CARE EQUIPMENT & SUPPLIES–3.0%
Intuitive Surgical, Inc.(a)		33,623		18,271,074
Stryker Corp.		28,490		11,271,499

				29,542,573

HEALTH CARE PROVIDERS & SERVICES–1.4%
McKesson Corp.		12,630		9,255,012
UnitedHealth Group, Inc.		14,330		4,470,530

				13,725,542

HEALTH CARE TECHNOLOGY–1.4%
Veeva Systems, Inc.–Class A(a)		48,085		13,847,518

LIFE SCIENCES TOOLS & SERVICES–1.8%
Mettler-Toledo International, Inc.(a)		5,883		6,910,878
Waters Corp.(a)		31,186		10,885,161

				17,796,039

PHARMACEUTICALS–2.7%
Eli Lilly & Co.		33,605		26,196,106

				116,805,444

FINANCIALS–7.3%
CAPITAL MARKETS–1.5%
Cboe Global Markets, Inc.		64,259		14,985,841


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		128,816	$	45,736,121

INSURANCE–1.1%
Progressive Corp. (The)		39,580		10,562,319

				71,284,281

INDUSTRIALS–6.2%
AEROSPACE & DEFENSE–0.8%
Axon Enterprise, Inc.(a)		9,854		8,158,521

BUILDING PRODUCTS–1.6%
Otis Worldwide Corp.		118,911		11,774,567
Trex Co., Inc.(a)		68,414		3,720,354

				15,494,921

COMMERCIAL SERVICES & SUPPLIES–1.3%
Copart, Inc.(a)		249,419		12,238,990

GROUND TRANSPORTATION–0.5%
Saia, Inc.(a)		19,610		5,372,944

PROFESSIONAL SERVICES–1.5%
Verisk Analytics, Inc.		46,157		14,377,905

TRADING COMPANIES & DISTRIBUTORS–0.5%
United Rentals, Inc.		6,670		5,025,178

				60,668,459

CONSUMER STAPLES–5.2%
BEVERAGES–2.6%
Celsius Holdings, Inc.(a)		124,441		5,772,818
Monster Beverage Corp.(a)		306,075		19,172,538

				24,945,356

CONSUMER STAPLES DISTRIBUTION & RETAIL–2.6%
Costco Wholesale Corp.		25,685		25,426,609

				50,371,965

MATERIALS–1.3%
CHEMICALS–1.3%
Sherwin-Williams Co. (The)		36,951		12,687,495

Total Common Stocks (cost $483,818,035)				987,432,867

RIGHTS–0.0%
HEALTH CARE–0.0%
HEALTH CARE PROVIDERS & SERVICES–0.0%
ABIOMED, Inc. (CVR)(a)(b)(c) (cost $11,601)		11,373		28,717


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) (cost $11,116,686)		11,116,686		11,116,686

TOTAL INVESTMENTS–102.0% (cost $494,946,322)				998,578,270
Other assets less liabilities–(2.0)%				(19,692,822	)

NET ASSETS–100.0%			$	978,885,448

(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)

(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
Investments in securities, at value
Unaffiliated issuers (cost $483,829,636)	$	987,461,584
Affiliated issuers (cost $11,116,686)		11,116,686
Unaffiliated dividends receivable		118,530
Receivable for capital stock sold		96,217
Affiliated dividends receivable		33,302
Receivable due from Adviser		1,598

Total assets		998,827,917

LIABILITIES
Payable for capital stock redeemed		19,137,231
Advisory fee payable		459,237
Distribution fee payable		116,889
Administrative fee payable		49,112
Directors’ fees payable		2,842
Transfer Agent fee payable		147
Accrued expenses		177,011

Total liabilities		19,942,469

NET ASSETS	$	978,885,448

COMPOSITION OF NET ASSETS
Capital stock, at par	$	10,965
Additional paid-in capital		370,199,155
Distributable earnings		608,675,328

NET ASSETS	$	978,885,448

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	387,737,556		4,045,826	$	95.84

B	$	591,147,892		6,919,272	$	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
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $30,217)	$	2,500,644
Affiliated issuers		227,954
Interest		53
Securities lending income, net		1,174

	$	2,729,825

EXPENSES
Advisory fee (see Note B)		2,752,085
Distribution fee—Class B		698,052
Transfer agency—Class A		1,696
Transfer agency—Class B		2,641
Administrative		53,241
Custody and accounting		48,212
Legal		33,699
Printing		30,646
Audit and tax		21,298
Directors’ fees		15,344
Miscellaneous		11,574

Total expenses		3,668,488
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(10,886	)

Net expenses		3,657,602

Net investment loss		(927,777	)

REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		19,538,919
Net change in unrealized appreciation (depreciation) of investments		48,273,375

Net gain on investment transactions		67,812,294

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	66,884,517

See notes to financial statements.



LARGE CAP GROWTH PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(927,777	)	$	(1,658,710	)
Net realized gain on investment transactions		19,538,919			90,877,917
Net change in unrealized appreciation (depreciation) of investments		48,273,375			101,144,866

Net increase in net assets from operations		66,884,517			190,364,073
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(14,973,256	)
Class B		–0	–		(23,217,785	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(39,492,402	)		25,827,317

Total increase		27,392,115			178,000,349
NET ASSETS
Beginning of period		951,493,333			773,492,984

End of period	$	978,885,448		$	951,493,333

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.

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.



		AB Variable Products Series Fund

2. Fair Value Measurements

•

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 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)

987,432,867

–0

–

–0

–

987,432,867

Rights

–0

–

–0

–

28,717

Short-Term Investments

11,116,686

–0

–

–0

–

11,116,686

Total Investments in Securities

998,549,553

–0

–

28,717

998,578,270

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

998,549,553

–0

–

28,717

998,578,270

(a)

See Portfolio of Investments for sector classifications.

(b)


LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

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



		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.

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 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	22,856	$	41,662	$	53,401	$	11,117		$	228
AB Government Money Market Portfolio*		3,265		435		3,700		–0	–		0	**

Total							$	11,117		$	228

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

Amount is less than $500.

NOTE C: Distribution Plan


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)	$	89,094,632		$	100,410,777
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	518,407,192
Gross unrealized depreciation		(14,775,244	)

Net unrealized appreciation	$	503,631,948

1. Derivative Financial Instruments

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

2. Currency Transactions

NOTE E: Securities Lending



		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
Securities
on Loan*

Cash Collateral*

Market Value of
Non-Cash
Collateral*

Income from
Borrowers

AB Government Money
Market Portfolio

Income
Earned

Advisory Fee
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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		157,265			180,385		$	13,746,360		$	15,397,210
Shares issued in reinvestment of dividends and distributions		–0	–		188,628			–0	–		14,973,256
Shares redeemed		(319,814	)		(593,493	)		(27,900,158	)		(50,409,600	)

Net decrease		(162,549	)		(224,480	)	$	(14,153,798	)	$	(20,039,134	)

Class B
Shares sold		465,677			1,103,284		$	36,458,162		$	85,672,707
Shares issued on reinvestment of distributions		–0	–		327,380			–0	–		23,217,785
Shares redeemed		(767,545	)		(828,978	)		(61,796,766	)		(63,024,041	)

Net increase (decrease)		(301,868	)		601,686		$	(25,338,604	)	$	45,866,451

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

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.

