Ab Variable Products Series Fund N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas,

New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2016

Date of reporting period: December 31, 2016

ITEM 1. REPORTS TO STOCKHOLDERS.

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ BALANCED WEALTH STRATEGY PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

BALANCED WEALTH STRATEGY
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Balanced Wealth Strategy Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to maximize total return consistent with AllianceBernstein L.P.’s (the “Adviser’s”) determination of reasonable risk. The Portfolio invests in a portfolio of equity and debt securities that is designed as a solution for investors who seek a moderate tilt toward equity returns but also want the risk diversification offered by debt securities and the broad diversification of their equity risk across styles, capitalization ranges and geographic regions. The Portfolio targets a weighting of 60% equity securities and 40% debt securities with a goal of providing moderate upside potential without excessive volatility. In managing the Portfolio, the Adviser efficiently diversifies between the debt and equity components to produce the desired risk/return profile. Investments in real estate investment trusts (“REITs”) are deemed to be 50% equity and 50% fixed-income for purposes of the overall target blend of the Portfolio.

The Portfolio’s equity component is diversified between growth and value equity investment styles, and between US and non-US markets.

The Adviser’s targeted blend for the non-REIT portion of the Portfolio’s equity component is an equal weighting of growth and value stocks (50% each).

In addition to blending growth and value styles, the Adviser blends each style-based portion of the Portfolio’s equity component across US and non-US issuers and various capitalization ranges. Within each of the value and growth portions of the Portfolio, the Adviser normally targets a blend of approximately 70% in equities of US companies and the remaining 30% in equities of companies outside the United States. The Adviser will allow the relative weightings of the Portfolio’s investments in equity and debt, growth and value, and US and non-US components to vary in response to market conditions, but ordinarily, only by ±5% of the Portfolio’s net assets. Beyond those ranges, the Adviser will rebalance the Portfolio toward the targeted blend. However, under extraordinary circumstances, such as when market conditions favoring one investment style are compelling, the range may expand to ±10% of the Portfolio’s net assets. The Portfolio’s targeted blend may change from time to time without notice to shareholders based on the Adviser’s assessment of underlying market conditions.

The Portfolio’s fixed-income securities will primarily be investment-grade debt securities, but are expected to include lower-rated securities (“junk bonds”) and preferred stock. The Portfolio will not invest more than 25% of its total assets in securities rated, at the time of purchase, below investment-grade.

The Portfolio also may enter into forward commitments, make short sales of securities or maintain a short position and invest in rights or warrants.

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Standard & Poor’s (“S&P”) 500 Index, its secondary benchmark, the Bloomberg Barclays US Aggregate Bond Index and its blended benchmark, a 60% / 40% blend of the S&P 500 Index and the Bloomberg Barclays US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2016.

For the annual period, all share classes of the Portfolio underperformed the primary and the blended benchmarks, and outperformed the secondary benchmark. The Portfolio’s US growth, US value, non-US growth and REIT holdings detracted from relative returns. Conversely, non-US value and fixed-income holdings positively impacted relative returns.

The Portfolio utilized derivatives during the annual period, including futures, forwards, credit default swaps, interest rate swaps, inflation swaps, purchased options and written swaptions, for hedging and investment purposes. Futures, credit default swaps, inflation swaps and purchased options detracted from absolute performance; forwards, interest rate swaps and written swaptions added to performance.

MARKET REVIEW AND INVESTMENT STRATEGY

Despite several pullbacks, global stocks advanced during the annual period. Markets notched substantial gains,

1

AB Variable Products Series Fund

overcoming concerns regarding economic growth, terrorist attacks and the UK’s departure from the European Union (“Brexit”). Toward the end of 2016, the surprise result of the US presidential election drove bond yields higher. Markets also embraced news of a formal OPEC deal to limit crude production, but continued to look to global central banks for ongoing signs of support. To combat potential headwinds from Brexit, the Bank of England cut rates to a record low while launching an aggressive asset purchase program. The year closed with the US Federal Reserve raising interest rates by 0.25% and investors weighing pro-growth promises from the incoming Trump administration—including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

In 2016 investors embraced risk; defensive stocks and sectors seen as bond proxies, such as real estate and consumer staples, underperformed the broad market by wide margins in the US, Europe and Japan. Resources stocks were the strongest performers, driven by a rising oil price. Financials did well after a strong fourth quarter, buoyed by positive sentiment from the US election result. Lower-beta stocks sold off sharply in the second half of the year after a strong first half. Stocks with high momentum also fell significantly during the last six months of the year. Riskier stocks, such as the most attractively valued quintile of global stocks, powered ahead in the second half after underperforming in the first half.

In the view of the Portfolio’s Senior Investment Management Team (the “Team”), the Portfolio is well positioned to invest opportunistically across a wide range of asset classes and market circumstances. In equities, the Team is confident that its continued focus on companies with strong fundamentals will enable the Team to navigate current market conditions and, more importantly, to outperform as macroeconomic conditions improve. Meanwhile, in fixed income, the Team continues to emphasize corporate bonds and commercial mortgage-backed securities over US Treasuries.

2

BALANCED WEALTH STRATEGY PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The S&P^® 500 Index and the Bloomberg Barclays US Aggregate Bond Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. The Bloomberg Barclays US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

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

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. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

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

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

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

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

BALANCED WEALTH STRATEGY PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Balanced Wealth Strategy Portfolio Class A†		4.69%		8.63%		4.14%
Balanced Wealth Strategy Portfolio Class B†		4.44%		8.36%		3.86%
Primary Benchmark: S&P 500 Index		11.96%		14.66%		6.95%
Secondary Benchmark: Bloomberg Barclays US Aggregate Bond Index		2.65%		2.23%		4.34%
Blended Benchmark: 60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Bond Index		8.31%		9.69%		6.21%
*    Average annual returns. †   Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.01%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.70% and 0.95% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

BALANCED WEALTH STRATEGY PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Balanced Wealth Strategy Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s primary, secondary and blended benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account  Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During  Period*		Annualized Expense  Ratio*
Class A
Actual	$	1,000	$	1,023.60	$	3.81		0.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.37	$	3.81		0.75	%
Class B
Actual	$	1,000	$	1,021.90	$	5.08		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.11	$	5.08		1.00	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

DESCRIPTION	U.S. $ VALUE		PERCENT OF NET ASSETS
Federal National Mortgage Association	$	20,665,149		6.8	%
Inflation-Linked Securities		7,700,738		2.6
U.S. Treasury Bonds & Notes		6,422,984		2.1
Alphabet, Inc.—Class A & Class C		4,588,965		1.5
Facebook, Inc.—Class A		3,839,219		1.3
Visa, Inc.—Class A		2,730,700		0.9
Federal National Mortgage Association Connecticut Avenue Securities		2,487,984		0.8
Government National Mortgage Association		2,478,417		0.8
Apple, Inc.		2,456,542		0.8
Biogen, Inc.		2,380,166		0.8
	$	55,750,864		18.4	%

SECURITY TYPE BREAKDOWN^†

December 31, 2016 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	192,247,830		62.4	%
Corporates—Investment Grade		28,102,198		9.1
Mortgage Pass-Throughs		23,156,415		7.5
Asset-Backed Securities		10,837,033		3.5
Commercial Mortgage-Backed Securities		10,628,202		3.5
Inflation-Linked Securities		7,700,738		2.5
Collateralized Mortgage Obligations		7,482,210		2.4
Governments—Treasuries		6,422,984		2.1
Corporates—Non-Investment Grade		4,536,409		1.5
Emerging Markets—Treasuries		1,342,041		0.4
Governments—Sovereign Agencies		860,307		0.3
Quasi-Sovereigns		578,186		0.2
Short-Term Investments		12,987,333		4.2
Other‡		1,201,144		0.4
Total Investments	$	308,083,030		100.0	%

* Long-term investments.

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

‡ “Other” represents less than 0.2% weightings in the following security types: Emerging Markets—Corporate Bonds, Governments—Sovereign Bonds, Local Governments—Municipal Bonds and Options Purchased—Puts.

7

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	216,911,236		70.4	%
United Kingdom		14,637,345		4.8
Japan		12,292,250		4.0
France		10,205,314		3.3
Australia		4,582,918		1.5
Switzerland		4,416,600		1.4
Netherlands		4,359,215		1.4
Hong Kong		4,120,289		1.3
Canada		3,861,353		1.3
Germany		3,744,848		1.2
Brazil		2,294,880		0.7
Israel		1,455,380		0.5
Spain		1,229,778		0.4
Other		10,984,291		3.6
Short-Term Investments		12,987,333		4.2
Total Investments	$	308,083,030		100.0	%

* All data are as of December 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 0.3% or less in the following countries: Argentina, Austria, Belgium, Chile, China, Colombia, Denmark, Finland, India, Indonesia, Ireland, Italy, Mexico, New Zealand, Norway, Peru, Portugal, Qatar, Russia, Singapore, South Africa, South Korea, Sweden and Taiwan.

8

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–63.5%
INFORMATION TECHNOLOGY–12.5%
COMMUNICATIONS EQUIPMENT–0.9%
Arista Networks, Inc.(a)		8,560	$	828,351
Cisco Systems, Inc.		26,090		788,440
Nokia Oyj		10,520		50,456
Nokia Oyj (Sponsored ADR)–Class A		102,142		491,303
Palo Alto Networks, Inc.(a)		5,690		711,534
				2,870,084
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		7,094		476,717
Corning, Inc.		5,906		143,339
Keyence Corp.		1,100		752,674
Largan Precision Co., Ltd.		1,000		116,561
				1,489,291
INTERNET SOFTWARE & SERVICES–3.2%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		2,730		239,721
Alphabet, Inc.–Class A(a)		660		523,017
Alphabet, Inc.–Class C(a)		5,268		4,065,948
Criteo SA (Sponsored ADR)(a)		14,780		607,162
Facebook, Inc.–Class A(a)		33,370		3,839,219
Tencent Holdings Ltd.		12,600		305,514
				9,580,581
IT SERVICES–2.0%
Booz Allen Hamilton Holding Corp.		15,509		559,410
Capgemini SA		1,380		116,264
Cognizant Technology Solutions Corp.–Class A(a)		7,120		398,933
Fiserv, Inc.(a)		8,340		886,375
Fujitsu Ltd.		25,000		138,439
HCL Technologies Ltd.		10,820		131,312
Vantiv, Inc.–Class A(a)		9,210		549,100
Visa, Inc.–Class A		35,000		2,730,700
Xerox Corp.		67,630		590,410
				6,100,943
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.3%
ASM International NV		4,670		209,369
ASML Holding NV		4,141		464,084
Infineon Technologies AG		9,640		166,748
Intel Corp.		38,891		1,410,577
NVIDIA Corp.		11,269		1,202,853
SCREEN Holdings Co., Ltd.		5,600		346,128
SK Hynix, Inc.(a)		1,720		63,289
Sumco Corp.		21,500		276,411
Taiwan Semiconductor Manufacturing Co., Ltd.		12,000		67,215
Texas Instruments, Inc.		14,220	$	1,037,633
Tokyo Electron Ltd.		1,500		141,074
Xilinx, Inc.		26,049		1,572,578
				6,957,959
SOFTWARE–2.2%
Adobe Systems, Inc.(a)		15,360		1,581,312
Constellation Software, Inc./Canada		1,889		858,389
Dassault Systemes SE		6,390		486,381
Electronic Arts, Inc.(a)		14,560		1,146,746
Intuit, Inc.		1,952		223,719
Nintendo Co., Ltd.		1,100		228,663
Oracle Corp.		37,103		1,426,610
Oracle Corp. Japan		2,400		120,730
ServiceNow, Inc.(a)		6,855		509,601
				6,582,151
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.4%
Apple, Inc.		21,210		2,456,542
Hewlett Packard Enterprise Co.		28,408		657,361
HP, Inc.		42,002		623,310
NCR Corp.(a)		4,817		195,377
Samsung Electronics Co., Ltd.		160		238,130
				4,170,720
				37,751,729
REAL ESTATE–9.7%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.8%
LendLease Group		51,270		538,773
Mitsubishi Estate Co., Ltd.		8,000		158,917
Mitsui Fudosan Co., Ltd.		30,100		696,830
Sumitomo Realty & Development Co., Ltd.		16,000		424,757
UOL Group Ltd.		65,861		271,517
Wharf Holdings Ltd. (The)		46,000		304,703
				2,395,497
DIVERSIFIED REITs–1.2%
Armada Hoffler Properties, Inc.		16,720		243,610
Empire State Realty Trust, Inc.–Class A		20,510		414,097
Gecina SA		1,460		201,652
GPT Group (The)		78,470		284,496
Gramercy Property Trust		41,933		384,945
H&R Real Estate Investment Trust		11,960		199,267
Hankyu Reit, Inc.		68		85,002
Hulic Reit, Inc.		125		209,519
ICADE		3,300		235,199
Kenedix Office Investment Corp.–Class A		34		195,583
Liberty Property Trust		8,660		342,070
Merlin Properties Socimi SA		28,804		312,527
Premier Investment Corp.		144		170,233

9

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

Company	Shares		U.S. $ Value
Spirit Realty Capital, Inc.		24,530	$	266,396
Washington Real Estate Investment Trust		6,390		208,889
				3,753,485
HEALTH CARE REITs–0.4%
Assura PLC		125,490		88,608
HCP, Inc.		3,780		112,342
Healthcare Realty Trust, Inc.		4,960		150,387
Ventas, Inc.		10,660		666,463
Welltower, Inc.		1,640		109,765
				1,127,565
HOTEL & RESORT REITs–0.3%
Apple Hospitality REIT, Inc.		15,420		308,092
DiamondRock Hospitality Co.		25,180		290,325
Summit Hotel Properties, Inc.		10,920		175,048
				773,465
INDUSTRIAL REITs–0.7%
DCT Industrial Trust, Inc.		7,420		355,269
Goodman Group		62,170		319,282
LaSalle Logiport REIT		151		142,919
Mapletree Logistics Trust		148,400		104,376
Monmouth Real Estate Investment Corp.–Class A		16,190		246,735
Prologis, Inc.		5,720		301,959
Pure Industrial Real Estate Trust		37,490		156,086
Rexford Industrial Realty, Inc.		14,900		345,531
Segro PLC		42,950		242,926
				2,215,083
OFFICE REITs–1.4%
Alexandria Real Estate Equities, Inc.		3,600		400,068
Allied Properties Real Estate Investment Trust		7,776		208,206
alstria office REIT-AG(a)		15,708		196,584
Axiare Patrimonio SOCIMI SA		12,140		176,608
Boston Properties, Inc.		6,314		794,175
Brandywine Realty Trust		22,780		376,098
CapitaLand Commercial Trust		267,100		272,113
Columbia Property Trust, Inc.		9,850		212,760
Concentradora Hipotecaria SAPI de CV		104,000		117,146
Corporate Office Properties Trust		9,600		299,712
Derwent London PLC		8,800		299,972
Investa Office Fund		59,700		203,326
MCUBS MidCity Investment Corp.		44		126,839
Parkway, Inc.(a)		7,220		160,645
Workspace Group PLC		28,146		274,722
				4,118,974
REAL ESTATE DEVELOPMENT–0.3%
Cheung Kong Property Holdings Ltd.		106,500		650,394
Kaisa Group Holdings Ltd.(a)(b)(c)		409,000		9,230
Sino Land Co., Ltd.		120,000	$	178,926
				838,550
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.4%
Daito Trust Construction Co., Ltd.		3,600		541,216
Global Logistic Properties Ltd.		43,200		65,414
Vonovia SE		19,512		633,503
				1,240,133
REAL ESTATE OPERATING COMPANIES–0.5%
CA Immobilien Anlagen AG(a)		13,830		253,893
Fabege AB		16,590		270,477
Hongkong Land Holdings Ltd.		48,800		307,427
Inmobiliaria Colonial SA		23,107		159,915
Kungsleden AB		27,140		171,645
Parque Arauco SA		36,440		81,596
TLG Immobilien AG		4,640		87,350
UNITE Group PLC (The)		36,100		269,741
				1,602,044
RESIDENTIAL REITs–1.1%
Apartment Investment & Management Co.–Class A		7,750		352,237
AvalonBay Communities, Inc.		4,920		871,578
Education Realty Trust, Inc.		9,510		402,273
Independence Realty Trust, Inc.		26,640		237,629
Japan Rental Housing Investments, Inc.		236		158,388
Kenedix Residential Investment Corp.		62		168,068
Killam Apartment Real Estate Investment Trust		17,580		156,337
Mid-America Apartment Communities, Inc.		4,680		458,266
Milestone Apartments Real Estate Investment Trust		9,874		139,728
Sun Communities, Inc.		5,471		419,133
				3,363,637
RETAIL REITs–1.9%
Brixmor Property Group, Inc.		15,880		387,790
Federal Realty Investment Trust		3,680		522,965
Frontier Real Estate Investment Corp.		39		166,514
Fukuoka REIT Corp.		106		167,864
Kite Realty Group Trust		1,021		23,973
Klepierre		9,583		376,023
Link REIT		123,768		802,397
Mercialys SA		11,530		233,504
National Retail Properties, Inc.		11,040		487,968
Ramco-Gershenson Properties Trust		15,280		253,343
Realty Income Corp.		6,950		399,486
Scentre Group		93,729		313,756
Simon Property Group, Inc.		7,166		1,273,183
Taubman Centers, Inc.		5,340		394,786
				5,803,552

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SPECIALIZED REITs–0.7%
Big Yellow Group PLC		20,480	$	173,560
Digital Realty Trust, Inc.		4,660		457,891
Equinix, Inc.		610		218,020
Extra Space Storage, Inc.		7,920		611,741
National Storage Affiliates Trust		22,240		490,837
Public Storage		1,360		303,960
				2,256,009
				29,487,994
FINANCIALS–8.8%
BANKS–4.0%
Australia & New Zealand Banking Group Ltd.		16,340		357,702
Bank of America Corp.		97,358		2,151,612
Bank of Queensland Ltd.		26,881		229,726
BNP Paribas SA		7,660		487,466
BOC Hong Kong Holdings Ltd.		82,000		292,047
Citigroup, Inc.		14,051		835,051
Comerica, Inc.		7,529		512,800
Danske Bank A/S		9,315		281,814
DNB ASA		18,860		279,982
Erste Group Bank AG(a)		1,730		50,580
Fifth Third Bancorp		5,234		141,161
HSBC Holdings PLC		14,630		118,044
ING Groep NV		29,500		415,323
Intesa Sanpaolo SpA		58,480		148,138
Itau Unibanco Holding SA (Preference Shares)		9,250		95,940
JPMorgan Chase & Co.		21,489		1,854,286
KB Financial Group, Inc.(a)		2,780		98,244
KBC Group NV		4,210		260,127
Mitsubishi UFJ Financial Group, Inc.		64,700		399,026
PNC Financial Services Group, Inc. (The)		2,996		350,412
Sberbank of Russia PJSC (Sponsored ADR)(d)		13,994		162,051
SunTrust Banks, Inc.		2,924		160,381
US Bancorp		9,085		466,696
Wells Fargo & Co.		37,065		2,042,652
				12,191,261
CAPITAL MARKETS–1.1%
Amundi SA(e)		2,812		147,056
BlackRock, Inc.–Class A		990		376,735
Goldman Sachs Group, Inc. (The)		2,677		641,008
MarketAxess Holdings, Inc.		1,950		286,494
Morgan Stanley		8,180		345,605
Partners Group Holding AG		1,070		500,907
Thomson Reuters Corp.		2,453		107,392
UBS Group AG		46,732		730,676
				3,135,873
CONSUMER FINANCE–0.8%
Capital One Financial Corp.		8,373		730,461
Discover Financial Services		1,591		114,695
Hitachi Capital Corp.		7,700		189,072
OneMain Holdings, Inc.(a)		16,144	$	357,428
Synchrony Financial		29,534		1,071,198
				2,462,854
DIVERSIFIED FINANCIAL SERVICES–0.4%
Berkshire Hathaway, Inc.–Class B(a)		4,127		672,618
Challenger Ltd./Australia		17,370		140,348
GRENKE AG		1,382		216,568
ORIX Corp.		13,400		208,561
				1,238,095
INSURANCE–2.3%
Admiral Group PLC		16,479		370,597
AIA Group Ltd.		180,400		1,010,571
Allstate Corp. (The)		9,025		668,933
American International Group, Inc.		18,683		1,220,187
Cincinnati Financial Corp.		898		68,024
Dongbu Insurance Co., Ltd.(a)		2,000		103,544
First American Financial Corp.		11,689		428,168
FNF Group		18,112		615,084
Hartford Financial Services Group, Inc. (The)		2,784		132,658
Loews Corp.		1,598		74,834
MetLife, Inc.		2,945		158,706
Muenchener Rueckversicherungs–Gesellschaft AG in Muenchen (REG)		1,380		260,652
NN Group NV		4,772		161,544
Progressive Corp. (The)		10,660		378,430
Prudential Financial, Inc.		2,641		274,822
Prudential PLC		40,340		805,084
Suncorp Group Ltd.		16,440		160,078
Zurich Insurance Group AG(a)		510		140,158
				7,032,074
THRIFTS & MORTGAGE FINANCE–0.2%
Housing Development Finance Corp., Ltd.		25,590		474,138
				26,534,295
HEALTH CARE–8.3%
BIOTECHNOLOGY–1.6%
Alexion Pharmaceuticals, Inc.(a)		8,720		1,066,892
Biogen, Inc.(a)		7,482		2,121,745
Gilead Sciences, Inc.		18,929		1,355,506
Grifols SA (ADR)(d)		10,230		164,396
				4,708,539
HEALTH CARE EQUIPMENT & SUPPLIES–2.1%
Align Technology, Inc.(a)		4,715		453,253
Danaher Corp.		18,559		1,444,632
Edwards Lifesciences Corp.(a)		17,840		1,671,608
Essilor International SA		6,390		720,972
Intuitive Surgical, Inc.(a)		3,204		2,031,881
Sartorius AG (Preference Shares)		2,536		187,892
				6,510,238

11

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

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–1.8%
Aetna, Inc.		4,892	$	606,657
Cigna Corp.		5,410		721,640
McKesson Corp.		4,472		628,092
Premier, Inc.–Class A(a)		7,413		225,059
Quest Diagnostics, Inc.		3,584		329,369
Ramsay Health Care Ltd.		9,686		476,228
UnitedHealth Group, Inc.		13,521		2,163,901
VCA, Inc.(a)		3,500		240,275
				5,391,221
HEALTH CARE TECHNOLOGY–0.3%
Cerner Corp.(a)		19,510		924,189
LIFE SCIENCES TOOLS & SERVICES–0.4%
Eurofins Scientific SE		1,896		807,779
Mettler-Toledo International, Inc.(a)		1,019		426,513
				1,234,292
PHARMACEUTICALS–2.1%
Johnson & Johnson		12,637		1,455,909
Merck & Co., Inc.		9,059		533,303
Novartis AG		5,940		431,978
Pfizer, Inc.		20,828		676,493
Roche Holding AG		4,890		1,114,688
Sanofi		6,200		501,364
Shire PLC		15,840		904,452
Teva Pharmaceutical Industries Ltd.		1,680		60,492
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		20,071		727,574
				6,406,253
				25,174,732
CONSUMER DISCRETIONARY–7.3%
AUTO COMPONENTS–0.8%
Bridgestone Corp.		3,500		125,933
Cie Generale des Etablissements Michelin–Class B		1,210		134,502
Cie Plastic Omnium SA		2,603		83,014
Hankook Tire Co., Ltd.(a)		1,890		90,863
Lear Corp.		3,671		485,930
Magna International, Inc.–Class A		19,770		858,018
Sumitomo Electric Industries Ltd.		17,800		256,308
Valeo SA		8,880		509,781
				2,544,349
AUTOMOBILES–0.5%
General Motors Co.		9,402		327,566
Honda Motor Co., Ltd.		16,600		484,642
Isuzu Motors Ltd.		14,000		177,023
Nissan Motor Co., Ltd.		11,900		119,370
Peugeot SA(a)		22,210		361,738
Tata Motors Ltd.		9,046		62,408
Tata Motors Ltd.–Class A		17,440	$	76,313
				1,609,060
HOTELS, RESTAURANTS & LEISURE–0.9%
Chipotle Mexican Grill, Inc.–Class A(a)(d)		580		218,845
Elior Group(e)		8,820		201,487
Merlin Entertainments PLC(e)		20,239		111,729
Sodexo SA		2,771		318,148
Starbucks Corp.		31,300		1,737,776
				2,587,985
HOUSEHOLD DURABLES–0.1%
Panasonic Corp.		27,700		280,938
INTERNET & DIRECT MARKETING RETAIL–0.3%
Priceline Group, Inc. (The)(a)		620		908,957
LEISURE PRODUCTS–0.0%
Mattel, Inc.(d)		2,221		61,189
MEDIA–1.7%
AMC Networks, Inc.–Class A(a)		5,357		280,385
CBS Corp.–Class B		5,754		366,069
Comcast Corp.–Class A		25,671		1,772,582
CTS Eventim AG & Co. KGaA		18,948		596,677
Interpublic Group of Cos., Inc. (The)		5,263		123,207
Liberty Global PLC–Series C(a)		10,568		313,870
Naspers Ltd.–Class N		2,296		335,197
Regal Entertainment Group–Class A		14,456		297,794
Twenty-First Century Fox, Inc.–Class A		2,482		69,595
Walt Disney Co. (The)		7,958		829,383
				4,984,759
MULTILINE RETAIL–0.7%
Dollar General Corp.		5,804		429,902
Dollar Tree, Inc.(a)		15,700		1,211,726
JC Penney Co., Inc.(a)(d)		22,479		186,801
Target Corp.		3,136		226,513
				2,054,942
SPECIALTY RETAIL–1.5%
ABC-Mart, Inc.		6,200		350,745
Burlington Stores, Inc.(a)		4,262		361,204
Home Depot, Inc. (The)		17,721		2,376,032
Kingfisher PLC		28,530		122,918
O’Reilly Automotive, Inc.(a)		1,290		359,149
Ross Stores, Inc.		4,565		299,464
Ulta Salon Cosmetics & Fragrance, Inc.(a)		2,260		576,164
Yamada Denki Co., Ltd.		35,600		191,686
				4,637,362
TEXTILES, APPAREL & LUXURY GOODS–0.8%
HUGO BOSS AG		3,290		200,851
Kering		530		118,881

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
NIKE, Inc.–Class B		25,602	$	1,301,350
PVH Corp.		3,032		273,608
Samsonite International SA		140,700		400,513
				2,295,203
				21,964,744
CONSUMER STAPLES–4.3%
BEVERAGES–0.6%
Asahi Group Holdings Ltd.		3,200		100,752
Monster Beverage Corp.(a)		31,793		1,409,702
Pernod Ricard SA		1,900		205,618
				1,716,072
FOOD & STAPLES RETAILING–1.3%
Costco Wholesale Corp.		6,140		983,075
CVS Health Corp.		5,233		412,936
Koninklijke Ahold Delhaize NV		27,192		572,745
Kroger Co. (The)		25,785		889,840
Sugi Holdings Co., Ltd.		2,800		132,838
Tesco PLC(a)		71,420		182,107
Wal-Mart Stores, Inc.		8,246		569,964
Wesfarmers Ltd.		4,340		131,727
				3,875,232
FOOD PRODUCTS–0.4%
Archer-Daniels-Midland Co.		4,072		185,887
BRF SA		8,900		131,707
Ingredion, Inc.		1,309		163,572
Nestle SA (REG)		1,720		123,216
Orkla ASA		2,910		26,332
Tyson Foods, Inc.–Class A		5,154		317,899
WH Group Ltd.(e)		215,000		173,311
				1,121,924
HOUSEHOLD PRODUCTS–0.4%
Henkel AG & Co. KGaA (Preference Shares)		2,340		278,553
Procter & Gamble Co. (The)		6,644		558,628
Reckitt Benckiser Group PLC		5,680		481,141
				1,318,322
PERSONAL PRODUCTS–0.3%
Amorepacific Corp.(a)		410		108,972
LG Household & Health Care Ltd.(a)		150		106,424
Unilever PLC		18,048		729,858
				945,254
TOBACCO–1.3%
Altria Group, Inc.		9,268		626,702
British American Tobacco PLC		29,639		1,679,801
Imperial Brands PLC		7,990		348,208
Japan Tobacco, Inc.		23,400		768,073
Philip Morris International, Inc.		7,736		707,767
				4,130,551
				13,107,355
INDUSTRIALS–4.1%
AEROSPACE & DEFENSE–0.8%
Airbus Group SE		5,970	$	394,311
BAE Systems PLC		27,940		203,223
Hexcel Corp.		8,121		417,744
L3 Technologies, Inc.		6,067		922,851
United Technologies Corp.		4,091		448,455
				2,386,584
AIRLINES–0.6%
Delta Air Lines, Inc.		16,433		808,339
International Consolidated Airlines Group SA		45,380		245,887
Japan Airlines Co., Ltd.		10,500		306,398
Qantas Airways Ltd.		111,274		266,561
United Continental Holdings, Inc.(a)		2,002		145,906
				1,773,091
BUILDING PRODUCTS–0.3%
Allegion PLC		8,040		514,560
AO Smith Corp.		8,180		387,323
				901,883
COMMERCIAL SERVICES & SUPPLIES–0.3%
Babcock International Group PLC		65,455		767,748
IWG PLC		40,670		123,020
				890,768
CONSTRUCTION & ENGINEERING–0.1%
Quanta Services, Inc.(a)		5,685		198,122
ELECTRICAL EQUIPMENT–0.4%
Acuity Brands, Inc.		1,391		321,126
Eaton Corp. PLC		12,210		819,169
				1,140,295
INDUSTRIAL CONGLOMERATES–0.4%
General Electric Co.		11,787		372,469
Roper Technologies, Inc.		4,450		814,706
				1,187,175
MACHINERY–0.6%
Cummins, Inc.		942		128,743
Deere & Co.		1,406		144,874
IDEX Corp.		2,570		231,454
IHI Corp.(a)		94,000		243,451
Ingersoll-Rand PLC		5,017		376,476
Oshkosh Corp.		6,805		439,671
Parker-Hannifin Corp.		798		111,720
WABCO Holdings, Inc.(a)		2,420		256,883
				1,933,272
PROFESSIONAL SERVICES–0.2%
Teleperformance		6,879		689,660

13

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

Company	Shares		U.S. $ Value
ROAD & RAIL–0.1%
Central Japan Railway Co.		2,500	$	410,474
Union Pacific Corp.		998		103,472
				513,946
TRADING COMPANIES & DISTRIBUTORS–0.3%
BOC Aviation Ltd.(e)		37,400		183,233
Brenntag AG		7,140		395,762
United Rentals, Inc.(a)		3,291		347,464
				926,459
				12,541,255
ENERGY–3.8%
ENERGY EQUIPMENT & SERVICES–0.7%
Helmerich & Payne, Inc.		10,367		802,406
Petrofac Ltd.		16,500		176,576
Schlumberger Ltd.		15,240		1,279,398
				2,258,380
OIL, GAS & CONSUMABLE FUELS–3.1%
Canadian Natural Resources Ltd.		18,200		580,216
Canadian Natural Resources Ltd.		5,680		181,021
Chevron Corp.		2,545		299,546
Devon Energy Corp.		15,035		686,648
EOG Resources, Inc.		11,256		1,137,982
Exxon Mobil Corp.		14,684		1,325,378
Hess Corp.		10,872		677,217
JX Holdings, Inc.		83,700		353,667
QEP Resources, Inc.(a)		26,098		480,464
Royal Dutch Shell PLC–Class A		75,785		2,067,080
Southwestern Energy Co.(a)		12,543		135,715
TOTAL SA		19,960		1,023,790
Valero Energy Corp.		2,806		191,706
YPF SA (Sponsored ADR)		7,683		126,770
				9,267,200
				11,525,580
TELECOMMUNICATION SERVICES–1.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.1%
AT&T, Inc.		28,812		1,225,374
BT Group PLC		152,410		688,024
China Unicom Hong Kong Ltd.		104,000		120,365
Com Hem Holding AB		13,870		132,152
Nippon Telegraph & Telephone Corp.		16,300		686,151
TDC A/S(a)		54,880		281,335
Telenor ASA		6,120		91,352
				3,224,753
WIRELESS TELECOMMUNICATION SERVICES–0.5%
T-Mobile US, Inc.(a)		16,174	$	930,167
Tower Bersama Infrastructure Tbk PT		257,000		94,998
Vodafone Group PLC		201,913		496,883
				1,522,048
				4,746,801
UTILITIES–1.4%
ELECTRIC UTILITIES–1.0%
American Electric Power Co., Inc.		9,684		609,705
Edison International		11,008		792,466
EDP–Energias de Portugal SA		54,830		166,878
Enel SpA		40,691		178,865
Eversource Energy		1,154		63,735
Exelon Corp.		18,952		672,607
FirstEnergy Corp.		2,857		88,481
PG&E Corp.		2,966		180,244
Portland General Electric Co.		11,183		484,559
				3,237,540
MULTI-UTILITIES–0.3%
CMS Energy Corp.		1,661		69,131
DTE Energy Co.		1,111		109,445
NiSource, Inc.		22,229		492,150
Public Service Enterprise Group, Inc.		3,500		153,580
WEC Energy Group, Inc.		1,887		110,672
				934,978
WATER UTILITIES–0.1%
American Water Works Co., Inc.		1,065		77,063
Pennon Group PLC		12,940		131,700
				208,763
				4,381,281
MATERIALS–1.4%
CHEMICALS–0.7%
Air Water, Inc.		10,400		187,343
Arkema SA		3,136		306,546
CF Industries Holdings, Inc.		18,961		596,892
Covestro AG(e)		2,985		204,316
Johnson Matthey PLC		4,726		184,915
JSR Corp.		9,500		149,533
Koninklijke DSM NV		2,348		140,709
LyondellBasell Industries NV–Class A		1,149		98,561
Nippon Shokubai Co., Ltd.		2,200		137,010
Teijin Ltd.		7,600		153,563
				2,159,388
CONSTRUCTION MATERIALS–0.2%
Buzzi Unicem SpA		15,490		366,522
Fletcher Building Ltd.		19,030		139,828
				506,350

14

AB Variable Products Series Fund

Company	Shares			U.S. $ Value
METALS & MINING–0.4%
BHP Billiton PLC			49,740	$	792,010
Boliden AB			7,340		190,656
BlueScope Steel Ltd.			13,537		89,968
Gerdau SA (Preference Shares)			26,700		88,022
MMC Norilsk Nickel PJSC (ADR)			8,406		140,567
Newmont Mining Corp.			3,210		109,365
					1,410,588
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC			9,074		185,312
					4,261,638
TRANSPORTATION–0.1%
HIGHWAYS & RAILTRACKS–0.1%
Transurban Group			37,480		278,937
RAILROADS–0.0%
East Japan Railway Co.			2,000		172,438
					451,375
DIVERSIFIED FINANCIALS–0.1%
MORTGAGE REITs–0.1%
Blackstone Mortgage Trust, Inc.–Class A			5,480		164,784
CONSUMER SERVICES–0.1%
HOTELS, RESORTS & CRUISE LINES–0.1%
Wyndham Worldwide Corp.			2,020		154,267
Total Common Stocks (cost $162,549,681)					192,247,830
	Principal Amount (000)
CORPORATES–INVESTMENT GRADE–9.3%
INDUSTRIAL–6.2%
BASIC–0.4%
Barrick Gold Corp. 4.10%, 5/01/23		U.S.$	40		41,034
Dow Chemical Co. (The) 4.125%, 11/15/21			165		174,344
Eastman Chemical Co. 3.80%, 3/15/25			84		84,713
Glencore Funding LLC 4.125%, 5/30/23(e)			126		126,799
LyondellBasell Industries NV 5.75%, 4/15/24			200		228,885
Minsur SA 6.25%, 2/07/24(e)			168		176,293
Mosaic Co. (The) 5.625%, 11/15/43			96		92,515
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(e)		U.S.$	237	$	224,261
Vale Overseas Ltd. 6.875%, 11/21/36			65		64,025
					1,212,869
CAPITAL GOODS–0.1%
General Electric Co. Series D 5.00%, 1/21/21(f)			68		70,564
Yamana Gold, Inc. 4.95%, 7/15/24			142		139,160
					209,724
COMMUNICATIONS– MEDIA–0.8%
CBS Corp. 5.75%, 4/15/20			250		275,761
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			165		173,898
Comcast Corp. 5.15%, 3/01/20			451		492,300
Cox Communications, Inc. 2.95%, 6/30/23(e)			91		85,639
Discovery Communications LLC 3.45%, 3/15/25			176		168,000
RELX Capital, Inc. 8.625%, 1/15/19			435		488,846
S&P Global, Inc. 4.40%, 2/15/26			226		239,075
Time Warner Cable LLC 4.125%, 2/15/21			165		170,584
4.50%, 9/15/42			85		76,981
Time Warner, Inc. 4.70%, 1/15/21			123		131,472
Viacom, Inc. 4.375%, 3/15/43			23		18,321
5.625%, 9/15/19			83		89,293
					2,410,170
COMMUNICATIONS– TELECOMMUNICATIONS–0.8%
American Tower Corp. 5.05%, 9/01/20			380		407,785
AT&T, Inc. 3.40%, 5/15/25			475		457,816
3.80%, 3/15/22			75		76,885
4.75%, 5/15/46			109		103,269
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	46		36,914
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.36%, 9/20/21(e)		U.S.$	225		224,865