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2024		2023
Distributions paid from:
Ordinary income	$	199,068	$	–0	–
Net long-term capital gains		37,991,973		48,552,260

Total taxable distributions paid	$	38,191,041	$	48,552,260

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


Undistributed capital gains	$	89,128,813
Unrealized appreciation (depreciation)		452,661,998	(a)

Total accumulated earnings (deficit)	$	541,790,811

(a)

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



		AB Variable Products Series Fund

NOTE J: Subsequent Events



LARGE CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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	(c)		–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)		$387,738			$375,852			$330,245			$260,596			$389,051			$331,436
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.65	%^		.65	%		.65	%		.65	%		.65	%		.66	%
Expenses, before waivers/reimbursements(e)‡		.65	%^		.65	%		.66	%		.65	%		.65	%		.67	%
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
portfolios		.00	%^		.00	%		.01	%		.00	%		.00	%		.01	%

See footnote summary on page 15.



		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$591,147			$575,641			$443,248			$330,487			$490,111			$413,127
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.90	%^		.90	%		.90	%		.90	%		.90	%		.91	%
Expenses, before waivers/reimbursements(e)‡		.90	%^		.90	%		.91	%		.90	%		.90	%		.92	%
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
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)

(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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



		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

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 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.


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

VPS-LCG-0152-0625

JUN^06.30.25

LOGO

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.

The [A/B] logo and AllianceBernstein^® 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


Company	Shares		U.S. $ Value

COMMON STOCKS–95.4%
FINANCIALS–22.0%
BANKS–7.9%
Citigroup, Inc.		240,123	$	20,439,270
JPMorgan Chase & Co.		152,565		44,230,119
Wells Fargo & Co.		248,269		19,891,312

				84,560,701

CAPITAL MARKETS–2.9%
Blackstone Secured Lending Fund(a)		216,002		6,642,062
S&P Global, Inc.		47,111		24,841,159

				31,483,221

FINANCIAL SERVICES–7.7%
Berkshire Hathaway, Inc.–Class B(b)		84,209		40,906,206
Fiserv, Inc.(b)		130,318		22,468,126
Mastercard, Inc.–Class A		25,082		14,094,579
MGIC Investment Corp.		189,347		5,271,421

				82,740,332

INSURANCE–3.5%
Axis Capital Holdings Ltd.		207,138		21,505,067
MetLife, Inc.		192,722		15,498,703

				37,003,770

				235,788,024

HEALTH CARE–17.8%
BIOTECHNOLOGY–4.4%
Gilead Sciences, Inc.		176,064		19,520,216
Regeneron Pharmaceuticals, Inc.		37,977		19,937,925
United Therapeutics Corp.(b)		25,492		7,325,126

				46,783,267

HEALTH CARE EQUIPMENT & SUPPLIES–1.2%
GE HealthCare Technologies, Inc.		113,807		8,429,684
ResMed, Inc.(a)		16,090		4,151,220

				12,580,904

HEALTH CARE PROVIDERS & SERVICES–6.6%
Cencora, Inc.		57,158		17,138,826
Elevance Health, Inc.		59,230		23,038,101
HCA Healthcare, Inc.		32,904		12,605,522
Quest Diagnostics, Inc.		99,376		17,850,911

				70,633,360

LIFE SCIENCES TOOLS & SERVICES–1.0%
Agilent Technologies, Inc.		88,663		10,463,121

PHARMACEUTICALS–4.6%
Johnson & Johnson		249,176		38,061,634

Roche Holding AG (Sponsored ADR)(a)		288,092		11,742,630

				49,804,264

				190,264,916

INDUSTRIALS–16.7%
AEROSPACE & DEFENSE–3.5%
Curtiss-Wright Corp.		10,965		5,356,951
RTX Corp.		219,166		32,002,619

				37,359,570

BUILDING PRODUCTS–2.1%
Allegion PLC		50,793		7,320,287
Carlisle Cos., Inc.(a)		13,291		4,962,859
Otis Worldwide Corp.		100,544		9,955,867

				22,239,013

COMMERCIAL SERVICES & SUPPLIES–1.6%
Veralto Corp.		165,401		16,697,231

ELECTRICAL EQUIPMENT–2.2%
Generac Holdings, Inc.(b)		124,496		17,829,072
nVent Electric PLC		82,407		6,036,313

				23,865,385

GROUND TRANSPORTATION–3.3%
CSX Corp.		363,378		11,857,024
JB Hunt Transport Services, Inc.		72,913		10,470,307
Landstar System, Inc.		20,640		2,869,373
Uber Technologies, Inc.(b)		108,610		10,133,313

				35,330,017

MACHINERY–2.9%
Allison Transmission Holdings, Inc.		68,732		6,528,853
PACCAR, Inc.		96,811		9,202,853
Westinghouse Air Brake Technologies Corp.		74,165		15,526,443

				31,258,149

PROFESSIONAL SERVICES–0.4%
FTI Consulting, Inc.(b)		26,561		4,289,601

TRADING COMPANIES & DISTRIBUTORS–0.7%
MSC Industrial Direct Co., Inc.–Class A(a)		85,876		7,301,178

				178,340,144

CONSUMER STAPLES–8.6%
CONSUMER STAPLES DISTRIBUTION & RETAIL–4.2%
Casey’s General Stores, Inc.		22,875		11,672,426


RELATIVE VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Walmart, Inc.		340,670	$	33,310,713

				44,983,139

FOOD PRODUCTS–0.7%
Mondelez International, Inc.–Class A		114,402		7,715,271

TOBACCO–3.7%
Philip Morris International, Inc.		215,364		39,224,245

				91,922,655

INFORMATION TECHNOLOGY–8.5%
COMMUNICATIONS EQUIPMENT–0.6%
Cisco Systems, Inc.		98,480		6,832,542

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Zebra Technologies Corp.–Class A(b)		17,380		5,359,297

IT SERVICES–2.1%
Accenture PLC–Class A		75,744		22,639,124

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.5%
Lam Research Corp.		56,324		5,482,578
Taiwan Semiconductor Manufacturing Co., Ltd. (Sponsored ADR)		69,664		15,778,200
Texas Instruments, Inc.		127,521		26,475,910

				47,736,688

SOFTWARE–0.8%
Nice Ltd. (Sponsored ADR)(b)		50,075		8,458,168

				91,025,819

CONSUMER DISCRETIONARY–6.6%
AUTOMOBILE COMPONENTS–0.5%
BorgWarner, Inc.		154,100		5,159,268

HOTELS, RESTAURANTS & LEISURE–0.6%
Starbucks Corp.(a)		69,245		6,344,919

SPECIALTY RETAIL–4.4%
Dick’s Sporting Goods, Inc.		72,260		14,293,751
Lowe’s Cos., Inc.		39,750		8,819,333
Ross Stores, Inc.		82,868		10,572,299
Ulta Beauty, Inc.(b)		28,503		13,334,273

				47,019,656


TEXTILES, APPAREL & LUXURY GOODS–1.1%
Lululemon Athletica, Inc.(b)		14,185		3,370,073
NIKE, Inc.–Class B		120,179		8,537,516

				11,907,589

				70,431,432

ENERGY–5.7%
ENERGY EQUIPMENT & SERVICES–0.3%
Cactus, Inc.–Class A		82,668		3,614,245

OIL, GAS & CONSUMABLE FUELS–5.4%
Chevron Corp.		86,426		12,375,339
ConocoPhillips		126,495		11,351,661
EOG Resources, Inc.		222,763		26,644,683
Phillips 66		63,891		7,622,196

				57,993,879

				61,608,124

COMMUNICATION SERVICES–5.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.5%
AT&T, Inc.		486,620		14,082,783
Comcast Corp.–Class A		359,170		12,818,777

				26,901,560

ENTERTAINMENT–3.1%
Electronic Arts, Inc.		88,447		14,124,986
Walt Disney Co. (The)		153,250		19,004,532

				33,129,518

				60,031,078

MATERIALS–2.7%
CHEMICALS–1.8%
CF Industries Holdings, Inc.		101,432		9,331,744
PPG Industries, Inc.		87,403		9,942,091

				19,273,835

METALS & MINING–0.9%
Steel Dynamics, Inc.		74,044		9,478,373

				28,752,208

REAL ESTATE–1.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2%
Jones Lang LaSalle, Inc.(b)		8,300		2,122,974

SPECIALIZED REITS–1.0%
Public Storage		35,697		10,474,214

				12,597,188

Total Common Stocks (cost $836,531,775)				1,020,761,588



		AB Variable Products Series Fund


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) (cost $34,903,931)		34,903,931	$	34,903,931

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–98.7% (cost $871,435,706)				1,055,665,519

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) (cost $12,757,034)		12,757,034		12,757,034

TOTAL INVESTMENTS–99.9% (cost $884,192,740)				1,068,422,553
Other assets less liabilities–0.1%				1,397,993

NET ASSETS–100.0%			$	1,069,820,546

(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)

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
Investments in securities, at value
Unaffiliated issuers (cost $836,531,775)	$	1,020,761,588	(a)
Affiliated issuers (cost $47,660,965—including investment of cash collateral for securities loaned of $12,757,034)		47,660,965
Cash		29,226
Receivable for capital stock sold		18,830,821
Unaffiliated dividends receivable		1,609,739
Affiliated dividends receivable		114,512
Receivable due from Adviser		6,169
Other assets		4,017

Total assets		1,089,017,037

LIABILITIES
Payable for collateral received on securities loaned		12,757,034
Payable for investment securities purchased		4,719,099
Payable for capital stock redeemed		866,695
Advisory fee payable		449,732
Distribution fee payable		139,834
Administrative fee payable		48,931
Directors’ fees payable		3,109
Transfer Agent fee payable		146
Accrued expenses		211,911

Total liabilities		19,196,491

NET ASSETS	$	1,069,820,546

COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,923
Additional paid-in capital		759,700,476
Distributable earnings		310,087,147

NET ASSETS	$	1,069,820,546

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	350,061,695		10,576,264	$	33.10

B	$	719,758,851		22,346,453	$	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
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $77,814)	$	8,403,993
Affiliated issuers		647,077
Interest		361
Securities lending income, net		42,561

	$	9,093,992

EXPENSES
Advisory fee (see Note B)		2,590,586
Distribution fee—Class B		875,716
Transfer agency—Class A		1,248
Transfer agency—Class B		3,638
Custody and accounting		57,542
Administrative		52,865
Printing		38,392
Legal		34,745
Audit and tax		21,711
Directors’ fees		15,521
Miscellaneous		11,495

Total expenses		3,703,459
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(34,645	)

Net expenses		3,668,814

Net investment income		5,425,178

REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		24,643,515
Net change in unrealized appreciation (depreciation) of investments		13,473,304

Net gain on investment transactions		38,116,819

Contributions from Affiliates (see Note B)		249

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	43,542,246

See notes to financial statements.



RELATIVE VALUE PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,425,178		$	10,330,354
Net realized gain on investment transactions		24,643,515			90,733,236
Net change in unrealized appreciation (depreciation) of investments		13,473,304			6,898,581
Contributions from Affiliates (see Note B)		249			–0	–

Net increase in net assets from operations		43,542,246			107,962,171
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(9,860,890	)
Class B		–0	–		(34,400,457	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		103,844,043			(16,530	)

Total increase		147,386,289			63,684,294
NET ASSETS
Beginning of period		922,434,257			858,749,963

End of period	$	1,069,820,546		$	922,434,257

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.

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.


RELATIVE VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

2. Fair Value Measurements

•

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 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)

1,020,761,588

–0

–

–0

–

1,020,761,588

Short-Term Investments

34,903,931

–0

–

–0

–

34,903,931

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

12,757,034

–0

–

–0

–

12,757,034

Total Investments in Securities

1,068,422,553

–0

–

–0

–

1,068,422,553

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

1,068,422,553

–0

–

–0

–

1,068,422,553

(a)

See Portfolio of Investments for sector classifications.

(b)



		AB Variable Products Series Fund

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

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


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.

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 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	20,864	$	229,881	$	215,841	$	34,904	$	647
AB Government Money Market Portfolio*		23,971		77,881		89,095		12,757		18

Total							$	47,661	$	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



		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)	$	411,284,618		$	318,832,068
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	198,686,426
Gross unrealized depreciation		(14,456,613	)

Net unrealized appreciation	$	184,229,813

1. Derivative Financial Instruments

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

2. Currency Transactions

NOTE E: Securities Lending


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 Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	37,485,438	$	12,757,034	$	25,867,486	$	24,159	$	18,402	$	3,887

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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		4,358,692			1,488,728		$	140,076,267		$	47,509,996
Shares issued in reinvestment of dividends and distributions		–0	–		322,990			–0	–		9,860,890
Shares redeemed		(437,872	)		(1,068,235	)		(14,078,608	)		(33,761,481	)

Net increase		3,920,820			743,483		$	125,997,659		$	23,609,405

Class B
Shares sold		1,115,478			1,733,484		$	34,700,655		$	54,152,119
Shares issued on reinvestment of dividends and distributions		–0	–		1,155,153			–0	–		34,400,457
Shares redeemed		(1,819,915	)		(3,615,533	)		(56,854,271	)		(112,178,511	)

Net decrease		(704,437	)		(726,896	)	$	(22,153,616	)	$	(23,625,935	)

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

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

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2024		2023
Distributions paid from:
Ordinary income	$	11,941,310	$	10,958,671
Net long-term capital gains		32,320,037		66,640,589

Total taxable distributions paid	$	44,261,347	$	77,599,260

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


Undistributed ordinary income	$	10,330,103
Undistributed capital gains		88,189,633
Unrealized appreciation (depreciation)		168,025,416	(a)

Total accumulated earnings (deficit)	$	266,545,152

(a)

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

NOTE J: Subsequent Events



RELATIVE VALUE PORTFOLIO

FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$350,062			$210,860			$174,389			$157,648			$170,190			$143,269
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.59	%^		.60	%		.60	%		.59	%		.59	%		.61	%
Expenses, before waivers/reimbursements(e)‡		.60	%^		.60	%		.61	%		.59	%		.59	%		.62	%
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
portfolios		.01	%^		.01	%		.01	%		.00	%		.00	%		.01	%

See footnote summary on page 16.