15

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

	Principal Amount (000)			U.S. $ Value
Telefonica Emisiones SAU 5.462%, 2/16/21		U.S.$	185	$	201,663
Verizon Communications, Inc. 3.50%, 11/01/24			778		775,504
4.862%, 8/21/46			134		135,781
					2,420,482
CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
Ford Motor Credit Co. LLC 5.875%, 8/02/21			915		1,010,497
General Motors Co. 3.50%, 10/02/18			130		132,587
General Motors Financial Co., Inc. 4.00%, 1/15/25			41		40,001
4.30%, 7/13/25			50		49,600
					1,232,685
CONSUMER CYCLICAL–RETAILERS–0.2%
CVS Health Corp. 3.875%, 7/20/25			222		229,015
Kohl’s Corp. 5.55%, 7/17/45			170		162,348
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24			211		214,751
					606,114
CONSUMER NON-CYCLICAL–1.4%
AbbVie, Inc. 3.60%, 5/14/25			166		164,421
Actavis Funding SCS 3.80%, 3/15/25			282		282,332
3.85%, 6/15/24			89		89,794
Agilent Technologies, Inc. 5.00%, 7/15/20			71		76,615
AstraZeneca PLC 6.45%, 9/15/37			90		116,432
Baxalta, Inc. 5.25%, 6/23/45			130		138,764
Bayer US Finance LLC 3.375%, 10/08/24(e)			321		319,392
Becton Dickinson and Co. 3.734%, 12/15/24			66		67,493
Biogen, Inc. 4.05%, 9/15/25			251		258,421
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			155		177,576
Celgene Corp. 3.875%, 8/15/25			280		284,007
Grupo Bimbo SAB de CV 3.875%, 6/27/24(e)			339		337,256
Laboratory Corp. of America Holdings 3.60%, 2/01/25			100		99,562
Medtronic, Inc. 3.50%, 3/15/25			320		329,508
Mylan NV 3.95%, 6/15/26(e)			68		63,638
Newell Brands, Inc. 3.15%, 4/01/21		U.S.$	280	$	284,955
3.85%, 4/01/23			50		51,865
Perrigo Finance Unlimited Co. 3.50%, 12/15/21			300		302,407
Reynolds American, Inc. 5.85%, 8/15/45			79		93,546
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23			211		199,731
3.15%, 10/01/26			146		134,601
Tyson Foods, Inc. 2.65%, 8/15/19			64		64,610
3.95%, 8/15/24			206		209,872
					4,146,798
ENERGY–1.4%
Encana Corp. 3.90%, 11/15/21			140		141,005
Energy Transfer Partners LP 7.50%, 7/01/38			248		287,548
EnLink Midstream Partners LP 5.05%, 4/01/45			215		194,909
Enterprise Products Operating LLC 3.70%, 2/15/26			278		279,008
5.20%, 9/01/20			185		201,993
Halliburton Co. 5.00%, 11/15/45			295		318,141
Hess Corp. 4.30%, 4/01/27			199		198,089
Kinder Morgan Energy Partners LP 2.65%, 2/01/19			302		303,589
Kinder Morgan, Inc./DE 5.00%, 2/15/21(e)			250		266,294
Marathon Petroleum Corp. 5.125%, 3/01/21			163		177,942
Nabors Industries, Inc. 5.50%, 1/15/23(e)			212		220,745
Noble Energy, Inc. 3.90%, 11/15/24			170		171,296
8.25%, 3/01/19			374		420,116
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			232		222,141
Schlumberger Holdings Corp. 3.625%, 12/21/22(e)			295		305,765
TransCanada PipeLines Ltd. 6.35%, 5/15/67			120		99,900
Valero Energy Corp. 6.125%, 2/01/20			175		193,153
Williams Partners LP 4.125%, 11/15/20			155		161,146
					4,162,780
SERVICES–0.0%
eBay, Inc. 3.80%, 3/09/22			75		77,485

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
TECHNOLOGY–0.7%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 4.42%, 6/15/21(e)		U.S.$	280	$	289,729
Fidelity National Information Services, Inc. 3.50%, 4/15/23			39		39,497
5.00%, 10/15/25			3		3,267
Hewlett Packard Enterprise Co. 4.90%, 10/15/25			300		308,644
HP, Inc. 4.65%, 12/09/21			114		121,683
KLA-Tencor Corp. 4.65%, 11/01/24			225		238,188
Lam Research Corp. 2.80%, 6/15/21			71		70,617
Motorola Solutions, Inc. 3.50%, 3/01/23			150		147,847
7.50%, 5/15/25			33		39,308
Seagate HDD Cayman 4.75%, 1/01/25			127		120,992
Tencent Holdings Ltd. 3.375%, 5/02/19(e)			335		342,563
Total System Services, Inc. 2.375%, 6/01/18			141		141,584
3.75%, 6/01/23			139		138,054
Western Digital Corp. 7.375%, 4/01/23(e)			156		171,600
					2,173,573
					18,652,680
FINANCIAL INSTITUTIONS–2.8%
BANKING–2.4%
Barclays Bank PLC 6.625%, 3/30/22(e)		EUR	84		108,299
Barclays PLC 3.65%, 3/16/25		U.S.$	270		261,042
BNP Paribas SA 2.25%, 1/11/27(e)		EUR	195		199,428
Citigroup, Inc. 3.875%, 3/26/25		U.S.$	235		233,085
Compass Bank 5.50%, 4/01/20			314		329,031
Cooperatieve Rabobank UA 4.375%, 8/04/25			320		328,361
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23			385		384,576
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			208		202,124
3.75%, 5/22/25			186		186,484
5.75%, 1/24/22			335		376,612
Series D 6.00%, 6/15/20			217		240,640
Lloyds Banking Group PLC 3.10%, 7/06/21			395		400,310
4.65%, 3/24/26			200		202,578
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26		U.S.$	272	$	279,411
Morgan Stanley 5.625%, 9/23/19			168		182,105
Series G 5.50%, 7/24/20			189		206,994
Murray Street Investment Trust I 4.647%, 3/09/17			44		44,229
Nationwide Building Society 4.00%, 9/14/26(e)			290		276,032
6.25%, 2/25/20(e)			465		517,984
PNC Bank NA 3.80%, 7/25/23			685		706,275
Santander Issuances SAU 3.25%, 4/04/26(e)		EUR	200		214,669
Santander UK Group Holdings PLC 2.875%, 8/05/21		U.S.$	226		223,641
Santander UK PLC 5.00%, 11/07/23(e)			200		203,465
Societe Generale SA 4.25%, 8/19/26(e)			215		207,663
UBS AG/Stamford CT 7.625%, 8/17/22			380		430,825
UBS Group Funding Jersey Ltd. 4.125%, 9/24/25(e)			305		309,757
					7,255,620
FINANCE–0.1%
AerCap Aviation Solutions BV 6.375%, 5/30/17			200		203,550
Aviation Capital Group Corp. 7.125%, 10/15/20(e)			173		200,259
International Lease Finance Corp. 5.875%, 4/01/19			93		98,764
					502,573
INSURANCE–0.2%
American International Group, Inc. 4.875%, 6/01/22			155		169,380
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20			38		41,493
Lincoln National Corp. 8.75%, 7/01/19			31		35,668
MetLife, Inc. 10.75%, 8/01/39			70		107,450
XLIT Ltd. 6.375%, 11/15/24			157		183,251
					537,242
REITS–0.1%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			10		9,817

17

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

	Principal Amount (000)			U.S. $ Value
Welltower, Inc. 4.00%, 6/01/25		U.S.$	325	$	332,147
					341,964
					8,637,399
UTILITY–0.3%
ELECTRIC–0.3%
CMS Energy Corp. 5.05%, 3/15/22			155		169,799
Constellation Energy Group, Inc. 5.15%, 12/01/20			89		96,215
Entergy Corp. 4.00%, 7/15/22			223		233,186
Exelon Corp. 5.10%, 6/15/45			125		132,875
Exelon Generation Co. LLC 4.25%, 6/15/22			128		132,488
Pacific Gas & Electric Co. 6.05%, 3/01/34			38		47,556
					812,119
Total Corporates–Investment Grade (cost $27,449,568)					28,102,198
MORTGAGE PASS-THROUGHS–7.7%
AGENCY FIXED RATE 30-YEAR–6.8%
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 1/01/35			222		248,693
Series 2007 5.50%, 7/01/35			23		25,894
Federal National Mortgage Association 3.00%, 5/01/45			1,313		1,308,044
3.50%, 9/01/45–6/01/46			6,232		6,393,565
4.00%, 1/01/45–11/01/46			3,404		3,593,492
4.50%, 1/25/47, TBA			4,643		4,991,225
5.00%, 12/01/39			130		142,712
Series 2004 5.50%, 2/01/34–11/01/34			83		92,636
Series 2007 5.50%, 1/01/37–8/01/37			304		341,190
Series 2008 5.50%, 8/01/37			144		161,316
Series AS6516 4.00%, 1/01/46			807		848,678
Government National Mortgage Association 3.00%, 1/01/47, TBA			510		516,534
3.50%, 1/01/47, TBA			1,635		1,700,145
					20,364,124
AGENCY FIXED RATE 15-YEAR–0.9%
Federal National Mortgage Association 2.50%, 1/01/32, TBA			1,835		1,839,157
3.50%, 10/01/25–1/12/30		U.S.$	910	$	953,134
					2,792,291
Total Mortgage Pass-Throughs (cost $23,304,329)					23,156,415
ASSET-BACKED SECURITIES–3.6%
AUTOS–FIXED RATE–2.0%
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			454		453,693
AmeriCredit Automobile Receivables Trust Series 2014-1, Class A3 0.90%, 2/08/19			33		33,084
Americredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20			226		225,637
ARI Fleet Lease Trust Series 2014-A, Class A2 0.81%, 11/15/22(e)			12		11,622
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			187		187,220
Series 2015-2, Class A3 1.31%, 8/15/19			170		170,178
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19			80		80,180
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(e)			179		179,314
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(e)			66		65,820
Series 2014-B, Class A 1.11%, 11/15/18(e)			19		18,922
Drive Auto Receivables Trust Series 2016-BA, Class A2 1.38%, 8/15/18(e)			106		106,000
Series 2016-CA, Class A3 1.67%, 11/15/19(e)			161		160,796
Enterprise Fleet Financing LLC Series 2014-1, Class A2 0.87%, 9/20/19(e)			10		9,557
Series 2014-2, Class A2 1.05%, 3/20/20(e)			86		85,559
Series 2015-1, Class A2 1.30%, 9/20/20(e)			223		222,986
Exeter Automobile Receivables Trust Series 2016-1A, Class D 8.20%, 2/15/23(e)			140		146,685
Series 2016-3A, Class A 1.84%, 11/16/20(e)			109		108,692

18

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21		U.S.$	268	$	268,257
First Investors Auto Owner Trust Series 2016-2A, Class A1 1.53%, 11/16/20(e)			177		176,639
Flagship Credit Auto Trust Series 2016-3, Class A1 1.61%, 12/15/19(e)			272		271,175
Series 2016-4, Class A2 1.96%, 2/15/21(e)			110		109,518
Series 2016-4, Class D 3.89%, 11/15/22(e)			100		98,385
Ford Credit Auto Owner Trust Series 2012-D, Class B 1.01%, 5/15/18			104		104,191
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			322		324,159
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18			412		412,908
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(e)			221		221,111
Series 2016-1, Class A1 1.96%, 5/17/21(e)			280		278,598
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			126		126,120
Hertz Vehicle Financing II LP Series 2015-2A, Class A 2.02%, 9/25/19(e)			180		178,073
Hertz Vehicle Financing LLC Series 2013-1A, Class B2 2.48%, 8/25/19(e)			192		188,523
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40%, 11/15/18(e)			213		213,230
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18			223		223,249
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18			370		370,310
Santander Drive Auto Receivables Trust Series 2015-4,Class A2A 1.20%, 12/17/18			12		11,767
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(e)			74		74,154
Series 2016-2A, Class A2 1.57%, 6/17/19(e)		U.S.$	161	$	161,140
					6,077,452
OTHER ABS–FIXED RATE–0.5%
Ascentium Equipment Receivables Trust Series 2016-1A, Class A2 1.75%, 11/13/18(e)			83		82,997
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21			210		210,436
Series 2015-A, Class A4 1.85%, 4/15/21			227		227,368
Dell Equipment Finance Trust Series 2015-1, Class A3 1.30%, 3/23/20(e)			173		173,039
Series 2015-2, Class A2A 1.42%, 12/22/17(e)			94		93,587
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(e)			81		80,874
SBA Tower Trust 3.156%, 10/15/20(e)			251		252,406
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(e)			116		116,034
Series 2016-3, Class A 3.05%, 12/26/25(e)			164		163,578
Taco Bell Funding LLC Series 2016-1A, Class A2I 3.832%, 5/25/46(e)			155		155,173
					1,555,492
AUTOS–FLOATING RATE–0.5%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.204% (LIBOR 1 Month + 0.50%), 7/15/20(e)(g)			378		378,000
Hertz Fleet Lease Funding LP Series 2013-3, Class A 1.214% (LIBOR 1 Month + 0.55%), 12/10/27(e)(g)			41		40,736
NCF Dealer Floorplan Master Trust Series 2014-1A, Class A 2.239% (LIBOR 1 Month + 1.50%), 10/20/20(e)(g)			320		320,000
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 0.912% (LIBOR 1 Month + 0.35%), 7/22/19(e)(g)			120		119,895
Wells Fargo Dealer Floorplan Master Note Trust Series 2014-1, Class A 1.119% (LIBOR 1 Month + 0.38%), 7/20/19(g)			203		203,021

19

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

	Principal Amount (000)			U.S. $ Value
Series 2015-1, Class A 1.239% (LIBOR 1 Month + 0.50%), 1/20/20(g)		U.S.$	384	$	384,583
					1,446,235
CREDIT CARDS–FIXED RATE–0.4%
American Express Credit Account Master Trust Series 2014-2, Class A 1.26%, 1/15/20			141		141,097
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41%, 7/15/22			326		329,615
Series 2015-2, Class A 1.56%, 3/15/21			214		213,975
Chase Issuance Trust Series 2014-A1, Class A1 1.15%, 1/15/19			270		270,001
World Financial Network Credit Card Master Trust Series 2013-A, Class A 1.61%, 12/15/21			246		246,354
					1,201,042
CREDIT CARDS–FLOATING RATE–0.2%
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.054% (LIBOR 1 Month + 0.35%), 8/17/20(g)			240		240,362
World Financial Network Credit Card Master Trust Series 2015-A, Class A 1.184% (LIBOR 1 Month + 0.48%), 2/15/22(g)			256		256,494
					496,856
HOME EQUITY LOANS–FIXED RATE–0.0%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33			60		59,956
Total Asset-Backed Securities (cost $10,815,751)					10,837,033
COMMERCIAL MORTGAGE-BACKED SECURITIES–3.5%
NON-AGENCY FIXED RATE CMBS–2.9%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51			150		152,411
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41			19		19,432
BHMS Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(e)		U.S.$	335	$	338,306
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(e)			495		506,435
Citigroup Commercial Mortgage Trust Series 2012-GC8, Class D 4.876%, 9/10/45(e)			169		157,784
Series 2015-GC27, Class A5 3.137%, 2/10/48			246		245,755
COBALT CMBS Commercial Mortgage Trust Series 2007-C3, Class A4 5.761%, 5/15/46			234		236,972
Commercial Mortgage Loan Trust Series 2008-LS1, Class A1A 6.095%, 12/10/49			925		948,496
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(e)			169		165,640
Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class AM 5.687%, 6/15/39			155		156,772
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48			343		357,663
Series 2015-C4, Class A4 3.808%, 11/15/48			260		270,735
DBUBS Mortgage Trust Series 2011-LC1A, Class E 5.685%, 11/10/46(e)			130		136,088
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(e)			453		458,419
GS Mortgage Securities Trust Series 2007-GG10, Class A4 5.793%, 8/10/45			184		184,931
Series 2013-G1, Class A2 3.557%, 4/10/31(e)			276		274,353
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2004-LN2, Class A1A 4.838%, 7/15/41(e)			107		107,069
Series 2006-LDP9, Class AM 5.372%, 5/15/47			102		101,662
Series 2007-CB19, Class AM 5.713%, 2/12/49			175		176,692
Series 2007-LD12, Class AM 6.039%, 2/15/51			280		286,453
Series 2007-LDPX, Class A1A 5.439%, 1/15/49			136		136,010

20

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2011-C5, Class D 5.408%, 8/15/46(e)		U.S.$	100	$	100,539
Series 2012-C6, Class E 5.142%, 5/15/45(e)			119		110,480
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class A3 3.801%, 8/15/48			368		382,921
Series 2015-C32, Class C 4.668%, 11/15/48			195		177,247
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			82		73,721
Series 2007-C1, Class AM 5.455%, 2/15/40			100		100,074
LSTAR Commercial Mortgage Trust Series 2014-2, Class A2 2.767%, 1/20/41(e)			115		115,221
Series 2015-3, Class A2 2.729%, 4/20/48(e)			251		250,675
Series 2016-4, Class A2 2.579%, 3/10/49(e)			161		155,537
Morgan Stanley Capital I Trust Series 2005-IQ9, Class D 5.00%, 7/15/56			112		112,957
SG Commercial Mortgage Securities Trust Series 2016-C5, Class A4 3.055%, 10/10/48			218		211,747
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A4 3.091%, 8/10/49			86		87,675
Series 2012-C4, Class A5 2.85%, 12/10/45			168		169,404
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1, Class E 6.063%, 1/10/45(e)			81		86,399
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45			11		10,998
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.471%, 12/15/47			197		192,287
Series 2016-NXS6, Class C 4.452%, 11/15/49			180		169,692
WF-RBS Commercial Mortgage Trust Series 2012-C9, Class D 4.80%, 11/15/45(e)			118		112,678
Series 2013-C14, Class A5 3.337%, 6/15/46			456		468,192
Series 2014-C20, Class A2 3.036%, 5/15/47			206		211,099
					8,717,621
NON-AGENCY FLOATING RATE CMBS–0.6%
CGBAM Commercial Mortgage Trust Series 2016-IMC, Class A 2.438% (LIBOR 1 Month + 1.90%), 11/15/21(e)(g)		U.S.$	112	$	112,445
Series 2016-IMC, Class C 4.654% (LIBOR 1 Month + 3.95%), 11/15/21(e)(g)			113		113,083
CSMC Mortgage-Backed Trust Series 2016-MFF, Class D 4.60% (LIBOR 1 Month + 4.60%), 11/15/33(e)(g)			110		110,009
H/2 Asset Funding NRE Series 2015-1A 2.406% (LIBOR 1 Month + 1.65%), 6/24/49(g)(h)			246		244,635
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class A 1.624% (LIBOR 1 Month + 0.92%), 6/15/29(e)(g)			339		338,517
Series 2015-SGP, Class A 2.404% (LIBOR 1 Month + 1.70%), 7/15/36(e)(g)			304		305,604
Morgan Stanley Capital I Trust Series 2015-XLF2, Class AFSA 2.574% (LIBOR 1 Month + 1.87%), 8/15/26(e)(g)			119		118,547
Series 2015-XLF2, Class SNMA 2.654% (LIBOR 1 Month + 1.95%), 11/15/26(e)(g)			119		119,406
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.754% (LIBOR 1 Month + 1.05%), 4/15/32(e)(g)			74		73,998
Starwood Retail Property Trust Series 2014-STAR, Class A 1.924% (LIBOR 1 Month + 1.22%), 11/15/27(e)(g)			378		374,337
					1,910,581
Total Commercial Mortgage-Backed Securities (cost $10,898,395)					10,628,202
INFLATION-LINKED SECURITIES–2.5%
UNITED STATES–2.5%
U.S. Treasury Inflation Index 0.125%, 4/15/18–4/15/19 (TIPS)			5,281		5,344,862

21

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

	Principal Amount (000)			U.S. $ Value
0.25%, 1/15/25 (TIPS)		U.S.$	1,139	$	1,120,111
0.375%, 7/15/25 (TIPS)			1,243		1,235,765
Total Inflation-Linked Securities (cost $7,719,882)					7,700,738
COLLATERALIZED MORTGAGE OBLIGATIONS–2.5%
RISK SHARE FLOATING RATE–1.5%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 7.256% (LIBOR 1 Month + 6.50%), 4/25/26(g)(h)			170		172,609
Bellemeade Re Ltd. Series 2015-1A, Class M1 3.256% (LIBOR 1 Month + 2.50%), 7/25/25(g)(h)			7		7,049
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.756% (LIBOR 1 Month + 4.00%), 8/25/24(g)			330		344,429
Series 2014-DN4, Class M3 5.306% (LIBOR 1 Month + 4.55%), 10/25/24(g)			250		267,494
Series 2014-HQ3, Class M3 5.506% (LIBOR 1 Month + 4.75%), 10/25/24(g)			250		271,022
Series 2015-DNA3, Class M3 5.456% (LIBOR 1 Month + 4.70%), 4/25/28(g)			250		269,313
Series 2015-HQA2, Class M3 5.556% (LIBOR 1 Month + 4.80%), 5/25/28(g)			250		268,549
Series 2016-DNA1, Class M3 6.306% (LIBOR 1 Month + 5.55%), 7/25/28(g)			250		278,364
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M1 1.956% (LIBOR 1 Month + 1.20%), 7/25/24(g)			36		35,616
Series 2014-C04, Class 1M2 5.656% (LIBOR 1 Month + 4.90%), 11/25/24(g)			180		196,608
Series 2014-C04, Class 2M2 5.756% (LIBOR 1 Month + 5.00%), 11/25/24(g)			75		81,276
Series 2015-C01, Class 1M2 5.056% (LIBOR 1 Month + 4.30%), 2/25/25(g)			153		161,264
Series 2015-C01, Class 2M2 5.306% (LIBOR 1 Month + 4.55%), 2/25/25(g)			160		169,062
Series 2015-C02, Class 1M2 4.756% (LIBOR 1 Month + 4.00%), 5/25/25(g)		U.S.$	199	$	207,575
Series 2015-C02, Class 2M2 4.756% (LIBOR 1 Month + 4.00%), 5/25/25(g)			185		193,069
Series 2015-C03, Class 1M1 2.256% (LIBOR 1 Month + 1.50%), 7/25/25(g)			29		28,942
Series 2015-C03, Class 1M2 5.756% (LIBOR 1 Month + 5.00%), 7/25/25(g)			90		97,023
Series 2015-C03, Class 2M2 5.756% (LIBOR 1 Month + 5.00%), 7/25/25(g)			244		262,032
Series 2015-C04, Class 1M2 6.456% (LIBOR 1 Month + 5.70%), 4/25/28(g)			74		82,042
Series 2015-C04, Class 2M2 6.306% (LIBOR 1 Month + 5.55%), 4/25/28(g)			117		127,774
Series 2016-C01, Class 1M2 7.506% (LIBOR 1 Month + 6.75%), 8/25/28(g)			204		236,842
Series 2016-C01, Class 2M2 7.706% (LIBOR 1 Month + 6.95%), 8/25/28(g)			159		182,752
Series 2016-C03, Class 1M2 6.056% (LIBOR 1 Month + 5.30%), 10/25/28(g)			46		50,289
Series 2016-C03, Class 2M2 6.656% (LIBOR 1 Month + 5.90%), 10/25/28(g)			145		160,459
Series 2016-C05, Class 2M2 5.206% (LIBOR 1 Month + 4.45%), 1/25/29(g)			76		78,969
Series 2016-C06, Class 1M2 5.006% (LIBOR 1 Month + 4.25%), 4/25/29(g)			61		62,895
Series 2016-C07, Class 2M2 5.106% (LIBOR 1 Month + 4.35%), 4/25/29(g)			72		73,495
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.006% (LIBOR 1 Month + 4.25%), 11/25/24(g)(h)			36		35,811
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.006% (LIBOR 1 Month + 5.25%), 11/25/25(g)(h)			144		144,450
Series 2015-WF1, Class 2M2 6.256% (LIBOR 1 Month + 5.50%), 11/25/25(g)(h)			41		40,524
					4,587,598

22

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
NON-AGENCY FIXED RATE–0.4%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35		U.S.$	37	$	34,238
Series 2005-57CB, Class 4A3 5.50%, 12/25/35			85		72,392
Series 2006-23CB, Class 1A7 6.00%, 8/25/36			61		57,532
Series 2006-24CB, Class A16 5.75%, 6/25/36			153		131,332
Series 2006-28CB, Class A14 6.25%, 10/25/36			107		87,058
Series 2006-J1, Class 1A13 5.50%, 2/25/36			90		78,868
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			48		39,772
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 2.967%, 5/25/35			19		17,570
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			80		68,108
Series 2006-13, Class 1A19 6.25%, 9/25/36			42		36,087
Series 2007-HYB2, Class 3A1 3.141%, 2/25/47			217		178,230
Credit Suisse Mortgage Trust Series 2010-6R, Class 3A2 5.875%, 1/26/38(e)			155		126,723
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36			168		136,447
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37			68		60,142
RBSSP Resecuritization Trust Series 2009-7, Class 10A3 6.00%, 8/26/37(e)			204		175,955
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37			50		49,529
					1,349,983
AGENCY FLOATING RATE–0.3%
Federal National Mortgage Association REMICs Series 2011-15, Class SA 6.304% (7.06%–LIBOR 1 Month), 3/25/41(g)(i)			590		132,820
Series 2015-66, Class AS 5.494% (6.25%–LIBOR 1 Month), 9/25/45(g)(i)			761		130,667
Series 2016-11, Class SG 5.394% (6.15%–LIBOR 1 Month), 3/25/46(g)(i)		U.S.$	825	$	140,699
Series 2016-22, Class ST 5.344% (6.10%–LIBOR 1 Month), 4/25/46(g)(i)			759		125,632
Series 2016-79, Class JS 5.294% (6.05%–LIBOR 1 Month), 11/25/46(g)(i)			589		129,022
Government National Mortgage Association Series 2016-108, Class SM 5.361% (6.10%–LIBOR 1 Month), 8/20/46(g)(i)			640		159,222
Series 2016-37, Class DS 5.361% (6.10%–LIBOR 1 Month), 3/20/46(g)(i)			474		102,516
					920,578
NON-AGENCY FLOATING RATE–0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.946% (LIBOR 1 Month + 0.19%), 12/25/36(g)			341		211,818
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.006% (LIBOR 1 Month + 0.25%), 3/25/35(g)			138		116,312
RBSSP Resecuritization Trust Series 2010-9, Class 7A6 6.196%, 5/26/37(e)(j)			190		140,487
					468,617
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association REMICs Series 2015-33, Class AI 5.00%, 6/25/45(k)			790		155,434
Total Collateralized Mortgage Obligations (cost $7,291,328)					7,482,210
GOVERNMENTS–TREASURIES–2.1%
UNITED STATES–2.1%
U.S. Treasury Bonds 2.25%, 8/15/46			108		90,809
2.75%, 8/15/42			280		264,523
3.00%, 5/15/45			533		525,796
3.125%, 2/15/43–8/15/44			575		582,399
3.375%, 5/15/44			234		248,035
4.375%, 2/15/38			1,027		1,276,705
4.75%, 2/15/37			110		143,167
6.25%, 5/15/30			149		210,511
U.S. Treasury Notes 0.625%, 5/31/17			1,785		1,785,339
1.50%, 8/15/26			504		463,634

23

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

	Principal Amount (000)			U.S. $ Value
2.00%, 11/15/26		U.S.$	865	$	832,066
Total Governments–Treasuries (cost $6,564,167)					6,422,984
CORPORATES–NON-INVESTMENT GRADE–1.5%
INDUSTRIAL–0.8%
CAPITAL GOODS–0.0%
SPX FLOW, Inc. 5.625%, 8/15/24(e)			37		37,277
5.875%, 8/15/26(e)			37		37,000
					74,277
COMMUNICATIONS–MEDIA–0.0%
CSC Holdings LLC 6.75%, 11/15/21			45		48,375
COMMUNICATIONS– TELECOMMUNICATIONS–0.3%
CenturyLink, Inc. Series S 6.45%, 6/15/21			85		89,463
Series Y 7.50%, 4/01/24			75		78,750
SFR Group SA 5.375%, 5/15/22(e)		EUR	195		215,017
Sprint Capital Corp. 6.90%, 5/01/19		U.S.$	370		391,737
					774,967
CONSUMER CYCLICAL–AUTOMOTIVE–0.1%
Allison Transmission, Inc. 5.00%, 10/01/24(e)			170		171,700
CONSUMER CYCLICAL–OTHER–0.1%
International Game Technology PLC 6.25%, 2/15/22(e)			200		214,500
KB Home 4.75%, 5/15/19			107		109,140
					323,640
CONSUMER CYCLICAL– RETAILERS–0.0%
Hanesbrands, Inc. 4.625%, 5/15/24(e)			70		67,900
CONSUMER NON-CYCLICAL–0.1%
HCA, Inc. 4.50%, 2/15/27			19		18,668
5.25%, 6/15/26			32		33,080
Lamb Weston Holdings, Inc. 4.625%, 11/01/24(e)			29		29,072
4.875%, 11/01/26(e)			29		28,692
Valeant Pharmaceuticals International, Inc. 6.125%, 4/15/25(e)			135		101,419
					210,931
ENERGY–0.1%
Cenovus Energy, Inc. 3.00%, 8/15/22		U.S.$	17	$	16,435
5.70%, 10/15/19			59		63,115
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25(e)			72		73,462
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			111		78,847
Sabine Pass Liquefaction LLC 5.00%, 3/15/27(e)			146		147,277
SM Energy Co. 6.50%, 1/01/23			14		14,228
					393,364
TECHNOLOGY–0.1%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24(e)			117		129,891
TRANSPORTATION– SERVICES–0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(e)			94		87,655
					2,282,700
FINANCIAL INSTITUTIONS–0.7%
BANKING–0.6%
Bank of America Corp. Series Z 6.50%, 10/23/24(f)			79		82,555
Barclays Bank PLC 6.86%, 6/15/32(e)(f)			44		49,500
7.625%, 11/21/22			239		262,302
7.75%, 4/10/23			305		320,677
Credit Agricole SA 8.125%, 12/23/25(e)(f)			205		215,763
Intesa Sanpaolo SpA 5.017%, 6/26/24(e)			339		313,299
Royal Bank of Scotland Group PLC 8.625%, 8/15/21(f)			200		204,000
Series U 7.64%, 9/30/17(f)			200		185,500
Royal Bank of Scotland PLC (The) 9.50%, 3/16/22(e)			61		61,943
Societe Generale SA 5.922%, 4/05/17(e)(f)			100		99,145
Standard Chartered PLC 6.409%, 1/30/27(e)(f)			200		153,000
					1,947,684
FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21			170		179,775
					2,127,459

24

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
NON CORPORATE SECTORS–0.0%
AGENCIES–NOT GOVERNMENT GUARANTEED–0.0%
NOVA Chemicals Corp. 5.25%, 8/01/23(e)		U.S.$	125	$	126,250
Total Corporates–Non-Investment Grade (cost $4,643,076)					4,536,409
EMERGING MARKETS– TREASURIES–0.4%
BRAZIL–0.4%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/17–1/01/27 (cost $1,368,739)		BRL	4,600		1,342,041
GOVERNMENTS–SOVEREIGN AGENCIES–0.3%
BRAZIL–0.1%
Petrobras Global Finance BV 5.75%, 1/20/20		U.S.$	253		256,162
COLOMBIA–0.0%
Ecopetrol SA 5.875%, 5/28/45			94		81,663
ISRAEL–0.1%
Israel Electric Corp. Ltd. Series 6 5.00%, 11/12/24(e)			320		332,982
UNITED KINGDOM–0.1%
Royal Bank of Scotland Group PLC 7.50%, 8/10/20(f)			200		189,500
Total Governments–Sovereign Agencies (cost $865,714)					860,307
QUASI-SOVEREIGNS–0.2%
QUASI-SOVEREIGN BONDS–0.2%
CHILE–0.1%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(e)			340		358,333
MEXICO–0.1%
Petroleos Mexicanos 4.625%, 9/21/23(e)			226		219,853
Total Quasi-Sovereigns (cost $564,060)					578,186
LOCAL GOVERNMENTS– MUNICIPAL BONDS–0.2%
UNITED STATES–0.2%
State of California Series 2010 7.625%, 3/01/40 (cost $350,397)			345		510,434
GOVERNMENTS– SOVEREIGN BONDS–0.1%
MEXICO–0.0%
Mexico Government International Bond Series G 5.95%, 3/19/19		U.S.$	82	$	88,601
QATAR–0.1%
Qatar Government International Bond 2.375%, 6/02/21(e)			280		274,050
Total Governments–Sovereign Bonds (cost $366,144)					362,651
EMERGING MARKETS– CORPORATE BONDS–0.1%
INDUSTRIAL–0.1%
CAPITAL GOODS–0.0%
Odebrecht Finance Ltd. 5.25%, 6/27/29(e)			217		124,233
CONSUMER NON-CYCLICAL–0.1%
Minerva Luxembourg SA 6.50%, 9/20/26(e)			200		192,750
Total Emerging Markets–Corporate Bonds (cost $415,229)					316,983
	Notional Amount (000)
OPTIONS PURCHASED– PUTS–0.0%
SWAPTIONS–0.0%
IRS Swaption RTP, Goldman Sachs International Expiration: Mar 2017, Exercise Rate: 0.3675(a) (premiums paid $9,771)		JPY	648,000		11,076
	Principal Amount (000)
SHORT-TERM INVESTMENTS–4.2%
TIME DEPOSIT–1.9%
State Street Time Deposit 0.01%, 1/03/17 (cost $5,863,844)		U.S.$	5,864		5,863,844
GOVERNMENTS– TREASURIES–1.6%
JAPAN–1.6%
Japan Treasury Discount Bill Series 641 Zero Coupon, 1/30/17		JPY	150,000		1,283,682

25

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

	Principal Amount (000)			U.S. $ Value
Series 647 Zero Coupon, 2/27/17		JPY	430,000	$	3,680,807
Total Governments–Treasuries (cost $5,355,782)					4,964,489
CERTIFICATES OF DEPOSIT–0.7%
Bank of Nova Scotia/Houston Series YCD 1.346%, 3/17/17(g)		U.S.$	1,000		1,000,000
Cooperatieve Rabobank UA Series YCD 1.346%, 2/24/17(g)			1,159		1,159,000
Total Certificates of Deposit (cost $2,159,000)					2,159,000
Total Short-Term Investments (cost $13,378,626)					12,987,333
Total Investments Before Security Lending Collateral for Securities Loaned–101.7% (cost $278,554,857)					308,083,030
Company	Shares			U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.2%
INVESTMENT COMPANIES–0.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(l)(m) (cost $655,102)			655,102	$	655,102
TOTAL INVESTMENTS–101.9% (cost $279,209,959)					308,738,132
Other assets less liabilities–(1.9)%					(5,872,951	)
NET ASSETS–100.0%				$	302,865,181

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at December 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Japan Bond (OSE) Futures		6		March 2017	$	7,718,537	$	7,712,856	$	(5,681	)
U.S. T-Note 2 Yr (CBT) Futures		54		March 2017		11,704,202		11,701,125		(3,077	)
U.S. T-Note 5 Yr (CBT) Futures		56		March 2017		6,614,738		6,589,187		(25,551	)
U.S. T-Note 10 Yr (CBT) Futures		64		March 2017		7,986,164		7,954,000		(32,164	)
U.S. Ultra Bond (CBT) Futures		43		March 2017		6,951,018		6,890,750		(60,268	)
									$	(126,741	)

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	JPY	470,177	USD	4,148		2/09/17	$	116,905
Barclays Bank PLC	USD	608	AUD	792		2/16/17		(37,171	)
Barclays Bank PLC	USD	143	TWD	4,468		2/16/17		(5,198	)
Citibank, NA	BRL	2,958	USD	908		1/04/17		(1,227	)
Citibank, NA	USD	901	BRL	2,958		1/04/17		8,289
Citibank, NA	JPY	470,720	USD	4,293		1/23/17		260,711
Citibank, NA	BRL	2,958	USD	893		2/02/17		(8,715	)
Citibank, NA	GBP	772	USD	960		2/16/17		7,120
Citibank, NA	JPY	91,581	USD	879		2/16/17		93,939

26

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	USD	1,004	GBP	808		2/16/17	$	(7,452	)
Citibank, NA	USD	2,498	JPY	260,165		2/16/17		(266,865	)
Credit Suisse International	HKD	4,073	USD	526		2/16/17		170
Credit Suisse International	ILS	585	USD	153		2/16/17		820
Credit Suisse International	USD	521	CHF	504		2/16/17		(24,645	)
Credit Suisse International	USD	596	NOK	4,875		2/16/17		(31,623	)
Credit Suisse International	JPY	57,956	USD	525		3/16/17		27,193
Goldman Sachs Bank USA	BRL	5,258	USD	1,429		1/04/17		(186,200	)
Goldman Sachs Bank USA	USD	1,598	BRL	5,258		1/04/17		18,026
Goldman Sachs Bank USA	BRL	1,754	USD	522		1/06/17		(16,842	)
Goldman Sachs Bank USA	USD	131	RUB	8,624		1/17/17		9,548
Goldman Sachs Bank USA	CNY	661	USD	97		2/16/17		2,944
Goldman Sachs Bank USA	USD	115	KRW	136,571		2/16/17		(1,727	)
JPMorgan Chase Bank, NA	CNY	958	USD	137		2/16/17		1,124
JPMorgan Chase Bank, NA	INR	8,197	USD	121		2/16/17		1,218
JPMorgan Chase Bank, NA	TWD	6,924	USD	217		2/16/17		3,282
Royal Bank of Scotland PLC	CAD	1,063	USD	795		2/16/17		2,374
Royal Bank of Scotland PLC	USD	78	CNY	543		2/16/17		(1,229	)
Standard Chartered Bank	BRL	261	USD	80		1/04/17		(108	)
Standard Chartered Bank	USD	76	BRL	261		1/04/17		4,273
Standard Chartered Bank	KRW	1,123,462	USD	982		2/16/17		51,051
Standard Chartered Bank	USD	93	KRW	106,922		2/16/17		(4,910	)
Standard Chartered Bank	USD	707	SEK	6,355		2/16/17		(7,810	)
State Street Bank & Trust Co.	BRL	1,468	USD	435		1/04/17		(15,821	)
State Street Bank & Trust Co.	EUR	753	USD	814		1/25/17		21,010
State Street Bank & Trust Co.	AUD	997	USD	745		2/16/17		26,434
State Street Bank & Trust Co.	CAD	832	USD	624		2/16/17		3,883
State Street Bank & Trust Co.	CHF	707	USD	718		2/16/17		22,033
State Street Bank & Trust Co.	CHF	621	USD	607		2/16/17		(4,968	)
State Street Bank & Trust Co.	CNY	3,931	USD	574		2/16/17		16,644
State Street Bank & Trust Co.	EUR	1,229	USD	1,363		2/16/17		66,525
State Street Bank & Trust Co.	EUR	237	USD	247		2/16/17		(2,714	)
State Street Bank & Trust Co.	GBP	821	USD	1,030		2/16/17		16,941
State Street Bank & Trust Co.	GBP	45	USD	55		2/16/17		(402	)
State Street Bank & Trust Co.	HKD	4,099	USD	529		2/16/17		143
State Street Bank & Trust Co.	HKD	600	USD	77		2/16/17		(143	)
State Street Bank & Trust Co.	JPY	75,452	USD	702		2/16/17		55,019
State Street Bank & Trust Co.	JPY	11,706	USD	100		2/16/17		(602	)
State Street Bank & Trust Co.	NOK	2,226	USD	266		2/16/17		8,516
State Street Bank & Trust Co.	NOK	4,439	USD	511		2/16/17		(3,456	)
State Street Bank & Trust Co.	SEK	1,643	USD	182		2/16/17		1,378
State Street Bank & Trust Co.	USD	1,502	AUD	2,032		2/16/17		(36,925	)
State Street Bank & Trust Co.	USD	138	CAD	184		2/16/17		(503	)
State Street Bank & Trust Co.	USD	62	CAD	84		2/16/17		163
State Street Bank & Trust Co.	USD	1,375	CHF	1,333		2/16/17		(62,240	)
State Street Bank & Trust Co.	USD	130	CNY	899		2/16/17		(2,797	)
State Street Bank & Trust Co.	USD	366	EUR	337		2/16/17		(10,260	)
State Street Bank & Trust Co.	USD	389	GBP	308		2/16/17		(9,249	)
State Street Bank & Trust Co.	USD	316	HKD	2,448		2/16/17		92
State Street Bank & Trust Co.	USD	170	HKD	1,320		2/16/17		(72	)