		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$719,759			$711,574			$684,361			$677,187			$752,562			$868,715
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)‡		.84	%^		.85	%		.85	%		.84	%		.84	%		.86	%
Expenses, before waivers/reimbursements(e)‡		.85	%^		.85	%		.86	%		.84	%		.85	%		.87	%
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
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)

(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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



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

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 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.



		AB Variable Products Series Fund

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

Economies of Scale

VPS-RV-0152-0625

JUN^06.30.25

LOGO

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.

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


SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS

June 30, 2025 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–99.2%

INDUSTRIALS–25.3%
AEROSPACE & DEFENSE–7.1%
AeroVironment, Inc.(a)(b)		4,501	$	1,282,560
Karman Holdings, Inc.(a)		11,474		577,945
Leonardo DRS, Inc.		19,899		924,906
Loar Holdings, Inc.(a)		8,305		715,642
StandardAero, Inc.(a)(b)		23,854		754,979
Voyager Technologies, Inc.–Class A(a)		6,890		270,432

				4,526,464

BUILDING PRODUCTS–4.7%
Armstrong World Industries, Inc.		4,958		805,377
AZEK Co., Inc. (The)(a)		10,688		580,893
CSW Industrials, Inc.		2,589		742,603
Knife River Corp.(a)(b)		10,675		871,507

				3,000,380

COMMERCIAL SERVICES & SUPPLIES–1.6%
Casella Waste Systems, Inc.–Class A(a)		8,691		1,002,768

CONSTRUCTION & ENGINEERING–4.5%
Construction Partners, Inc.–Class A(a)(b)		9,777		1,039,099
Everus Construction Group, Inc.(a)(b)		13,496		857,401
Primoris Services Corp.		12,770		995,294

				2,891,794

GROUND TRANSPORTATION–0.0%
Saia, Inc.(a)		83		22,741

MACHINERY–5.3%
Enpro, Inc.(b)		4,086		782,673
Esab Corp.		5,852		705,459
ITT, Inc.		5,302		831,513
SPX Technologies, Inc.(a)		6,289		1,054,539

				3,374,184

MARINE TRANSPORTATION–1.3%
Kirby Corp.(a)		7,431		842,750

PROFESSIONAL SERVICES–0.8%
FTI Consulting, Inc.(a)		3,198		516,477

				16,177,558

INFORMATION TECHNOLOGY–23.4%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.2%
Allegro MicroSystems, Inc.(a)(b)		22,331		763,497


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–7.0%
Credo Technology Group Holding Ltd.(a)		16,670		1,543,475
Lattice Semiconductor Corp.(a)		3,317		162,500
MACOM Technology Solutions Holdings, Inc.(a)		6,599		945,571
Semtech Corp.(a)		19,025		858,788
SiTime Corp.(a)		4,648		990,396

				4,500,730

SOFTWARE–13.9%
Alkami Technology, Inc.(a)(b)		33,952		1,023,313
Amplitude, Inc.–Class A(a)		42,963		532,741
Braze, Inc.–Class A(a)		21,617		607,438
Clearwater Analytics Holdings, Inc.–Class A(a)		35,542		779,436
Gitlab, Inc.–Class A(a)(b)		7,907		356,685
Intapp, Inc.(a)		17,217		888,742
JFrog Ltd.(a)		21,105		926,087
Klaviyo, Inc.–Class A(a)		26,231		880,837
Monday.com Ltd.(a)		2,629		826,768
Onestream, Inc.(a)(b)		25,573		723,716
Rubrik, Inc.–Class A(a)		5,671		508,065
SentinelOne, Inc.–Class A(a)		13,567		248,005
ServiceTitan, Inc.–Class A(a)		5,330		571,269

				8,873,102

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
ACV Auctions, Inc.–Class A(a)		50,777		823,603

				14,960,932

HEALTH CARE–20.7%
BIOTECHNOLOGY–11.0%
Akero Therapeutics, Inc.(a)		9,020		481,307
Apogee Therapeutics, Inc.(a)(b)		8,198		356,039
ARS Pharmaceuticals, Inc.(a)		23,261		405,905
Ascendis Pharma A/S (ADR)(a)		1,958		337,951
Blueprint Medicines Corp.(a)		3,226		413,509
Bridgebio Pharma, Inc.(a)		14,752		636,991
Caris Life Sciences, Inc.(a)		10,237		273,533
CG oncology, Inc.(a)(b)		12,542		326,092
Cytokinetics, Inc.(a)(b)		6,611		218,427
Denali Therapeutics, Inc.(a)		18,297		255,975
Dianthus Therapeutics, Inc.(a)(b)		11,319		210,873
Halozyme Therapeutics, Inc.(a)		6,417		333,812
Insmed, Inc.(a)		5,463		549,796
Legend Biotech Corp. (ADR)(a)		9,280		329,347
Merus NV(a)		6,547		344,372
Metsera, Inc.(a)(b)		8,118		230,957
MoonLake Immunotherapeutics(a)(b)		6,796		320,771
Newamsterdam Pharma Co. NV(a)(b)		13,934		252,345


SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Ultragenyx Pharmaceutical, Inc.(a)		6,062	$	220,414
Viridian Therapeutics, Inc.(a)(b)		18,561		259,483
Xenon Pharmaceuticals, Inc.(a)		9,155		286,552

				7,044,451

HEALTH CARE EQUIPMENT & SUPPLIES–3.9%
AtriCure, Inc.(a)		21,482		703,965
Beta Bionics, Inc.(a)(b)		1,413		20,573
Glaukos Corp.(a)		7,682		793,474
Kestra Medical Technologies Ltd.(a)		14,255		236,348
Masimo Corp.(a)(b)		4,481		753,794

				2,508,154

HEALTH CARE PROVIDERS & SERVICES–3.0%
BrightSpring Health Services, Inc.(a)(b)		32,258		760,966
GeneDx Holdings Corp.(a)		4,009		370,071
PROCEPT BioRobotics Corp.(a)(b)		13,091		754,042

				1,885,079

HEALTH CARE TECHNOLOGY–1.3%
Waystar Holding Corp.(a)		19,941		814,989

LIFE SCIENCES TOOLS & SERVICES–1.0%
Repligen Corp.(a)		5,185		644,910

PHARMACEUTICALS–0.5%
Rapport Therapeutics, Inc.(a)(b)		10,708		121,750
Trevi Therapeutics, Inc.(a)		41,417		226,551

				348,301

				13,245,884

CONSUMER DISCRETIONARY–14.0%
AUTOMOBILE COMPONENTS–1.4%
Modine Manufacturing Co.(a)(b)		9,084		894,774

BROADLINE RETAIL–1.5%
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		7,514		990,195

HOTELS, RESTAURANTS & LEISURE–6.9%
Cava Group, Inc.(a)		4,011		337,847
Dutch Bros, Inc.–Class A(a)		12,271		838,968
Portillo’s, Inc.–Class A(a)(b)		61,366		716,141
Rush Street Interactive, Inc.(a)		64,517		961,303
Texas Roadhouse, Inc.		3,828		717,406
Wingstop, Inc.		2,472		832,421

				4,404,086


HOUSEHOLD DURABLES–2.1%
Champion Homes, Inc.(a)		9,620		602,308
SharkNinja, Inc.(a)		7,417		734,209

				1,336,517

SPECIALTY RETAIL–2.1%
Boot Barn Holdings, Inc.(a)		6,325		961,400
RH(a)		1,925		363,844

				1,325,244

				8,950,816

FINANCIALS–10.5%
CAPITAL MARKETS–5.5%
Houlihan Lokey, Inc.		4,142		745,353
Marex Group PLC		14,155		558,698
Piper Sandler Cos.		3,178		883,293
StepStone Group, Inc.–Class A		12,077		670,273
Stifel Financial Corp.		6,438		668,136

				3,525,753

FINANCIAL SERVICES–2.2%
NCR Atleos Corp.(a)		26,646		760,210
Shift4 Payments, Inc.–Class A(a)(b)		6,536		647,783

				1,407,993

INSURANCE–2.8%
Palomar Holdings, Inc.(a)		4,981		768,319
RLI Corp.		7,829		565,411
TWFG, Inc.(a)		12,813		448,455

				1,782,185

				6,715,931

CONSUMER STAPLES–3.5%
BEVERAGES–1.5%
Celsius Holdings, Inc.(a)		20,728		961,572

CONSUMER STAPLES DISTRIBUTION & RETAIL–1.2%
Chefs’ Warehouse, Inc. (The)(a)		12,116		773,122

PERSONAL CARE PRODUCTS–0.8%
BellRing Brands, Inc.(a)		8,644		500,747

				2,235,441

MATERIALS–1.2%
CHEMICALS–1.2%
Element Solutions, Inc.		32,961		746,567

ENERGY–0.6%
ENERGY EQUIPMENT & SERVICES–0.2%
TechnipFMC PLC		4,423		152,328

OIL, GAS & CONSUMABLE FUELS–0.4%
Gulfport Energy Corp.(a)		1,093		219,879



		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

Permian Resources Corp.		2,714	$	36,965

				256,844

				409,172

Total Common Stocks (cost $53,648,575)				63,442,301

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) (cost $557,472)		557,472		557,472

TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.1% (cost $54,206,047)				63,999,773


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) (cost $1,427,635)		1,427,635		1,427,635

TOTAL INVESTMENTS–102.3% (cost $55,633,682)				65,427,408
Other assets less liabilities–(2.3)%				(1,472,451	)

NET ASSETS–100.0%			$	63,954,957

(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)

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
Investments in securities, at value
Unaffiliated issuers (cost $53,648,575)	$	63,442,301	(a)
Affiliated issuers (cost $1,985,107—including investment of cash collateral for securities loaned of $1,427,635)		1,985,107
Cash		2,743
Receivable for investment securities sold		600,431
Receivable for capital stock sold		63,264
Receivable due from Adviser		17,102
Unaffiliated dividends receivable		7,750
Affiliated dividends receivable		3,087

Total assets		66,121,785

LIABILITIES
Payable for collateral received on securities loaned		1,427,635
Payable for investment securities purchased		416,964
Payable for capital stock redeemed		102,275
Administrative fee payable		47,995
Advisory fee payable		37,382
Distribution fee payable		7,280
Directors’ fees payable		1,805
Transfer Agent fee payable		158
Accrued expenses		125,334

Total liabilities		2,166,828

NET ASSETS	$	63,954,957

COMPOSITION OF NET ASSETS
Capital stock, at par	$	6,169
Additional paid-in capital		55,137,662
Distributable earnings		8,811,126

NET ASSETS	$	63,954,957

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	26,701,389		2,140,691	$	12.47

B	$	37,253,568		4,028,310	$	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
Dividends
Unaffiliated issuers	$	76,180
Affiliated issuers		21,332
Interest		153
Securities lending income, net		18,569

		116,234

EXPENSES
Advisory fee (see Note B)		225,244
Distribution fee—Class B		44,972
Transfer agency—Class A		871
Transfer agency—Class B		1,298
Administrative		52,081
Custody and accounting		33,472
Audit and tax		21,222
Legal		13,249
Printing		12,275
Directors’ fees		10,081
Miscellaneous		4,415

Total expenses before bank overdraft expense		419,180
Bank overdraft expense		2,171

Total expenses		421,351
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(105,789	)

Net expenses		315,562

Net investment loss		(199,328	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		1,984,318
Net change in unrealized appreciation (depreciation) of investments		(2,396,633	)

Net loss on investment transactions		(412,315	)

NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(611,643	)

See notes to financial statements.



SMALL CAP GROWTH PORTFOLIO

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(199,328	)	$	(333,459	)
Net realized gain on investment transactions		1,984,318			8,936,895
Net change in unrealized appreciation (depreciation) of investments		(2,396,633	)		987,931

Net increase (decrease) in net assets from operations		(611,643	)		9,591,367
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(49,738	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(328,198	)		(1,774,244	)

Total increase (decrease)		(939,841	)		7,767,385
NET ASSETS
Beginning of period		64,894,798			57,127,413

End of period	$	63,954,957		$	64,894,798

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.

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.


SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

2. Fair Value Measurements

•

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 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)

63,442,301

–0

–

–0

–

63,442,301

Short-Term Investments

557,472

–0

–

–0

–

557,472

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

1,427,635

–0

–

–0

–

1,427,635

Total Investments in Securities

65,427,408

–0

–

–0

–

65,427,408

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total

65,427,408

–0

–

–0

–

65,427,408

(a)

See Portfolio of Investments for sector classifications.

(b)



		AB Variable Products Series Fund

3. Currency Translation

4. Taxes

5. Investment Income and Investment Transactions

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

7. Dividends and Distributions

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

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.

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 12/31/24 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)		Dividend Income (000)
AB Government Money Market Portfolio	$	683	$	15,623	$	15,749	$	557	$	21
AB Government Money Market Portfolio*		1,211		19,844		19,627		1,428		9

Total							$	1,985	$	30

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

NOTE C: Distribution Plan



		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.

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)	$	28,568,937		$	28,946,533
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	12,526,579
Gross unrealized depreciation		(2,732,853	)

Net unrealized appreciation	$	9,793,726

1. Derivative Financial Instruments

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

2. Currency Transactions

NOTE E: Securities Lending


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 Portfolio
Market Value of Securities on Loan*		Cash Collateral*		Market Value of Non-Cash Collateral*		Income from Borrowers		Income Earned		Advisory Fee Waived
$	12,836,035	$	1,427,635	$	11,677,071	$	9,894	$	8,675	$	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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		510,413			511,268		$	5,591,597		$	6,668,045
Shares issued in reinvestment of dividends		–0	–		4,413			–0	–		49,738
Shares redeemed		(364,062	)		(334,328	)		(4,334,860	)		(3,984,470	)

Net increase		146,351			181,353		$	1,256,737		$	2,733,313

Class B
Shares sold		394,791			880,965		$	3,425,560		$	7,576,975
Shares redeemed		(556,370	)		(1,416,878	)		(5,010,495	)		(12,084,532	)

Net decrease		(161,579	)		(535,913	)	$	(1,584,935	)	$	(4,507,557	)

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



		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.