27

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.	USD	1,355	JPY	149,220		2/16/17	$	(75,664	)
State Street Bank & Trust Co.	USD	205	JPY	23,906		2/16/17		408
State Street Bank & Trust Co.	USD	177	NOK	1,459		2/16/17		(7,902	)
State Street Bank & Trust Co.	USD	324	SEK	2,909		2/16/17		(3,384	)
State Street Bank & Trust Co.	AUD	574	USD	435		3/16/17		21,815
State Street Bank & Trust Co.	CAD	474	USD	355		3/16/17		1,278
State Street Bank & Trust Co.	EUR	302	USD	336		3/16/17		16,850
State Street Bank & Trust Co.	MXN	3,495	USD	185		3/16/17		18,033
State Street Bank & Trust Co.	NOK	2,651	USD	305		3/16/17		(2,616	)
State Street Bank & Trust Co.	NZD	167	USD	119		3/16/17		2,828
State Street Bank & Trust Co.	SEK	2,020	USD	220		3/16/17		(2,348	)
State Street Bank & Trust Co.	USD	419	AUD	574		3/16/17		(5,034	)
State Street Bank & Trust Co.	USD	325	EUR	302		3/16/17		(6,004	)
State Street Bank & Trust Co.	USD	704	JPY	73,126		3/16/17		(75,666	)
State Street Bank & Trust Co.	USD	76	MXN	1,561		3/16/17		(1,098	)
State Street Bank & Trust Co.	USD	322	NOK	2,651		3/16/17		(14,925	)
UBS AG	GBP	415	USD	507		2/16/17		(5,428	)
							$	(42,963	)

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		Counter- Party		Strike Rate			Expiration Date		Notional Amount (000)		Premiums		Market Value
Put – OTC–1 Year Interest Rate Swap		3 Month LIBOR		Deutsche Bank AG		2.40	%		03/20/17	$	1,756	$	6,849	$	(3,472	)
Put – OTC–1 Year Interest Rate Swap		3 Month LIBOR		Deutsche Bank AG		2.41			03/20/17		1,756		6,673		(3,400	)
Put – OTC–1 Year Interest Rate Swap		3 Month LIBOR		Citibank, NA		2.39			03/21/17		1,808		6,870		(3,817	)
												$	20,392	$	(10,689	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/ (Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)%		1.75	%	$	919	$	(58,756	)	$	(44,203	)
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)		0.37			4,100		(64,458	)		(35,871	)
									$	(123,214	)	$	(80,074	)

* Termination date

28

AB Variable Products Series Fund

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

					Rate Type
Clearing Broker/(Exchange)	Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
Citigroup Global Markets, Inc./(LCH Group)	NOK	14,990		8/01/18	0.960%		6 Month NIBOR	$	8,904
Citigroup Global Markets, Inc./(LCH Group)		990		8/01/26	1.300%		6 Month NIBOR		53,599
Morgan Stanley & Co., LLC/(CME Group)		66,930		5/12/18	0.954%		6 Month NIBOR		(3,782)
Morgan Stanley & Co., LLC/(CME Group)	MXN	19,160		12/12/18	4 Week TIIE		6.840%		(5,728)
Morgan Stanley & Co., LLC/(CME Group)		12,770		12/13/18	4 Week TIIE		6.845%		(3,787)
Morgan Stanley & Co., LLC/(CME Group)		11,460		12/17/18	4 Week TIIE		7.035%		(1,677)
Morgan Stanley & Co., LLC/(CME Group)	$	2,380		8/31/21	1.256%		3 Month LIBOR		64,826
Morgan Stanley & Co., LLC/(CME Group)		430		6/09/25	2.488%		3 Month LIBOR		(7,555)
Morgan Stanley & Co., LLC/(CME Group)		1,560		11/10/25	2.256%		3 Month LIBOR		2,992
Morgan Stanley & Co., LLC/(CME Group)		142		6/28/26	1.460%		3 Month LIBOR		10,894
Morgan Stanley & Co., LLC/(CME Group)	NZD	1,560		7/28/26	3 Month BKBM		2.473%		(80,409)
Morgan Stanley & Co., LLC/(CME Group)	MXN	4,730		12/02/26	7.762%		4 Week TIIE		2,378
Morgan Stanley & Co., LLC/(CME Group)		3,150		12/03/26	7.760%		4 Week TIIE		1,612
Morgan Stanley & Co., LLC/(CME Group)		2,880		12/07/26	7.830%		4 Week TIIE		862
Morgan Stanley & Co., LLC/(CME Group)	$	370		12/21/26	3 Month LIBOR		2.497%		4,588
Morgan Stanley & Co., LLC/(LCH Group)	NOK	3,890		8/04/18	1.008%		6 Month NIBOR		1,979
Morgan Stanley & Co., LLC/(LCH Group)		16,650		8/11/18	1.076%		6 Month NIBOR		5,867
Morgan Stanley & Co., LLC/(LCH Group)	NZD	3,020		12/21/21	3 Month BKBM		3.059%		1,909
Morgan Stanley & Co., LLC/(LCH Group)	NOK	990		8/01/26	6 Month NIBOR		1.300%	$	(53,599	)
Morgan Stanley & Co., LLC/(LCH Group)	$	490		11/07/26	1.675%		3 Month LIBOR		28,232
Morgan Stanley & Co., LLC/(LCH Group)		370		11/08/26	1.657%		3 Month LIBOR		21,937
Morgan Stanley & Co., LLC/(LCH Group)		370		11/09/26	1.672%		3 Month LIBOR		21,455
								$	75,497

29

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

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00	)%		0.75	%	$	104	$	(9,707	)	$	4,119		$	(13,826	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		1.89			172		(12,725	)		(5,212	)		(7,513)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		1.89			198		(14,648	)		(6,221	)		(8,427)
Sale Contracts
BNP Paribas SA
Anadarko Petroleum Corp., 6.95%, 6/15/19, 9/20/17*		1.00			0.23			530		4,436			(2,575	)		7,011
Credit Suisse International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			165		(8,880	)		(11,406	)		2,526
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			48		(2,703	)		(3,546	)		843
Deutsche Bank AG
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			156		(8,786	)		(13,712	)		4,926
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			232		(13,065	)		(17,375	)		4,310
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			9		(507	)		(552	)		45
Goldman Sachs International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			230		(12,953	)		(19,566	)		6,613
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			170		(9,574	)		(13,888	)		4,314
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			64		(3,604	)		(4,534	)		930
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			272		(15,319	)		(14,215	)		(1,104)
									$	(108,035	)	$	(108,683	)	$	648

* Termination date

INTEREST RATE SWAPS (see Note D)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	1,970		1/30/17		1.059	%		3 Month LIBOR	$	(5,946	)
JPMorgan Chase Bank, NA		2,200		2/07/22		2.043	%		3 Month LIBOR		(21,902	)
										$	(27,848	)

30

AB Variable Products Series Fund

(a) Non-income producing security.

(b) Illiquid security.

(c) Fair valued by the Adviser.

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

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the aggregate market value of these securities amounted to $20,523,042 or 6.8% of net assets.

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

(g) Floating Rate Security. Stated interest/floor rate was in effect at December 31, 2016.

(h) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.21% of net assets as of December 31, 2016, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 7.256%, 4/25/26		4/29/16	$	170,300	$	172,609		0.06	%
Bellemeade Re Ltd. Series 2015-1A, Class M1 3.256%, 7/25/25		7/27/15		7,046		7,049		0.00	%
H/2 Asset Funding NRE Series 2015-1A 2.406%, 6/24/49		6/19/15		246,483		244,635		0.08	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.006%, 11/25/24		11/06/15		35,593		35,811		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.006%, 11/25/25		9/28/15		144,015		144,450		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 6.256%, 11/25/25		9/28/15		40,583		40,524		0.01	%

(i) Inverse interest only security.

(j) Variable rate coupon, rate shown as of December 31, 2016.

(k) IO—Interest Only.

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

(m) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

RUB—Russian Ruble

31

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

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BA—Banker’s Acceptance

BKBM—Bank Bill Benchmark (New Zealand)

CBT—Chicago Board of Trade

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

CDX-NAHY—North American High Yield Credit Default Swap Index

CDX-NAIG—North American Investment Grade Credit Default Swap Index

CMBS—Commercial Mortgage-Backed Securities

CME—Chicago Mercantile Exchange

INTRCONX—Inter-Continental Exchange

IRS—Interest Rate Swaption

LCH—London Clearing House

LIBOR—London Interbank Offered Rates

NIBOR—Norwegian Interbank Offered Rate

OSE—Osaka Securities Exchange

PJSC—Public Joint Stock Company

REG—Registered Shares

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

RTP—Right To Pay

TBA—To Be Announced

TIIE—Banco de México Equilibrium Interbank Interest Rate

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

32

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $278,554,857)	$	308,083,030	(a)
Affiliated issuers (cost $655,102—investment of cash collateral for securities loaned)		655,102
Cash collateral due from broker		724,753
Foreign currencies, at value (cost $3,340,027)		3,252,121
Interest and dividends receivable		1,043,639
Unrealized appreciation on forward currency exchange contracts		908,980
Receivable for investment securities sold and foreign currency transactions		342,983
Receivable for variation margin on exchange-traded derivatives		141,901
Receivable for capital stock sold		71,117
Unrealized appreciation on credit default swaps		31,518
Upfront premium paid on credit default swaps		4,119
Due from custodian		42,456
Total assets		315,301,719
LIABILITIES
Due to custodian		11,766
Swaptions written, at value (premiums received $20,392)		10,689
Payable for investment securities purchased and foreign currency transactions		10,211,673
Unrealized depreciation on forward currency exchange contracts		951,943
Payable for collateral received on securities loaned		655,102
Advisory fee payable		142,125
Upfront premium received on credit default swaps		112,802
Distribution fee payable		58,252
Unrealized depreciation on credit default swaps		30,870
Unrealized depreciation on interest rate swaps		27,848
Payable for capital stock redeemed		20,687
Administrative fee payable		13,055
Payable for variation margin on exchange-traded derivatives		6,077
Transfer Agent fee payable		5,267
Accrued expenses		178,382
Total liabilities		12,436,538
NET ASSETS	$	302,865,181
COMPOSITION OF NET ASSETS
Capital stock, at par	$	29,024
Additional paid-in capital		267,463,808
Undistributed net investment income		5,292,864
Accumulated net realized gain on investment and foreign currency transactions		842,307
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		29,237,178
	$	302,865,181

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	30,132,339		2,859,000	$	10.54
B	$	272,732,842		26,164,718	$	10.42

(a) Includes securities on loan with a value of $633,706 (see Note E).

See notes to financial statements.

33

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $173,427)	$	4,258,936
Affiliated issuers		7,316
Interest		3,526,441
Securities lending income		36,021
Other income(a)		43,506
		7,872,220
EXPENSES
Advisory fee (see Note B)		1,752,977
Distribution fee—Class B		717,511
Transfer agency—Class A		1,277
Transfer agency—Class B		11,563
Custodian		260,294
Audit and tax		102,543
Printing		73,548
Administrative		49,399
Legal		42,755
Directors’ fees		24,561
Miscellaneous		13,541
Total expenses		3,049,969
Less: expenses waived and reimbursed by the Adviser (see Note E)		(1,194	)
Net expenses		3,048,775
Net investment income		4,823,445
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions(b)		3,199,588
Futures		(337,998	)
Swaptions written		(4,464	)
Swaps		(98,781	)
Foreign currency transactions		406,582
Net change in unrealized appreciation/depreciation of:
Investments		6,044,492
Futures		(167,900	)
Swaptions written		9,703
Swaps		76,365
Foreign currency denominated assets and liabilities		(279,056	)
Net gain on investment and foreign currency transactions		8,848,531
Contributions from Affiliates (see Note B)		30
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	13,672,006

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

(b) Net of foreign capital gains taxes of $2,744.

See notes to financial statements.

34

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,823,445		$	5,271,283
Net realized gain on investment and foreign currency transactions		3,164,927			22,687,589
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		5,683,604			(22,819,745	)
Contributions from Affiliates (see Note B)		30			–0	–
Net increase in net assets from operations		13,672,006			5,139,127
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(652,050	)		(785,980	)
Class B		(5,122,504	)		(6,316,945	)
Net realized gain on investment transactions
Class A		(2,087,516	)		(3,162,337	)
Class B		(18,962,700	)		(28,847,554	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(15,624,524	)		371,544
Total decrease		(28,777,288	)		(33,602,145	)
NET ASSETS
Beginning of period		331,642,469			365,244,614
End of period (including undistributed net investment income of $5,292,864 and $5,083,025, respectively)	$	302,865,181		$	331,642,469

See notes to financial statements.

35

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB Balanced Wealth Strategy Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

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

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AB Variable Products Series Fund

the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value 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. In addition, non-agency rated investments are 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 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.

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

33,332,287

$

4,419,442

$

–0

–

$

37,751,729

Real Estate

17,242,136

12,236,628

9,230

29,487,994

Financials

17,400,582

9,133,713

–0

–

26,534,295

Health Care

19,968,887

5,205,845

–0

–

25,174,732

Consumer Discretionary

16,253,079

5,711,665

–0

–

21,964,744

Consumer Staples

6,825,972

6,281,383

–0

–

13,107,355

Industrials

8,311,527

4,229,728

–0

–

12,541,255

Energy

7,904,467

3,621,113

–0

–

11,525,580

Telecommunication Services

2,250,539

2,496,262

–0

–

4,746,801

Utilities

3,903,838

477,443

–0

–

4,381,281

Materials

845,240

3,416,398

–0

–

4,261,638

Transportation

–0

–

451,375

–0

–

451,375

Diversified Financials

164,784

–0

–

–0

–

164,784

Consumer Services

154,267

–0

–

–0

–

154,267

Corporates—Investment Grade

–0

–

28,102,198

–0

–

28,102,198

Mortgage Pass-Throughs

–0

–

23,156,415

–0

–

23,156,415

Asset-Backed Securities

–0

–

10,009,012

828,021

10,837,033

Commercial Mortgage-Backed Securities

–0

–

6,603,680

4,024,522

10,628,202

Inflation-Linked Securities

–0

–

7,700,738

–0

–

7,700,738

Collateralized Mortgage Obligations

–0

–

7,482,210

–0

–

7,482,210

Governments—Treasuries

–0

–

6,422,984

–0

–

6,422,984

Corporates—Non-Investment Grade

–0

–

4,536,409

–0

–

4,536,409

Emerging Markets—Treasuries

–0

–

1,342,041

–0

–

1,342,041

Governments—Sovereign Agencies

–0

–

860,307

–0

–

860,307

Quasi-Sovereigns

–0

–

578,186

–0

–

578,186

Local Governments—Municipal Bonds

–0

–

510,434

–0

–

510,434

Governments—Sovereign Bonds

–0

–

362,651

–0

–

362,651

Emerging Markets—Corporate Bonds

–0

–

316,983

–0

–

316,983

Options Purchased—Puts

–0

–

11,076

–0

–

11,076

Short-Term Investments:

Time Deposits

–0

–

5,863,844

–0

–

5,863,844

Governments—Treasuries

–0

–

4,964,489

–0

–

4,964,489

Certificates of Deposit

–0

–

2,159,000

–0

–

2,159,000

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

655,102

–0

–

–0

–

655,102

Total Investments in Securities

135,212,707

168,663,652

4,861,773

308,738,132

Other Financial Instruments(a):

Assets:

Forward Currency Exchange Contracts

–0

–

908,980

–0

–

908,980

Centrally Cleared Interest Rate Swaps

–0

–

232,034

–0

–

232,034

(b)

Credit Default Swaps

–0

–

31,518

–0

–

31,518

38

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Liabilities:
Futures	$	(126,741	)	$	–0	–	$	–0	–	$	(126,741	)(b)
Forward Currency Exchange Contracts		–0	–		(951,943	)		–0	–		(951,943	)
Interest Rate Swaptions		–0	–		(10,689	)		–0	–		(10,689	)
Centrally Cleared Credit Default Swaps		–0	–		(80,074	)		–0	–		(80,074	)(b)
Centrally Cleared Interest Rate Swaps		–0	–		(156,537	)		–0	–		(156,537	)(b)
Credit Default Swaps		–0	–		(30,870	)		–0	–		(30,870	)
Interest Rate Swaps		–0	–		(27,848	)		–0	–		(27,848	)
Total(c)	$	135,085,966		$	168,578,223		$	4,861,773		$	308,525,962

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

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

(c) There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks			Commercial Mortgage-Backed Securities			Asset- Backed Securities
Balance as of 12/31/15	$	303,923		$	3,597,541		$	1,940,567
Accrued discounts/(premiums)		–0	–		(6,461	)		556
Realized gain (loss)		91,952			(37,310	)		1,279
Change in unrealized appreciation/depreciation		(177,314	)		(23,079	)		3,489
Purchases/Payups		–0	–		785,937			641,943
Sales/Paydowns		(209,331	)		(544,932	)		(705,628	)
Transfers in to Level 3		–0	–		252,826			–0	–
Transfers out of Level 3		–0	–		–0	–		(1,054,185	)
Balance as of 12/31/16	$	9,230		$	4,024,522		$	828,021
Net change in unrealized appreciation/depreciation from investments held as of 12/31/16(c)	$	(52,516	)	$	(42,448	)	$	3,330
	Collateralized Mortgage Obligation			Total
Balance as of 12/31/15	$	6,952,456			12,794,487
Accrued discounts/(premiums)		451			(5,454	)
Realized gain (loss)		37,424			93,345
Change in unrealized appreciation/depreciation		36,281			(160,623	)
Purchases/Payups		–0	–		1,427,880
Sales/Paydowns		(2,134,951	)		(3,594,842	)
Transfers in to Level 3		–0	–		252,826	(a)
Transfers out of Level 3		(4,891,661	)		(5,945,846	)(b)
Balance as of 12/31/16	$	–0	–	$	4,861,773
Net change in unrealized appreciation/depreciation from investments held as of 12/31/16(c)	$	–0	–	$	(91,634	)

(a) There were deminimis transfers from Level 2 to Level 3 during the reporting period.

(b) An amount of $5,945,846 was transferred out of Level 3 into Level 2 as improved transparency of price inputs has increased the observability of such inputs during the reporting period.

(c) The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) on investments and other financial instruments in the accompanying statement of operations.

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

The following presents information about significant unobservable inputs related to the Portfolio’s Level 3 investments at December 31, 2016. Securities priced by third party vendors are excluded from the following table.

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 12/31/16	Valuation Technique	Unobservable Input	Input
Common Stock	$9,230	Market Approach	Average Sales Price	0.175 HKD

Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. Significant increases (decreases) in average sale price in isolation would be expected to result in a significantly lower (higher) fair value measurement.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, 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.

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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. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

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. Repurchase Agreements

It is the Portfolio’s policy that its custodian or designated subcustodian take control of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities are sufficient to cover the value of the repurchase agreements. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of collateral by the Portfolio may be delayed or limited.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2016, there were no expenses waived by the Adviser.

During the year ended December 31, 2016, the Adviser reimbursed the Portfolio $30 for trading losses incurred due to a trade entry error.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,399.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $183,001, of which $5 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average

41

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

daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	146,855,006	$	180,838,612
U.S. government securities		184,160,769		182,396,689

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding futures, swaps and foreign currency transactions) are as follows:

Cost	$	281,445,076
Gross unrealized appreciation	$	36,860,735
Gross unrealized depreciation		(9,567,679	)
Net unrealized appreciation	$	27,293,056

1. Derivative Financial Instruments

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

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

• Futures

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

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

42

AB Variable Products Series Fund

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

During the year ended December 31, 2016, 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 foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset,

43

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

reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

During the year ended December 31, 2016, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

During the year ended December 31, 2016, the Portfolio held written swaptions for hedging and non-hedging purposes.

For the year ended December 31, 2016, the Portfolio had the following transactions in written swaptions:

	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/15	$	–0	–	$	–0	–
Swaptions written		7,820,000			25,142
Swaptions assigned		–0	–		–0	–
Swaptions expired		–0	–		–0	–
Swaptions bought back		(2,500,000	)		(4,750	)
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 12/31/16	$	5,320,000		$	20,392

• Swaps

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

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

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

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as

44

�� AB Variable Products Series Fund

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

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

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

During the year ended December 31, 2016, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

Inflation swaps are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if unexpected inflation increases.

During the year ended December 31, 2016, the Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. As of December 31, 2016, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

45

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

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

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

During the year ended December 31, 2016, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	232,034	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	283,278	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives				Receivable/Payable for variation margin on exchange-traded derivatives		80,074	*

46

AB Variable Products Series Fund

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	908,980	Unrealized depreciation on forward currency exchange contracts		951,943
Interest rate contracts	Investments in securities, at value		11,076
Interest rate contracts				Swaptions written, at value		10,689
Interest rate contracts				Unrealized depreciation on interest rate swaps		27,848
Credit contracts	Unrealized appreciation on credit default swaps		31,518	Unrealized depreciation on credit default swaps		30,870
Total		$	1,183,608		$	1,384,702

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives 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	$	(324,291	)	$	(167,900	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(13,707	)		–0	–
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		446,950			(146,446	)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(8,360	)		1,305
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		(4,464	)		9,703
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		115,107			153,817
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(213,888	)		(77,452	)
Total		$	(2,653	)	$	(226,973	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Futures:
Average original value of buy contracts	$	32,150,652
Average original value of sale contracts	$	4,781,915	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	15,502,127
Average principal amount of sale contracts	$	20,578,510

47

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

Purchased Options:
Average monthly cost	$	10,730	(b)
Interest Rate Swaps:
Average notional amount	$	4,170,000
Inflation Swaps:
Average notional amount	$	1,920,000	(b)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	43,381,834
Credit Default Swaps:
Average notional amount of buy contracts	$	474,000
Average notional amount of sale contracts	$	1,031,532
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	6,310,068

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

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

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

Exchange-Traded Derivatives:

Citigroup Global Markets, Inc.*

$

66,216

$

–0

–

$

–0

–

$

–0

–

$

66,216

Goldman Sachs & Co.*

75,685

–0

–

–0

–

–0

–

75,685

Total

$

141,901

$

–0

–

$

–0

–

$

–0

–

$

141,901

OTC Derivatives:

Bank of America, NA

$

116,905

$

–0

–

$

–0

–

$

–0

–

$

116,905

BNP Paribas SA

4,436

–0

–

–0

–

–0

–

4,436

Citibank, NA

370,059

(325,156

)

–0

–

–0

–

44,903

Credit Suisse International

28,183

(28,183

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

41,594

(41,594

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

5,624

(5,624

)

–0

–

–0

–

–0

–

Royal Bank of Scotland PLC

2,374

(1,229

)

–0

–

–0

–

1,145

Standard Chartered Bank

55,324

(12,828

)

–0

–

–0

–

42,496

State Street Bank & Trust Co.

299,993

(299,993

)

–0

–

–0

–

–0

–

Total

$

924,492

$

(714,607

)

$

–0

–

$

–0

–

$

209,885

^

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged**			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., LLC*	$	6,077	$	– 0	–	$	(6,077	)	$	– 0	–	$	– 0	–
Total	$	6,077	$	– 0	–	$	(6,077	)	$	– 0	–	$	– 0	–

48

AB Variable Products Series Fund

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged**

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

Barclays Bank PLC

$

42,369

$

–0

–

$

– 0

–

$

–0

–

$

42,369

Citibank, NA

325,156

(325,156

)

–0

–

–0

–

–0

–

Credit Suisse International

67,851

(28,183

)

–0

–

–0

–

39,668

Deutsche Bank AG

29,230

–0

–

–0

–

–0

–

29,230

Goldman Sachs Bank USA/Goldman Sachs International

246,219

(41,594

)

–0

–

–0

–

204,625

JPMorgan Chase Bank, NA

27,848

(5,624

)

–0

–

–0

–

22,224

Royal Bank of Scotland PLC

1,229

(1,229

)

–0

–

–0

–

–0

–

Standard Chartered Bank

12,828

(12,828

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

344,793

(299,993

)

–0

–

–0

–

44,800

UBS AG

5,428

–0

–

–0

–

–0

–

5,428

Total

$

1,102,951

$

(714,607

)

$

– 0

–

$

–0

–

$

388,344

^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at December 31, 2016.

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2016, the Portfolio earned drop income of $136,184 which is included in interest income in the accompanying statement of operations.

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net

49

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

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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $633,706 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $655,102. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $36,021, $5,093 and $2,223 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $1,194. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	3,438	$	18,701	$	22,139	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	15,406	$	14,751	$	655

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		129,847			104,328		$	1,429,054		$	1,236,369
Shares issued in reinvestment of dividends and distributions		256,995			353,474			2,739,565			3,948,315
Shares redeemed		(568,590	)		(449,647	)		(6,140,574	)		(5,329,791	)
Net increase (decrease)		(181,748	)		8,155		$	(1,971,955	)	$	(145,107	)

50

AB Variable Products Series Fund

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class B
Shares sold		2,276,658			2,141,298		$	24,482,089		$	25,514,009
Shares issued in reinvestment of dividends		2,282,958			3,176,558			24,085,204			35,164,500
Shares redeemed		(5,822,726	)		(5,149,363	)		(62,219,862	)		(60,161,858	)
Net increase (decrease)		(1,263,110	)		168,493		$	(13,652,569	)	$	516,651

At December 31, 2016, 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

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (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, negative perceptions of the junk bond market generally and less secondary market liquidity.

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

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.

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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

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.

51

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	5,774,554	$	9,440,355
Net long-term capital gains		21,050,216		29,672,461
Total taxable distributions	$	26,824,770	$	39,112,816

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,610,925
Undistributed capital gains		2,462,051
Accumulated capital and other losses		(250	)(a)
Unrealized appreciation/(depreciation)		27,299,624	(b)
Total accumulated earnings/(deficit)	$	35,372,350

(a) As of December 31, 2016, the Portfolio had cumulative deferred losses on straddles of $250.

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

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, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, swap clearing fees, foreign currency reclassifications, reclassifications of foreign capital gains tax, the tax treatment of partnerships and passive foreign investment companies (PFICs), paydown gain/loss reclassification, contributions from the adviser and the tax treatment of corporate restructurings resulted in a net increase in undistributed net investment income, a net decrease in accumulated net realized gain on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

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

52

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.99			$12.16			$13.77			$12.12			$10.90
Income From Investment Operations
Net investment income (a)		.19	(b)‡		.20			.26			.23			.22
Net realized and unrealized gain on investment and foreign currency transactions		.34			.02	†		.71			1.74			1.25
Contributions from Affiliates		.00	(c)		–0	–		.00	(c)		–0	–		–0	–
Net increase in net asset value from operations		.53			.22			.97			1.97			1.47
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.27	)		(.39	)		(.32	)		(.25	)
Distributions from net realized gain on investment transactions		(.74	)		(1.12	)		(2.19	)		–0	–		–0	–
Total dividends and distributions		(.98	)		(1.39	)		(2.58	)		(.32	)		(.25	)
Net asset value, end of period		$10.54			$10.99			$12.16			$13.77			$12.12
Total Return
Total investment return based on net asset value (d)		4.69	%‡		1.65	%*		7.37	%*		16.49	%		13.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$30,132			$33,409			$36,882			$41,222			$41,801
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.73	%		.70	%		.71	%		.65	%		.65	%
Expenses, before waivers/reimbursements		.73	%		.70	%		.71	%		.65	%		.65	%
Net investment income		1.74	%(b)‡		1.71	%		1.96	%		1.76	%		1.91	%
Portfolio turnover rate **		106	%		132	%		114	%		117	%		90	%

See footnote summary on page 54.

53

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

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

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.87			$12.05			$13.65			$12.01			$10.80
Income From Investment Operations
Net investment income (a)		.16	(b)‡		.17			.22			.19			.19
Net realized and unrealized gain on investment and foreign currency transactions		.33			.01	†		.71			1.74			1.24
Contributions from Affiliates		.00	(c)		–0	–		.00	(c)		–0	–		–0	–
Net increase in net asset value from operations		.49			.18			.93			1.93			1.43
Less: Dividends and Distributions
Dividends from net investment income		(.20	)		(.24	)		(.34	)		(.29	)		(.22	)
Distributions from net realized gain on investment and foreign currency transactions		(.74	)		(1.12	)		(2.19	)		–0	–		–0	–
Total dividends and distributions		(.94	)		(1.36	)		(2.53	)		(.29	)		(.22	)
Net asset value, end of period		$10.42			$10.87			$12.05			$13.65			$12.01
Total Return
Total investment return based on net asset value (d)		4.44	%‡		1.29	%*		7.11	%*		16.27	%		13.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$272,733			$298,233			$328,363			$351,355			$508,141
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.98	%		.95	%		.96	%		.90	%		.90	%
Expenses, before waivers/reimbursements		.98	%		.95	%		.96	%		.90	%		.90	%
Net investment income		1.49	%(b)‡		1.46	%		1.71	%		1.49	%		1.67	%
Portfolio turnover rate **		106	%		132	%		114	%		117	%		90	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

† Due to timing of sales and repurchase of capital shares, the net realized and unrealized gain (loss) per share is not in accord with the Portfolio’s change in net realized and unrealized gain (loss) on investment transactions for the period.

‡ For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income  Ratio	Total Return
$.001	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2015 and December 31, 2014 by 0.03% and 0.01%, respectively.

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

See notes to financial statements.

54

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Balanced Wealth Strategy Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Balanced Wealth Strategy Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

55

2016 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2016. For corporate shareholders, 34.31% of dividends paid qualify for the dividends received deduction.

56

BALANCED WEALTH
STRATEGY PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman	Nancy P. Jacklin(1)
John H. Dobkin(1)	Robert M. Keith, President and Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Daniel J. Loewy(2), Vice President Christopher H. Nikolich(2), Vice President Vadim Zlotnikov(2), Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

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

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

57

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

58

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

59

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

60

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Daniel J. Loewy 42	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Christopher H. Nikolich 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Vadim Zlotnikov 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of the ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

61

BALANCED WEALTH STRATEGY PORTFOLIO
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 Balanced Wealth Strategy Portfolio (the “Fund”) at a meeting held on August 2-3, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

62

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The Adviser informed the directors that there were no institutional products managed by it that have a substantially similar investment style. The directors noted that the Adviser advises another AB Fund with a similar investment style for the same fee schedule as the Fund.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge 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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, 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 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.

63

VPS-BW-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ DYNAMIC ASSET ALLOCATION PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Dynamic Asset Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, its secondary benchmark, the Bloomberg Barclays US Treasury Index, and its blended benchmark, a 60% / 40% blend of the MSCI World Index and the Bloomberg Barclays US Treasury Index, respectively, for the one- and five-year periods ended December 31, 2016, and since the Portfolio’s inception on April 1, 2011.

All share classes of the Portfolio underperformed the primary and blended benchmarks for the annual period,

1

AB Variable Products Series Fund

but outperformed the secondary benchmark. Throughout the first half of 2016, the Portfolio had an overweight to risk assets relative to the benchmark with global equity holdings in excess of the strategic asset allocation weights. This position was primarily supported by compelling valuations, currency support and improved sentiments in emerging markets and better performance in US small-cap equities should the US economy grow faster than expectations and offer some protection from a rate increase. In the first quarter of 2016, an overweight to developed international equities significantly detracted from performance primarily due to a lackluster growth outlook, diverging central bank policies and the subsequent international underperformance. Markets rallied and volatility dropped during the second quarter of 2016. The Portfolio went to a modest underweight to risk assets again in July after the UK’s vote to exit the European Union (“Brexit”), due to heightened volatility and diminished return potential in equities. The Portfolio increased exposure to equities shortly after, as volatility decreased, and maintained the overweight until the end of 2016. Over the annual period, the Portfolio’s allocation to real estate investment trusts (“REITs”) and overweight to small-cap US equities contributed, while the allocation to emerging-market equities and overweight to developed international equities detracted. Overall, DAA reduced the volatility of the Portfolio while slightly impacting returns.

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global stocks finished the annual period in positive territory amidst multiple volatility spikes. Outcomes varied significantly by region, however, with US and emerging-market equities advancing the most and developed international equities essentially flat. Currency movements also played a role as a strong US dollar dampened returns for US dollar-based investors.

The annual period had a number of surprises. The market sold off early in the year, due to growth concerns and diverging central bank policies worldwide. Central banks responded as the Bank of Japan changed one of its key interest rates to negative and the US Federal Reserve delayed future rates hikes. Markets rebounded quickly and volatility subsided before spiking again in June after the Brexit referendum. Towards year end, volatility spiked for the third time, after the unexpected outcome and implications from the US presidential election. After each of these unanticipated events, the market initially sold off but then snapped back both faster and more vigorously throughout the year.

The Portfolio maintained a regional bias towards developed international and emerging-market equities as a result of more favorable valuations and continued accommodative monetary policies. In fixed income, the Portfolio increased diversification with modest allocations to inflation-linked and high-yield bonds. Given that the Portfolio had an underweight to fixed income for the majority of the year, the Portfolio’s Senior Investment Management Team (the “Team”) slightly extended bond duration to maintain defensive diversification close to the level of a strategic normal allocation. In currency management, the Team remained pro-US dollar for the second half of 2016 and underweighted a basket of foreign currencies.

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

Interest Rate Risk: Changes in interest rates will affect the value of the Portfolio’s 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. The Portfolio may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates ends. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

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. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

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

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

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

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

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

Liquidity Risk: Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares.

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

Real Estate Risk: The Portfolio’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in 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.

Commodity Risk: Investing in commodities and commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

DYNAMIC ASSET ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years		Since Inception*
Dynamic Asset Allocation Portfolio Class A†		3.59%		5.40%		4.22%
Dynamic Asset Allocation Portfolio Class B†		3.37%		5.15%		3.98%
Primary Benchmark: MSCI World Index		7.51%		10.41%		6.94%
Secondary Benchmark: Bloomberg Barclays US Treasury Index		1.04%		1.21%		2.73%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Barclays US Treasury Index		5.08%		6.84%		5.50%
*    Inception date: 4/1/2011. †   Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.0004%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.86% and 1.11% for Class A and Class B shares, respectively. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios to 0.85% and 1.10% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2017 and may be extended by the Adviser for additional one-year terms. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

DYNAMIC ASSET ALLOCATION PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

4/1/11^* TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Dynamic Asset Allocation Portfolio Class A shares (from 4/1/2011^* to 12/31/16) as compared to the performance of the primary, secondary and blended benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

* Inception date: 4/1/2011.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*			Effective Expenses Paid During Period+		Effective Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,016.20	$	3.95		0.78	%	$	4.16		0.82	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.22	$	3.96		0.78	%	$	4.17		0.82	%
Class B
Actual	$	1,000	$	1,014.70	$	5.27		1.04	%	$	5.47		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.91	$	5.28		1.04	%	$	5.48		1.08	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	161,880,644		29.0	%
iShares Core MSCI Emerging Markets ETF		31,936,239		5.7
Vanguard REIT ETF		13,991,063		2.5
iShares JP Morgan USD Emerging Markets Bond ETF		8,389,946		1.5
Vanguard Global ex-U.S. Real Estate ETF		7,178,727		1.3
iShares International Developed Real Estate ETF		6,356,081		1.1
Apple, Inc.		4,360,623		0.8
Vanguard Small-Cap ETF		4,100,670		0.7
Microsoft Corp.		3,381,659		0.6
Alphabet, Inc.—Class A & Class C		3,271,619		0.6
	$	244,847,271		43.8	%

PORTFOLIO BREAKDOWN^†

December 31, 2016 (unaudited)

ASSET CLASSES	CURRENT ALLOCATION
Equities
International Large-Cap		25.2	%
U.S. Large-Cap		19.8
Emerging Market Equities		6.2
Real Estate Equities		4.9
U.S. Small-Cap		2.7
U.S. Mid-Cap		2.6
Subtotal		61.4
Fixed Income
U.S. Bonds		34.8
International Bonds		2.3
Subtotal		37.1
Opportunistic Assets
High Yield		1.5
Total		100.0	%

SECURITY TYPE BREAKDOWN^‡

December 31, 2016 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	264,484,412		48.0	%
Governments—Treasuries		161,880,644		29.4
Investment Companies		77,064,639		14.0
Short-Term Investments		47,461,275		8.6
Total Investments	$	550,890,970		100.0	%

* Long-term investments.