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2024		2023
Distributions paid from:
Ordinary income	$	49,738	$	–0	–

Total taxable distributions paid	$	49,738	$	–0	–

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


Accumulated capital and other losses	$	(1,290,255	)(a)
Unrealized appreciation (depreciation)		10,713,024	(b)

Total accumulated earnings (deficit)	$	9,422,769

(a)

As of December 31, 2024, the Portfolio had a net capital loss carryforward of $1,290,255. During the fiscal year, the Portfolio utilized $8,152,463 of capital loss carry forwards to offset current year net realized gains.

(b)

The differences between book-basis and tax-basis unrealized appreciation (depreciation) are attributable primarily to the tax treatment of passive foreign investment companies (PFICs) and the tax deferral of losses on wash sales.


SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

NOTE J: Subsequent Events



SMALL CAP GROWTH PORTFOLIO

FINANCIAL HIGHLIGHTS		AB Variable Products Series Fund

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


	CLASS A
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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	^(c)		–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)		$26,701			$25,353			$19,464			$17,213			$32,295			$34,314
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		.90	%^{^}		.90	%		.90	%		.90	%		.91	%		.90	%
Expenses, before waivers/reimbursements(e)(f)‡		1.25	%^{^}		1.26	%		1.31	%		1.22	%		1.08	%		1.09	%
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
portfolios		.01	%^{^}		.00	%		.00	%		.00	%		.00	%		.00	%

See footnote summary on page 17.


SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS

(continued)		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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	^(c)		–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)		$37,254			$39,542			$37,663			$32,491			$54,079			$84,816
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(e)(f)‡		1.15	%^{^}		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Expenses, before waivers/reimbursements(e)(f)‡		1.50	%^{^}		1.51	%		1.56	%		1.47	%		1.31	%		1.33	%
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
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)

(e)

The expense ratios presented below exclude interest/bank overdraft expense:


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (unaudited)			2024			2023			2022			2021			2020
Class A
Net of waivers/reimbursements		.89	%^{^}		.90	%		.90	%		.90	%		.90	%		.90	%
Before waivers/reimbursements		1.25	%^{^}		1.26	%		1.31	%		1.22	%		1.07	%		1.09	%
Class B
Net of waivers/reimbursements		1.14	%^{^}		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Before waivers/reimbursements		1.49	%^{^}		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

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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



		AB Variable Products Series Fund

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

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.


SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE

(continued)		AB Variable Products Series Fund

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

VPS-SCG-0152-0625

JUN^06.30.25

LOGO

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.

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


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS

June 30, 2025 (unaudited)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

COMMON STOCKS–98.7%

INFORMATION TECHNOLOGY–35.6%
COMMUNICATIONS EQUIPMENT–1.7%
Xiaomi Corp.–Class H(a)		359,800	$	2,769,645

ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–8.0%
Flex Ltd.(a)		114,038		5,692,777
Halma PLC		74,591		3,278,579
Keyence Corp.		3,500		1,399,398
Zebra Technologies Corp.–Class A(a)		8,330		2,568,639

				12,939,393

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–10.3%
Broadcom, Inc.		12,750		3,514,538
Monolithic Power Systems, Inc.		2,335		1,707,772
NVIDIA Corp.		35,367		5,587,632
NXP Semiconductors NV		7,917		1,729,785
Taiwan Semiconductor Manufacturing Co., Ltd.		114,000		4,168,906

				16,708,633

SOFTWARE–13.3%
Cadence Design Systems, Inc.(a)		5,260		1,620,869
Microsoft Corp.		13,722		6,825,460
Palo Alto Networks, Inc.(a)		16,173		3,309,643
Salesforce, Inc.		12,250		3,340,452
SAP SE		10,260		3,137,299
ServiceNow, Inc.(a)		3,220		3,310,418

				21,544,141

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.3%
Apple, Inc.		12,810		2,628,228
Lenovo Group Ltd.–Class H		974,000		1,176,780

				3,805,008

				57,766,820

INDUSTRIALS–17.0%
COMMERCIAL SERVICES & SUPPLIES–4.0%
Tetra Tech, Inc.		74,994		2,696,784
Veralto Corp.		37,694		3,805,210

				6,501,994

CONSTRUCTION & ENGINEERING–3.7%
AECOM		28,964		3,268,877
WSP Global, Inc.		13,545		2,762,911

				6,031,788


Company	Shares		U.S. $ Value

ELECTRICAL EQUIPMENT–6.5%
Emerson Electric Co.		25,290	$	3,371,916
Prysmian SpA		43,815		3,102,067
Rockwell Automation, Inc.		12,031		3,996,337

				10,470,320

PROFESSIONAL SERVICES–2.8%
Experian PLC		51,208		2,640,604
RELX PLC		35,485		1,923,204

				4,563,808

				27,567,910

FINANCIALS–16.4%
BANKS–0.8%
NU Holdings Ltd./Cayman Islands–Class A(a)		87,872		1,205,604

CAPITAL MARKETS–7.9%
Jefferies Financial Group, Inc.		39,450		2,157,520
London Stock Exchange Group PLC		28,322		4,142,011
LPL Financial Holdings, Inc.		8,660		3,247,240
Partners Group Holding AG		1,311		1,715,216
TMX Group Ltd.		37,440		1,586,956

				12,848,943

FINANCIAL SERVICES–4.0%
Fiserv, Inc.(a)		13,218		2,278,915
Visa, Inc.–Class A		11,793		4,187,105

				6,466,020

INSURANCE–3.7%
AIA Group Ltd.–Class H		421,600		3,819,038
Reinsurance Group of America, Inc.–Class A		11,270		2,235,517

				6,054,555

				26,575,122

HEALTH CARE–12.9%
BIOTECHNOLOGY–1.6%
AbbVie, Inc.		14,330		2,659,935

HEALTH CARE EQUIPMENT & SUPPLIES–9.2%
Alcon AG		40,794		3,617,731
Becton Dickinson & Co.		6,699		1,153,903
GE HealthCare Technologies, Inc.		40,096		2,969,910
Hologic, Inc.(a)		28,467		1,854,910
Stryker Corp.		6,120		2,421,255
Terumo Corp.		165,603		3,039,124

				15,056,833

HEALTH CARE PROVIDERS & SERVICES–1.1%
Apollo Hospitals Enterprise Ltd.		20,717		1,749,148


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
PORTFOLIO OF INVESTMENTS

(continued)		AB Variable Products Series Fund


Company	Shares		U.S. $ Value

PHARMACEUTICALS–1.0%
Eli Lilly & Co.		2,030	$	1,582,446

				21,048,362

CONSUMER DISCRETIONARY–6.0%
AUTOMOBILE COMPONENTS–2.1%
Aptiv PLC(a)		49,577		3,382,143

BROADLINE RETAIL–2.3%
MercadoLibre, Inc.(a)		1,409		3,682,604

TEXTILES, APPAREL & LUXURY GOODS–1.6%
On Holding AG–Class A(a)		51,038		2,656,528

				9,721,275

UTILITIES–4.7%
ELECTRIC UTILITIES–2.2%
NextEra Energy, Inc.		50,887		3,532,576

WATER UTILITIES–2.5%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		186,335		4,085,713

				7,618,289

CONSUMER STAPLES–3.8%
BEVERAGES–1.5%
Primo Brands Corp.		80,520		2,385,003

Company	Shares		U.S. $ Value

FOOD PRODUCTS–2.3%
Danone SA		27,250	$	2,229,686
Kerry Group PLC–Class A		14,110		1,558,963

				3,788,649

				6,173,652

ENERGY–2.3%
OIL, GAS & CONSUMABLE FUELS–2.3%
Cameco Corp.		51,330		3,810,226

Total Common Stocks (cost $126,739,199)				160,281,656

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) (cost $2,824,069)		2,824,069		2,824,069

TOTAL INVESTMENTS–100.4% (cost $129,563,268)				163,105,725
Other assets less liabilities–(0.4)%				(693,022	)

NET ASSETS–100.0%			$	162,412,703

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America NA		BRL	24,759		USD	4,537		07/02/2025	$	(20,042	)
Bank of America NA		USD	4,449		BRL	24,759		07/02/2025		108,010
Bank of America NA		CHF	4,346		USD	5,327		07/09/2025		(155,468	)
Bank of America NA		HKD	7,760		USD	1,000		07/11/2025		10,553
Bank of America NA		BRL	24,759		USD	4,415		08/04/2025		(106,407	)
Barclays Capital, Inc.		USD	1,178		INR	101,394		08/14/2025		2,335
BNP Paribas SA		USD	3,159		JPY	458,472		08/27/2025		44,291
Citibank NA		GBP	5,081		USD	6,757		07/16/2025		(217,883	)
Citibank NA		USD	1,716		KRW	2,443,196		07/17/2025		91,528
Citibank NA		TWD	43,369		USD	1,455		08/22/2025		(53,171	)
Citibank NA		CAD	729		USD	537		08/28/2025		(278)
Deutsche Bank AG		EUR	783		USD	874		07/09/2025		(48,487	)
HSBC Bank USA		HKD	4,288		USD	552		07/11/2025		4,955
HSBC Bank USA		TWD	13,557		USD	459		08/22/2025		(12,325	)
Morgan Stanley Capital Services, Inc.		BRL	24,759		USD	4,340		07/02/2025		(216,809	)
Morgan Stanley Capital Services, Inc.		USD	4,537		BRL	24,759		07/02/2025		20,042
Morgan Stanley Capital Services, Inc.		USD	8,205		EUR	7,194		07/09/2025		273,024
Morgan Stanley Capital Services, Inc.		USD	2,733		HKD	21,174		07/11/2025		(32,844	)
Morgan Stanley Capital Services, Inc.		USD	2,385		AUD	3,647		08/21/2025		17,947



		AB Variable Products Series Fund


Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Morgan Stanley Capital Services, Inc.		USD	1,255		SEK	11,865		09/04/2025	$	4,701
Standard Chartered Bank		USD	1,264		TWD	37,120		08/22/2025		26,800
State Street Bank & Trust Co.		CHF	420		USD	502		07/09/2025		(27,615	)
State Street Bank & Trust Co.		EUR	3,729		USD	4,226		07/09/2025		(168,701	)
State Street Bank & Trust Co.		USD	450		CHF	365		07/09/2025		10,019
State Street Bank & Trust Co.		USD	886		EUR	778		07/09/2025		30,384
State Street Bank & Trust Co.		HKD	31,526		USD	4,069		07/11/2025		49,380
State Street Bank & Trust Co.		CNH	3,244		USD	453		08/07/2025		(935	)
State Street Bank & Trust Co.		USD	507		ZAR	9,091		08/07/2025		5,629
State Street Bank & Trust Co.		USD	384		MXN	7,348		08/22/2025		5,430
UBS		USD	1,040		CHF	841		07/09/2025		21,188
UBS		USD	1,540		CNH	11,028		08/07/2025		5,167
UBS		CAD	4,010		USD	2,970		08/28/2025		17,021

									$	(312,561	)

(a)

Non-income producing security.

(b)

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

(c)

Affiliated investments.

(d)

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
STATEMENT OF ASSETS & LIABILITIES

June 30, 2025 (unaudited)		AB Variable Products Series Fund


ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $126,739,199)	$	160,281,656
Affiliated issuers (cost $2,824,069)		2,824,069
Foreign currencies, at value (cost $189,343)		192,611
Unrealized appreciation on forward currency exchange contracts		748,404
Unaffiliated dividends receivable		280,583
Affiliated dividends receivable		19,465
Receivable due from Adviser		7,275
Receivable for capital stock sold		4,342

Total assets		164,358,405

LIABILITIES
Unrealized depreciation on forward currency exchange contracts		1,060,965
Payable for capital stock redeemed		435,355
Foreign capital gains tax payable		143,260
Custody and accounting fees payable		101,987
Advisory fee payable		95,151
Administrative fee payable		48,919
Distribution fee payable		19,091
Directors’ fees payable		2,027
Transfer Agent fee payable		147
Accrued expenses		38,800

Total liabilities		1,945,702

NET ASSETS	$	162,412,703

COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,530
Additional paid-in capital		101,136,464
Distributable earnings		61,271,709

NET ASSETS	$	162,412,703

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


Class	Net Assets		Shares Outstanding		Net Asset Value

A	$	64,410,034		1,721,452	$	37.42

B	$	98,002,669		2,808,981	$	34.89

See notes to financial statements.


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
STATEMENT OF OPERATIONS

Six Months Ended June 30, 2025 (unaudited)		AB Variable Products Series Fund


INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $58,020)	$	905,258
Affiliated issuers		89,263
Interest		577
Securities lending income, net		1,189

		996,287

EXPENSES
Advisory fee (see Note B)		578,150
Distribution fee—Class B		116,379
Transfer agency—Class A		1,251
Transfer agency—Class B		1,905
Administrative		52,363
Custody and accounting		42,570
Audit and tax		26,514
Printing		17,424
Legal		16,026
Directors’ fees		10,741
Miscellaneous		10,538

Total expenses		873,861
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(42,800	)

Net expenses		831,061

Net investment income		165,226

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(a)		8,553,223
Forward currency exchange contracts		(320,018	)
Foreign currency transactions		(57,092	)
Net change in unrealized appreciation (depreciation) of:
Investments(b)		2,055,561
Forward currency exchange contracts		(368,604	)
Foreign currency denominated assets and liabilities		33,989

Net gain on investment and foreign currency transactions		9,897,059

NET INCREASE IN NET ASSETS FROM OPERATIONS	$	10,062,285

(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

STATEMENT OF CHANGES IN NET ASSETS		AB Variable Products Series Fund


	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	165,226		$	25,158
Net realized gain on investment and foreign currency transactions		8,176,113			20,181,581
Net change in unrealized appreciation (depreciation) of investments and foreign currency denominated assets and liabilities		1,720,946			(9,945,222	)

Net increase in net assets from operations		10,062,285			10,261,517
DISTRIBUTIONS TO SHAREHOLDERS
Class A		–0	–		(180,118	)
Class B		–0	–		(318,763	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(8,519,266	)		(12,638,265	)

Total increase (decrease)		1,543,019			(2,875,629	)
NET ASSETS
Beginning of period		160,869,684			163,745,313

End of period	$	162,412,703		$	160,869,684

See notes to financial statements.


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.

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.