† All data are as of December 31, 2016. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

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

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–47.3%
FINANCIALS–8.5%
BANKS–4.5%
Aozora Bank Ltd.		20,000	$	70,665
Australia & New Zealand Banking Group Ltd.		31,095		680,706
Banco Bilbao Vizcaya Argentaria SA		70,114		472,493
Banco de Sabadell SA		50,635		70,361
Banco Espirito Santo SA (REG)(a)(b)(c)		10,016		–0	–
Banco Popular Espanol SA		31,769		30,609
Banco Santander SA		155,611		809,531
Bank Hapoalim BM		14,749		87,543
Bank Leumi Le-Israel BM(c)		12,645		51,966
Bank of America Corp.		71,245		1,574,515
Bank of East Asia Ltd. (The)		21,000		80,170
Bank of Ireland(c)		348,125		85,262
Bank of Kyoto Ltd. (The)		2,000		14,825
Bank of Queensland Ltd.		3,683		31,475
Bankia SA		43,854		44,689
Bankinter SA		7,353		56,864
Barclays PLC		180,209		494,556
BB&T Corp.		5,650		265,663
Bendigo & Adelaide Bank Ltd.		8,603		78,698
BNP Paribas SA		13,908		885,076
BOC Hong Kong Holdings Ltd.		39,500		140,681
CaixaBank SA		34,645		114,182
Chiba Bank Ltd. (The)		11,000		67,431
Citigroup, Inc.		20,279		1,205,181
Citizens Financial Group, Inc.		3,619		128,945
Comerica, Inc.		1,200		81,732
Commerzbank AG		15,814		120,405
Commonwealth Bank of Australia		18,280		1,084,444
Concordia Financial Group Ltd.		11,221		53,997
Credit Agricole SA		10,706		132,526
Danske Bank A/S		6,721		203,335
DBS Group Holdings Ltd.		17,000		202,824
DNB ASA		9,303		138,106
Erste Group Bank AG(c)		3,207		93,764
Fifth Third Bancorp		5,340		144,020
Fukuoka Financial Group, Inc.		9,000		39,915
Hachijuni Bank Ltd. (The)		4,000		23,145
Hang Seng Bank Ltd.		8,100		150,211
Hiroshima Bank Ltd. (The)		5,000		23,299
HSBC Holdings PLC		211,162		1,703,784
Huntington Bancshares, Inc./OH		7,565		100,009
ING Groep NV		36,740		517,253
Intesa Sanpaolo SpA		120,775		305,940
Japan Post Bank Co., Ltd.		3,855		46,197
JPMorgan Chase & Co.		25,215		2,175,802
KBC Group NV		3,064		189,318
KeyCorp		7,525		137,482
Kyushu Financial Group, Inc.		3,564		24,148
Lloyds Banking Group PLC		684,632		525,713
M&T Bank Corp.		1,115		174,419
Mebuki Financial Group, Inc.		16,800		62,092
Mediobanca SpA		12,965	$	105,837
Mitsubishi UFJ Financial Group, Inc.		135,900		838,139
Mizrahi Tefahot Bank Ltd.		12		175
Mizuho Financial Group, Inc.		253,500		454,915
National Australia Bank Ltd.		28,193		622,740
Natixis SA		21,759		122,533
Nordea Bank AB		28,914		320,385
Oversea-Chinese Banking Corp., Ltd.		29,000		178,108
People’s United Financial, Inc.		2,165		41,914
PNC Financial Services Group, Inc. (The)		3,430		401,173
Raiffeisen Bank International AG(c)		1,307		23,825
Regions Financial Corp.		8,725		125,291
Resona Holdings, Inc.		21,000		107,625
Royal Bank of Scotland Group PLC(c)		47,824		132,145
Seven Bank Ltd.		16,218		46,373
Shinsei Bank Ltd.		37,000		61,914
Shizuoka Bank Ltd. (The)		4,000		33,570
Skandinaviska Enskilda Banken AB–Class A		16,190		169,189
Societe Generale SA		9,446		464,619
Standard Chartered PLC(c)		34,982		285,275
Sumitomo Mitsui Financial Group, Inc.		14,300		544,586
Sumitomo Mitsui Trust Holdings, Inc.		3,200		114,492
SunTrust Banks, Inc.		3,490		191,427
Suruga Bank Ltd.		1,000		22,327
Svenska Handelsbanken AB–Class A		14,254		197,424
Swedbank AB–Class A		8,621		207,718
UniCredit SpA		48,282		138,653
United Overseas Bank Ltd.		12,000		168,587
US Bancorp		11,215		576,115
Wells Fargo & Co.		31,675		1,745,609
Westpac Banking Corp.		35,553		834,567
Zions Bancorporation		1,430		61,547
				25,334,764
CAPITAL MARKETS–1.2%
3i Group PLC		9,721		84,090
Aberdeen Asset Management PLC		7,603		24,039
Affiliated Managers Group, Inc.(c)		407		59,137
Ameriprise Financial, Inc.		1,145		127,026
ASX Ltd.		1,453		52,054
Bank of New York Mellon Corp. (The)		7,415		351,323
BlackRock, Inc.–Class A		877		333,734
Charles Schwab Corp. (The)		8,390		331,153
CME Group, Inc.–Class A		2,350		271,073
Credit Suisse Group AG (REG)(c)		21,154		302,312

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Daiwa Securities Group, Inc.		16,000	$	98,524
Deutsche Bank AG (REG)(c)		13,129		238,151
Deutsche Boerse AG		1,511		121,234
E*TRADE Financial Corp.(c)		1,870		64,796
Franklin Resources, Inc.		2,420		95,784
Goldman Sachs Group, Inc. (The)		2,638		631,669
Hargreaves Lansdown PLC		2,483		36,948
Hong Kong Exchanges & Clearing Ltd.		10,900		256,350
Intercontinental Exchange, Inc.		4,330		244,299
Invesco Ltd.		2,830		85,862
Investec PLC		5,877		38,545
Japan Exchange Group, Inc.		4,965		70,812
Julius Baer Group Ltd.(c)		2,130		94,363
London Stock Exchange Group PLC		3,987		142,500
Macquarie Group Ltd.		2,915		182,601
Moody’s Corp.		1,145		107,939
Morgan Stanley		10,270		433,907
Nasdaq, Inc.		760		51,011
Nomura Holdings, Inc.		34,600		204,561
Northern Trust Corp.		1,460		130,013
Partners Group Holding AG		158		73,966
S&P Global, Inc.		1,860		200,024
Schroders PLC		1,291		47,416
Singapore Exchange Ltd.		21,000		103,555
State Street Corp.		2,535		197,020
T. Rowe Price Group, Inc.		1,725		129,824
UBS Group AG		38,983		609,517
				6,627,132
CONSUMER FINANCE–0.3%
Acom Co., Ltd.(c)		6,200		27,074
AEON Financial Service Co., Ltd.		2,600		46,051
American Express Co.		5,410		400,773
Capital One Financial Corp.		3,513		306,474
Credit Saison Co., Ltd.		3,500		62,286
Discover Financial Services		2,810		202,573
Navient Corp.		2,200		36,146
Provident Financial PLC		1,401		48,996
Synchrony Financial		5,518		200,138
				1,330,511
DIVERSIFIED FINANCIAL SERVICES–0.6%
AMP Ltd.		28,155		102,114
Berkshire Hathaway, Inc.–Class B(c)		13,294		2,166,656
Challenger Ltd./Australia		12,809		103,496
Eurazeo SA		1,305		76,292
EXOR NV		3,679		158,222
First Pacific Co., Ltd./Hong Kong		86,660		60,454
Groupe Bruxelles Lambert SA		768		64,344
Industrivarden AB–Class C		4,979		92,598
Investor AB–Class B		4,336		161,560
Kinnevik AB		4,676		111,687
Leucadia National Corp.		2,255	$	52,429
Mitsubishi UFJ Lease & Finance Co., Ltd.		10,370		53,486
ORIX Corp.		14,110		219,612
Pargesa Holding SA		346		22,490
Wendel SA		844		101,562
				3,547,002
INSURANCE–1.9%
Admiral Group PLC		2,010		45,203
Aegon NV		11,109		61,029
Aflac, Inc.		2,855		198,708
Ageas		1,646		65,061
AIA Group Ltd.		128,423		719,405
Allianz SE (REG)		4,871		803,900
Allstate Corp. (The)		2,600		192,712
American International Group, Inc.		7,093		463,244
Aon PLC		1,865		208,003
Arthur J Gallagher & Co.		1,202		62,456
Assicurazioni Generali SpA		11,115		164,750
Assurant, Inc.		410		38,073
Aviva PLC		43,251		257,630
Baloise Holding AG (REG)		926		116,523
Chubb Ltd.		3,232		427,012
Cincinnati Financial Corp.		1,060		80,295
CNP Assurances		4,544		84,106
Dai-ichi Life Holdings, Inc.		10,264		170,654
Direct Line Insurance Group PLC		13,089		59,570
Gjensidige Forsikring ASA		3,690		58,500
Hannover Rueck SE (REG)		795		85,882
Hartford Financial Services Group, Inc. (The)		2,675		127,464
Insurance Australia Group Ltd.		23,145		99,809
Japan Post Holdings Co., Ltd.		3,000		37,354
Legal & General Group PLC		63,405		193,155
Lincoln National Corp.		1,590		105,369
Loews Corp.		1,890		88,509
Mapfre SA		16,735		50,976
Marsh & McLennan Cos., Inc.		3,590		242,648
Medibank Pvt Ltd.		39,307		79,859
MetLife, Inc.		7,670		413,336
MS&AD Insurance Group Holdings, Inc.		4,800		148,644
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		299,938
NN Group NV		7,137		241,605
Old Mutual PLC		61,153		155,938
Principal Financial Group, Inc.		1,840		106,462
Progressive Corp. (The)		4,045		143,597
Prudential Financial, Inc.		3,065		318,944
Prudential PLC		27,421		547,254
QBE Insurance Group Ltd.		13,053		116,625
RSA Insurance Group PLC		10,859		78,308
Sampo Oyj–Class A		4,765		213,008
SCOR SE		3,333		115,024

9

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

Company	Shares		U.S. $ Value
Sompo Holdings, Inc.		4,000	$	135,085
Sony Financial Holdings, Inc.		4,130		64,380
St James’s Place PLC		4,994		62,294
Standard Life PLC		18,753		85,874
Suncorp Group Ltd.		12,247		119,251
Swiss Life Holding AG(c)		342		96,608
Swiss Re AG		3,176		300,490
T&D Holdings, Inc.		5,500		72,586
Tokio Marine Holdings, Inc.		7,300		298,884
Torchmark Corp.		752		55,468
Travelers Cos., Inc. (The)		2,030		248,513
Tryg A/S		2,469		44,587
UnipolSai SpA		4,035		8,606
Unum Group		1,620		71,167
Willis Towers Watson PLC		887		108,462
XL Group Ltd.		1,910		71,167
Zurich Insurance Group AG(c)		1,604		440,811
				10,570,775
				47,410,184
INFORMATION TECHNOLOGY–6.2%
COMMUNICATIONS EQUIPMENT–0.3%
Cisco Systems, Inc.		35,090		1,060,420
F5 Networks, Inc.(c)		480		69,466
Harris Corp.		845		86,587
Juniper Networks, Inc.		2,640		74,606
Motorola Solutions, Inc.		1,145		94,909
Nokia Oyj		62,192		298,283
Telefonaktiebolaget LM Ericsson–Class B		28,969		169,787
				1,854,058
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.4%
Alps Electric Co., Ltd.		2,053		49,329
Amphenol Corp.–Class A		2,150		144,480
Corning, Inc.		7,205		174,865
FLIR Systems, Inc.		910		32,933
Hamamatsu Photonics KK		1,600		42,024
Hexagon AB–Class B		4,263		151,831
Hirose Electric Co., Ltd.		300		37,100
Hitachi High-Technologies Corp.		600		24,132
Hitachi Ltd.		52,000		280,391
Ingenico Group SA		930		74,201
Keyence Corp.		500		342,125
Kyocera Corp.		3,100		153,700
Murata Manufacturing Co., Ltd.		2,000		267,073
Omron Corp.		1,800		68,787
Shimadzu Corp.		2,000		31,774
TDK Corp.		1,200		82,282
TE Connectivity Ltd.		2,460		170,429
Yaskawa Electric Corp.		2,000		31,010
Yokogawa Electric Corp.		4,500		64,968
				2,223,434
INTERNET SOFTWARE & SERVICES–1.1%
Akamai Technologies, Inc.(c)		1,205	$	80,349
Alphabet, Inc.–Class A(c)		2,089		1,655,428
Alphabet, Inc.–Class C(c)		2,094		1,616,191
eBay, Inc.(c)		7,285		216,292
Facebook, Inc.–Class A(c)		16,237		1,868,067
Kakaku.com, Inc.		3,799		62,771
Mixi, Inc.		1,747		63,657
United Internet AG		1,175		45,851
VeriSign, Inc.(c)(d)		625		47,544
Yahoo Japan Corp.		13,553		51,908
Yahoo!, Inc.(c)		6,115		236,467
				5,944,525
IT SERVICES–1.0%
Accenture PLC–Class A		4,335		507,758
Alliance Data Systems Corp.		430		98,255
Amadeus IT Group SA–Class A		4,677		212,121
Atos SE		677		71,354
Automatic Data Processing, Inc.		3,170		325,813
Capgemini SA		1,557		131,176
Cognizant Technology Solutions Corp.–Class A(c)		4,230		237,007
Computershare Ltd.		3,663		32,865
CSRA, Inc.		990		31,522
Fidelity National Information Services, Inc.		2,270		171,703
Fiserv, Inc.(c)		1,550		164,734
Fujitsu Ltd.		18,000		99,676
Global Payments, Inc.		1,059		73,505
International Business Machines Corp.		6,076		1,008,555
Mastercard, Inc.–Class A		6,710		692,807
Nomura Research Institute Ltd.		1,320		40,117
NTT Data Corp.		1,202		58,070
Obic Co., Ltd.		730		31,840
Otsuka Corp.		600		27,986
Paychex, Inc.		2,245		136,676
PayPal Holdings, Inc.(c)		7,835		309,247
Teradata Corp.(c)		895		24,317
Total System Services, Inc.		1,110		54,423
Visa, Inc.–Class A		13,150		1,025,963
Western Union Co. (The)–Class W		3,380		73,414
Worldpay Group PLC(e)		19,184		63,693
Xerox Corp.		5,945		51,900
				5,756,497
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.0%
Analog Devices, Inc.		2,130		154,681
Applied Materials, Inc.		7,535		243,154
ASM Pacific Technology Ltd.		900		9,518
ASML Holding NV		3,784		424,074
Broadcom Ltd.		2,775		490,537
Infineon Technologies AG		10,766		186,225
Intel Corp.		33,040		1,198,361

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
KLA-Tencor Corp.		1,060	$	83,401
Lam Research Corp.		1,129		119,369
Linear Technology Corp.		1,640		102,254
Microchip Technology, Inc.		1,495		95,904
Micron Technology, Inc.(c)		7,220		158,262
NVIDIA Corp.		3,735		398,674
NXP Semiconductors NV(c)		3,134		307,163
Qorvo, Inc.(c)		868		45,770
QUALCOMM, Inc.		10,270		669,604
Rohm Co., Ltd.		1,300		74,585
Skyworks Solutions, Inc.		1,324		98,850
STMicroelectronics NV		12,251		138,858
Texas Instruments, Inc.		6,975		508,966
Tokyo Electron Ltd.		1,500		141,074
Xilinx, Inc.		1,735		104,742
				5,754,026
SOFTWARE–1.4%
Activision Blizzard, Inc.		4,755		171,703
Adobe Systems, Inc.(c)		3,460		356,207
Autodesk, Inc.(c)		1,375		101,764
CA, Inc.		2,185		69,417
Check Point Software Technologies Ltd.(c)		1,375		116,132
Citrix Systems, Inc.(c)		1,080		96,455
Dassault Systemes SE		924		70,331
Electronic Arts, Inc.(c)		2,085		164,215
Gemalto NV		323		18,654
Intuit, Inc.		1,700		194,837
Konami Holdings Corp.		1,300		52,466
LINE Corp.(c)		873		29,803
Microsoft Corp.		54,420		3,381,659
Mobileye NV(c)		1,869		71,246
Nexon Co., Ltd.		2,595		37,501
Nice Ltd.		596		40,893
Nintendo Co., Ltd.		1,200		249,450
Oracle Corp.		21,000		807,450
Oracle Corp. Japan		500		25,152
Red Hat, Inc.(c)		1,240		86,428
Sage Group PLC (The)		12,240		98,667
salesforce.com, Inc.(c)		4,484		306,975
SAP SE		10,475		906,140
Symantec Corp.		4,255		101,652
Trend Micro, Inc./Japan		1,600		56,790
				7,611,987
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.0%
Apple, Inc.		37,650		4,360,623
Brother Industries Ltd.		2,200		39,550
Canon, Inc.		11,400		321,049
FUJIFILM Holdings Corp.		4,200		159,036
Hewlett Packard Enterprise Co.		11,560		267,498
HP, Inc.		11,910		176,744
Konica Minolta, Inc.		6,000		59,464
NEC Corp.		25,000		66,123
NetApp, Inc.		1,940		68,424
Ricoh Co., Ltd.		6,000		50,687
Seagate Technology PLC		2,050		78,249
Seiko Epson Corp.		2,700	$	57,004
Western Digital Corp.		1,963		133,386
				5,837,837
				34,982,364
CONSUMER DISCRETIONARY–5.8%
AUTO COMPONENTS–0.3%
Aisin Seiki Co., Ltd.		1,800		77,885
BorgWarner, Inc.		1,380		54,427
Bridgestone Corp.		6,900		248,267
Cie Generale des Etablissements Michelin–Class B		1,732		192,527
Continental AG		1,047		201,712
Delphi Automotive PLC		1,891		127,359
Denso Corp.		5,200		224,933
GKN PLC		16,316		66,502
Goodyear Tire & Rubber Co. (The)		1,810		55,875
Koito Manufacturing Co., Ltd.		1,000		52,810
NGK Spark Plug Co., Ltd.		3,000		66,494
NOK Corp.		2,800		56,632
Nokian Renkaat Oyj		1,090		40,524
Stanley Electric Co., Ltd.		1,600		43,588
Sumitomo Electric Industries Ltd.		7,200		103,675
Sumitomo Rubber Industries Ltd.		4,100		64,872
Toyota Industries Corp.		1,600		76,072
Valeo SA		2,277		130,718
Yokohama Rubber Co., Ltd. (The)		1,000		17,875
				1,902,747
AUTOMOBILES–1.0%
Bayerische Motoren Werke AG		3,152		293,565
Daimler AG (REG)		10,262		761,600
Ferrari NV		572		33,302
Fiat Chrysler Automobiles NV		14,140		128,629
Ford Motor Co.		27,220		330,179
Fuji Heavy Industries Ltd.		6,000		244,466
General Motors Co.		9,916		345,473
Harley-Davidson, Inc.		1,250		72,925
Honda Motor Co., Ltd.		17,400		507,998
Isuzu Motors Ltd.		5,500		69,545
Mazda Motor Corp.		5,200		84,677
Mitsubishi Motors Corp.		11,400		64,805
Nissan Motor Co., Ltd.		26,300		263,819
Peugeot SA(c)		7,475		121,747
Porsche Automobil Holding SE (Preference Shares)		1,458		79,198
Renault SA		1,830		162,535
Suzuki Motor Corp.		3,500		122,881
Toyota Motor Corp.		28,500		1,670,909
Volkswagen AG		630		90,421
Volkswagen AG (Preference Shares)		1,767		247,234
Yamaha Motor Co., Ltd.		2,700		59,208
				5,755,116

11

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

Company	Shares		U.S. $ Value
DISTRIBUTORS–0.0%
Genuine Parts Co.		1,060	$	101,272
Jardine Cycle & Carriage Ltd.		2,000		56,800
LKQ Corp.(c)		2,114		64,794
				222,866
DIVERSIFIED CONSUMER SERVICES–0.0%
Benesse Holdings, Inc.		300		8,242
H&R Block, Inc.		1,520		34,945
				43,187
HOTELS, RESTAURANTS & LEISURE–0.7%
Accor SA		2,705		100,768
Aristocrat Leisure Ltd.		4,876		54,400
Carnival Corp.		2,985		155,399
Carnival PLC		2,273		115,172
Chipotle Mexican Grill, Inc.–Class A(c)(d)		244		92,066
Compass Group PLC		17,510		323,612
Crown Resorts Ltd.		9,430		78,593
Darden Restaurants, Inc.		870		63,266
Domino’s Pizza Enterprises Ltd.		823		38,486
Galaxy Entertainment Group Ltd.		20,155		87,294
Genting Singapore PLC		92,000		57,261
InterContinental Hotels Group PLC		1,779		79,546
Marriott International, Inc./MD–Class A		2,231		184,459
McDonald’s Corp.		5,980		727,886
McDonald’s Holdings Co. Japan Ltd.		2,200		57,550
Melco Crown Entertainment Ltd. (ADR)		2,027		32,229
Merlin Entertainments PLC(e)		6,755		37,291
Oriental Land Co., Ltd./Japan		2,100		118,528
Paddy Power Betfair PLC		1,036		110,237
Royal Caribbean Cruises Ltd.		1,177		96,561
Sands China Ltd.		39,744		171,463
Sodexo SA		1,005		115,387
Starbucks Corp.		10,220		567,414
Tatts Group Ltd.		15,121		48,725
TUI AG		6,938		99,332
Whitbread PLC		1,737		80,802
William Hill PLC		8,420		30,074
Wyndham Worldwide Corp.		750		57,278
Wynn Macau Ltd.		77,455		122,442
Wynn Resorts Ltd.		560		48,446
Yum! Brands, Inc.		2,545		161,175
				4,113,142
HOUSEHOLD DURABLES–0.4%
Auto Trader Group PLC(e)		9,529		47,907
Barratt Developments PLC		9,541		54,242
Berkeley Group Holdings PLC		1,236		42,727
Casio Computer Co., Ltd.		2,100		29,596
DR Horton, Inc.		2,355	$	64,362
Electrolux AB–Class B		2,430		60,169
Garmin Ltd.		770		37,337
Harman International Industries, Inc.		490		54,468
Husqvarna AB–Class B		8,194		63,578
Iida Group Holdings Co., Ltd.		1,346		25,516
Leggett & Platt, Inc.		925		45,214
Lennar Corp.–Class A		1,300		55,809
Mohawk Industries, Inc.(c)		450		89,856
Newell Brands, Inc.		3,355		149,801
Nikon Corp.		3,200		49,697
Panasonic Corp.		23,500		238,341
Persimmon PLC		2,928		63,882
PulteGroup, Inc.		2,135		39,241
Rinnai Corp.		700		56,325
SEB SA		241		32,656
Sekisui Chemical Co., Ltd.		4,000		63,674
Sekisui House Ltd.		6,000		99,686
Sharp Corp./Japan(c)		15,000		34,707
Sony Corp.		13,500		377,216
Taylor Wimpey PLC		31,025		58,516
Whirlpool Corp.		550		99,974
				2,034,497
INTERNET & DIRECT MARKETING RETAIL–0.6%
Amazon.com, Inc.(c)		2,762		2,071,141
Expedia, Inc.		832		94,249
Netflix, Inc.(c)		2,982		369,172
Priceline Group, Inc. (The)(c)		347		508,723
Rakuten, Inc.		8,852		86,730
Start Today Co., Ltd.		2,592		44,651
TripAdvisor, Inc.(c)		762		35,334
Zalando SE(c)(e)		2,021		76,988
				3,286,988
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,900		52,297
Hasbro, Inc.		800		62,232
Mattel, Inc.(d)		2,335		64,329
Sankyo Co., Ltd.		300		9,673
Sega Sammy Holdings, Inc.		2,500		37,150
Shimano, Inc.		700		109,643
Yamaha Corp.		1,600		48,788
				384,112
MEDIA–1.1%
Altice NV–Class A(c)		3,528		69,819
Altice NV–Class B(c)		1,176		23,400
Axel Springer SE		2,191		106,239
CBS Corp.–Class B		2,840		180,681
Charter Communications, Inc.–Class A(c)		1,523		438,502
Comcast Corp.–Class A		16,751		1,156,656
Dentsu, Inc.		2,100		98,749
Discovery Communications, Inc.–Class A(c)		1,045		28,643

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Discovery Communications, Inc.–Class C(c)		1,545	$	41,375
Eutelsat Communications SA		3,140		60,720
Hakuhodo DY Holdings, Inc.		2,490		30,660
Interpublic Group of Cos., Inc. (The)		2,795		65,431
ITV PLC		34,542		87,702
JCDecaux SA		189		5,557
Lagardere SCA		2,184		60,618
News Corp.–Class A		2,658		30,461
News Corp.–Class B		817		9,641
Omnicom Group, Inc.		1,660		141,283
Pearson PLC		7,821		78,473
ProSiebenSat.1 Media SE		1,328		51,117
Publicis Groupe SA		1,801		124,097
REA Group Ltd.		1,002		39,819
RTL Group SA (London)(c)		1,166		85,287
Schibsted ASA–Class B		2,252		47,662
Scripps Networks Interactive, Inc.–Class A		670		47,818
SES SA		4,651		102,335
Singapore Press Holdings Ltd.		6,000		14,591
Sky PLC		13,314		162,310
TEGNA, Inc.		1,450		31,015
Telenet Group Holding NV(c)		459		25,441
Time Warner, Inc.		5,445		525,606
Toho Co., Ltd./Tokyo		1,000		28,209
Twenty-First Century Fox, Inc.–Class A		7,421		208,085
Twenty-First Century Fox, Inc.–Class B		3,367		91,751
Viacom, Inc.–Class B		2,410		84,591
Vivendi SA		11,072		210,002
Walt Disney Co. (The)		10,314		1,074,925
WPP PLC		13,761		306,229
				5,975,500
MULTILINE RETAIL–0.2%
Dollar General Corp.		1,820		134,808
Dollar Tree, Inc.(c)		1,638		126,421
Don Quijote Holdings Co., Ltd.		1,000		36,905
Isetan Mitsukoshi Holdings Ltd.		2,200		23,689
J Front Retailing Co., Ltd.		3,500		47,123
Kohl’s Corp.		1,230		60,737
Macy’s, Inc.		2,105		75,380
Marks & Spencer Group PLC		15,442		66,519
Marui Group Co., Ltd.		3,300		48,080
Next PLC		1,363		83,614
Nordstrom, Inc.		770		36,906
Ryohin Keikaku Co., Ltd.		146		28,577
Target Corp.		4,025		290,726
				1,059,485
SPECIALTY RETAIL–0.8%
ABC-Mart, Inc.		500		28,286
Advance Auto Parts, Inc.		531		89,803
AutoNation, Inc.(c)		435		21,163
AutoZone, Inc.(c)		225		177,703
Bed Bath & Beyond, Inc.		1,045		42,469
Best Buy Co., Inc.		1,900	$	81,073
CarMax, Inc.(c)(d)		1,320		84,995
Dixons Carphone PLC		16,194		70,727
Dufry AG (REG)(c)		264		32,861
Fast Retailing Co., Ltd.		500		178,513
Foot Locker, Inc.		942		66,778
Gap, Inc. (The)		1,505		33,772
Hennes & Mauritz AB–Class B		9,038		250,543
Hikari Tsushin, Inc.		500		46,544
Home Depot, Inc. (The)		8,630		1,157,110
Industria de Diseno Textil SA		11,626		396,051
Kingfisher PLC		29,522		127,192
L Brands, Inc.		1,685		110,940
Lowe’s Cos., Inc.		6,090		433,121
Nitori Holdings Co., Ltd.		750		85,511
O’Reilly Automotive, Inc.(c)		690		192,103
Ross Stores, Inc.		2,750		180,400
Shimamura Co., Ltd.		200		24,937
Signet Jewelers Ltd.(d)		508		47,884
Staples, Inc.		4,515		40,861
Tiffany & Co.		755		58,460
TJX Cos., Inc. (The)		4,570		343,344
Tractor Supply Co.		915		69,366
Ulta Salon Cosmetics & Fragrance, Inc.(c)		402		102,486
Urban Outfitters, Inc.(c)		585		16,661
USS Co., Ltd.		4,120		65,449
Yamada Denki Co., Ltd.		10,990		59,175
				4,716,281
TEXTILES, APPAREL & LUXURY GOODS–0.6%
adidas AG		1,792		282,631
Asics Corp.		3,000		59,784
Burberry Group PLC		4,236		78,065
Christian Dior SE		581		121,726
Cie Financiere Richemont SA		4,969		328,404
Coach, Inc.		1,930		67,589
Hanesbrands, Inc.		2,627		56,664
Hermes International		281		115,271
HUGO BOSS AG		1,317		80,401
Kering		721		161,723
Li & Fung Ltd.		48,000		21,036
Luxottica Group SpA		1,559		83,791
LVMH Moet Hennessy Louis Vuitton SE		2,973		566,867
Michael Kors Holdings Ltd.(c)		1,159		49,814
NIKE, Inc.–Class B		9,420		478,819
Pandora A/S		1,106		144,377
PVH Corp.		545		49,181
Ralph Lauren Corp.		390		35,225
Swatch Group AG (The)		294		91,247
Swatch Group AG (The) (REG)		1,834		111,926
Under Armour, Inc.–Class A(c)(d)		1,247		36,225
Under Armour, Inc.–Class C(c)		1,254		31,563
VF Corp.		2,310		123,238
				3,175,567
				32,669,488

13

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

Company	Shares		U.S. $ Value
HEALTH CARE–5.8%
BIOTECHNOLOGY–0.8%
AbbVie, Inc.		11,366	$	711,739
Actelion Ltd. (REG)(c)		978		211,354
Alexion Pharmaceuticals, Inc.(c)		1,580		193,313
Amgen, Inc.		5,253		768,041
Biogen, Inc.(c)		1,565		443,803
Celgene Corp.(c)		5,430		628,523
CSL Ltd.		4,876		352,631
Genmab A/S(c)		540		89,452
Gilead Sciences, Inc.		9,215		659,886
Grifols SA		2,839		56,358
Regeneron Pharmaceuticals, Inc.(c)		540		198,229
Vertex Pharmaceuticals, Inc.(c)		1,707		125,755
				4,439,084
HEALTH CARE EQUIPMENT & SUPPLIES–0.8%
Abbott Laboratories		10,265		394,279
Baxter International, Inc.		3,380		149,869
Becton Dickinson and Co.		1,487		246,173
Boston Scientific Corp.(c)		9,460		204,620
Cochlear Ltd.		405		35,746
Coloplast A/S–Class B		1,154		77,732
Cooper Cos., Inc. (The)		361		63,150
CR Bard, Inc.		515		115,700
CYBERDYNE, Inc.(c)		3,189		44,968
Danaher Corp.		4,240		330,042
DENTSPLY SIRONA, Inc.		1,596		92,137
Edwards Lifesciences Corp.(c)		1,490		139,613
Essilor International SA		2,369		267,290
Getinge AB–Class B		2,013		32,254
Hologic, Inc.(c)		1,920		77,030
Hoya Corp.		3,900		163,525
Intuitive Surgical, Inc.(c)		305		193,422
Medtronic PLC		9,659		688,011
Olympus Corp.		2,800		96,473
Smith & Nephew PLC		9,779		146,775
Sonova Holding AG (REG)		666		80,579
St Jude Medical, Inc.		1,965		157,573
Stryker Corp.		2,175		260,587
Sysmex Corp.		1,500		86,669
Terumo Corp.		3,300		121,655
Varian Medical Systems, Inc.(c)		645		57,908
William Demant Holding A/S(c)		2,050		35,607
Zimmer Biomet Holdings, Inc.		1,385		142,932
				4,502,319
HEALTH CARE PROVIDERS & SERVICES–0.8%
Aetna, Inc.		2,467		305,933
Alfresa Holdings Corp.		2,700		44,596
AmerisourceBergen Corp.–Class A		1,235		96,565
Anthem, Inc.		1,850		265,974
Cardinal Health, Inc.		2,195		157,974
Centene Corp.(c)		1,187		67,077
Cigna Corp.		1,815		242,103
DaVita, Inc.(c)		1,150	$	73,830
Envision Healthcare Corp.(c)		823		52,088
Express Scripts Holding Co.(c)		4,389		301,919
Fresenius Medical Care AG & Co. KGaA		2,085		176,226
Fresenius SE & Co. KGaA		4,696		366,339
HCA Holdings, Inc.(c)		2,050		151,741
Healthscope Ltd.		34,249		56,458
Henry Schein, Inc.(c)		570		86,475
Humana, Inc.		1,065		217,292
Laboratory Corp. of America Holdings(c)		725		93,075
McKesson Corp.		1,565		219,804
Mediclinic International PLC		3,929		37,321
Medipal Holdings Corp.		3,900		61,433
Miraca Holdings, Inc.		1,000		44,726
Patterson Cos., Inc.		560		22,977
Quest Diagnostics, Inc.		950		87,305
Ramsay Health Care Ltd.		1,156		56,837
Ryman Healthcare Ltd.		3,027		17,044
Sonic Healthcare Ltd.		5,598		86,153
Suzuken Co., Ltd./Aichi Japan		1,200		39,195
UnitedHealth Group, Inc.		6,635		1,061,865
Universal Health Services, Inc.–Class B		650		69,147
				4,559,472
HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.(c)		2,080		98,530
M3, Inc.		2,070		52,042
				150,572
LIFE SCIENCES TOOLS & SERVICES–0.2%
Agilent Technologies, Inc.		2,245		102,282
Illumina, Inc.(c)		1,011		129,448
Lonza Group AG (REG)(c)		607		104,907
Mettler-Toledo International, Inc.(c)		220		92,083
PerkinElmer, Inc.		755		39,373
QIAGEN NV(c)		2,807		78,662
Thermo Fisher Scientific, Inc.		2,785		392,964
Waters Corp.(c)		545		73,243
				1,012,962
PHARMACEUTICALS–3.2%
Allergan PLC(c)		2,796		587,188
Astellas Pharma, Inc.		22,500		312,150
AstraZeneca PLC		13,478		736,003
Bayer AG (Reg)		8,814		918,273
Bristol-Myers Squibb Co.		11,665		681,703
Chugai Pharmaceutical Co., Ltd.		2,100		60,236
Daiichi Sankyo Co., Ltd.		5,700		116,390
Eisai Co., Ltd.		2,400		137,538
Eli Lilly & Co.		6,765		497,566
Endo International PLC(c)		1,383		22,778
Galenica AG (Reg)		21		23,664
GlaxoSmithKline PLC		51,920		997,304

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Hikma Pharmaceuticals PLC		1,367	$	31,862
Hisamitsu Pharmaceutical Co., Inc.		1,000		49,947
Johnson & Johnson		19,105		2,201,087
Kyowa Hakko Kirin Co., Ltd.		2,000		27,587
Mallinckrodt PLC(c)		724		36,070
Merck & Co., Inc.		19,305		1,136,485
Merck KGaA		1,230		128,069
Mitsubishi Tanabe Pharma Corp.		3,000		58,740
Mylan NV(c)		2,555		97,473
Novartis AG (REG)		23,800		1,730,818
Novo Nordisk A/S–Class B		20,377		730,967
Ono Pharmaceutical Co., Ltd.		3,900		84,999
Orion Oyj–Class B		974		43,277
Otsuka Holdings Co., Ltd.		3,717		161,914
Perrigo Co. PLC		1,022		85,061
Pfizer, Inc.		42,336		1,375,073
Roche Holding AG		7,488		1,706,909
Sanofi		12,344		998,200
Santen Pharmaceutical Co., Ltd.		2,500		30,503
Shionogi & Co., Ltd.		2,800		133,820
Shire PLC		9,577		546,839
Sumitomo Dainippon Pharma Co., Ltd.		2,900		49,776
Taisho Pharmaceutical Holdings Co., Ltd.		567		47,004
Takeda Pharmaceutical Co., Ltd.		7,600		315,294
Taro Pharmaceutical Industries Ltd.(c)(d)		163		17,159
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,726		352,567
UCB SA		1,203		76,969
Zoetis, Inc.		3,446		184,464
				17,529,726
				32,194,135
INDUSTRIALS–5.7%
AEROSPACE & DEFENSE–0.8%
Airbus Group SE		5,607		370,335
Arconic, Inc.		2,756		51,096
BAE Systems PLC		33,818		245,977
Boeing Co. (The)		4,060		632,061
Cobham PLC		16,316		32,851
Dassault Aviation SA		41		45,761
Elbit Systems Ltd.		250		25,255
General Dynamics Corp.		2,010		347,046
L3 Technologies, Inc.		525		79,858
Leonardo-Finmeccanica SpA(c)		5,271		73,822
Lockheed Martin Corp.		1,800		449,892
Meggitt PLC		10,854		61,295
Northrop Grumman Corp.		1,240		288,399
Raytheon Co.		2,050		291,100
Rockwell Collins, Inc.		900		83,484
Rolls-Royce Holdings PLC(c)		19,591		160,911
Safran SA		2,977		214,117
Singapore Technologies Engineering Ltd.		43,000	$	95,507
Textron, Inc.		1,855		90,079
Thales SA		694		67,235
TransDigm Group, Inc.		363		90,372
United Technologies Corp.		5,425		594,688
Zodiac Aerospace		4,945		113,394
				4,504,535
AIR FREIGHT & LOGISTICS–0.3%
Bollore SA		25,929		91,298
CH Robinson Worldwide, Inc.		965		70,696
Deutsche Post AG (REG)		9,235		302,862
Expeditors International of Washington, Inc.		1,220		64,611
FedEx Corp.		1,715		319,333
Kuehne & Nagel International AG (REG)		121		15,972
Royal Mail PLC		8,567		48,698
United Parcel Service, Inc.–Class B		4,855		556,577
Yamato Holdings Co., Ltd.		3,400		68,922
				1,538,969
AIRLINES–0.2%
Alaska Air Group, Inc.		843		74,799
American Airlines Group, Inc.		3,682		171,913
ANA Holdings, Inc.		25,000		67,251
Cathay Pacific Airways Ltd.		20,000		26,247
Delta Air Lines, Inc.		5,202		255,886
Deutsche Lufthansa AG (REG)		3,330		42,926
easyJet PLC		2,320		28,697
International Consolidated Airlines Group SA		10,420		56,134
Japan Airlines Co., Ltd.		900		26,263
Qantas Airways Ltd.		24,972		59,821
Singapore Airlines Ltd.		14,000		93,267
Southwest Airlines Co.		4,305		214,561
United Continental Holdings, Inc.(c)		2,022		147,363
				1,265,128
BUILDING PRODUCTS–0.2%
Allegion PLC		635		40,640
Asahi Glass Co., Ltd.		10,000		67,847
Assa Abloy AB–Class B		9,541		176,543
Cie de Saint-Gobain		4,539		211,142
Daikin Industries Ltd.		2,500		229,022
Fortune Brands Home & Security, Inc.		1,071		57,256
Geberit AG (REG)		360		144,128
Johnson Controls International PLC		5,892		242,692
LIXIL Group Corp.		2,500		56,663
Masco Corp.		2,305		72,884
TOTO Ltd.		1,000		39,499
				1,338,316

15

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

Company	Shares		U.S. $ Value
COMMERCIAL SERVICES & SUPPLIES–0.2%
Babcock International Group PLC		2,400	$	28,151
Brambles Ltd.		15,030		134,129
Cintas Corp.		585		67,603
Dai Nippon Printing Co., Ltd.		5,000		49,333
Edenred		818		16,197
G4S PLC		12,380		35,783
ISS A/S		1,785		60,160
Park24 Co., Ltd.		1,300		35,203
Pitney Bowes, Inc.		1,255		19,063
Republic Services, Inc.–Class A		1,600		91,280
Secom Co., Ltd.		2,000		146,128
Societe BIC SA		891		121,066
Sohgo Security Services Co., Ltd.		1,000		38,384
Stericycle, Inc.(c)		610		46,994
Toppan Printing Co., Ltd.		5,000		47,676
Waste Management, Inc.		2,845		201,739
				1,138,889
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA		1,829		57,719
Bouygues SA		1,739		62,255
CIMIC Group Ltd.		2,988		75,181
Eiffage SA		1,102		76,756
Ferrovial SA		4,609		82,198
Fluor Corp.		965		50,682
HOCHTIEF AG		422		58,917
Jacobs Engineering Group, Inc.(c)		815		46,455
JGC Corp.		4,000		72,465
Kajima Corp.		7,000		48,350
Obayashi Corp.		6,000		57,284
Quanta Services, Inc.(c)		1,015		35,373
Shimizu Corp.		4,000		36,512
Skanska AB–Class B		8,587		202,175
Taisei Corp.		10,000		69,830
Vinci SA		4,768		324,341
				1,356,493
ELECTRICAL EQUIPMENT–0.4%
ABB Ltd. (REG)(c)		20,970		441,245
Acuity Brands, Inc.		323		74,568
AMETEK, Inc.		1,599		77,711
Eaton Corp. PLC		3,144		210,931
Emerson Electric Co.		4,450		248,087
First Solar, Inc.(c)(d)		520		16,687
Fuji Electric Co., Ltd.		14,000		72,292
Legrand SA		2,541		144,164
Mabuchi Motor Co., Ltd.		800		41,571
Mitsubishi Electric Corp.		21,000		292,092
Nidec Corp.		2,300		198,009
Prysmian SpA		1,074		27,527
Rockwell Automation, Inc.		930		124,992
Schneider Electric SE (Paris)		5,314	$	369,155
Vestas Wind Systems A/S		2,133		138,143
				2,477,174
INDUSTRIAL CONGLOMERATES–1.0%
3M Co.		4,255		759,815
CK Hutchison Holdings Ltd.		25,840		291,694
DCC PLC		843		62,661
General Electric Co.		62,559		1,976,864
Honeywell International, Inc.		5,305		614,584
Jardine Matheson Holdings Ltd.		2,300		126,909
Keihan Holdings Co., Ltd.		5,000		32,797
Keppel Corp., Ltd.		13,000		51,739
Koninklijke Philips NV		7,299		223,144
NWS Holdings Ltd.		37,000		60,147
Roper Technologies, Inc.		725		132,733
Seibu Holdings, Inc.		3,142		56,254
Siemens AG (REG)		8,153		998,253
Smiths Group PLC		3,761		65,468
Toshiba Corp.(c)		38,000		91,791
				5,544,853
MACHINERY–1.0%
Alfa Laval AB		3,611		59,565
Alstom SA(c)		3,502		96,300
Amada Holdings Co., Ltd.		3,000		33,422
ANDRITZ AG		693		34,729
Atlas Copco AB–Class A		6,392		193,911
Atlas Copco AB–Class B		3,579		97,304
Caterpillar, Inc.		4,085		378,843
CNH Industrial NV		22,634		196,395
Cummins, Inc.		1,100		150,337
Deere & Co.		2,035		209,686
Dover Corp.		1,085		81,299
FANUC Corp.		2,100		351,318
Flowserve Corp.		910		43,726
Fortive Corp.		2,070		111,014
GEA Group AG		1,741		69,867
Hino Motors Ltd.		6,000		60,960
Hitachi Construction Machinery Co., Ltd.		3,000		64,857
Hoshizaki Corp.		400		31,668
IHI Corp.(c)		26,000		67,337
Illinois Tool Works, Inc.		2,225		272,474
IMI PLC		4,517		57,767
Ingersoll-Rand PLC		1,805		135,447
JTEKT Corp.		4,300		68,567
Kawasaki Heavy Industries Ltd.		9,000		28,171
Komatsu Ltd.		9,800		221,971
Kone Oyj–Class B		3,593		160,548
Kubota Corp.		10,000		142,508
Kurita Water Industries Ltd.		1,200		26,401
Makita Corp.		1,100		73,501
MAN SE		1,273		126,353
Metso Oyj		1,073		30,526
Minebea Co., Ltd.		7,000		65,319
Mitsubishi Heavy Industries Ltd.		31,000		140,927
Nabtesco Corp.		1,000		23,181

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
NGK Insulators Ltd.		2,000	$	38,714
NSK Ltd.		3,000		34,648
PACCAR, Inc.		2,410		153,999
Parker-Hannifin Corp.		945		132,300
Pentair PLC		1,160		65,041
Sandvik AB		12,165		150,068
Schindler Holding AG		413		72,735
Schindler Holding AG (REG)		575		100,365
SKF AB–Class B		4,700		86,180
SMC Corp./Japan		600		142,755
Snap-on, Inc.		420		71,933
Stanley Black & Decker, Inc.		1,065		122,145
Sumitomo Heavy Industries Ltd.		6,000		38,527
THK Co., Ltd.		3,100		68,459
Volvo AB–Class B		14,676		170,858
Wartsila Oyj Abp		1,408		63,130
Weir Group PLC (The)		2,037		47,338
Xylem, Inc./NY		1,235		61,157
Zardoya Otis SA		4,352		36,726
				5,563,277
MARINE–0.1%
AP Moller–Maersk A/S–Class A		70		105,638
AP Moller–Maersk A/S–Class B		68		108,390
Mitsui OSK Lines Ltd.		12,000		33,121
Nippon Yusen KK		31,000		57,408
				304,557
PROFESSIONAL SERVICES–0.3%
Adecco Group AG (REG)		1,673		109,208
Bureau Veritas SA		3,094		59,882
Capita PLC		6,326		41,363
Dun & Bradstreet Corp. (The)		265		32,150
Equifax, Inc.		855		101,087
Experian PLC		10,230		198,069
Intertek Group PLC		1,536		65,830
Nielsen Holdings PLC		2,316		97,156
Randstad Holding NV		1,613		87,372
Recruit Holdings Co., Ltd.		3,916		156,939
RELX NV		15,125		254,401
RELX PLC		11,663		207,840
Robert Half International, Inc.		885		43,170
SGS SA (REG)		52		105,652
Verisk Analytics, Inc.– Class A(c)		1,100		89,287
Wolters Kluwer NV		5,568		201,390
				1,850,796
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		12,975		47,175
Central Japan Railway Co.		1,537		252,359
CSX Corp.		6,560		235,701
DSV A/S		1,630		72,389
East Japan Railway Co.		3,600		310,387
Hankyu Hanshin Holdings, Inc.		2,200		70,446
JB Hunt Transport Services, Inc.		603		58,533
Kansas City Southern		770		65,334
Keikyu Corp.		4,000		46,333
Keio Corp.		6,000	$	49,285
Keisei Electric Railway Co., Ltd.		1,000		24,214
Kintetsu Group Holdings Co., Ltd.		17,000		64,782
MTR Corp., Ltd.		15,500		75,147
Nagoya Railroad Co., Ltd.		9,000		43,454
Nippon Express Co., Ltd.		12,000		64,431
Norfolk Southern Corp.		2,040		220,463
Odakyu Electric Railway Co., Ltd.		3,000		59,280
Ryder System, Inc.		365		27,171
Tobu Railway Co., Ltd.		6,000		29,744
Tokyu Corp.		10,000		73,382
Union Pacific Corp.		5,800		601,344
West Japan Railway Co.		1,568		96,049
				2,587,403
TRADING COMPANIES & DISTRIBUTORS–0.4%
AerCap Holdings NV(c)		1,701		70,779
Ashtead Group PLC		4,791		93,139
Brenntag AG		1,471		81,536
Bunzl PLC		3,191		82,843
Fastenal Co.		1,980		93,020
ITOCHU Corp.		16,000		211,852
Marubeni Corp.		16,000		90,497
MISUMI Group, Inc.		2,900		47,637
Mitsubishi Corp.		16,100		341,942
Mitsui & Co., Ltd.		18,200		249,382
Sumitomo Corp.		11,300		132,655
Toyota Tsusho Corp.		2,300		59,782
Travis Perkins PLC		2,972		53,128
United Rentals, Inc.(c)		600		63,348
Wolseley PLC		3,100		189,243
WW Grainger, Inc.		380		88,255
				1,949,038
TRANSPORTATION INFRASTRUCTURE–0.1%
Abertis Infraestructuras SA		6,861		95,858
Aena SA(e)		643		87,603
Aeroports de Paris		1,000		107,087
Atlantia SpA		176		4,118
Auckland International Airport Ltd.		10,521		45,635
Groupe Eurotunnel SE (REG)		2,068		19,646
Hutchison Port Holdings Trust–Class U		43,553		18,898
Japan Airport Terminal Co., Ltd.		1,200		43,361
Kamigumi Co., Ltd.		3,000		28,573
Mitsubishi Logistics Corp.		1,000		14,098
Sydney Airport		15,829		68,325
Transurban Group		19,376		144,202
				677,404
				32,096,832

17

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

Company	Shares		U.S. $ Value
CONSUMER STAPLES–4.9%
BEVERAGES–1.0%
Anheuser-Busch InBev SA/NV		8,118	$	859,242
Asahi Group Holdings Ltd.		3,700		116,495
Brown-Forman Corp.–Class B		1,254		56,330
Carlsberg A/S–Class B		1,051		90,522
Coca-Cola Amatil Ltd.		8,031		58,570
Coca-Cola Co. (The)		27,130		1,124,810
Coca-Cola European Partners PLC		2,055		64,858
Coca-Cola HBC AG(c)		1,928		41,983
Constellation Brands, Inc.–Class A		1,270		194,704
Diageo PLC		26,828		696,182
Dr Pepper Snapple Group, Inc.		1,270		115,151
Heineken Holding NV		1,000		69,540
Heineken NV		4,780		358,203
Kirin Holdings Co., Ltd.		8,000		129,850
Molson Coors Brewing Co.–Class B		1,300		126,503
Monster Beverage Corp.(c)		2,880		127,699
PepsiCo, Inc.		10,075		1,054,147
Pernod Ricard SA		2,021		218,713
Remy Cointreau SA		195		16,621
Suntory Beverage & Food Ltd.		1,324		54,842
Treasury Wine Estates Ltd.		6,024		46,340
				5,621,305
FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		6,200		87,628
Carrefour SA		5,903		142,120
Casino Guichard Perrachon SA		1,228		58,839
Colruyt SA		862		42,604
Costco Wholesale Corp.		3,065		490,737
CVS Health Corp.		7,430		586,301
Distribuidora Internacional de Alimentacion SA		8,219		40,311
FamilyMart UNY Holdings Co., Ltd.		800		53,232
ICA Gruppen AB		2,462		74,938
J Sainsbury PLC		18,022		55,390
Jeronimo Martins SGPS SA		2,405		37,301
Koninklijke Ahold Delhaize NV		9,852		207,513
Kroger Co. (The)		6,580		227,076
Lawson, Inc.		600		42,115
METRO AG		3,266		108,553
Seven & i Holdings Co., Ltd.		8,000		304,233
Sundrug Co., Ltd.		500		34,571
Sysco Corp.		3,555		196,840
Tesco PLC(c)		87,120		222,138
Tsuruha Holdings, Inc.		600		56,786
Wal-Mart Stores, Inc.		10,563		730,115
Walgreens Boots Alliance, Inc.		5,945		492,008
Wesfarmers Ltd.		12,002		364,284
Whole Foods Market, Inc.		2,220		68,287
Wm Morrison Supermarkets PLC		29,345		83,348
Woolworths Ltd.		14,003		243,059
				5,050,327
FOOD PRODUCTS–1.1%
Ajinomoto Co., Inc.		5,000	$	100,613
Archer-Daniels-Midland Co.		4,015		183,285
Associated British Foods PLC		3,391		114,419
Barry Callebaut AG (REG)(c)		91		111,176
Calbee, Inc.		1,315		41,135
Campbell Soup Co.		1,325		80,123
Chocoladefabriken Lindt & Spruengli AG (REG)		1		60,755
Conagra Brands, Inc.		2,885		114,102
Danone SA		6,291		398,085
General Mills, Inc.		4,135		255,419
Golden Agri-Resources Ltd.		48,000		14,212
Hershey Co. (The)		1,000		103,430
Hormel Foods Corp.		1,850		64,398
JM Smucker Co. (The)		795		101,808
Kellogg Co.		1,765	��	130,098
Kerry Group PLC–Class A		1,906		136,231
Kikkoman Corp.		1,000		31,906
Kraft Heinz Co. (The)		4,178		364,823
Marine Harvest ASA(c)		4,327		78,234
McCormick & Co., Inc./MD		825		76,997
Mead Johnson Nutrition Co.–Class A		1,260		89,158
MEIJI Holdings Co., Ltd.		1,100		86,051
Mondelez International, Inc.–Class A		10,835		480,316
Nestle SA (REG)		33,982		2,434,388
NH Foods Ltd.		1,000		26,976
Nisshin Seifun Group, Inc.		4,000		59,936
Nissin Foods Holdings Co., Ltd.		1,200		62,944
Orkla ASA		10,095		91,347
Tate & Lyle PLC		4,440		38,640
Toyo Suisan Kaisha Ltd.		1,000		36,179
Tyson Foods, Inc.–Class A		2,075		127,986
WH Group Ltd.(e)		67,807		54,659
Wilmar International Ltd.		26,000		64,232
Yakult Honsha Co., Ltd.		800		37,013
Yamazaki Baking Co., Ltd.		2,000		38,559
				6,289,633
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		1,776		78,481
Clorox Co. (The)		920		110,418
Colgate-Palmolive Co.		6,200		405,728
Henkel AG & Co. KGaA		989		102,929
Henkel AG & Co. KGaA (Preference Shares)		1,696		201,892
Kimberly-Clark Corp.		2,515		287,012
Lion Corp.		2,000		32,783
Procter & Gamble Co. (The)		18,615		1,565,149
Reckitt Benckiser Group PLC		6,765		573,049
Svenska Cellulosa AB SCA–Class B		4,979		140,141
Unicharm Corp.		3,800		82,993
				3,580,575

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
PERSONAL PRODUCTS–0.4%
Beiersdorf AG		1,051	$	89,028
Coty, Inc.–Class A		3,262		59,727
Estee Lauder Cos., Inc. (The)–Class A		1,540		117,795
Kao Corp.		5,400		255,608
Kose Corp.		500		41,454
L’Oreal SA		2,700		492,116
Pola Orbis Holdings, Inc.		450		37,100
Shiseido Co., Ltd.		3,600		90,986
Unilever NV		15,507		637,009
Unilever PLC		13,679		553,177
				2,374,000
TOBACCO–0.8%
Altria Group, Inc.		13,660		923,689
British American Tobacco PLC		19,869		1,126,083
Imperial Brands PLC		10,218		445,306
Japan Tobacco, Inc.		11,724		384,824
Philip Morris International, Inc.		10,850		992,666
Reynolds American, Inc.		5,748		322,118
Swedish Match AB		2,884		91,504
				4,286,190
				27,202,030
ENERGY–3.1%
ENERGY EQUIPMENT & SERVICES–0.3%
Baker Hughes, Inc.		2,960		192,311
FMC Technologies, Inc.(c)		1,560		55,427
Halliburton Co.		5,990		323,999
Helmerich & Payne, Inc.		735		56,889
National Oilwell Varco, Inc.		2,605		97,531
Petrofac Ltd.		2,766		29,601
Saipem SpA(c)		184,213		103,032
Schlumberger Ltd.		9,700		814,315
Technip SA		1,332		94,881
Tenaris SA		4,501		80,345
Transocean Ltd.(c)(d)		2,350		34,639
				1,882,970
OIL, GAS & CONSUMABLE FUELS–2.8%
Anadarko Petroleum Corp.		3,795		264,625
Apache Corp.		2,645		167,878
BP PLC		198,735		1,244,762
Cabot Oil & Gas Corp.		3,240		75,686
Caltex Australia Ltd.		3,100		67,970
Chesapeake Energy Corp.(c)(d)		5,195		36,469
Chevron Corp.		13,180		1,551,286
Cimarex Energy Co.		677		92,004
Concho Resources, Inc.(c)		1,007		133,528
ConocoPhillips		8,620		432,207
Devon Energy Corp.		3,620		165,325
Eni SpA		24,216		392,567
EOG Resources, Inc.		3,860		390,246
EQT Corp.		1,190		77,826
Exxon Mobil Corp.		28,937		2,611,854
Galp Energia SGPS SA		5,341		79,625
Hess Corp.		1,840	$	114,614
Idemitsu Kosan Co., Ltd.		1,200		31,830
Inpex Corp.		9,048		90,442
JX Holdings, Inc.		20,000		84,508
Kinder Morgan, Inc./DE		13,389		277,286
Koninklijke Vopak NV		502		23,684
Lundin Petroleum AB(c)		856		18,551
Marathon Oil Corp.		5,905		102,216
Marathon Petroleum Corp.		3,674		184,986
Murphy Oil Corp.(d)		1,105		34,399
Neste Oyj		1,220		46,686
Newfield Exploration Co.(c)		1,370		55,485
Noble Energy, Inc.		3,000		114,180
Occidental Petroleum Corp.		5,350		381,081
Oil Search Ltd.		18,278		94,073
OMV AG		1,402		49,426
ONEOK, Inc.		1,420		81,522
Origin Energy Ltd.		16,658		78,813
Phillips 66		3,110		268,735
Pioneer Natural Resources Co.		1,215		218,785
Range Resources Corp.		1,300		44,668
Repsol SA		11,820		166,108
Royal Dutch Shell PLC–Class A		46,396		1,280,692
Royal Dutch Shell PLC–Class B		39,919		1,146,949
Santos Ltd.		18,468		53,200
Showa Shell Sekiyu KK		1,900		17,652
Snam SpA		26,833		110,360
Southwestern Energy Co.(c)		3,445		37,275
Spectra Energy Corp.		4,885		200,725
Statoil ASA		12,989		237,071
Tesoro Corp.		825		72,146
TonenGeneral Sekiyu KK		5,000		52,651
TOTAL SA		23,778		1,219,624
Valero Energy Corp.		3,225		220,332
Williams Cos., Inc. (The)		4,755		148,071
Woodside Petroleum Ltd.		7,059		158,109
				15,300,793
				17,183,763
MATERIALS–2.5%
CHEMICALS–1.4%
Air Liquide SA		4,143		460,696
Air Products & Chemicals, Inc.		1,520		218,606
Akzo Nobel NV		2,351		146,906
Albemarle Corp.		761		65,507
Arkema SA		1,159		113,293
Asahi Kasei Corp.		12,000		104,415
BASF SE		9,789		907,209
CF Industries Holdings, Inc.		1,600		50,368
Chr Hansen Holding A/S		1,460		80,746
Covestro AG(e)		1,766		120,879
Croda International PLC		1,689		66,428
Daicel Corp.		3,000		32,982
Dow Chemical Co. (The)		7,825		447,746
Eastman Chemical Co.		1,030		77,466
Ecolab, Inc.		1,840		215,685
EI du Pont de Nemours & Co.		6,095		447,373

19

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

Company	Shares		U.S. $ Value
EMS-Chemie Holding AG (REG)		203	$	103,090
Evonik Industries AG		2,574		76,728
FMC Corp.		930		52,601
Frutarom Industries Ltd.		300		15,313
Givaudan SA (REG)		88		161,055
Hitachi Chemical Co., Ltd.		3,000		74,839
Incitec Pivot Ltd.		32,013		82,836
International Flavors & Fragrances, Inc.		550		64,807
Israel Chemicals Ltd.		4,414		18,021
Johnson Matthey PLC		1,842		72,072
JSR Corp.		800		12,592
Kansai Paint Co., Ltd.		3,000		55,181
Kuraray Co., Ltd.		3,000		44,987
LANXESS AG		1,767		115,709
Linde AG		1,768		290,018
LyondellBasell Industries NV–Class A		2,399		205,786
Mitsubishi Chemical Holdings Corp.		13,000		84,054
Mitsubishi Gas Chemical Co., Inc.		2,500		42,599
Mitsui Chemicals, Inc.		8,000		35,844
Monsanto Co.		3,040		319,838
Mosaic Co. (The)		2,430		71,272
Nippon Paint Holdings Co., Ltd.		2,000		54,289
Nissan Chemical Industries Ltd.		1,000		33,334
Nitto Denko Corp.		1,600		122,498
Novozymes A/S–Class B		2,458		84,584
Orica Ltd.		7,662		97,377
PPG Industries, Inc.		1,850		175,306
Praxair, Inc.		1,990		233,208
Sherwin-Williams Co. (The)		565		151,838
Shin-Etsu Chemical Co., Ltd.		4,100		317,295
Sika AG		20		95,957
Solvay SA		927		108,372
Sumitomo Chemical Co., Ltd.		15,000		71,105
Symrise AG		1,178		71,573
Syngenta AG (REG)		991		391,547
Taiyo Nippon Sanso Corp.		7,000		80,865
Teijin Ltd.		3,000		60,617
Toray Industries, Inc.		14,000		113,057
Umicore SA		1,001		56,948
Yara International ASA		1,297		51,023
				7,926,340
CONSTRUCTION MATERIALS–0.2%
Boral Ltd.		17,642		68,682
CRH PLC		8,841		304,949
Fletcher Building Ltd.		7,055		51,838
HeidelbergCement AG		1,342		124,913
Imerys SA		448		33,942
James Hardie Industries PLC		3,449		54,444
LafargeHolcim Ltd. (REG)(c)		4,333		227,448
Martin Marietta Materials, Inc.		477		105,670
Taiheiyo Cement Corp.		5,000		15,763
Vulcan Materials Co.		915		114,512
				1,102,161
CONTAINERS & PACKAGING–0.1%
Amcor Ltd./Australia		11,024	$	118,649
Avery Dennison Corp.		585		41,079
Ball Corp.		1,210		90,835
International Paper Co.		2,865		152,017
Sealed Air Corp.		1,340		60,755
Toyo Seikan Group Holdings Ltd.		1,700		31,613
WestRock Co.		1,747		88,695
				583,643
METALS & MINING–0.7%
Anglo American PLC(c)		14,945		211,155
Antofagasta PLC		6,389		52,899
ArcelorMittal (Euronext Amsterdam)(c)		37,606		276,311
BHP Billiton Ltd.		34,230		613,224
BHP Billiton PLC		22,510		358,427
Boliden AB		1,652		42,911
Fortescue Metals Group Ltd.		18,067		75,502
Freeport-McMoRan, Inc.(c)		8,525		112,445
Fresnillo PLC		2,356		34,997
Glencore PLC(c)		130,406		440,627
Hitachi Metals Ltd.		5,000		67,317
JFE Holdings, Inc.		5,000		75,612
Kobe Steel Ltd.(c)		1,199		11,400
Mitsubishi Materials Corp.		2,700		82,585
Newcrest Mining Ltd.		7,017		100,617
Newmont Mining Corp.		3,695		125,889
Nippon Steel & Sumitomo Metal Corp.		7,600		168,331
Norsk Hydro ASA		16,444		78,483
Nucor Corp.		2,210		131,539
Randgold Resources Ltd.		890		68,376
Rio Tinto Ltd.		4,038		172,992
Rio Tinto PLC		13,185		503,377
South32 Ltd.		56,741		111,698
Sumitomo Metal Mining Co., Ltd.		5,000		63,788
thyssenkrupp AG		3,919		93,097
voestalpine AG		1,082		42,310
				4,115,909
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		3,496		71,396
Oji Holdings Corp.		14,000		56,932
Stora Enso Oyj–Class R		5,244		56,095
UPM-Kymmene Oyj		5,689		139,128
				323,551
				14,051,604

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TELECOMMUNICATION SERVICES–1.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.3%
AT&T, Inc.		42,926	$	1,825,643
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		47,496
BT Group PLC		89,935		405,993
CenturyLink, Inc.		3,810		90,602
Deutsche Telekom AG (REG)		34,368		589,659
Elisa Oyj		1,354		43,953
Frontier Communications Corp.		8,160		27,581
HKT Trust & HKT Ltd.–Class SS		55,098		67,416
Iliad SA		332		63,760
Inmarsat PLC		4,283		39,629
Koninklijke KPN NV		28,755		85,032
Level 3 Communications, Inc.(c)		1,997		112,551
Nippon Telegraph & Telephone Corp.		7,400		311,504
Orange SA		18,911		286,766
Proximus SADP		1,568		45,075
SFR Group SA(c)		2,106		59,374
Singapore Telecommunications Ltd.		76,000		190,225
Spark New Zealand Ltd.		17,417		41,212
Swisscom AG (REG)		247		110,407
TDC A/S(c)		10,476		53,704
Telecom Italia SpA/Milano (ordinary shares)(c)		64,157		56,647
Telecom Italia SpA/Milano (savings shares)(c)		96,487		70,030
Telefonica Deutschland Holding AG		5,980		25,561
Telefonica SA		50,008		461,692
Telenor ASA		7,146		106,666
Telia Co. AB		24,258		97,449
Telstra Corp., Ltd.		40,732		149,677
TPG Telecom Ltd.		8,880		43,593
Verizon Communications, Inc.		28,445		1,518,394
Vocus Communications Ltd.		3,061		8,524
				7,035,815
WIRELESS TELECOMMUNICATION SERVICES–0.4%
KDDI Corp.		19,550		493,696
Millicom International Cellular SA		641		27,316
NTT DOCOMO, Inc.		14,767		335,879
SoftBank Group Corp.		10,200		674,975
StarHub Ltd.		23,000		44,524
Tele2 AB–Class B		3,826		30,593
Vodafone Group PLC		283,081		696,627
				2,303,610
				9,339,425
REAL ESTATE–1.6%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.1%
American Tower Corp.		2,965	$	313,341
Apartment Investment & Management Co.–Class A		1,075		48,859
AvalonBay Communities, Inc.		945		167,407
Boston Properties, Inc.		1,100		138,358
British Land Co. PLC (The)		9,308		72,235
CapitaLand Mall Trust		14,000		18,159
Crown Castle International Corp.		2,370		205,645
Daiwa House REIT Investment Corp.		13		32,957
Dexus Property Group		13,420		93,097
Digital Realty Trust, Inc.		1,030		101,208
Equinix, Inc.		520		185,853
Equity Residential		2,540		163,474
Essex Property Trust, Inc.		478		111,135
Extra Space Storage, Inc.		883		68,203
Federal Realty Investment Trust		522		74,181
General Growth Properties, Inc.		4,044		101,019
Goodman Group		16,928		86,936
GPT Group (The)		17,105		62,015
Hammerson PLC		7,467		52,624
HCP, Inc.		2,880		85,594
Host Hotels & Resorts, Inc.		5,150		97,026
ICADE		1,592		113,466
Intu Properties PLC		9,588		33,210
Iron Mountain, Inc.		1,708		55,476
Japan Prime Realty Investment Corp.		7		27,617
Japan Real Estate Investment Corp.		12		65,536
Japan Retail Fund Investment Corp.		24		48,653
Kimco Realty Corp.		2,930		73,719
Klepierre		2,231		87,541
Land Securities Group PLC		10,386		136,442
Link REIT		21,500		139,386
Macerich Co. (The)		810		57,380
Mid-America Apartment Communities, Inc.		796		77,944
Mirvac Group		40,488		62,177
Nippon Building Fund, Inc.		13		72,068
Nippon Prologis REIT, Inc.		14		28,628
Nomura Real Estate Master Fund, Inc.		34		51,460
Prologis, Inc.		3,670		193,739
Public Storage		1,030		230,205
Realty Income Corp.		1,808		103,924
Scentre Group		50,683		169,660
Segro PLC		7,118		40,260
Simon Property Group, Inc.		2,216		393,717
SL Green Realty Corp.		676		72,704
Stockland		23,010		76,018
UDR, Inc.		1,828		66,685
Unibail-Rodamco SE		1,361		324,333

21

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

Company	Shares		U.S. $ Value
United Urban Investment Corp.		26	$	39,662
Ventas, Inc.		2,441		152,611
Vicinity Centres		20,397		43,986
Vornado Realty Trust		1,185		123,678
Welltower, Inc.		2,475		165,652
Westfield Corp.		18,793		127,068
Weyerhaeuser Co.		5,198		156,408
				5,890,339
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.5%
Aeon Mall Co., Ltd.		1,700		23,890
Azrieli Group Ltd.		811		35,198
CapitaLand Ltd.		35,000		72,734
CBRE Group, Inc.–Class A(c)		2,065		65,027
Cheung Kong Property Holdings Ltd.		25,719		157,066
City Developments Ltd.		11,000		62,774
Daito Trust Construction Co., Ltd.		700		105,236
Daiwa House Industry Co., Ltd.		6,000		163,622
Deutsche Wohnen AG		3,212		100,749
Global Logistic Properties Ltd.		80,329		121,635
Hang Lung Properties Ltd.		14,000		29,521
Henderson Land Development Co., Ltd.		22,856		121,136
Hongkong Land Holdings Ltd.		14,000		88,196
Hulic Co., Ltd.		6,591		58,478
Kerry Properties Ltd.		8,500		22,986
LendLease Group		10,380	��	109,079
Mitsubishi Estate Co., Ltd.		13,000		258,241
Mitsui Fudosan Co., Ltd.		10,000		231,505
New World Development Co., Ltd.		36,430		38,383
Nomura Real Estate Holdings, Inc.		3,600		61,092
Sino Land Co., Ltd.		16,000		23,857
Sumitomo Realty & Development Co., Ltd.		3,000		79,642
Sun Hung Kai Properties Ltd.		15,000		188,887
Swire Pacific Ltd.–Class A		7,000		66,610
Swire Properties Ltd.		25,389		69,893
Swiss Prime Site AG (REG)(c)		976		79,863
Tokyu Fudosan Holdings Corp.		7,989		47,052
Vonovia SE		5,710		185,388
Wharf Holdings Ltd. (The)		13,000		86,112
Wheelock & Co., Ltd.		17,000		95,408
				2,849,260
				8,739,599
UTILITIES–1.5%
ELECTRIC UTILITIES–0.9%
Alliant Energy Corp.		1,588		60,169
American Electric Power Co., Inc.		3,425		215,638
AusNet Services		37,398		42,574
Cheung Kong Infrastructure Holdings Ltd.		15,000		119,136
Chubu Electric Power Co., Inc.		6,100	$	84,884
Chugoku Electric Power Co., Inc. (The)		4,000		46,818
CLP Holdings Ltd.		12,500		114,636
Contact Energy Ltd.		4,696		15,185
DONG Energy A/S(c)(e)		923		34,914
Duke Energy Corp.		4,782		371,179
Edison International		2,265		163,057
EDP–Energias de Portugal SA		22,123		67,332
Electricite de France SA		5,592		56,898
Endesa SA		3,024		63,952
Enel SpA		72,583		319,053
Entergy Corp.		1,225		90,001
Eversource Energy		2,210		122,058
Exelon Corp.		6,397		227,029
FirstEnergy Corp.		2,935		90,897
Fortum Oyj		4,228		64,630
HK Electric Investments & HK Electric Investments Ltd.–Class SS(e)		104,180		85,887
Hokuriku Electric Power Co.		3,200		35,792
Iberdrola SA		57,786		378,376
Kansai Electric Power Co., Inc. (The)(c)		6,700		73,041
Kyushu Electric Power Co., Inc.		4,100		44,417
Mercury NZ Ltd.		13,502		27,738
NextEra Energy, Inc.		3,245		387,648
PG&E Corp.		3,475		211,176
Pinnacle West Capital Corp.		785		61,254
Power Assets Holdings Ltd.		8,500		74,775
PPL Corp.		4,695		159,865
Red Electrica Corp. SA		5,707		107,521
Southern Co. (The)		6,810		334,984
SSE PLC		10,739		205,051
Terna Rete Elettrica Nazionale SpA		23,069		105,502
Tohoku Electric Power Co., Inc.		4,300		54,205
Tokyo Electric Power Co., Holdings, Inc.(c)		13,800		55,541
Xcel Energy, Inc.		3,520		143,264
				4,916,077
GAS UTILITIES–0.1%
APA Group		12,605		77,815
Enagas SA		2,159		54,716
Gas Natural SDG SA		3,334		62,723
Hong Kong & China Gas Co., Ltd.		72,131		127,397
Osaka Gas Co., Ltd.		18,000		69,067
Toho Gas Co., Ltd.		6,000		48,731
Tokyo Gas Co., Ltd.		19,000		85,769
				526,218
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp./VA		4,585		53,278
Electric Power Development Co., Ltd.		1,600		36,722

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Meridian Energy Ltd.		18,542	$	33,449
NRG Energy, Inc.		2,190		26,849
				150,298
MULTI-UTILITIES–0.5%
AGL Energy Ltd.		6,423		102,193
Ameren Corp.		1,660		87,084
CenterPoint Energy, Inc.		2,995		73,797
Centrica PLC		64,140		184,726
CMS Energy Corp.		1,920		79,910
Consolidated Edison, Inc.		2,130		156,938
Dominion Resources, Inc./VA		4,385		335,847
DTE Energy Co.		1,270		125,108
DUET Group		22,926		45,275
E.ON SE		19,048		134,001
Engie SA		13,909		177,047
Innogy SE(c)(e)		1,323		45,972
National Grid PLC		39,933		466,567
NiSource, Inc.		2,205		48,819
Public Service Enterprise Group, Inc.		3,505		153,799
RWE AG(c)		5,973		74,117
SCANA Corp.		995		72,914
Sempra Energy		1,760		177,126
Suez		5,769		85,003
United Utilities Group PLC		6,491		71,948
Veolia Environnement SA		2,727		46,337
WEC Energy Group, Inc.		2,188		128,326
				2,872,854
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,221		88,352
Severn Trent PLC		2,239		61,189
				149,541
				8,614,988
Total Common Stocks (cost $234,216,302)				264,484,412
	Principal Amount (000)
GOVERNMENTS–TREASURIES–29.0%
UNITED STATES–29.0%
U.S. Treasury Bonds
2.25%, 8/15/46	$	3,803		3,197,470
2.50%, 2/15/45		520		463,186
2.75%, 8/15/42		920		869,149
2.875%, 5/15/43–8/15/45		5,597		5,388,626
3.00%, 5/15/45		480		473,512
3.125%, 11/15/41–2/15/43		2,825		2,864,536
3.50%, 2/15/39		358		391,507
3.625%, 8/15/43		3,475		3,853,584
3.75%, 8/15/41		220		247,784
3.875%, 8/15/40		280		321,486
4.25%, 5/15/39		240		291,384
4.375%, 11/15/39–5/15/41		1,258		1,553,733
4.50%, 8/15/39	$	220	$	276,272
4.75%, 2/15/37–2/15/41		2,286		2,975,928
5.375%, 2/15/31		650		865,719
6.00%, 2/15/26		2,846		3,680,123
6.25%, 8/15/23–5/15/30		724		1,003,846
6.875%, 8/15/25		590		798,252
7.25%, 8/15/22		775		988,519
7.625%, 2/15/25		55		76,669
8.00%, 11/15/21		9,123		11,684,565
U.S. Treasury Notes
0.75%, 12/31/17–3/31/18		5,787		5,776,349
1.00%, 5/31/18–9/30/19		3,920		3,908,478
1.125%, 9/30/21		1,110		1,070,673
1.25%, 11/30/18–10/31/21		24,886		24,741,101
1.375%, 12/31/18–5/31/21		12,309		12,218,551
1.50%, 5/31/19–8/15/26		5,875		5,799,703
1.625%, 6/30/20–2/15/26		14,732		14,231,323
1.75%, 5/15/23		1,740		1,694,732
1.875%, 11/30/21		1,733		1,726,105
2.00%, 11/15/21–11/15/26		8,810		8,662,393
2.125%, 8/15/21–5/15/25		5,862		5,815,162
2.25%, 11/15/24		315		313,068
2.375%, 8/15/24		855		858,974
2.50%, 8/15/23–5/15/24		2,242		2,279,513
2.625%, 1/31/18–11/15/20		4,500		4,639,208
2.75%, 2/28/18–11/15/23		2,000		2,057,964
3.125%, 5/15/21		394		414,877
3.375%, 11/15/19		1,890		1,994,024
3.50%, 5/15/20		910		967,266
3.625%, 2/15/20–2/15/21		13,021		13,944,383
3.75%, 11/15/18		6,205		6,500,947
Total Governments–Treasuries (cost $164,778,620)				161,880,644
	Shares
INVESTMENT COMPANIES–13.8%
FUNDS AND INVESTMENT TRUSTS–13.8%
iShares Core MSCI Emerging Markets ETF(d)		752,326		31,936,239
iShares International Developed Real Estate ETF(d)		241,860		6,356,081
iShares JP Morgan USD Emerging Markets Bond ETF(d)		76,120		8,389,946
Vanguard FTSE Emerging Markets ETF		74,440		2,663,463
Vanguard Global ex-U.S. Real Estate ETF		144,820		7,178,727
Vanguard Mid-Cap ETF		18,601		2,448,450
Vanguard REIT ETF		169,527		13,991,063
Vanguard Small-Cap ETF		31,798		4,100,670
Total Investment Companies (cost $76,302,336)				77,064,639

23

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

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–8.5%
U.S. TREASURY BILLS–4.6%
U.S. Treasury Bill Zero Coupon, 1/26/17 (cost $25,532,218)	$	25,538	$	25,532,218
	Shares
INVESTMENT COMPANIES–3.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(f)(g) (cost $21,929,057)		21,929,057		21,929,057
Total Short-Term Investments (cost $47,461,275)				47,461,275
Total Investments Before Security Lending Collateral for Securities Loaned–98.6% (cost $522,758,533)				550,890,970
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.4%
INVESTMENT COMPANIES–1.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(f)(g) (cost $8,035,353)		8,035,353	$	8,035,353
TOTAL INVESTMENTS–100.0% (cost $530,793,886)				558,926,323
Other assets less liabilities–0.0%				102,084
NET ASSETS–100.0%			$	559,028,407

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at December 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		46		March 2017	$	4,205,037	$	4,240,529	$	35,492
10 Yr Canadian Bond Futures		47		March 2017		4,773,266		4,814,293		41,027
Euro STOXX 50 Futures		283		March 2017		9,585,558		9,762,185		176,627
Mini MSCI EAFE Futures		3		March 2017		251,549		251,340		(209	)
S&P 500 E Mini Futures		3		March 2017		330,717		335,430		4,713
TOPIX Index Futures		99		March 2017		12,543,027	��	12,858,353		315,326
U.S. T-Note 5 Yr (CBT) Futures		83		March 2017		9,802,246		9,766,117		(36,129	)
U.S. T-Note 10 Yr (CBT) Futures		142		March 2017		17,637,835		17,647,937		10,102
U.S. Ultra Bond (CBT) Futures		19		March 2017		2,996,408		3,044,750		48,342
Sold Contracts
FTSE 100 Index Futures		8		March 2017		687,785		695,073		(7,288	)
S&P 500 E Mini Futures		220		March 2017		24,398,368		24,598,200		(199,832	)
SPI 200 Futures		114		March 2017		11,309,579		11,581,294		(271,715	)
									$	116,456

24

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)
Barclays Bank PLC		AUD	1,795		USD	1,316		3/16/17	$	22,726
Barclays Bank PLC		USD	1,985		NOK	16,785		3/16/17		(40,852	)
BNP Paribas SA		GBP	4,615		USD	5,830		3/16/17		132,039
BNP Paribas SA		JPY	622,850		USD	5,734		3/16/17		386,674
BNP Paribas SA		JPY	867,820		USD	7,360		3/16/17		(90,765	)
BNP Paribas SA		CHF	4,819		USD	4,802		3/16/17		48,250
BNP Paribas SA		USD	1,654		AUD	2,297		3/16/17		153
Citibank, NA		AUD	1,795		USD	1,316		3/16/17		22,638
Citibank, NA		USD	3,640		CAD	4,800		3/16/17		(61,201	)
Credit Suisse International		CHF	6,619		USD	6,556		3/16/17		27,525
Credit Suisse International		EUR	3,763		USD	4,028		3/16/17		52,836
Credit Suisse International		USD	3,465		EUR	3,212		3/16/17		(71,485	)
Goldman Sachs Bank USA		AUD	4,979		USD	3,712		3/16/17		125,078
Goldman Sachs Bank USA		USD	6,169		JPY	723,595		3/16/17		44,057
Goldman Sachs Bank USA		USD	1,317		NOK	11,066		3/16/17		(35,183	)
HSBC Bank USA		USD	2,387		GBP	1,908		3/16/17		(30,986	)
JPMorgan Chase Bank, NA		EUR	2,204		USD	2,313		3/16/17		(15,729	)
JPMorgan Chase Bank, NA		GBP	4,350		USD	5,376		3/16/17		5,667
JPMorgan Chase Bank, NA		JPY	572,002		USD	5,201		3/16/17		290,190
JPMorgan Chase Bank, NA		USD	8,316		AUD	11,220		3/16/17		(232,771	)
JPMorgan Chase Bank, NA		USD	4,461		NZD	6,269		3/16/17		(115,126	)
Royal Bank of Scotland PLC		EUR	2,631		USD	2,806		3/16/17		25,889
Royal Bank of Scotland PLC		USD	2,170		GBP	1,736		3/16/17		(25,984	)
Royal Bank of Scotland PLC		USD	7,241		JPY	755,350		3/16/17		(755,361	)
State Street Bank & Trust Co.		SEK	30,687		USD	3,374		3/16/17		(7,892	)
UBS AG		EUR	4,113		USD	4,489		3/16/17		144,901
UBS AG		USD	2,528		EUR	2,354		3/16/17		(41,308	)
									$	(196,020	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/ (Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016		Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		3.24	$	2,031	$	(144,435	)	$	(54,139	)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		3.24		2,401		(170,748	)		(60,911	)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		3.24		3,447		(245,134	)		(76,178	)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		3.24		3,001		(213,417	)		(77,169	)
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		(5.00	)		3.55		2,031		(128,952	)		(8,118	)

25

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

Clearing Broker/ (Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016		Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts (continued)
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		(5.00	)		3.55	$	3,001	$	(190,538	)	$	(16,168	)
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		(5.00	)		3.55		2,401		(152,443	)		(43,558	)
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		(5.00	)		3.55		3,568		(226,538	)		(64,729	)
Sale Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00			3.24		5,657		402,300			327,578
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00			3.24		5,223		371,435			306,295
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		5.00			3.55		3,568		226,537			78,014
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		5.00			3.55		3,001		190,539			76,946
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		5.00			3.55		2,401		152,443			60,447
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		5.00			3.55		2,031		128,951			54,021
								$	–0	–	$	502,331

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

Rate Type

Clearing Broker /(Exchange)

Notional Amount (000)

Termination Date

Payments made by the Fund

Payments received by the Fund

Unrealized Appreciation/ (Depreciation)

Citigroup Global Markets, Inc./(CME Group)

NZD

6,320

12/28/26

3 Month BKBM

3.580

%

$

36,130

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received			Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Citibank, NA
Standard and Poor’s Midcap 400 Index		5,069		LIBOR Minus 0.23	%	$	11,755		2/15/17	$	498,488
Goldman Sachs International
Russell 2000 Total Return Index		441		LIBOR Minus 0.71	%		2,923		3/15/17		(17,392	)
UBS AG
Russell 2000 Total Return Index		1,256		LIBOR Minus 0.67	%		7,355		1/17/17		917,947
										$	1,399,043

26

AB Variable Products Series Fund

(a) Fair valued by the Adviser.