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

2. Fair Value Measurements

•

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)



		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:
Information Technology	$	41,836,213		$	15,930,607		$	–0	–	$	57,766,820
Industrials		19,902,035			7,665,875			–0	–		27,567,910
Financials		16,898,857			9,676,265			–0	–		26,575,122
Health Care		12,642,359			8,406,003			–0	–		21,048,362
Consumer Discretionary		9,721,275			–0	–		–0	–		9,721,275
Utilities		7,618,289			–0	–		–0	–		7,618,289
Consumer Staples		2,385,003			3,788,649			–0	–		6,173,652
Energy		3,810,226			–0	–		–0	–		3,810,226
Short-Term Investments		2,824,069			–0	–		–0	–		2,824,069

Total Investments in Securities		117,638,326			45,467,399			–0	–		163,105,725
Other Financial Instruments(a):
Assets:
Forward Currency Exchange Contracts		–0	–		748,404			–0	–		748,404
Liabilities:
Forward Currency Exchange Contracts		–0	–		(1,060,965	)		–0	–		(1,060,965	)

Total	$	117,638,326		$	45,154,838		$	–0	–	$	162,793,164

(a)

3. Currency Translation

4. Taxes


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

5. Investment Income and Investment Transactions

6. Class Allocations

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates



		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 12/31/24 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/25 (000)			Dividend Income (000)
AB Government Money Market Portfolio	$	1,471		$	32,686	$	31,333	$	2,824		$	89
AB Government Money Market Portfolio*		–0	–		3,779		3,779		–0	–		1

Total								$	2,824		$	90

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

NOTE C: Distribution Plan

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)	$	55,431,476		$	65,240,777
U.S. government securities		–0	–		–0	–


Gross unrealized appreciation	$	38,646,719
Gross unrealized depreciation		(5,416,823	)

Net unrealized appreciation	$	33,229,896

1. Derivative Financial Instruments


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

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

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


	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	748,404	Unrealized depreciation on forward currency exchange contracts	$	1,060,965

Total		$	748,404		$	1,060,965


Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation (depreciation) of forward currency exchange contracts	$	(320,018	)	$	(368,604	)

Total		$	(320,018	)	$	(368,604	)



		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:
Average principal amount of buy contracts	$	37,372,509
Average principal amount of sale contracts	$	42,485,037

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.

Counterparty

Derivative Assets
Subject to a MA

Derivatives
Available for
Offset

Cash Collateral
Received*

Security Collateral
Received*

Net Amount of
Derivative Assets

Bank of America NA

118,563

(118,563

)

–0

–

–0

–

–0

–

Barclays Capital, Inc.

2,335

–0

–

–0

–

–0

–

2,335

BNP Paribas SA

44,291

–0

–

–0

–

–0

–

44,291

Citibank NA

91,528

(91,528

)

–0

–

–0

–

–0

–

HSBC Bank USA

4,955

(4,955

)

–0

–

–0

–

–0

–

Morgan Stanley Capital Services, Inc.

315,714

(249,653

)

–0

–

–0

–

66,061

Standard Chartered Bank

26,800

–0

–

–0

–

–0

–

26,800

State Street Bank & Trust Co.

100,842

(100,842

)

–0

–

–0

–

–0

–

UBS

43,376

–0

–

–0

–

–0

–

43,376

Total

748,404

(565,541

)

–0

–

–0

–

182,863

Counterparty

Derivative Liabilities
Subject to a MA

Derivatives
Available for
Offset

Cash Collateral
Pledged*

Security Collateral
Pledged*

Net Amount of
Derivative Liabilities

Bank of America NA

281,917

(118,563

)

–0

–

–0

–

163,354

Citibank NA

271,332

(91,528

)

–0

–

–0

–

179,804

Deutsche Bank AG

48,487

–0

–

–0

–

–0

–

48,487

HSBC Bank USA

12,325

(4,955

)

–0

–

–0

–

7,370

Morgan Stanley Capital Services, Inc.

249,653

(249,653

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

197,251

(100,842

)

–0

–

–0

–

96,409

Total

1,060,965

(565,541

)

–0

–

–0

–

495,424

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

2. Currency Transactions


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

NOTE E: Securities Lending

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 Portfolio
Market Value of Securities on Loan*			Cash Collateral*			Market Value of Non-Cash Collateral*			Income from Borrowers		Income Earned		Advisory Fee Waived
$	–0	–	$	–0	–	$	–0	–	$	19	$	1,170	$	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						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class A
Shares sold		123,902			238,563		$	3,998,640		$	8,094,654
Shares issued in reinvestment of distributions		–0	–		5,110			–0	–		180,118
Shares redeemed		(184,373	)		(217,969	)		(6,439,990	)		(7,625,362	)

Net increase (decrease)		(60,471	)		25,704		$	(2,441,350	)	$	649,410



		AB Variable Products Series Fund


	SHARES						AMOUNT
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024			Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31, 2024
Class B
Shares sold		57,061			147,446		$	1,846,335		$	4,834,675
Shares issued in reinvestment of distributions		–0	–		9,677			–0	–		318,763
Shares redeemed		(244,274	)		(558,846	)		(7,924,251	)		(18,441,113	)

Net decrease		(187,213	)		(401,723	)	$	(6,077,916	)	$	(13,287,675	)

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

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.

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


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
NOTES TO FINANCIAL STATEMENTS

(continued)		AB Variable Products Series Fund

NOTE H: Joint Credit Facility

NOTE I: Distributions to Shareholders


	2024			2023
Distributions paid from:
Ordinary income	$	–0	–	$	186,160
Net long-term capital gains		498,881			9,594,374

Total taxable distributions paid	$	498,881		$	9,780,534

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


Undistributed ordinary income	$	110,418
Undistributed capital gains		19,985,654
Unrealized appreciation (depreciation)		31,113,352	(a)

Total accumulated earnings (deficit)	$	51,209,424

(a)

NOTE J: Subsequent Events



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
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$64,410			$62,599			$58,246			$52,543			$70,723			$58,316
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		.93	%^		.91	%		.92	%		.90	%		.88	%		.94	%
Expenses, before waivers/reimbursements(d)‡		.98	%^		.96	%		.97	%		.96	%		.93	%		1.00	%
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
portfolios		.01	%^		.00	%		.00	%		.00	%		.00	%		.01	%

See footnote summary on page 19.


SUSTAINABLE GLOBAL THEMATIC PORTFOLIO
FINANCIAL HIGHLIGHTS

(continued)		AB Variable Products Series Fund

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


	CLASS B
	Six Months Ended June 30, 2025 (unaudited)			Year Ended December 31,
	Six Months Ended June 30, 2025 (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)		$98,003			$98,271			$105,499			$100,515			$149,808			$127,062
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)‡		1.18	%^		1.16	%		1.17	%		1.15	%		1.13	%		1.19	%
Expenses, before waivers/reimbursements(d)‡		1.23	%^		1.21	%		1.22	%		1.21	%		1.18	%		1.25	%
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
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)

(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.





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”).

Nature, Extent and Quality of Services Provided

Costs of Services Provided and Profitability



		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

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 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.



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

VPS-SGT-0152-0625

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

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

19(b)(2)		Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

19(c)		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.



By:		/s/ Onur Erzan
		Onur Erzan
		President

Date: 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.



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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATIONS PURSUANT TO SECTION 302

CERTIFICATIONS PURSUANT TO SECTION 906

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