(b) Illiquid security.

(c) Non-income producing security.

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

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the aggregate market value of these securities amounted to $655,793 or 0.1% of net assets.

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

(g) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviation:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

BKBM—Bank Bill Benchmark (New Zealand)

CBT—Chicago Board of Trade

CDX-NAHY—North American High Yield Credit Default Swap Index

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

INTRCONX—Inter-Continental Exchange

LIBOR—London Interbank Offered Rates

MSCI—Morgan Stanley Capital International

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.

27

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $500,829,476)	$	528,961,913	(a)
Affiliated issuers (cost $29,964,410—including investment of cash collateral for securities loaned of $8,035,353)		29,964,410
Cash		859
Cash collateral due from broker		4,480,219
Foreign currencies, at value (cost $1,041,721)		1,047,388
Receivable for investment securities sold		2,471,356
Unaffiliated interest and dividends receivable		1,479,416
Unrealized appreciation on total return swaps		1,416,435
Unrealized appreciation on forward currency exchange contracts		1,328,623
Receivable for variation margin on exchange-traded derivatives		1,076,458
Receivable for capital stock sold		138,254
Affiliated dividends receivable		6,520
Due from custodian		2,254
Total assets		572,374,105
LIABILITIES
Payable for collateral received on securities loaned		8,035,353
Payable for investment securities purchased		2,516,201
Unrealized depreciation on forward currency exchange contracts		1,524,643
Payable for capital stock redeemed		559,783
Advisory fee payable		324,334
Distribution fee payable		117,931
Unrealized depreciation on total return swaps		17,392
Administrative fee payable		13,055
Payable for variation margin on exchange-traded derivatives		7,284
Transfer Agent fee payable		91
Accrued expenses		229,631
Total liabilities		13,345,698
NET ASSETS	$	559,028,407
COMPOSITION OF NET ASSETS
Capital stock, at par	$	48,375
Additional paid-in capital		525,284,970
Undistributed net investment income		8,765,214
Accumulated net realized loss on investment and foreign currency transactions		(5,053,072	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		29,982,920
	$	559,028,407

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	302,997		26,052	$	11.63
B	$	558,725,410		48,348,510	$	11.56

(a) Includes securities on loan with a value of $7,856,879 (see Note E).

See notes to financial statements.

28

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $260,273)	$	7,677,168
Affiliated issuers		391,126
Interest		2,077,556
Securities lending income		85,424
Other income(a)		2,254
		10,233,528
EXPENSES
Advisory fee (see Note B)		3,692,136
Distribution fee—Class B		1,317,583
Transfer agency—Class A		4
Transfer agency—Class B		5,989
Custodian		284,784
Audit and tax		113,117
Legal		49,910
Administrative		49,317
Printing		41,411
Directors’ fees		24,560
Miscellaneous		38,236
Total expenses before interest expense		5,617,047
Interest expense		2,883
Total expenses		5,619,930
Less: expenses waived and reimbursed by the Adviser (see Notes B and E)		(102,772	)
Net expenses		5,517,158
Net investment income		4,716,370
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		2,301,416
Futures		(4,248,296	)
Options written		230,293
Swaps		3,511,128
Foreign currency transactions		587,855
Net change in unrealized appreciation/depreciation of:
Investments		6,229,594
Futures		256,169
Swaps		3,686,720
Foreign currency denominated assets and liabilities		(788,221	)
Net gain on investment and foreign currency transactions		11,766,658
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	16,483,028

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

29

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,716,370		$	2,203,588
Net realized gain (loss) on investment and foreign currency transactions		2,382,396			(351,816	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		9,384,262			(10,275,850	)
Net increase (decrease) in net assets from operations		16,483,028			(8,424,078	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(3,253	)		(3,081	)
Class B		(3,066,140	)		(3,424,561	)
Net realized gain on investment transactions
Class A		(89	)		(6,189	)
Class B		(118,984	)		(9,052,556	)
CAPITAL STOCK TRANSACTIONS
Net increase		34,170,007			50,524,230
Total increase		47,464,569			29,613,765
NET ASSETS
Beginning of period		511,563,838			481,950,073
End of period (including undistributed net investment income of $8,765,214 and $3,557,886, respectively)	$	559,028,407		$	511,563,838

See notes to financial statements.

30

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	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 the determination of AllianceBernstein L.P. (the “Adviser”) of reasonable risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S.

31

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

markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value 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. In addition, non-agency rated investments are 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.

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.

32

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

	Level 1				Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	20,219,073			$	27,191,111		$	–0	–(a)	$	47,410,184
Information Technology		28,507,388				6,474,976			–0	–		34,982,364
Consumer Discretionary		16,397,642				16,271,846			–0	–		32,669,488
Health Care		18,818,076				13,376,059			–0	–		32,194,135
Industrials		13,959,646				18,137,186			–0	–		32,096,832
Consumer Staples		13,620,907				13,581,123			–0	–		27,202,030
Energy		10,130,551				7,053,212			–0	–		17,183,763
Materials		3,820,843				10,230,761			–0	–		14,051,604
Telecommunication Services		3,574,771				5,764,654			–0	–		9,339,425
Real Estate		3,850,172				4,889,427			–0	–		8,739,599
Utilities		4,292,338				4,322,650			–0	–		8,614,988
Governments—Treasuries		–0	–			161,880,644			–0	–		161,880,644
Investment Companies		77,064,639				–0	–		–0	–		77,064,639
Short-Term Investments:
U.S. Treasury Bills		–0	–			25,532,218			–0	–		25,532,218
Investment Companies		21,929,057				–0	–		–0	–		21,929,057
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		8,035,353				–0	–		–0	–		8,035,353
				��
Total Investments in Securities		244,220,456				314,705,867			–0	–		558,926,323
Other Financial Instruments(b):
Assets:
Futures		139,676				491,953			–0	–		631,629	(c)
Forward Currency Exchange Contracts		–0	–			1,328,623			–0	–		1,328,623
Centrally Cleared Credit Default Swaps		–0	–			903,301			–0	–		903,301	(c)
Centrally Cleared Interest Rate Swaps		–0	–			36,130			–0	–		36,130	(c)
Total Return Swaps		–0	–			1,416,435			–0	–		1,416,435
Liabilities:
Futures		(236,170	)			(279,003	)		–0	–		(515,173	)(c)
Forward Currency Exchange Contracts		–0	–			(1,524,643	)		–0	–		(1,524,643	)
Centrally Cleared Credit Default Swaps		–0	–			(400,970	)		–0	–		(400,970	)(c)
Total Return Swaps		–0	–			(17,392	)		–0	–		(17,392	)
Total(d)	$	244,123,962			$	316,660,301		$	–0	–	$	560,784,263

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

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(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) of exchange-traded derivatives as reported in the portfolio of investments.

(d) There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

33

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Common Stocks(a)			Rights(b)			Total
Balance as of 12/31/15	$	–0	–	$	–0	–	$	–0	–
Accrued discounts/(premiums)		–0	–		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–		–0	–
Change in unrealized appreciation/depreciation		–0	–		–0	–		–0	–
Purchases		–0	–		–0	–		–0	–
Sales		–0	–		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–		–0	–
Balance as of 12/31/16	$	–0	–	$	–0	–	$	–0	–
Net change in unrealized appreciation/(depreciation) from Investments held as of 12/31/16(c)	$	–0	–	$	–0	–	$	–0	–

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

(b) The Portfolio held securities with zero market value that were sold (or expired) during the reporting period.

(c) The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) on investments and other financial instruments in the accompanying statement of operations.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, 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.

34

AB Variable Products Series Fund

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .70% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .85% and 1.10% of daily average net assets for Class A and Class B shares, respectively. The Expense Caps will remain in effect until May 1, 2017 and then may be extended by the Adviser for additional one-year terms. For the year ended December 31, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,317.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

The AB Fixed-Income Shares, Inc.—Government STIF Portfolio (the “Government STIF Portfolio”), prior to June 1, 2016, was offered as a cash management option to mutual funds and other institutional accounts of the Adviser, and was not available for direct purchase by members of the public. Prior to June 1, 2016, the Government STIF Portfolio paid no advisory fees but did bear its own expenses. As of June 1, 2016, the Government STIF Portfolio, which was renamed “AB Government Money Market Portfolio” (the “Government Money Market Portfolio”), has a contractual advisory fee rate of .20% of average daily net assets and continues to bear its own expenses. In connection with the investment by the Portfolio in the Government Money Market Portfolio, the Adviser has agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as

35

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

an acquired fund fee and expense. For the year ended December 31, 2016, such waiver amounted to $91,874. A summary of the Portfolio’s transactions in shares of the Government Money Market Portfolio for the year ended December 31, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)		Dividend Income (000)
$	151,611	$	266,544	$	396,226	$	21,929	$	319

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $182,291, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	287,297,257	$	158,812,874
U.S. government securities		135,795,782		97,916,038

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding futures, foreign currency and swap transactions) are as follows:

Cost	$	534,390,850
Gross unrealized appreciation	$	42,046,089
Gross unrealized depreciation		(17,510,616	)
Net unrealized appreciation	$	24,535,473

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

36

AB Variable Products Series Fund

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

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

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

During the year ended December 31, 2016, 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 foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

37

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

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

During the year ended December 31, 2016, the Portfolio held purchased options for hedging and non-hedging purposes. During the year ended December 31, 2016, the Portfolio held written options for hedging and non-hedging purposes.

For the year ended December 31, 2016, the Portfolio had the following transactions in written options:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/15		–0	–	$	–0	–
Options written		25,100			243,470
Options expired		–0	–		–0	–
Options bought back		(25,100	)		(243,470	)
Options exercised		–0	–		–0	–
Options written outstanding as of 12/31/16		–0	–	$	–0	–

• Swaps

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

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

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AB Variable Products Series Fund

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

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

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

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

During the year ended December 31, 2016, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. As of December 31, 2016, the Portfolio had Buy Contracts outstanding with respect to the

39

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

same referenced obligation and same counterparty for its Sales Contracts which may partially offset the Maximum Payout Amount in the amount of $10,880,000.

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

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

During the year ended December 31, 2016, the Portfolio held credit default swaps for non-hedging purposes.

Total Return Swaps:

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

During the year ended December 31, 2016, 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”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

40

AB Variable Products Series Fund

During the year ended December 31, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	171,093	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	36,129	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		903,301	*	Receivable/Payable for variation margin on exchange-traded derivatives		400,970	*
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives		496,666	*	Receivable/Payable for variation margin on exchange-traded derivatives		479,044	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		1,328,623		Unrealized depreciation on forward currency exchange contracts		1,524,643
Equity contracts	Unrealized appreciation on total return swaps		1,416,435		Unrealized depreciation on total return swaps		17,392
Total		$	4,316,118			$	2,458,178

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	2,035,666		$	392,542
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(6,283,962	)		(136,373	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		424,013			(789,309	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(750,464	)		–0	–
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		230,293			–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(62,249	)		36,130

41

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps	$	294,902		$	618,140
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		3,278,475			3,032,450
Total		$	(833,326	)	$	3,153,580

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Futures:
Average original value of buy contracts	$	91,020,763
Average original value of sale contracts	$	13,486,226	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	62,864,140
Average principal amount of sale contracts	$	53,724,140
Purchased Options:
Average monthly cost	$	686,071	(b)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,390,505	(c)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	7,007,000	(d)
Average notional amount of sale contracts	$	18,365,222	(e)
Total Return Swaps:
Average notional amount	$	32,151,546

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

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

(c) Positions were open for less than one month.

(d) Positions were open for seven months during the year.

(e) Positions were open for eight months during the year.

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received*			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Citigroup Global Markets, Inc.**	$	736,416	$	–0	–	$	–0	–	$	–0	–	$	736,416
Morgan Stanley & Co., Inc.**		340,042		(7,284	)		–0	–		–0	–		332,758
Total	$	1,076,458	$	(7,284	)	$	–0	–	$	–0	–	$	1,069,174

42

AB Variable Products Series Fund

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received*			Net Amount of Derivatives Assets
OTC Derivatives:
Barclays Bank PLC	$	22,726	$	(22,726	)	$	–0	–	$	–0	–	$	–0	–
BNP Paribas SA		567,116		(90,765	)		–0	–		–0	–		476,351
Citibank, NA		521,126		(61,201	)		–0	–		(459,925	)		–0	–
Credit Suisse International		80,361		(71,485	)		–0	–		–0	–		8,876
Goldman Sachs Bank USA		169,135		(52,575	)		–0	–		–0	–		116,560
JPMorgan Chase Bank, NA		295,857		(295,857	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		25,889		(25,889	)		–0	–		–0	–		–0	–
UBS AG		1,062,848		(41,308	)		–0	–		(307,196	)		714,344
Total	$	2,745,058	$	(661,806	)	$	–0	–	$	(767,121	)	$	1,316,131	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.**	$	7,284	$	(7,284	)	$	–0	–	$	–0	–	$	–0	–
Total	$	7,284	$	(7,284	)	$	–0	–	$	–0	–	$	–0	–
OTC Derivatives:
Barclays Bank PLC	$	40,852	$	(22,726	)	$	–0	–	$	–0	–	$	18,126
BNP Paribas SA		90,765		(90,765	)		–0	–		–0	–		–0	–
Citibank, NA		61,201		(61,201	)		–0	–		–0	–		–0	–
Credit Suisse International		71,485		(71,485	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA/Goldman Sachs International		52,575		(52,575	)		–0	–		–0	–		–0	–
HSBC Bank USA		30,986		–0	–		–0	–		–0	–		30,986
JPMorgan Chase Bank, NA		363,626		(295,857	)		–0	–		–0	–		67,769
Royal Bank of Scotland PLC		781,345		(25,889	)		–0	–		–0	–		755,456
State Street Bank & Trust Co.		7,892		–0	–		–0	–		–0	–		7,892
UBS AG		41,308		(41,308	)		–0	–		–0	–		–0	–
Total	$	1,542,035	$	(661,806	)	$	–0	–	$	–0	–	$	880,229	^

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

** Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at December 31, 2016.

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

2. Currency Transactions

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

43

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $7,856,879 and had received cash collateral which has been invested into Government Money Market Portfolio of $8,035,353. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $85,424, $51,728 and $20,650 from the borrowers, AB Government Exchange Reserves and Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2016, such waiver amounted to $10,898. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	22,314	$	436,489	$	458,803	$	–0	–

A summary of the Portfolio’s transactions in shares of Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)			Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	–0	–	$	273,315	$	265,280	$	8,035

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		11,244			16,626		$	125,982		$	193,334
Shares issued in reinvestment of dividends and distributions		284			769			3,342			8,969
Shares redeemed		(20,757	)		(11,885	)		(236,231	)		(140,688	)
Net increase (decrease)		(9,229	)		5,510		$	(106,907	)	$	61,615

44

AB Variable Products Series Fund

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class B
Shares sold		9,938,397			10,015,664		$	113,721,017		$	118,142,651
Shares issued in reinvestment of dividends and distributions		271,768			1,074,687			3,185,124			12,477,117
Shares redeemed		(7,265,964	)		(6,926,352	)		(82,629,227	)		(80,157,153	)
Net increase		2,944,201			4,163,999		$	34,276,914		$	50,462,615

At December 31, 2016, certain shareholders of the Portfolio owned 91% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

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

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

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

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

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

45

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

Liquidity Risk—Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares.

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

Real Estate Risk—The Portfolio’s investments in the 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.

Commodity Risk—Investing in commodities and commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.

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.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	3,071,351	$	8,554,468
Net long-term capital gains		117,115		3,931,919
Total taxable distributions paid	$	3,188,466	$	12,486,387

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	10,747,798
Accumulated capital and other losses		(1,736,257	)(a)
Unrealized appreciation/(depreciation)		24,683,522	(b)
Total accumulated earnings/(deficit)	$	33,695,063

(a) As of December 31, 2016, the Portfolio had a net capital loss carryforward of $1,736,257.

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

46

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio had a net short-term capital loss carryforward of $1,713,361 and a net long-term capital loss carryforward of $22,896 which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications, the redesignation of dividends, the tax treatment of swaps and swap clearing fees, the tax treatment of Treasury inflation-protected securities and passive foreign investment companies (PFICs), the tax treatment of corporate restructurings, and return of capital distributions received from underlying securities resulted in a net increase in undistributed net investment income and a net increase in accumulated net realized loss on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

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

47

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.33			$11.74			$11.74			$10.53			$9.75
Income From Investment Operations
Net investment income (loss) (a)		.13	(b)†		.08			.08	(b)		.03	(b)		(.01	)(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.27			(.19	)		.44			1.26			.81
Net increase (decrease) in net asset value from operations		.40			(.11	)		.52			1.29			.80
Less: Dividends and Distributions
Dividends from net investment income		(.10	)		(.10	)		(.07	)		(.04	)		(.01	)
Distributions from net realized gain on investment transactions		(.00	)(c)		(.20	)		(.45	)		(.04	)		(.01	)
Total dividends and distributions		(.10	)		(.30	)		(.52	)		(.08	)		(.02	)
Net asset value, end of period		$11.63			$11.33			$11.74			$11.74			$10.53
Total Return
Total investment return based on net asset value (d)		3.59	%†		(1.09	)%		4.45	%		12.31	%		8.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$303			$400			$350			$269			$27
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.79	%		.83	%		.85	%		.85	%		.85	%
Expenses, before waivers/reimbursements (e)		.81	%		.83	%		.85	%		.89	%		1.22	%
Net investment income (loss)		1.11	%(b)†		.67	%		.69	%(b)		.31	%(b)		(.14	)%(b)
Portfolio turnover rate		64	%		93	%		53	%		52	%		51	%

See footnote summary on page 49.

48

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.26			$11.68			$11.68			$10.49			$9.74
Income From Investment Operations
Net investment income (a)		.10	(b)†		.05			.05	(b)		.01	(b)		.01	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.27			(.19	)		.45			1.25			.76
Net increase (decrease) in net asset value from operations		.37			(.14	)		.50			1.26			.77
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		(.08	)		(.05	)		(.03	)		(.01	)
Distributions from net realized gain on investment transactions		(.00	)(c)		(.20	)		(.45	)		(.04	)		(.01	)
Total dividends and distributions		(.07	)		(.28	)		(.50	)		(.07	)		(.02	)
Net asset value, end of period		$11.56			$11.26			$11.68			$11.68			$10.49
Total Return
Total investment return based on net asset value (d)		3.37	%†		(1.30	)%		4.21	%		12.04	%		7.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$558,725			$511,164			$481,600			$387,519			$220,663
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		1.05	%		1.08	%		1.10	%		1.10	%		1.10	%
Expenses, before waivers/reimbursements (e)		1.07	%		1.08	%		1.10	%		1.14	%		1.29	%
Net investment income		.89	%(b)†		.43	%		.44	%(b)		.05	%(b)		.12	%(b)
Portfolio turnover rate		64	%		93	%		53	%		52	%		51	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) The Portfolio’s investments in affiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated underlying portfolios. The Adviser has voluntarily agreed to waive certain acquired fund fees and for the year ended December 31, 2016, such waiver amounted to .02% annualized for the Portfolio.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.00005	.0004%	.0004%

See notes to financial statements.

49

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Dynamic Asset Allocation Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Dynamic Asset Allocation Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

50

2016 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2016. For corporate shareholders, 43.32% of dividends paid qualify for the dividends received deduction.

51

DYNAMIC ASSET
ALLOCATION PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Brian T. Brugman(2), Vice President Daniel J. Loewy(2), Vice President Vadim Zlotnikov(2) , Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street	One Battery Park Plaza New York, NY 10004
Boston, MA 02210
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas	P.O. Box 786003
New York, NY 10105	San Antonio, TX 78278-6003
	Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
5 Times Square
New York, NY 10036

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

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

52

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

53

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

54

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None

55

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

56

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Brian T. Brugman 36	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2012.
Daniel J. Loewy 42	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2012.
Vadim Zlotnikov 54	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel, and Assistant Secretary of ABI,** with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”),** with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS,** with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

57

DYNAMIC ASSET ALLOCATION PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Dynamic Asset Allocation Portfolio (the “Fund”) at a meeting held on August 2-3, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

58

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund is based on services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs in which the Fund may invest.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or

59

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

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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, 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 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 assets (which were 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.

60

VPS-DAA-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL BOND PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

GLOBAL BOND PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Global Bond Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to generate current income consistent with preservation of capital. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. In addition, the Portfolio will, under normal circumstances, invest at least 40% of its net assets in the fixed-income securities of non-US corporate and governmental issuers, and invest in issuers located in at least three countries. The Portfolio may invest in a broad range of fixed-income securities in both developed and emerging markets. The Portfolio may invest across all fixed-income sectors, including US and non-US government and corporate debt securities. The Portfolio’s investments may be denominated in local currency or US dollars. The Portfolio may invest in debt securities with a range of maturities from short- to long-term. For a period of time after the Portfolio’s inception, the Portfolio may gain up to approximately 50% of its exposure to fixed-income securities through investment in the AB Global Bond Fund, another investment company advised by AllianceBernstein L.P. (the “Adviser”) that has investment objectives and policies substantially similar to those of the Portfolio.

The Adviser selects securities for purchase or sale based on its assessment of the securities’ risk and return characteristics as well as the securities’ impact on the overall risk and return characteristics of the Portfolio. In making this assessment, the Adviser takes into account various factors, including the credit quality and sensitivity to interest rates of the securities under consideration and of the Portfolio’s other holdings.

The Adviser will actively manage the Portfolio’s assets in relation to market conditions and general economic conditions and adjust the Portfolio’s investments in an effort to best enable the Portfolio to achieve its investment objective. Thus, the percentage of the Portfolio’s assets invested in a particular country or denominated in a particular currency will vary in accordance with the Adviser’s assessment of the relative yield and appreciation potential of such securities and the relationship of the country’s currency to the US dollar. While the Adviser expects to hedge some or all of the foreign currency exposure resulting from the Portfolio’s securities positions through the use of currency-related derivatives, it is not required to do so.

Under normal circumstances, the Portfolio invests at least 75% of its net assets in fixed-income securities rated investment grade at the time of investment and may invest up to 25% of its net assets in below investment-grade fixed-income securities (commonly known as “junk bonds”).

The Portfolio expects to use derivatives, such as options, futures contracts, forwards and swaps, to a significant extent. For example, the Adviser may enter into futures contracts and swaps on interest rates, credit default swaps to gain or hedge exposure to specific fixed-income securities and currency-related derivatives as noted above. In addition, the Portfolio may borrow money for investment purposes, and expects to enter into transactions such as reverse repurchase agreements and dollar rolls that are functionally equivalent to borrowings. These derivatives and borrowing transactions will at times create aggregate exposure to fixed-income securities for the Portfolio substantially in excess of its net assets, effectively leveraging the Portfolio.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Bloomberg Barclays Global Aggregate Bond Index (US dollar hedged), for the one-year period ended December 31, 2016, and the period since the Portfolio’s inception on April 29, 2015.

During the annual period, all share classes of the Portfolio outperformed the benchmark. Sector selection contributed to relative returns, due to allocations to US high-yield corporates and US agency risk-sharing transactions. Country positioning also added to returns, helped by an overweight exposure to Brazil and an overweight position in the UK, while an overweight in Mexico was a modest detractor. Currency investments had a positive impact on performance, as a result of long positions in the Russian ruble and Brazilian real. These gains more than offset losses from a long Swedish krona position and a short in the Canadian dollar. Security selection within US investment-grade corporates contributed as well, outweighing negative returns from selections within US high-yield corporates and eurozone treasuries. Yield-curve positioning detracted, as losses from underweights in the six-month, two-year and 20-year parts of the curve more than offset positive returns from an overweight in five-year maturities.

During the annual period, the Portfolio utilized currency forwards to hedge currency exposure as well as to manage active currency risk. Credit default swaps were used to hedge credit risk as well as to take active credit risk. Treasury futures were used to manage duration, country exposure and yield-curve positioning.

1

AB Variable Products Series Fund

MARKET REVIEW AND INVESTMENT STRATEGY

Political surprises had a significant impact on bond markets during the annual period, and investors viewed the two biggest—Donald Trump’s win in the US presidential election and Britain’s decision to quit the European Union (“Brexit”)—as likely to lead to policy changes with important implications for economic growth, trade and inflation. In total, the US 10-year Treasury yield rose 18 basis points over the annual period (with all of that and more coming from a jump of over 40 basis points after Trump’s election win) to end 2016 at 2.45%. European central banks generally maintained an easing bias through the period, particularly in the aftermath of Brexit, when the Bank of England enacted a rate cut that was its first in seven years and a new historic low. At the end of the period, the US Federal Reserve (the “Fed”) raised US interest rates for only the second time since the financial crisis in 2008, a move widely anticipated by markets.

Meanwhile, a steady increase in commodity prices, as oil prices stabilized above $50 a barrel, led to a rally in emerging markets, though gains were tempered by the hawkish tone of the Fed and uncertainty surrounding how the Trump administration’s protectionist campaign rhetoric would be reflected in its policies. Developed-market treasuries outperformed, in turn, emerging-market local-currency government bonds and investment-grade credit securities, but trailed the double-digit rally in global high yield. Within high yield, sector returns were almost uniformly positive, with energy and commodity-related sectors among the top performers. Yields in developed countries moved in differing directions, generally rising in the US, Canada and at the long end of the Italian curve, while falling in the UK, Germany and Japan.

2

GLOBAL BOND PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Bloomberg Barclays Global Aggregate Bond Index (US dollar hedged) is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Barclays Global Aggregate Bond Index represents the performance of the global investment-grade developed fixed-income markets. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

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

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. 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 (commonly known as “junk bonds”) are subject to 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, negative perceptions of the junk bond market generally and less secondary market liquidity.

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions, but there is no guarantee that its techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end. The Portfolio has been in operation only for a short period of time, and therefore has a limited historical performance period. This limited performance period is unlikely to be representative of the performance the Portfolio will achieve over a longer period.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

GLOBAL BOND PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		Since Inception*
Global Bond Portfolio Class A		5.38%		2.93%
Global Bond Portfolio Class B		5.17%		2.69%
Bloomberg Barclays Global Aggregate Bond Index (US dollar hedged)		3.95%		2.10%
*    Inception date: 4/29/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 3.89% and 4.16% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of 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, expenses associated with securities sold short, and brokerage commissions and other transaction costs to 0.64% and 0.89% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2017 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser may be reimbursed by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the expense limitation. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

GLOBAL BOND PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

4/29/15^* TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Bond Portfolio Class A shares (from 4/29/15* to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

* Inception date: 4/29/2015.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*			Effective Expenses Paid During Period+		Effective Annualized Expense Ratio+
Class A
Actual	$	1,000	$	991.10	$	1.90		0.38	%	$	3.20		0.64	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,023.23	$	1.93		0.38	%	$	3.25		0.64	%
Class B
Actual	$	1,000	$	989.90	$	3.15		0.63	%	$	4.40		0.88	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.97	$	3.20		0.63	%	$	4.47		0.88	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

GLOBAL BOND PORTFOLIO
SECURITY TYPE BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	5,266,690		49.8	%
Governments—Treasuries		3,392,777		32.1
Corporates—Investment Grade		476,585		4.5
Inflation-Linked Securities		381,421		3.6
Governments—Sovereign Agencies		284,132		2.7
Emerging Markets—Treasuries		158,672		1.5
Corporates—Non-Investment Grade		101,405		1.0
Mortgage Pass-Throughs		83,547		0.8
Collateralized Mortgage Obligations		59,101		0.5
Quasi-Sovereigns		28,979		0.3
Commercial Mortgage-Backed Securities		21,371		0.2
Local Governments—Provincial Bonds		18,661		0.2
Short-Term Investments		300,888		2.8
Total Investments	$	10,574,229		100.0	%

COUNTRY BREAKDOWN^†

December 31, 2016 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	7,547,647		71.4	%
United Kingdom		646,448		6.1
Italy		634,477		6.0
Canada		577,818		5.5
Spain		285,626		2.7
Brazil		201,063		1.9
Mexico		92,526		0.9
Germany		92,264		0.9
Belgium		43,380		0.4
Australia		36,561		0.3
Portugal		35,366		0.3
Russia		28,569		0.3
Israel		28,028		0.3
Other		23,568		0.2
Short-Term Investments		300,888		2.8
Total Investments	$	10,574,229		100.0	%

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

† All data are as of December 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.1% or less in the following countries: Switzerland and Turkey.

7

GLOBAL BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES–50.1%
FUNDS AND INVESTMENT TRUSTS–50.1%
AB Global Bond Fund, Inc.– Class Z(a) (cost $5,330,827)			630,741	$	5,266,690
	Principal Amount (000)
GOVERNMENTS– TREASURIES–32.3%
AUSTRALIA–0.3%
Australia Government Bond Series 142 4.25%, 4/21/26(b)		AUD	45		36,561
BELGIUM–0.4%
Kingdom of Belgium Government Bond Series 71 3.75%, 6/22/45(b)		EUR	27		43,380
CANADA–2.6%
Canadian Government Bond 1.25%, 8/01/17		CAD	360		269,148
GERMANY–0.9%
Bundesrepublik Deutschland 0.50%, 2/15/25(b)		EUR	5		5,966
2.50%, 7/04/44–8/15/46(b)			58		85,288
Series 00 6.25%, 1/04/30(b)			1		1,010
					92,264
ITALY–6.0%
Italy Buoni Poliennali Del Tesoro 1.25%, 12/01/26			55		54,948
1.35%, 4/15/22			75		81,132
2.70%, 3/01/47(b)			15		15,148
3.75%, 5/01/21			262		314,065
4.50%, 8/01/18			45		50,855
5.50%, 11/01/22			65		85,942
6.00%, 5/01/31			21		32,387
					634,477
MEXICO–0.6%
Mexican Bonos Series M 8.00%, 6/11/20		MXN	1,280		63,547
PORTUGAL–0.3%
Portugal Obrigacoes do Tesouro OT 2.875%, 10/15/25(b)		EUR	35		35,366
RUSSIA–0.3%
Russian Federal Bond–OFZ Series 6214 6.40%, 5/27/20		RUB	1,850		28,569

	Principal Amount (000)			U.S. $ Value
SPAIN–2.7%
Spain Government Bond 1.30%, 10/31/26(b)		EUR	54	$	56,443
1.95%, 7/30/30(b)			13		13,966
2.15%, 10/31/25(b)			20		22,574
2.75%, 10/31/24(b)			90		106,521
2.90%, 10/31/46(b)			4		4,473
4.10%, 7/30/18(b)			45		50,636
4.20%, 1/31/37(b)			21		29,417
5.15%, 10/31/44(b)			1		1,596
					285,626
UNITED KINGDOM–6.1%
United Kingdom Gilt 1.75%, 7/22/19–9/07/22(b)		GBP	135		174,761
2.00%, 7/22/20–9/07/25(b)			150		197,887
2.25%, 9/07/23(b)			78		105,177
2.50%, 7/22/65(b)			35		54,803
3.25%, 1/22/44(b)			65		103,522
					636,150
UNITED STATES–12.1%
U.S. Treasury Bonds 2.875%, 5/15/43		U.S.$	54		52,158
3.00%, 11/15/44–11/15/45			95		93,755
3.625%, 8/15/43			90		99,805
6.25%, 5/15/30			90		127,325
U.S. Treasury Notes 0.875%, 4/30/17			325		325,371
1.125%, 7/31/21			65		62,832
1.375%, 4/30/20			75		74,517
1.625%, 5/15/26			105		97,913
2.00%, 2/15/25–11/15/26			98		94,769
2.125%, 6/30/21			65		65,701
2.25%, 11/15/25			15		14,808
2.375%, 8/15/24			25		25,116
2.50%, 5/15/24			42		42,628
2.625%, 8/15/20			88		90,991
					1,267,689
Total Governments–Treasuries (cost $3,568,538)					3,392,777
CORPORATES–INVESTMENT GRADE–4.5%
INDUSTRIAL–3.8%
BASIC–0.4%
Glencore Funding LLC 4.00%, 4/16/25(b)			5		4,900
4.125%, 5/30/23(b)			5		5,032
4.625%, 4/29/24(b)			4		4,090
Mosaic Co. (The) 5.625%, 11/15/43			5		4,818
Rio Tinto Finance USA Ltd. 3.75%, 6/15/25			10		10,298
Vale Overseas Ltd. 5.875%, 6/10/21			11		11,523
					40,661

8

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CAPITAL GOODS–0.0%
General Electric Co. Series D 5.00%, 1/21/21(c)		U.S.$	5	$	5,188
COMMUNICATIONS– MEDIA–0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579%, 7/23/20			5		5,101
4.908%, 7/23/25			15		15,809
Cox Communications, Inc. 2.95%, 6/30/23(b)			8		7,529
S&P Global, Inc. 4.40%, 2/15/26			15		15,868
Time Warner, Inc. 3.60%, 7/15/25			5		4,972
					49,279
COMMUNICATIONS– TELECOMMUNICATIONS–0.2%
AT&T, Inc. 3.60%, 2/17/23			7		7,060
4.75%, 5/15/46			5		4,737
Verizon Communications, Inc. 4.862%, 8/21/46			5		5,066
					16,863
CONSUMER CYCLICAL–AUTOMOTIVE–0.1%
General Motors Financial Co., Inc. 3.25%, 5/15/18			12		12,157
CONSUMER NON- CYCLICAL–1.2%
AbbVie, Inc. 2.50%, 5/14/20			4		4,001
3.60%, 5/14/25			10		9,905
Baxalta, Inc. 5.25%, 6/23/45			5		5,337
Biogen, Inc. 2.90%, 9/15/20			4		4,051
Gilead Sciences, Inc. 3.65%, 3/01/26			3		3,042
Kraft Heinz Foods Co. 2.80%, 7/02/20			7		7,067
3.50%, 7/15/22			7		7,106
Mylan NV 3.15%, 6/15/21(b)			11		10,795
3.95%, 6/15/26(b)			5		4,679
Newell Brands, Inc. 3.15%, 4/01/21			9		9,159
3.85%, 4/01/23			6		6,224
Philip Morris International, Inc. 2.125%, 5/10/23			10		9,535
Reynolds American, Inc. 4.45%, 6/12/25			10		10,558
5.85%, 8/15/45			3		3,552
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23	U.S.$		15	$	14,199
3.15%, 10/01/26			15		13,829
					123,039
ENERGY–0.6%
ConocoPhillips 5.75%, 2/01/19			12		12,892
Energy Transfer Partners LP 4.65%, 6/01/21			5		5,191
EnLink Midstream Partners LP 4.15%, 6/01/25			13		12,619
Enterprise Products Operating LLC 3.70%, 2/15/26			10		10,036
Hess Corp. 4.30%, 4/01/27			12		11,945
Nabors Industries, Inc. 5.50%, 1/15/23(b)			3		3,124
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			12		11,490
					67,297
SERVICES–0.0%
eBay, Inc. 3.80%, 3/09/22			4		4,133
TECHNOLOGY–0.8%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 4.42%, 6/15/21(b)			10		10,348
5.45%, 6/15/23(b)			10		10,607
Fidelity National Information Services, Inc. 3.50%, 4/15/23			3		3,038
5.00%, 10/15/25			3		3,268
HP, Inc. 4.65%, 12/09/21			10		10,674
KLA-Tencor Corp. 4.65%, 11/01/24			5		5,293
Lam Research Corp. 2.80%, 6/15/21			8		7,957
Micron Technology, Inc. 7.50%, 9/15/23(b)			6		6,645
Seagate HDD Cayman 4.75%, 6/01/23			5		4,956
Total System Services, Inc. 3.75%, 6/01/23			7		6,952
Western Digital Corp. 7.375%, 4/01/23(b)			10		11,000
					80,738
					399,355
FINANCIAL INSTITUTIONS–0.6%
BANKING–0.6%
Bank of America Corp. 3.875%, 8/01/25			20		20,337
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			14		13,604

9

GLOBAL BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
3.85%, 7/08/24		U.S.$	10	$	10,208
5.15%, 5/22/45			3		3,147
Series E 1.625%, 7/27/26(b)		EUR	5		5,218
Morgan Stanley Series G 4.00%, 7/23/25		U.S.$	11		11,275
					63,789
REITS–0.0%
VEREIT Operating Partnership LP 4.125%, 6/01/21			5		5,075
					68,864
UTILITY–0.1%
ELECTRIC–0.1%
Entergy Corp. 4.00%, 7/15/22			8		8,366
Total Corporates–Investment Grade (cost $472,501)					476,585
INFLATION–LINKED SECURITIES–3.6%
BRAZIL–0.3%
Brazil Notas do Tesouro Nacional Series B 6.00%, 8/15/50–5/15/55		BRL	37		35,020
UNITED STATES–3.3%
U.S. Treasury Inflation Index 0.125%, 4/15/18–4/15/19 (TIPS)		U.S.$	267		270,622
0.25%, 1/15/25 (TIPS)			26		25,092
0.375%, 7/15/25 (TIPS)			51		50,687
					346,401
Total Inflation–Linked Securities (cost $380,221)					381,421
GOVERNMENTS–SOVEREIGN AGENCIES–2.7%
BRAZIL–0.1%
Petrobras Global Finance BV 8.75%, 5/23/26			5		5,394
CANADA–2.6%
Canada Housing Trust No. 1 3.80%, 6/15/21(b)		CAD	285		233,616
1.70%, 12/15/17(b)			60		45,122
					278,738
Total Governments–Sovereign Agencies (cost $300,638)					284,132
EMERGING MARKETS–TREASURIES–1.5%
BRAZIL–1.4%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/25–1/01/27		BRL	525		149,126
TURKEY–0.1%
Turkey Government Bond 9.40%, 7/08/20		TRY	35		9,546
Total Emerging Markets–Treasuries (cost $138,902)				$	158,672
CORPORATES–NON-INVESTMENT GRADE–1.0%
INDUSTRIAL–0.9%
BASIC–0.1%
CF Industries, Inc. 4.95%, 6/01/43		U.S.$	7		5,723
CAPITAL GOODS–0.1%
Herc Rentals, Inc. 7.75%, 6/01/24(b)			10		10,512
SPX FLOW, Inc. 5.875%, 8/15/26(b)			2		2,000
						��
					12,512
COMMUNICATIONS– TELECOMMUNICATIONS–0.2%
CenturyLink, Inc. Series S 6.45%, 6/15/21			8		8,420
Series Y 7.50%, 4/01/24			5		5,250
Communications Sales & Leasing, Inc./CSL Capital LLC 6.00%, 4/15/23(b)			2		2,070
					15,740
CONSUMER CYCLICAL– OTHER–0.1%
PulteGroup, Inc. 5.00%, 1/15/27			10		9,500
CONSUMER CYCLICAL–RETAILERS–0.0%
Sally Holdings LLC/Sally Capital, Inc. 5.625%, 12/01/25			4		4,160
CONSUMER NON–CYCLICAL–0.2%
HCA, Inc. 4.50%, 2/15/27			4		3,930
5.25%, 6/15/26			10		10,337
Valeant Pharmaceuticals International, Inc. 5.875%, 5/15/23(b)			5		3,775
6.125%, 4/15/25(b)			4		3,005
					21,047
ENERGY–0.1%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			10		7,103
Transocean, Inc. 9.00%, 7/15/23(b)			5		5,125
					12,228
TECHNOLOGY–0.1%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24(b)			5		5,551

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
TRANSPORTATION– SERVICES–0.0%
Hertz Corp. (The) 5.50%, 10/15/24(b)		U.S.$	5	$	4,369
					90,830
FINANCIAL INSTITUTIONS–0.1%
FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21			10		10,575
Total Corporates–Non-Investment Grade (cost $101,412)					101,405
MORTGAGE PASS-THROUGHS–0.8%
AGENCY FIXED RATE 30-YEAR–0.7%
Federal National Mortgage Association 4.00%, 1/01/47, TBA			69		72,276
OTHER AGENCY FIXED RATE PROGRAMS–0.1%
Canadian Mortgage Pools 6.125%, 12/15/24		CAD	13		11,271
Total Mortgage Pass-Throughs (cost $83,645)					83,547
COLLATERALIZED MORTGAGE OBLIGATIONS–0.6%
RISK SHARE FLOATING RATE–0.6%
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C03, Class 1M1 2.256% (LIBOR 1 Month + 1.50%), 7/25/25(d)		U.S.$	3		3,124
Series 2016-C01, Class 1M2 7.506% (LIBOR 1 Month + 6.75%), 8/25/28(d)			13		14,478
Series 2016-C01, Class 2M2 7.706% (LIBOR 1 Month + 6.95%), 8/25/28(d)			13		14,375
Series 2016-C02, Class 1M2 6.756% (LIBOR 1 Month + 6.00%), 9/25/28(d)			15		16,766
Series 2016-C04, Class 1M2 5.006% (LIBOR 1 Month + 4.25%), 1/25/29(d)			10		10,358
Total Collateralized Mortgage Obligations (cost $53,121)					59,101
QUASI-SOVEREIGNS–0.3%
QUASI-SOVEREIGN BONDS–0.3%
MEXICO–0.3%
Petroleos Mexicanos 4.625%, 9/21/23(b)		U.S.$	14	$	13,619
5.375%, 3/13/22(b)			15		15,360
Total Quasi-Sovereigns (cost $28,918)					28,979
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2%
NON-AGENCY FIXED RATE CMBS–0.2%
JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.668%, 11/15/48			10		9,104
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			14		12,267
Total Commercial Mortgage-Backed Securities (cost $23,421)					21,371
LOCAL GOVERNMENTS–PROVINCIAL BONDS–0.2%
CANADA–0.2%
Province of Ontario Canada 2.40%, 6/02/26		CAD	15		11,088
2.60%, 6/02/25			10		7,573
Total Local Governments–Provincial Bonds (cost $18,775)					18,661
	Shares
SHORT-TERM INVESTMENTS–2.9%
INVESTMENT COMPANIES–2.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(a)(e) (cost $300,888)			300,888		300,888
TOTAL INVESTMENTS–100.7% (cost $10,801,807)					10,574,229
Other assets less liabilities–(0.7)%					(72,679	)
NET ASSETS–100.0%				$	10,501,550

11

GLOBAL BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at December 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		6		March 2017	$	771,360	$	771,491	$	131
Sold Contracts
Euro-Schatz Futures		1		March 2017		118,001		118,202		(201	)
									$	(70	)

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		RUB	1,737		USD	28		1/17/17	$	(166	)
BNP Paribas SA		RUB	1,785		USD	27		1/17/17		(1,864	)
Credit Suisse International		BRL	628		USD	182		1/04/17		(10,472	)
Credit Suisse International		USD	193		BRL	628		1/04/17		260
Standard Chartered Bank		BRL	628		USD	193		1/04/17		(261	)
Standard Chartered Bank		USD	191		BRL	628		1/04/17		1,608
Standard Chartered Bank		GBP	474		USD	591		1/20/17		7,082
Standard Chartered Bank		BRL	628		USD	190		2/02/17		(1,702	)
Standard Chartered Bank		CAD	1,021		USD	767		2/03/17		5,831
Standard Chartered Bank		USD	26		IDR	351,049		3/14/17		(318	)
State Street Bank & Trust Co.		MXN	1,416		USD	70		1/11/17		1,354
State Street Bank & Trust Co.		USD	28		MXN	563		1/11/17		(496	)
State Street Bank & Trust Co.		USD	51		RUB	3,348		1/17/17		3,124
State Street Bank & Trust Co.		AUD	192		USD	145		1/19/17		6,530
State Street Bank & Trust Co.		GBP	44		USD	55		1/20/17		790
State Street Bank & Trust Co.		EUR	1,063		USD	1,160		1/25/17		39,445
State Street Bank & Trust Co.		EUR	5		USD	5		1/25/17		(33	)
State Street Bank & Trust Co.		USD	32		EUR	30		1/25/17		(116	)
State Street Bank & Trust Co.		USD	108		JPY	12,652		1/25/17		296
State Street Bank & Trust Co.		USD	48		CAD	64		2/03/17		(474	)
State Street Bank & Trust Co.		TRY	35		USD	10		2/08/17		238
State Street Bank & Trust Co.		SGD	183		USD	128		3/14/17		1,847
									$	52,503

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 27, 5 Year Index, 12/20/21*		5.00	%		3.55	%	$	210	$	13,333	$	6,568
CDX-NAIG Series 27, 5 Year Index, 12/20/21*		1.00			0.68			1,100		17,000		6,894
									$	30,333	$	13,462

* Termination date

12

AB Variable Products Series Fund

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA
CDX-EMS Series 23, 5 Year Index, 6/20/20*		1.00	%		2.43	%	$	147	$	(6,746	)	$	(8,740	)	$	1,994
Barclays Bank PLC
CDX-CMBX.NA.BBB Series 7, 1/17/47*		3.00			4.02			100		(5,632	)		(603	)		(5,029	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			8.05			6		(789	)		(101	)		(688	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			8.05			6		(789	)		(104	)		(685	)
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			8.05			12		(1,577	)		(194	)		(1,383	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			8.05			11		(1,446	)		(202	)		(1,244	)
									$	(16,979	)	$	(9,944	)	$	(7,035	)

* Termination date

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the aggregate market value of these securities amounted to $1,572,586 or 15.0% of net assets.

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

(d) Floating Rate Security. Stated interest/floor rate was in effect at December 31, 2016.

(e) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

EUR—Euro

GBP—Great British Pound

IDR—Indonesian Rupiah

JPY—Japanese Yen

MXN—Mexican Peso

RUB—Russian Ruble

SGD—Singapore Dollar

TRY—Turkish Lira

USD—United States Dollar

Glossary:

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

CDX-EMS– Emerging Market Credit Default Swap Index

CDX-NAHY—North American High Yield Credit Default Swap Index

CDX-NAIG—North American Investment Grade Credit Default Swap Index

CMBS—Commercial Mortgage-Backed Securities

INTRCONX—Inter-Continental Exchange

LIBOR—London Interbank Offered Rates

REIT—Real Estate Investment Trust

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

13

GLOBAL BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $5,170,092)	$	5,006,651
Affiliated issuers (cost $5,631,715)		5,567,578
Cash collateral due from broker		36,117
Foreign currencies, at value (cost $11,704)		11,753
Unrealized appreciation on forward currency exchange contracts		68,405
Interest receivable		36,525
Affiliated dividends receivable		11,414
Receivable due from Adviser		10,216
Unrealized appreciation on credit default swaps		1,994
Receivable for variation margin on exchange-traded derivatives		469
Total assets		10,751,122
LIABILITIES
Payable for investment securities purchased		136,506
Audit and tax fee payable		46,330
Custody fee payable		17,267
Unrealized depreciation on forward currency exchange contracts		15,902
Upfront premium received on credit default swaps		9,944
Unrealized depreciation on credit default swaps		9,029
Payable for variation margin on exchange-traded derivatives		351
Transfer Agent fee payable		90
Distribution fee payable		3
Accrued expenses		14,150
Total liabilities		249,572
NET ASSETS	$	10,501,550
COMPOSITION OF NET ASSETS
Capital stock, at par	$	1,028
Additional paid-in capital		10,290,247
Undistributed net investment income		339,464
Accumulated net realized gain on investment transactions and foreign currency transactions		39,900
Net unrealized depreciation on investments and foreign currency denominated assets and liabilities		(169,089	)
	$	10,501,550

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	10,487,227		1,026,986	$	10.21
B	$	14,323		1,407	$	10.18

See notes to financial statements.

14

GLOBAL BOND PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends—Affiliated issuers	$	170,787
Interest		95,983
		266,770
EXPENSES
Advisory fee (see Note B)		52,054
Distribution fee—Class B		34
Transfer agency—Class A		4,872
Transfer agency—Class B		6
Custodian		95,458
Administrative		49,782
Audit and tax		46,387
Directors’ fees		24,565
Legal		23,410
Printing		18,098
Amortization of offering expenses		10,220
Miscellaneous		2,739
Total expenses		327,625
Less: expenses waived and reimbursed by the Adviser (see Note B)		(287,925	)
Net expenses		39,700
Net investment income		227,070
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		35,956
Futures		26,062
Swaps		20,597
Foreign currency transactions		67,826
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		121,011
Investments		(23,945	)
Futures		(1,595	)
Swaps		30,563
Foreign currency denominated assets and liabilities		37,789
Net gain on investment and foreign currency transactions		314,264
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	541,334

See notes to financial statements.

15

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

	Year Ended December 31, 2016			April 29, 2015(a) to December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	227,070		$	183,378
Net realized gain on investment transactions and foreign currency transactions		150,441			106,018
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		163,823			(332,912	)
Net increase (decrease) in net assets from operations		541,334			(43,516	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(291,608	)		–0	–
Class B		(383	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase		294,472			10,001,251
Total increase		543,815			9,957,735
NET ASSETS
Beginning of period		9,957,735			–0	–
End of period (including undistributed net investment income of $339,464 and $302,201, respectively)	$	10,501,550		$	9,957,735

(a) Commencement of operations.

See notes to financial statements.

16

GLOBAL BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Bond Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio commenced operations on April 29, 2015. The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. As of December 31, 2016 AllianceBernstein L.P. (the “Adviser”) was the sole shareholder of Class A shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

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

17

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

other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value 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. In addition, non-agency rated investments are classified as Level 3.

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

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

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

18

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

5,266,690

$

–0

–

$

–0

–

$

5,266,690

Governments—Treasuries

–0

–

3,392,777

–0

–

3,392,777

Corporates—Investment Grade

–0

–

476,585

–0

–

476,585

Inflation-Linked Securities

–0

–

381,421

–0

–

381,421

Governments—Sovereign Agencies

–0

–

284,132

–0

–

284,132

Emerging Markets—Treasuries

–0

–

158,672

–0

–

158,672

Corporates—Non-Investment Grade

–0

–

101,405

–0

–

101,405

Mortgage Pass-Throughs

–0

–

83,547

–0

–

83,547

Collateralized Mortgage Obligations

–0

–

59,101

–0

–

59,101

Quasi-Sovereigns

–0

–

28,979

–0

–

28,979

Commercial Mortgage-Backed Securities

–0

–

–0

–

21,371

21,371

Local Governments—Provincial Bonds

–0

–

18,661

–0

–

18,661

Short-Term Investments

300,888

–0

–

–0

–

300,888

Total Investments in Securities

5,567,578

4,985,280

21,371

10,574,229

Other Financial Instruments(a):

Assets:

Futures

131

–0

–

–0

–

131

(b)

Forward Currency Exchange Contracts

–0

–

68,405

–0

–

68,405

Centrally Cleared Credit Default Swaps

–0

–

13,462

–0

–

13,462

(b)

Credit Default Swaps

–0

–

1,994

–0

–

1,994

Liabilities:

Futures

(201

)

–0

–

–0

–

(201

)(b)

Forward Currency Exchange Contracts

–0

–

(15,902

)

–0

–

(15,902

)

Credit Default Swaps

–0

–

(9,029

)

–0

–

(9,029

)

Total(c)

$

5,567,508

$

5,044,210

$

21,371

$

10,633,089

(a) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

19

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Commercial Mortgage- Backed Securities			Total
Balance as of 12/31/15	$	38,998		$	38,998
Accrued discounts/(premiums)		(22	)		(22	)
Realized gain (loss)		(1,831	)		(1,831	)
Change in unrealized appreciation/depreciation		(677	)		(677	)
Purchases/Payups		–0	–		–0	–
Sales/Paydowns		(15,097	)		(15,097	)
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 12/31/16	$	21,371		$	21,371
Net change in unrealized appreciation/depreciation from investments held as of 12/31/16(a)	$	(677	)	$	(677	)

(a) The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) on investments and other financial instruments in the accompanying statement of operations.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, 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.

20

AB Variable Products Series Fund

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

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. Offering Expenses

Offering expenses of $41,223 were deferred and amortized on a straight line basis over a one year period starting from April 29, 2015 (commencement 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 .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the fees and expenses of any AB Mutual Funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .64% and .89% of daily average net assets for Class A and Class B, respectively. Any fees waived and expenses borne by the Adviser through April 28, 2016 are subject to repayment by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amounted to $179,979 for the fiscal period ended December 31, 2015 and $84,021 for the year ended December 31, 2016, respectively. In any case, no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the net fee percentages set forth in the preceding sentence. For the year ended December 31, 2016, the reimbursements/waivers amounted to $211,177. The Expense Caps may not be terminated by the Adviser before May 1, 2017.

The Portfolio may invest in AB mutual funds managed by the Adviser. In addition to the Expense Caps, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through May 1, 2017 in an amount equal

to the Portfolio’s share of all fees and expenses of any AB mutual funds in which the Portfolio invests. For the year ended December 31, 2016, such waivers amounted to $26,966.

21

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

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2016 is as follows:

AB Global Bond Fund, Inc.
												Distributions
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 12/31/16 (000)		Income (000)		Realized Gains (000)
$	4,977	$	169	$	0	$	0	$	121	$	5,267	$	169	$	0

AB Government Money Market Portfolio
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)		Dividend Income (000)
$	909	$	1,827	$	2,435	$	301	$	2

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the Adviser voluntarily agreed to waive such fees amounting to $49,782.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $222, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	2,874,054	$	1,957,250
U.S. government securities		2,039,571		1,851,586

22

AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding futures, foreign currency and swap transactions) are as follows:

Cost	$	10,802,983
Gross unrealized appreciation	$	49,794
Gross unrealized depreciation		(278,548	)
Net unrealized depreciation	$	(228,754	)

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2016, 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 foreign currency transactions. 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.

23

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

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

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

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

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

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

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the

24

AB Variable Products Series Fund

credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. As of December 31, 2016, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligation and same counterparty for its Sale Contracts outstanding.

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

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

During the year ended December 31, 2016, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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.

25

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

The Portfolio’s 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	131	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	201	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		13,462	*	Receivable/Payable for variation margin on exchange-traded derivatives
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		68,405		Unrealized depreciation on forward currency exchange contracts		15,902
Credit contracts	Unrealized appreciation on credit default swaps		1,994		Unrealized depreciation on credit default swaps		9,029
Total		$	83,992			$	25,132

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives 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	$	26,062		$	(1,595	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(7,374	)		37,704
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		20,597			30,563
Total		$	39,285		$	66,672

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Futures:
Average original value of buy contracts	$	904,926
Average original value of sale contracts	$	304,618	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	570,320
Average principal amount of sale contracts	$	3,418,321

26

AB Variable Products Series Fund

Credit Default Swaps:
Average notional amount of sale contracts	$	282,000
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	1,400,523
Average notional amount of buy contracts	$	1,100,000	(b)

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

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

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc./Morgan Stanley & Co. LLC*	$	469	$	(351	)	$	–0	–	$	–0	–	$	118
Total	$	469	$	(351	)	$	–0	–	$	–0	–	$	118
OTC Derivatives:
Credit Suisse International	$	260	$	(260	)	$	–0	–	$	–0	–	$	–0	–
Standard Chartered Bank		14,521		(2,281	)		–0	–		–0	–		12,240
State Street Bank & Trust Co.		53,624		(1,119	)		–0	–		–0	–		52,505
Total	$	68,405	$	(3,660	)	$	–0	–	$	–0	–	$	64,745	^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

Exchange-Traded Derivatives:

Morgan Stanley & Co., Inc./Morgan Stanley & Co. LLC*

$

351

$

(351

)

$

–0

–

$

–0

–

$

–0

–

Total

$

351

$

(351

)

$

–0

–

$

–0

–

$

–0

–

OTC Derivatives:

Bank of America, NA

$

6,912

$

–0

–

$

–0

–

$

–0

–

$

6,912

Barclays Bank PLC

6,421

–0

–

–0

–

–0

–

6,421

BNP Paribas SA

1,864

–0

–

–0

–

–0

–

1,864

Citibank, NA

789

–0

–

–0

–

–0

–

789

Credit Suisse International

10,472

(260

)

–0

–

–0

–

10,212

Goldman Sachs International

3,023

–0

–

–0

–

–0

–

3,023

Standard Chartered Bank

2,281

(2,281

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

1,119

(1,119

)

–0

–

–0

–

–0

–

Total

$

32,881

$

(3,660

)

$

–0

–

$

–0

–

$

29,221

^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at December 31, 2016.

^ 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.

27

GLOBAL BOND 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).

3. TBA and Dollar Rolls

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

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. During the year ended December 31, 2016, the Portfolio had no transactions in dollar rolls.

NOTE E: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			April 29, 2015(a)  to December 31, 2015			Year Ended December 31, 2016			April 29, 2015(a)  to December 31, 2015
Class A
Shares sold		–0	–		999,000		$	–0	–	$	9,990,000
Shares issued in reinvestment of dividends		27,986			–0	–		291,608			–0	–
Net increase		27,986			999,000		$	291,608		$	9,990,000
Class B
Shares sold		248			1,125		$	2,514		$	11,252
Shares issued in reinvestment of dividends		37			–0	–		383			–0	–
Shares redeemed		(3	)		–0	–(b)		(33	)		(1	)
Net increase		282			1,125		$	2,864		$	11,251

(a) Commencement of operations.

(b) Amount is less than .50 cents.

At December 31, 2016, the Adviser owns approximately 99.9% in aggregate of the Portfolio’s outstanding shares.

NOTE F: Risks Involved in Investing in the Portfolio

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

28

AB Variable Products Series Fund

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) are subject to 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, negative perceptions of the junk bond market generally and less secondary market liquidity.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

Foreign (Non-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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its portfolio, 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 contracts 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.

Non-Diversification Risk—The Portfolio may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers and that adverse changes in the value of one security could have a more significant effect on the Portfolio NAV.

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

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

29

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

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended December 31, 2016 was as follows:

	2016
Distributions paid from:
Ordinary income	$	291,991
Total distributions paid	$	291,991

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	423,917
Undistributed capital gains		13,821	(a)
Unrealized appreciation/(depreciation)		(227,464	)(b)
Total accumulated earnings/(deficit)	$	210,274

(a) During the fiscal year, the Portfolio utilized $7,908 of short-term capital loss carryforwards to offset current year net realized gain.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carryforward 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, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal period, permanent differences primarily due to the tax treatment of swaps and swap clearing fees, foreign currency reclassifications, the tax treatment of offering costs and paydown gains/loss reclassifications resulted in a net increase in undistributed net investment income, a net decrease in accumulated net realized gain on investment transactions and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

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.

30

GLOBAL BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31, 2016			April 29, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.96			$10.00
Income From Investment Operations
Net investment income (b)(c)		.22			.18
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.32			(.22	)
Net increase (decrease) in net asset value from operations		.54			(.04	)
Less: Dividends
Dividends from net investment income		(.29	)		–0	–
Net asset value, end of period		$10.21			$9.96
Total Return
Total investment return based on net asset value (d)		5.38	%		(.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,488			$9,947
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.38	%		.38	%^
Expenses, before waivers/reimbursements (e)		3.15	%		3.63	%^
Net investment income (c)		2.18	%		2.74	%^
Portfolio turnover rate		38	%		62	%

See footnote summary on page 32.

31

GLOBAL BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31, 2016			April 29, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.94			$10.00
Income From Investment Operations
Net investment income (b)(c)		.20			.17
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.32			(.23	)
Net increase (decrease) in net asset value from operations		.52			(.06	)
Less: Dividends
Dividends from net investment income		(.28	)		–0	–
Net asset value, end of period		$10.18			$9.94
Total Return
Total investment return based on net asset value (d)		5.17	%		(.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.63	%		.64	%^
Expenses, before waivers/reimbursements (e)		3.38	%		3.90	%^
Net investment income (c)		1.94	%		2.55	%^
Portfolio turnover rate		38	%		62	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of fees and expenses waived/reimbursed by the Adviser.

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

(e) The Portfolio’s investments in affiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated underlying portfolios. The Adviser has agreed to waive certain acquired fund fees and for the years ended December 31, 2016 and December 31, 2015, such waivers amounted to .26% and .26%, respectively for the Portfolio.

^ Annualized.

See notes to financial statements.

32

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

To the Board of Directors and Shareholders of AB Global Bond Portfolio

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Global Bond Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and the period April 29, 2015 (commencement of operations) to December 31, 2015. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Global Bond Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and the period April 29, 2015 (commencement of operations) to December 31, 2015 in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

33

GLOBAL BOND PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman	Nancy P. Jacklin(1)
John H. Dobkin(1)	Robert M. Keith, President and Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer	Joseph J. Mantineo, Treasurer and Chief Financial Officer
Paul J. DeNoon(2), Vice President	Emilie D. Wrapp, Secretary
Scott DiMaggio(2), Vice President	Phyllis J. Clarke, Controller
Douglas J. Peebles(2), Vice President	Vincent S. Noto, Chief Compliance Officer
Matthew Sheridan(2), Vice President
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036
PRINCIPAL UNDERWRITER AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

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

(2) The day-to-day management of, and investment decisions for, the Fund are made by its senior management team. Messrs. DeNoon, DiMaggio, Peebles and Sheridan are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

34

GLOBAL BOND PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012

35

GLOBAL BOND PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015), U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None

36

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105

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

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

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

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

37

GLOBAL BOND PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST 5 YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AllianceBernstein Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P., since prior to March 2003.
Paul J. DeNoon 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Scott DiMaggio 45	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Douglas J. Peebles 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Matthew Sheridan 41	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since 2012.

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

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

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AB at 1-(800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

38

GLOBAL BOND PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Bond Portfolio (the “Fund”) at a meeting held on November 1-3, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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 the period ended December 31, 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory

39

GLOBAL BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Fund’s unprofitability to the Adviser would be exacerbated without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, 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-year period ended July 31, 2016 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 fee rate for the Fund with that for another AB Fund with a similar investment style.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors concluded, based on the Adviser’s explanation of how it may use ETFs when they are the most cost-effective way to obtain desired exposures or to “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund would be for services in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs in which the Fund may invest.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of an undertaking by the Adviser to waive fees and/or reimburse expenses, which the Adviser informed the directors would remain in effect until May 2018, including a waiver or reimbursement of a portion of the advisory fees earned by the Adviser from assets of the Fund that are invested in another AB Fund. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or

40

AB Variable Products Series Fund

reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and 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.

41

VPS-GB-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

GLOBAL RISK ALLOCATION—MODERATE
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Global Risk Allocation-Moderate Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index (net, hedged to USD) and its secondary benchmark, a blend of 60% MSCI World Index (net, hedged to USD) / 40% Bloomberg Barclays Global G7 Treasury Index (hedged to USD), for the one-year period ended December 31, 2016, and the period since the Portfolio’s inception on April 28, 2015.

All share classes of the Portfolio underperformed its benchmarks for the annual period. The Portfolio allocated most of its risk to global equity, with the balance allocated to government bonds. The Portfolio’s equity allocation strategy based on dynamic risk signals detracted relative to the benchmark, as the Portfolio responded to risk signals and reduced equity allocation during several risk events (e.g. the Brexit referendum discussed below); however, the equity market experienced quick and dramatic reversals. Overweight positions in emerging-market equities contributed. On the fixed-income side, overweights of inflation-linked bonds relative to nominal bonds enhanced returns as inflation breakeven rates significantly increased due to reflation concerns. The strategic hedging of foreign currency exposures helped performance, as foreign currencies weakened versus the US dollar.

During the annual period, the Portfolio utilized derivatives for hedging and investment purposes, including futures, currency forwards, written options and written swaptions, which added to absolute performance; interest rate swaps and purchased options detracted.

1

AB Variable Products Series Fund

MARKET REVIEW AND INVESTMENT STRATEGY

Global stocks finished the annual period in positive territory amidst multiple volatility spikes. Outcomes varied significantly by region, however, with US and emerging-market equities advancing the most and developed international equities essentially flat. Currency movements also played a role as a strong US dollar dampened returns for US dollar-based investors. Mid-year marked the low point for the US dollar. It then surged by almost 8% and ended the period about 3% above where it traded at the start of 2016.

The annual period had a number of surprises. The market sold off early in the year, due to growth concerns and diverging central bank policies worldwide. Central banks responded as the Bank of Japan changed one of its key interest rates to negative and the US Federal Reserve (the “Fed”) delayed future rates hikes. Markets rebounded quickly and volatility subdued before spiking again in June when the UK decided to leave the European Union in its “Brexit” referendum. Towards year end, volatility spiked for the third time, after the unexpected outcome and implications from the US election. After each of these unanticipated events, the market initially sold off but then snapped back both faster and more vigorously. After the US presidential election, stock returns diverged sharply by market capitalization and sector. Smaller-cap stocks dramatically outperformed large-caps in the first week as investors saw their more domestically focused businesses as advantaged by likely Trump administration policies. The Fed raised rates for the second time in a decade in December, largely due to better than expected US economic growth, improving employment numbers and rising inflation from unusually low levels. The 10-year Treasury yield ended the period close to 2.6% and the Fed telegraphed a faster pace of rate hikes in 2017.

The Portfolio’s Senior Investment Management Team seeks to allocate approximately 85% of its risk to equity and the balance to government bonds over time. For global equity exposure, the Portfolio had overweight positions in European, Japanese and emerging markets relative to a market cap weighted equity index. For fixed-income investments, the Portfolio had overweight positions of inflation-protected bonds over nominal bonds and underweights in Japan and European government bonds, where interest rates were close to zero. The Portfolio hedged most of the foreign currency exposures and adopted explicit downside hedges via option positions.

2

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

Benchmark Disclosure

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

A Word About Risk

Market Risk: The value of the Portfolio’s investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

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

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

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. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments. Transactions intended to hedge fluctuations in the values of the portfolios positions will typically limit the opportunity for gain.

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

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

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

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end. The Portfolio has been in operation only for a short period of time, and therefore has a limited historical performance period. This limited performance period is unlikely to be representative of the performance the Portfolio will achieve over a longer period.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

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

THE PORTFOLIO VS. ITS BENCHMARKS	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		Since  Inception*
Global Risk Allocation—Moderate Portfolio Class A		4.39%		-1.12%
Global Risk Allocation—Moderate Portfolio Class B		4.24%		-1.33%
Primary benchmark: MSCI World Index (net, hedged to USD)		9.39%		2.18%
Secondary benchmark: 60% MSCI World Index (net, hedged to USD) / 40% Bloomberg Barclays Global G7 Treasury Index (hedged to USD)		7.33%		2.37%
*    Inception date: 4/28/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 3.10% and 3.35% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs to 0.75% and 1.00% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2017 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser may be reimbursed by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the expense limitation. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

4/28/15^* TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Risk Allocation—Moderate Portfolio Class A shares (from 4/28/15^* to 12/31/16) as compared to the performance of the Portfolio’s primary and secondary benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

* Inception date: 4/28/2015.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*			Effective Expenses Paid During Period+		Effective Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,046.10	$	3.09		0.60	%	$	3.86		0.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.12	$	3.05		0.60	%	$	3.81		0.75	%
Class B
Actual	$	1,000	$	1,044.70	$	4.32		0.84	%	$	5.14		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.91	$	4.27		0.84	%	$	5.08		1.00	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	29,894,992		38.5	%
Inflation-Linked Securities		1,364,106		1.8
Options Purchased—Puts		112,998		0.1
Options Purchased—Calls		67,231		0.1
Short-Term Investments		46,270,512		59.5
Total Investments	$	77,709,839		100.0	%

COUNTRY BREAKDOWN^†

December 31, 2016 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	31,379,600		40.4	%
Germany		47,176		0.1
Japan		9,517		0.0
United Kingdom		3,034		0.0
Short-Term Investments		46,270,512		59.5
Total Investments	$	77,709,839		100.0	%

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

† All data are as of December 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES–37.7%
FUNDS AND INVESTMENT TRUSTS–37.7%
iShares Core S&P 500 ETF		23,730	$	5,339,013
iShares MSCI EAFE ETF		90,720		5,237,266
iShares MSCI Emerging Markets ETF		32,688		1,144,407
iShares Russell 2000 ETF		11,040		1,488,744
SPDR S&P 500 ETF Trust		49,920		11,158,617
Vanguard S&P 500 ETF		26,920		5,526,945
Total Investment Companies (cost $27,684,697)				29,894,992
	Principal Amount (000)
INFLATION-LINKED SECURITIES–1.7%
UNITED STATES–1.7%
U.S. Treasury Inflation Index 0.375%, 7/15/25 (TIPS) (cost $1,392,012)	$	1,372		1,364,106
	Contracts
OPTIONS PURCHASED–PUTS–0.2%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.1%
SPDR S&P 500 ETF Trust Expiration: Jan 2017, Exercise Price: $ 222.00(a)(b)		487		93,748
OPTIONS ON INDICES–0.1%
Euro STOXX 50 Index Expiration: Jan 2017, Exercise Price: EUR 3,125.00(b)(c)		620		6,699
FTSE 100 Index Expiration: Jan 2017, Exercise Price: GBP 6,900.00(b)(c)		130		3,034
Nikkei 225 Index Expiration: Jan 2017, Exercise Price: JPY 18,625.00(b)(c)		10,000		9,517
				19,250
Total Options Purchased–Puts (premiums paid $152,397)				112,998
Company	Contracts		U.S. $ Value
OPTIONS PURCHASED–CALLS–0.1%
OPTIONS ON INDICES–0.1%
Euro STOXX 50 Index Expiration: Jan 2017, Exercise Price: EUR 3,300.00(b)(c)		670	$	29,478
Euro STOXX 50 Index Expiration: Jan 2017, Exercise Price: EUR 3,300.00(b)(c)		250		10,999
				40,477
	Notional Amount (000)
SWAPTIONS–0.0%
IRS Swaption, JPMorgan Chase Bank, NA Expiration: Jan 2017, Exercise Rate: 2.173%	$	11,900		26,754
Total Options Purchased–Calls (premiums paid $43,906)				67,231
	Shares
SHORT-TERM INVESTMENTS–58.3%
INVESTMENT COMPANIES–45.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(d)(e) (cost $36,333,310)		36,333,310		36,333,310
	Principal Amount (000)
U.S. TREASURY BILLS–12.5%
U.S. Treasury Bill Zero Coupon, 1/05/17–3/30/17 (cost $9,937,202)	$	9,944		9,937,202
Total Short-Term Investments (cost $46,270,512)				46,270,512
TOTAL INVESTMENTS–98.0% (cost $75,543,524)				77,709,839
Other assets less liabilities–2.0%				1,598,738
NET ASSETS–100.0%			$	79,308,577

8

AB Variable Products Series Fund

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at December 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		12		March 2017	$	1,098,680	$	1,106,225	$	7,545
10 Yr Canadian Bond Futures		4		March 2017		414,263		409,727		(4,536	)
Euro STOXX 50 Index Futures		121		March 2017		4,084,771		4,173,938		89,167
Euro BTP Futures		11		March 2017		1,537,936		1,566,775		28,839
FTSE 100 Index Futures		20		March 2017		1,686,736		1,737,684		50,948
Long GILT Futures		4		March 2017		607,356		620,292		12,936
Mini MSCI EAFE Futures		50		March 2017		4,215,093		4,189,000		(26,093	)
Nikkei 225 (CME) Futures		29		March 2017		2,755,962		2,770,950		14,988
S&P 500 E Mini Futures		42		March 2017		4,651,977		4,696,020		44,043
S&P TSX 60 Index Futures		11		March 2017		1,449,138		1,469,616		20,478
SPI 200 Futures		7		March 2017		694,476		711,132		16,656
TOPIX Index Futures		15		March 2017		1,912,028		1,948,235		36,207
U.S. T-Note 10 Yr (CBT) Futures		7		March 2017		874,293		869,969		(4,324	)
U.S. Ultra Bond (CBT) Futures		3		March 2017		485,138		480,750		(4,388	)
									$	282,466

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	EUR	1,315		USD	1,440		3/16/17	$	50,481
Barclays Bank PLC	JPY	70,353		USD	677		3/16/17		72,888
BNP Paribas SA	CHF	543		USD	562		3/16/17		25,974
BNP Paribas SA	EUR	2,217		USD	2,474		3/16/17		132,502
Citibank, NA	USD	1,543		EUR	1,362		3/16/17		(104,419	)
Credit Suisse International	JPY	231,937		USD	2,043		3/16/17		51,715
Royal Bank of Scotland PLC	USD	2,361		EUR	2,257		3/16/17		23,351
State Street Bank & Trust Co.	AUD	248		USD	184		3/16/17		5,406
State Street Bank & Trust Co.	CHF	845		USD	836		3/16/17		2,544
State Street Bank & Trust Co.	EUR	3,157		USD	3,358		3/16/17		22,619
State Street Bank & Trust Co.	GBP	1,314		USD	1,654		3/16/17		32,048
State Street Bank & Trust Co.	HKD	1,141		USD	147		3/16/17		–0	–
State Street Bank & Trust Co.	SEK	1,120		USD	123		3/16/17		(288	)
State Street Bank & Trust Co.	USD	433		EUR	406		3/16/17		(4,191	)
State Street Bank & Trust Co.	USD	802		GBP	637		3/16/17		(15,536	)
State Street Bank & Trust Co.	USD	124		SEK	1,129		3/16/17		290
UBS AG	GBP	676		USD	840		3/16/17		5,179
								$	300,563

CALL OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
Nikkei 225 Index(c)		10,000		JPY   20,375.00		January 2017	$	4,544	$	(540)

9

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

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		CounterParty	Strike Rate			Expiration Date		Notional Amount (000)		Premiums Received		Market Value
Put—Interest Rate Swaption		3 Month LIBOR	JPMorgan Chase Bank		2.61	%		1/30/17	$	11,900	$	22,545	$	(22,288	)

PUT OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price			Expiration Month		Premiums Received		U.S. $ Value
Euro STOXX 50 Index(c)		490		EUR	2,900.00		January 2017	$	19,527	$	(570	)
Euro STOXX 50 Index(c)		620			3,025.00		January 2017		12,463		(2,426	)
Euro STOXX 50 Index(c)		250			3,050.00		January 2017		5,807		(1,260	)
Euro STOXX 50 Index(c)		670			3,050.00		January 2017		15,107		(3,377	)
FTSE 100 Index(c)		130		GBP	6,650.00		January 2017		2,095		(1,025	)
iShares MSCI Emerging Markets ETF(a)		1,494		$	30.00		January 2017		28,325		(5,229	)
iShares MSCI Emerging Markets ETF(a)		881			30.50		January 2017		36,085		(3,965	)
iShares MSCI Emerging Markets ETF(a)		783			32.00		January 2017		21,892		(6,656	)
Nikkei 225 Index(c)		23,000		JPY	16,750.00		January 2017		34,723		(1,973	)
Nikkei 225 Index(c)		10,000			17,750.00		January 2017		5,228		(2,929	)
SPDR S&P 500 ETF Trust(a)		487		$	215.00		January 2017		41,374		(30,681	)
								$	222,626	$	(60,091	)

(a) One contract relates to 100 shares.

(b) Non-income producing security.

(c) One contract relates to 1 share.

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

(e) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

Currency Abbreviations:

AUD—Australian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

JPY—Japanese Yen

SEK—Swedish Krona

USD—United States Dollar

Glossary:

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

IRS—Interest Rate Swaption

LIBOR—London Interbank Offered Rates

MSCI—Morgan Stanley Capital International

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

10

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $39,210,214)	$	41,376,529
Affiliated issuers (cost $36,333,310)		36,333,310
Cash collateral due from broker		1,303,026
Foreign currencies, at value (cost $170,803)		167,641
Unrealized appreciation on forward currency exchange contracts		424,997
Receivable for capital stock sold		78,116
Unaffiliated dividends and interest receivable		68,716
Receivable for investment securities sold		34,992
Affiliated dividends receivable		11,006
Receivable for variation margin on exchange-traded derivatives		5,611
Total assets		79,803,944
LIABILITIES
Options written, at value (premiums received $227,170)		60,631
Swaptions written, at value (premiums received $22,545)		22,288
Payable for capital stock redeemed		125,075
Unrealized depreciation on forward currency exchange contracts		124,434
Audit and tax fee payable		47,158
Payable for investment securities purchased		27,773
Advisory fee payable		23,599
Distribution fee payable		16,561
Administrative fee payable		13,137
Transfer Agent fee payable		90
Accrued expenses		34,621
Total liabilities		495,367
NET ASSETS	$	79,308,577
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,133
Additional paid-in capital		77,061,141
Undistributed net investment income		8,947
Accumulated net realized loss on investment transactions and foreign currency transactions		(685,943	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		2,916,299
	$	79,308,577

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	10,763.48		1,100	$	9.78
B	$	79,297,813		8,132,169	$	9.75

See notes to financial statements.

11

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	575,561
Affiliated issuers		99,403
Interest		43,971
		718,935
EXPENSES
Advisory fee (see Note B)		385,423
Distribution fee—Class B		160,567
Transfer agency—Class B		4,869
Custodian		80,381
Administrative		50,449
Audit and tax		47,222
Directors’ fees		24,565
Printing		23,726
Legal		20,487
Amortization of offering expenses		7,949
Miscellaneous		46,936
Total expenses		852,574
Less: expenses waived and reimbursed by the Adviser (see Note B)		(287,955	)
Net expenses		564,619
Net investment income		154,316
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(1,035,356	)
Futures		1,050,348
Options written		406,337
Swaptions written		33,558
Foreign currency transactions		(279,977	)
Net change in unrealized appreciation/depreciation of:
Investments		2,200,420
Futures		192,910
Options written		137,840
Swaptions written		257
Foreign currency denominated assets and liabilities		343,372
Net gain on investment and foreign currency transactions		3,049,709
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,204,025

See notes to financial statements.

12

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			April 28, 2015(a)  to December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	154,316		$	59,321
Net realized gain (loss) on investment transactions and foreign currency transactions		174,910			(890,383	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		2,874,799			41,500
Net increase (decrease) in net assets from operations		3,204,025			(789,562	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(36	)		–0	–
Class B		(194,179	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase		25,173,454			51,914,875
Total increase		28,183,264			51,125,313
NET ASSETS
Beginning of period		51,125,313			–0	–
End of period (including undistributed net investment income of $8,947 and $239,097, respectively)	$	79,308,577		$	51,125,313

(a) Commencement of operations.

See notes to financial statements.

13

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	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 commenced operations on April 28, 2015. The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S.

14

AB Variable Products Series Fund

markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value 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. In addition, non-agency rated investments are 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 exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

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

15

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

29,894,992

$

–0

–

$

–0

–

$

29,894,992

Inflation-Linked Securities

–0

–

1,364,106

–0

–

1,364,106

Options Purchased—Puts

–0

–

112,998

–0

–

112,998

Options Purchased—Calls

–0

–

67,231

–0

–

67,231

Short-Term Investments:

Investment Companies

36,333,310

–0

–

–0

–

36,333,310

U.S. Treasury Bills

–0

–

9,937,202

–0

–

9,937,202

Total Investments in Securities

66,228,302

11,481,537

–0

–

77,709,839

Other Financial Instruments(a):

Assets:

Futures

128,828

192,979

–0

–

321,807

(b)

Forward Currency Exchange Contracts

–0

–

424,997

–0

–

424,997

Liabilities:

Futures

(39,341

)

–0

–

–0

–

(39,341

)(b)

Forward Currency Exchange Contracts

–0

–

(124,434

)

–0

–

(124,434

)

Call Options Written

–0

–

(540

)

–0

–

(540

)

Interest Rate Swaptions Written

–0

–

(22,288

)

–0

–

(22,288

)

Put Options Written

–0

–

(60,091

)

–0

–

(60,091

)

Total(c)

$

66,317,789

$

11,892,160

$

–0

–

$

78,209,949

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

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor

16

AB Variable Products Series Fund

due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

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.

17

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

8. Offering Expenses

Offering expenses of $39,078 were deferred and amortized on a straight line basis over a one year period starting from April 28, 2015 (commencement 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 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, inclusive of the Portfolio’s proportionate share of fees and expenses of registered investment companies or series thereof in which the Portfolio invests (“Acquired Fund Expenses”) on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B, respectively. Any fees waived and expenses borne by the Adviser through April 27, 2016 are subject to repayment by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amounted to $157,734 for the fiscal period ended December 31, 2015 and $70,109 for the year ended December 31, 2016, respectively. In any case, no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the net fee percentage set forth above. For the year ended December 31, 2016, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $210,103.

For the year ended December 31, 2016, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $40,096 and $37,756, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2017.

A summary of the Portfolio’s transactions in affiliated underlying portfolios for the year ended December 31, 2016 is as follows:

AB Government Money Market Portfolio
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)		Dividend Income (000)
$	25,515	$	43,369	$	32,551	$	36,333	$	99

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $50,449.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $71,978, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to 0.5% 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.

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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 year ended December 31, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	27,971,240	$	19,487,510
U.S. government securities		2,753,143		1,412,372

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding futures, foreign currency, written options and swap transactions) are as follows:

Cost	$	75,671,491
Gross unrealized appreciation		2,651,493
Gross unrealized depreciation		(613,145	)
Net unrealized appreciation	$	2,038,348

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2016, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

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

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

At December 31, 2016, the maximum payments for written put options amounted to $12,505,634. 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.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

During the year ended December 31, 2016, the Portfolio held purchased options for hedging and non-hedging purposes. During the year ended December 31, 2016, the Portfolio held written options for hedging and non-hedging purposes.

During the year ended December 31, 2016, the Portfolio held written swaptions for hedging and non-hedging purposes.

20

AB Variable Products Series Fund

For the year ended December 31, 2016, the Portfolio had the following transactions in written options:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/15		224		$	41,766
Options written		7,703,226			1,244,856
Options assigned		(142	)		(46,726	)
Options expired		(97,359	)		(791,152	)
Options bought back		(7,557,144	)		(221,574	)
Options exercised		–0	–		–0	–
Options written outstanding as of 12/31/16		48,805		$	227,170
	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/15	$	–0	–	$	–0	–
Swaptions written		25,700,000			56,103
Swaptions assigned		–0	–		–0	–
Swaptions expired		(13,800,000	)		(33,558	)
Swaptions bought back		–0	–		–0	–
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 12/31/16	$	11,900,000		$	22,545

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	49,320	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	13,248	*
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives		272,487	*	Receivable/Payable for variation margin on exchange-traded derivatives		26,093	*

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

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	424,997	Unrealized depreciation on forward currency exchange contracts	$	124,434
Interest rate contracts	Investments in securities, at value		26,754
Equity contracts	Investments in securities, at value		153,475
Interest rate contracts				Swaptions written, at value		22,288
Equity contracts				Options written, at value		60,631
Total		$	927,033		$	246,694

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives 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	$	435,433		$	78,793
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		614,915			114,117
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(302,648	)		345,368
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(20,216	)		4,717
Foreign exchange contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(16,523	)		–0	–
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(842,811	)		101,075
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		33,558			257
Foreign exchange contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		(54,070	)		–0	–
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		460,407			137,840
Total		$	308,045		$	782,167

22

AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Futures:
Average original value of buy contracts	$	28,004,540
Average original value of sale contracts	$	371,723	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	3,926,700
Average principal amount of sale contracts	$	12,445,813
Purchased Options:
Average monthly cost	$	178,896

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

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.*	$	99,359	$	(46,531	)	$	–0	–	$	–0	–	$	52,828
Total	$	99,359	$	(46,531	)	$	–0	–	$	–0	–	$	52,828
OTC Derivatives:
Barclays Bank PLC	$	123,369	$	–0	–	$	–0	–	$	–0	–	$	123,369
BNP Paribas SA		158,476		–0	–		–0	–		–0	–		158,476
Credit Suisse International		51,715		–0	–		–0	–		–0	–		51,715
Deutsche Bank AG		6,699		(4,399	)		–0	–		–0	–		2,300
Goldman Sachs & Co.		43,511		(6,232	)		–0	–		–0	–		37,279
JPMorgan Chase Bank		26,754		(22,288	)		–0	–		–0	–		4,466
Morgan Stanley & Co. International		9,517		(3,469	)		–0	–		–0	–		6,048
Royal Bank of Scotland PLC		23,351		–0	–		–0	–		–0	–		23,351
State Street Bank & Trust Co.		62,907		(20,015	)		–0	–		–0	–		42,892
UBS AG		5,179		–0	–		–0	–		–0	–		5,179
Total	$	511,478	$	(56,403	)	$	–0	–	$	–0	–	$	455,075	^

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

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc.*	$	46,531	$	(46,531	)	$	–0	–	$	–0	–	$	–0	–
Total	$	46,531	$	(46,531	)	$	–0	–	$	–0	–	$	–0	–
OTC Derivatives:
Citibank, NA	$	104,419	$	–0	–	$	–0	–	$	–0	–	$	104,419
Deutsche Bank AG		4,399		(4,399	)		–0	–		–0	–		–0	–
Goldman Sachs & Co.		6,232		(6,232	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank		22,288		(22,288	)		–0	–		–0	–		–0	–
Morgan Stanley & Co. International		3,469		(3,469	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		20,015		(20,015	)		–0	–		–0	–		–0	–
Total	$	160,822	$	(56,403	)	$	–0	–	$	–0	–	$	104,419	^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at December 31, 2016.

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

2. Currency Transactions

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

NOTE E: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			April 28, 2015(a) to December 31, 2015			Year Ended December 31, 2016			April 28, 2015(a)  to December 31, 2015
Class A
Shares sold		–0	–		999,000		$	–0	–	$	9,989,999
Shares redeemed		–0	–		(997,900	)		–0	–		(9,260,512	)
Net increase		–0	–		1,100		$	–0	–	$	729,487
Class B
Shares sold		3,808,075			5,664,403		$	35,747,390		$	53,289,350
Shares issued in reinvestment of dividends		20,203			–0	–		194,152			–0	–
Shares redeemed		(1,139,548	)		(220,964	)		(10,768,088	)		(2,103,962	)
Net increase		2,688,730			5,443,439		$	25,173,454		$	51,185,388

(a) Commencement of operations.

At December 31, 2016, certain shareholders of the Portfolio owned 98% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

24

AB Variable Products Series Fund

NOTE F: 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 asset classes in which the Portfolio has invested more heavily perform worse than the asset classes invested in less heavily.

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

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, negative perceptions of the junk bond market generally and less secondary market liquidity.

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its portfolio, 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 contracts 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.

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

Non-Diversification Risk—The Portfolio may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers and that adverse changes in the value of one security could have a more significant effect on the Portfolio NAV.

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

25

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

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended December 31, 2016 was as follows:

	2016
Distributions paid from:
Ordinary income	$	194,215
Total distributions paid	$	194,215

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	763,954
Accumulated capital and other losses		(806,303	)(a)
Unrealized appreciation/(depreciation)		2,281,652	(b)
Total accumulated earnings/(deficit)	$	2,239,303

(a) As of December 31, 2016, the cumulative deferred loss on straddles was $806,303. During the fiscal year, the Portfolio utilized $246,484 of short-term capital loss carryforwards and $525,178 of long-term capital loss carryforwards to offset current year net realized gains.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal period, permanent differences primarily due to the tax treatment of swap clearing fees, foreign currency reclassifications and offering costs resulted in a net decrease in undistributed net investment income, a net decrease in accumulated net realized loss on investment transactions and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE J: Subsequent Events

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

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

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

	CLASS A
	Year Ended December 31, 2016			April 28, 2015(a)  to December 31, 2015
Net asset value, beginning of period		$9.40			$10.00
Income From Investment Operations
Net investment income (b)(c)		.04			.05
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.37			(.65	)
Net increase (decrease) in net asset value from operations		.41			(.60	)
Less: Dividends
Dividends from net investment income		(.03	)		–0	–
Net asset value, end of period		$9.78			$9.40
Total Return
Total investment return based on net asset value (d)		4.39	%		(6.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.63	%		.69	%^
Expenses, before waivers/reimbursements (e)		1.08	%		3.21	%^
Net investment income (c)		.46	%		.82	%^
Portfolio turnover rate		79	%		111	%

See footnote summary on page 28.

27

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

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

	CLASS B
	Year Ended December 31, 2016			April 28, 2015(a)  to December 31, 2015
Net asset value, beginning of period		$9.39			$10.00
Income From Investment Operations
Net investment income (b)(c)		.02			.01
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.37			(.62	)
Net increase (decrease) in net asset value from operations		.39			(.61	)
Less: Dividends
Dividends from net investment income		(.03	)		–0	–
Net asset value, end of period		$9.75			$9.39
Total Return
Total investment return based on net asset value (d)		4.24	%		(6.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$79,298			$51,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.88	%		.94	%^
Expenses, before waivers/reimbursements (e)		1.33	%		1.62	%^
Net investment income (c)		.24	%		.19	%^
Portfolio turnover rate		79	%		111	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of fees waived and expenses reimbursed by the Adviser.

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

(e) The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. The Adviser has agreed to waive certain affiliated/unaffiliated acquired fund fees and for the year ended December 31, 2016 and the period ended December 31, 2015, such waivers amounted to .12% and .06%, respectively, for the Portfolio.

^ Annualized.

See notes to financial statements.

28

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

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

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Global Risk Allocation—Moderate Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and the period April 28, 2015 (commencement of operations) to December 31, 2015. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Global Risk Allocation – Moderate Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, and the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year then ended and the period April 28, 2015 (commencement of operations) to December 31, 2015, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

29

GLOBAL RISK ALLOCATION—MODERATE
PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman	Nancy P. Jacklin(1)
John H. Dobkin(1)	Robert M. Keith, President and Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(2)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer
Daniel J. Loewy(2), Vice President
Leon Zhu(2), Vice President
Joseph J. Mantineo, Treasurer and Chief Financial Officer
Emilie D. Wrapp, Secretary
Phyllis J. Clarke, Controller
Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036
PRINCIPAL UNDERWRITER AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

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

(2) The day-to-day management of, and investment decisions for, the Fund are made by its senior management team. Mr. Loewy and Mr. Zhu are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

30

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

31

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody, and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105

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

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

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

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

33

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

Officer Information

Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AllianceBernstein Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P., since prior to March 2003.
Daniel J. Loewy 42	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Leon Zhu 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AB at 1-(800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

34

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Risk Allocation —Moderate Portfolio (the “Fund”) at a meeting held on August 2-3, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by

35

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

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 period reviewed.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, 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-year period ended May 31, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual advisory fee rate against a peer group median.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund is based on services that are in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs in which the Fund may invest.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or reimbursements as a result of an undertaking by the Adviser. The

36

AB Variable Products Series Fund

directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge 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 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 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 assets (which were well below the level at which they would anticipate adding an initial breakpoint) and its profitability (currently unprofitable) to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

37

VPS-GRA-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL THEMATIC GROWTH PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

GLOBAL THEMATIC GROWTH
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Global Thematic Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”, net) for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark for the annual period. Security selection, sector selection and currency decisions all detracted from relative

1

AB Variable Products Series Fund

returns. Security selection in the financials sector (mostly embedded in the Financial Security theme) and an underweight in energy detracted from returns. However, stock selection within the health care sector (mostly embedded within the Portfolio’s Consumer Care theme) and an overweight in technology (mostly embedded within the Digital Disruption theme) contributed.

The Portfolio utilized derivatives in the form of currency forwards for hedging purposes, which added to absolute performance during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Global stocks weathered several major pullbacks, finishing the annual period ended December 31, 2016 with substantial gains. Both emerging-market and US equities delivered double-digit returns. In contrast, international stocks closed modestly ahead as investors fretted over the economy, potential terrorist activity and the UK’s ties to the European Union.

Political surprises had a significant impact on both equity and bond markets in the period, and investors viewed the two biggest—Donald Trump’s win in the US presidential election and Britain’s decision to quit the European Union (“Brexit”)—as likely to lead to policy changes with important implications for economic growth, trade and inflation. Markets were also influenced by the price of oil, which waxed and waned along with prospects of an OPEC production cut.

Central banks also played a prominent role. European central banks generally maintained an easing bias through the period, particularly in the aftermath of Brexit, when the Bank of England enacted a rate cut that was both its first in seven years and a new historic low. The US Federal Reserve, in contrast, raised official rates as expected, while telegraphing a faster pace of rate hikes in 2017.

The Portfolio’s Senior Investment Management Team follows a bottom-up stock picking methodology that employs rigorous analysis across geographic borders, in search of companies that are market leaders with attractive earnings growth prospects and high return on invested capital.

2

GLOBAL THEMATIC GROWTH PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

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

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.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

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

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

GLOBAL THEMATIC GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Global Thematic Growth Portfolio Class A†		-0.62%		8.49%		2.91%
Global Thematic Growth Portfolio Class B†		-0.87%		8.22%		2.66%
MSCI ACWI (net)		7.86%		9.36%		3.56%
*    Average annual returns. †   Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.02%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.01% and 1.26% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GLOBAL THEMATIC GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Thematic Growth Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*			Effective Expenses Paid During Period+		Effective Annualized Expense Ratio+
Class A+
Actual	$	1,000	$	1,027.20	$	5.50		1.08	%	$	5.55		1.09	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.71	$	5.48		1.08	%	$	5.53		1.09	%
Class B
Actual	$	1,000	$	1,026.20	$	6.77		1.33	%	$	6.82		1.34	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.45	$	6.75		1.33	%	$	6.80		1.34	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Partners Group Holding AG	$	2,691,791		2.5	%
Kingspan Group PLC		2,455,063		2.3
Apple, Inc.		2,399,211		2.2
Alphabet, Inc.—Class C		2,367,172		2.2
Xylem, Inc./NY		2,361,114		2.2
Ecolab, Inc.		2,356,122		2.2
West Pharmaceutical Services, Inc.		2,326,887		2.2
MSCI, Inc.—Class A		2,310,617		2.2
Tesla Motors, Inc.		2,309,989		2.2
Bio-Rad Laboratories, Inc.—Class A		2,192,828		2.0
	$	23,770,794		22.2	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	26,732,986		25.2	%
Health Care		23,159,314		21.8
Financials		18,095,342		17.1
Consumer Discretionary		14,909,176		14.0
Industrials		10,470,257		9.9
Consumer Staples		4,398,497		4.1
Utilities		2,829,959		2.7
Materials		2,356,122		2.2
Telecommunication Services		1,389,616		1.3
Real Estate		1,089,786		1.0
Short-Term Investments		695,112		0.7
Total Investments	$	106,126,167		100.0	%

* Long-term investments.

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

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

7

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	61,314,984		57.8	%
China		8,389,798		7.9
Switzerland		5,844,470		5.5
United Kingdom		3,273,579		3.1
France		3,223,042		3.0
Denmark		3,054,477		2.9
Germany		2,879,173		2.7
India		2,772,818		2.6
Ireland		2,455,063		2.3
Indonesia		2,320,350		2.2
Hong Kong		2,152,227		2.0
Singapore		1,979,824		1.9
Japan		1,675,147		1.6
Other		4,096,103		3.8
Short-Term Investments		695,112		0.7
Total Investments	$	106,126,167		100.0	%

* All data are as of December 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.1% or less in the following countries: Austria, Mexico, Netherlands, Norway and Philippines.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.5%
INFORMATION TECHNOLOGY–25.0%
COMMUNICATIONS EQUIPMENT–1.9%
Palo Alto Networks, Inc.(a)		16,290	$	2,037,064
INTERNET SOFTWARE & SERVICES–8.2%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		24,330		2,136,417
Alphabet, Inc.–Class C(a)		3,067		2,367,172
Facebook, Inc.–Class A(a)		18,900		2,174,445
Tencent Holdings Ltd.		84,500		2,048,881
				8,726,915
IT SERVICES–1.9%
Visa, Inc.–Class A		26,460		2,064,409
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.7%
ams AG		39,620		1,122,706
Broadcom Ltd.		11,200		1,979,824
Infineon Technologies AG		77,120		1,333,981
NVIDIA Corp.		15,348		1,638,245
				6,074,756
SOFTWARE–4.6%
Microsoft Corp.		33,950		2,109,653
Mobileye NV(a)		30,260		1,153,511
salesforce.com, Inc.(a)		24,342		1,666,454
				4,929,618
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.7%
Apple, Inc.		20,715		2,399,211
Thin Film Electronics ASA(a)(b)		1,183,690		501,013
				2,900,224
				26,732,986
HEALTH CARE–21.6%
BIOTECHNOLOGY–1.5%
Foundation Medicine, Inc.(a)(b)		25,320		448,164
Regeneron Pharmaceuticals, Inc.(a)		3,080		1,130,637
				1,578,801
HEALTH CARE EQUIPMENT & SUPPLIES–8.1%
Abbott Laboratories		43,170		1,658,160
Cerus Corp.(a)(b)		194,585		846,445
Danaher Corp.		23,910		1,861,154
Essilor International SA		18,067		2,038,467
West Pharmaceutical Services, Inc.		27,430		2,326,887
				8,731,113
HEALTH CARE PROVIDERS & SERVICES–3.2%
HealthEquity, Inc.(a)		32,972		1,336,026
UnitedHealth Group, Inc.		13,260		2,122,130
				3,458,156
LIFE SCIENCES TOOLS & SERVICES–6.5%
Bio-Rad Laboratories, Inc.–Class A(a)		12,030	$	2,192,828
Bruker Corp.		63,520		1,345,354
ICON PLC(a)		21,560		1,621,312
Quintiles IMS Holdings, Inc.(a)		23,858		1,814,401
				6,973,895
PHARMACEUTICALS–2.3%
Roche Holding AG		7,080		1,613,904
Vectura Group PLC(a)		475,518		803,445
				2,417,349
				23,159,314
FINANCIALS–16.9%
CAPITAL MARKETS–10.0%
Affiliated Managers Group, Inc.(a)		6,890		1,001,117
Charles Schwab Corp. (The)		40,580		1,601,693
Flow Traders(c)		10,946		376,736
Intercontinental Exchange, Inc.		30,350		1,712,347
London Stock Exchange Group PLC		28,020		1,001,465
MSCI, Inc.–Class A		29,330		2,310,617
Partners Group Holding AG(b)		5,750		2,691,791
				10,695,766
CONSUMER FINANCE–1.8%
Bharat Financial Inclusion Ltd.(a)		103,780		895,719
Gentera SAB de CV(b)		625,410		1,005,862
				1,901,581
INSURANCE–3.4%
AIA Group Ltd.		384,200		2,152,227
Prudential PLC		73,590		1,468,669
				3,620,896
THRIFTS & MORTGAGE FINANCE–1.7%
Housing Development Finance Corp., Ltd.		101,310		1,877,099
				18,095,342
CONSUMER DISCRETIONARY–13.9%
AUTO COMPONENTS–1.9%
Delphi Automotive PLC		30,510		2,054,848
AUTOMOBILES–2.2%
Tesla Motors, Inc.(a)		10,810		2,309,989
DIVERSIFIED CONSUMER SERVICES–0.9%
New Oriental Education & Technology Group, Inc. (Sponsored ADR)(a)		24,042		1,012,168
HOTELS, RESTAURANTS & LEISURE–1.5%
Starbucks Corp.		29,570		1,641,726

9

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

Company	Shares		U.S. $ Value
INTERNET & DIRECT MARKETING RETAIL–3.7%
Amazon.com, Inc.(a)		1,763	$	1,322,021
Ctrip.com International Ltd. (ADR)(a)		38,720		1,548,800
Netflix, Inc.(a)		8,570		1,060,966
				3,931,787
MULTILINE RETAIL–0.9%
Matahari Department Store Tbk PT		831,500		930,734
TEXTILES, APPAREL & LUXURY GOODS–2.8%
NIKE, Inc.–Class B		31,140		1,582,846
Pandora A/S		11,070		1,445,078
				3,027,924
				14,909,176
INDUSTRIALS–9.8%
AEROSPACE & DEFENSE–1.8%
Hexcel Corp.		36,969		1,901,685
BUILDING PRODUCTS–2.3%
Kingspan Group PLC		90,398		2,455,063
COMMERCIAL SERVICES & SUPPLIES–0.6%
China Everbright International Ltd.		530,000		597,804
ELECTRICAL EQUIPMENT–1.5%
Vestas Wind Systems A/S		24,850		1,609,399
INDUSTRIAL CONGLOMERATES–1.4%
Siemens AG (REG)		12,620		1,545,192
MACHINERY–2.2%
Xylem, Inc./NY		47,680		2,361,114
				10,470,257
CONSUMER STAPLES–4.1%
FOOD PRODUCTS–2.5%
Danone SA		18,720		1,184,575
Nestle SA (REG)		21,480		1,538,775
				2,723,350
HOUSEHOLD PRODUCTS–1.6%
Unicharm Corp.		76,700		1,675,147
				4,398,497
UTILITIES–2.7%
WATER UTILITIES–2.7%
American Water Works Co., Inc.		16,679		1,206,893
AquaVenture Holdings Ltd.(a)		23,536		577,338
Beijing Enterprises Water Group Ltd.(a)		1,580,000		1,045,728
				2,829,959
MATERIALS–2.2%
CHEMICALS–2.2%
Ecolab, Inc.		20,100		2,356,122

Company	Shares		U.S. $ Value
TELECOMMUNICATION SERVICES–1.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.3%
Telekomunikasi Indonesia Persero Tbk PT		4,723,500	$	1,389,616
REAL ESTATE–1.0%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.0%
SM Prime Holdings, Inc.		1,914,100		1,089,786
Total Common Stocks (cost $91,901,905)				105,431,055
WARRANTS–0.0%
INFORMATION TECHNOLOGY–0.0%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.0%
Thin Film Electronics ASA, expiring 7/14/18(a)(d)(e) (cost $0)		591,845		–0	–
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.6%
TIME DEPOSIT–0.6%
State Street Time Deposit 0.01%, 1/03/17 (cost $695,112)	U.S.$	695		695,112
Total Investments Before Security Lending Collateral for Securities Loaned–99.1% (cost $92,597,017)				106,126,167
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–4.2%
INVESTMENT COMPANIES–4.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(f)(g) (cost $4,544,044)		4,544,044		4,544,044
TOTAL INVESTMENTS–103.3% (cost $97,141,061)				110,670,211
Other assets less liabilities–(3.3)%				(3,586,853	)
NET ASSETS–100.0%			$	107,083,358

10

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		INR	191,403		USD	2,823		3/16/17	$	27,208
BNP Paribas SA		USD	2,472		CAD	3,304		3/16/17		(8,819	)
Citibank, NA		BRL	3,090		USD	946		1/04/17		(3,603	)
Citibank, NA		USD	948		BRL	3,090		1/04/17		1,282
Citibank, NA		USD	937		BRL	3,090		2/02/17		4,241
Citibank, NA		EUR	2,259		USD	2,407		3/16/17		20,889
Credit Suisse International		CHF	3,272		USD	3,266		3/16/17		38,930
Credit Suisse International		USD	4,802		JPY	545,075		3/16/17		(121,535	)
Credit Suisse International		USD	1,482		TWD	46,930		3/16/17		(33,711	)
Goldman Sachs Bank USA		USD	439		RUB	28,928		1/17/17		32,026
JPMorgan Chase Bank, NA		CNY	47,507		USD	6,800		3/16/17		107,644
JPMorgan Chase Bank, NA		USD	610		CNY	4,285		3/16/17		(6,174	)
Standard Chartered Bank		BRL	3,090		USD	948		1/04/17		(1,282	)
Standard Chartered Bank		USD	899		BRL	3,090		1/04/17		50,592
Standard Chartered Bank		USD	666		INR	46,399		3/16/17		11,481
Standard Chartered Bank		USD	1,678		KRW	1,953,719		3/16/17		(59,562	)
State Street Bank & Trust Co.		EUR	280		USD	297		3/16/17		1,053
State Street Bank & Trust Co.		HKD	12,806		USD	1,652		3/16/17		323
State Street Bank & Trust Co.		USD	1,014		AUD	1,366		3/16/17		(29,990	)
State Street Bank & Trust Co.		USD	3,477		GBP	2,762		3/16/17		(67,364	)
State Street Bank & Trust Co.		USD	1,274		JPY	149,330		3/16/17		8,514
State Street Bank & Trust Co.		USD	1,004		SEK	9,126		3/16/17		2,347
UBS AG		USD	519		AUD	679		3/16/17		(29,614	)
									$	(55,124	)

(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 of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the market value of this security amounted to $376,736 or 0.4% of net assets.

(d) Illiquid security.

(e) Fair valued by the Adviser.

(f) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

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

11

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

12

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $92,597,017)	$	106,126,167	(a)
Affiliated issuers (cost $4,544,044—investment of cash collateral for securities loaned)		4,544,044
Cash		157,186
Foreign currencies, at value (cost $444,679)		444,408
Receivable for investment securities sold		819,392
Unrealized appreciation on forward currency exchange contracts		306,530
Dividends and interest receivable		146,877
Receivable for capital stock sold		71,060
Due from custodian		20,147
Total assets		112,635,811
LIABILITIES
Payable for collateral received on securities loaned		4,544,044
Payable for investment securities purchased and foreign currency transactions		423,061
Unrealized depreciation on forward currency exchange contracts		361,654
Advisory fee payable		67,976
Payable for capital stock redeemed		18,663
Distribution fee payable		16,763
Administrative fee payable		13,055
Transfer Agent fee payable		5,267
Accrued expenses		101,970
Total liabilities		5,552,453
NET ASSETS	$	107,083,358
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,930
Additional paid-in capital		112,092,996
Undistributed net investment income		454,754
Accumulated net realized loss on investment and foreign currency transactions		(18,933,053	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		13,463,731
	$	107,083,358

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	28,457,802		1,276,507	$	22.29
B	$	78,625,556		3,653,434	$	21.52

(a) Includes securities on loan with a value of $4,251,275 (see Note E).

See notes to financial statements.

13

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $80,023)	$	1,284,573
Affiliated issuers		16,247
Securities lending income		69,961
Other income(a)		20,147
		1,390,928
EXPENSES
Advisory fee (see Note B)		843,891
Distribution fee—Class B		208,325
Transfer agency—Class A		3,659
Transfer agency—Class B		10,253
Custodian		102,671
Audit and tax		60,975
Printing		55,786
Administrative		49,317
Legal		34,858
Directors’ fees		24,560
Miscellaneous		11,300
Total expenses		1,405,595
Less: expenses waived and reimbursed by the Adviser (see Note E)		(3,957	)
Net expenses		1,401,638
Net investment loss		(10,710	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		3,000,279
Foreign currency transactions		729,032
Net change in unrealized appreciation/depreciation of:
Investments		(4,737,677	)
Foreign currency denominated assets and liabilities		(199,583	)
Net loss on investment and foreign currency transactions		(1,207,949	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(1,218,659	)

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

14

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS
December 31, 2016	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(10,710	)	$	(148,001	)
Net realized gain on investment and foreign currency transactions		3,729,311			4,664,510
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(4,937,260	)		(954,384	)
Contributions from Affiliates (see Note B)		–0	–		33,342
Net increase (decrease) in net assets from operations		(1,218,659	)		3,595,467
CAPITAL STOCK TRANSACTIONS
Net decrease		(15,530,375	)		(7,377,270	)
Total decrease		(16,749,034	)		(3,781,803	)
NET ASSETS
Beginning of period		123,832,392			127,614,195
End of period (including undistributed net investment income of $454,754 and accumulated net investment loss of ($252,663), respectively)	$	107,083,358		$	123,832,392

See notes to financial statements.

15

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Thematic Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

16

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

21,726,405

$

5,006,581

$

–0

–

$

26,732,986

Health Care

19,506,943

3,652,371

–0

–

23,159,314

Financials

7,631,636

10,463,706

–0

–

18,095,342

Consumer Discretionary

12,533,364

2,375,812

–0

–

14,909,176

Industrials

6,717,862

3,752,395

–0

–

10,470,257

Consumer Staples

–0

–

4,398,497

–0

–

4,398,497

Utilities

1,784,231

1,045,728

–0

–

2,829,959

Materials

2,356,122

–0

–

–0

–

2,356,122

Telecommunication Services

–0

–

1,389,616

–0

–

1,389,616

Real Estate

–0

–

1,089,786

–0

–

1,089,786

Warrants

–0

–

–0

–

–0

–(a)

–0

–

Short-Term Investments

–0

–

695,112

–0

–

695,112

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

4,544,044

–0

–

–0

–

4,544,044

Total Investments in Securities

76,800,607

33,869,604

–0

–

110,670,211

17

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

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	306,530		$	–0	–	$	306,530
Liabilities:
Forward Currency Exchange Contracts		–0	–		(361,654	)		–0	–		(361,654	)
Total(c)	$	76,800,607		$	33,814,480		$	–0	–	$	110,615,087

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

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Warrants(a)			Total
Balance as of 12/31/15	$	–0	–	$	–0	–
Accrued discounts/(premiums)		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–
Change in unrealized appreciation/depreciation		–0	–		–0	–
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 12/31/16	$	–0	–	$	–0	–
Net change in unrealized appreciation/depreciation from investments held as of 12/31/16(b)	$	–0	–	$	–0	–

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

(b) The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) on investments and other financial instruments in the accompanying statement of operations.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

18

AB Variable Products Series Fund

3. Currency Translation

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

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

During the year ended December 31, 2015, the Adviser reimbursed the Portfolio $33,342 for trading losses incurred due to a trade entry error.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,317.

19

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

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $80,659, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	60,075,658		$	74,211,277
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding foreign currency transactions) are as follows:

Cost	$	97,273,554
Gross unrealized appreciation		16,599,125
Gross unrealized depreciation		(3,202,468	)
Net unrealized appreciation	$	13,396,657

1. Derivative Financial Instruments

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

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

• Forward Currency Exchange Contracts

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

20

AB Variable Products Series Fund

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

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, 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 exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	306,530	Unrealized depreciation on forward currency exchange contracts	$361,654
Total			$306,530		$361,654

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 exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$729,896	$	(201,055	)
Total		$729,896	$	(201,055	)

21

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	19,789,582
Average principal amount of sale contracts	$	16,988,191

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 derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Barclays Bank PLC

$

27,208

$

–0

–

$

–0

–

$

–0

–

$

27,208

Citibank, NA

26,412

(3,603

)

–0

–

–0

–

22,809

Credit Suisse International

38,930

(38,930

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

32,026

–0

–

–0

–

–0

–

32,026

JPMorgan Chase Bank, NA

107,644

(6,174

)

–0

–

–0

–

101,470

Standard Chartered Bank

62,073

(60,844

)

–0

–

–0

–

1,229

State Street Bank & Trust Co.

12,237

(12,237

)

–0

–

–0

–

–0

–

Total

$

306,530

$

(121,788

)

$

–0

–

$

–0

–

$

184,742

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

BNP Paribas SA

$

8,819

$

–0

–

$

–0

–

$

–0

–

$

8,819

Citibank, NA

3,603

(3,603

)

–0

–

–0

–

–0

–

Credit Suisse International

155,246

(38,930

)

–0

–

–0

–

116,316

JPMorgan Chase Bank, NA

6,174

(6,174

)

–0

–

–0

–

–0

–

Standard Chartered Bank

60,844

(60,844

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

97,354

(12,237

)

–0

–

–0

–

85,117

UBS AG

29,614

–0

–

–0

–

–0

–

29,614

Total

$

361,654

$

(121,788

)

$

–0

–

$

–0

–

$

239,866

^

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

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net

22

AB Variable Products Series Fund

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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $4,251,275 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $4,544,044. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $69,961, $8,975 and $7,272 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $3,957. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	6,022	$	29,877	$	35,899	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	37,335	$	32,791	$	4,544

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		114,273			219,493		$	2,477,642		$	5,007,537
Shares redeemed		(243,647	)		(230,239	)		(5,303,033	)		(5,294,797	)
Net decrease		(129,374	)		(10,746	)	$	(2,825,391	)	$	(287,260	)
Class B
Shares sold		511,535			659,569		$	10,794,955		$	14,703,428
Shares redeemed		(1,110,011	)		(980,504	)		(23,499,939	)		(21,793,438	)
Net decrease		(598,476	)		(320,935	)	$	(12,704,984	)	$	(7,090,010	)

23

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

At December 31, 2016, certain shareholders of the Portfolio owned 65% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

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

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

24

AB Variable Products Series Fund

NOTE I: Components of Accumulated Earnings (Deficit)

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	433,018
Accumulated capital and other losses		(18,800,560	)(a)
Unrealized appreciation/(depreciation)		13,352,974	(b)
Total accumulated earnings/(deficit)	$	(5,014,568	)

(a) On December 31, 2016, the Portfolio had a net capital loss carryforward of $18,800,560. During the fiscal year, the Portfolio utilized $3,051,026 of capital loss carryforwards to offset current year net realized gains. The Portfolio also had $18,381,213 of capital loss carryforwards expire during the fiscal year.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation. As of December 31, 2016, the Portfolio has a net capital loss carryforward of $18,800,560 which will expire in 2017.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications, return of capital distributions received from underlying securities, and the expiration of capital loss carryforwards resulted in a net decrease in accumulated net investment loss, a net decrease in accumulated net realized loss on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

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

25

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$22.43			$21.80			$20.75			$16.88			$14.87
Income From Investment Operations
Net investment income (a)		.04	(b)†		.02			.06			.04			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.18	)		.60			.99			3.88			1.88
Contributions from Affiliates		–0	–		.01			–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.14	)		.63			1.05			3.92			2.01
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.05	)		–0	–
Tax return of capital		–0	–		–0	–		–0	–		(.00	)(c)		–0	–
Total dividends and distributions		–0	–		–0	–		–0	–		(.05	)		–0	–
Net asset value, end of period		$22.29			$22.43			$21.80			$20.75			$16.88
Total Return
Total investment return based on net asset value (d)*		(.62	)%†		2.89	%		5.06	%		23.26	%		13.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$28,458			$31,534			$30,886			$32,195			$40,231
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%		1.01	%		1.01	%		.98	%		.99	%
Expenses, before waivers/reimbursements		1.06	%		1.01	%		1.01	%		.98	%		.99	%
Net investment income		.17	%(b)†		.07	%		.26	%		.22	%		.83	%
Portfolio turnover rate		54	%		47	%		48	%		96	%		152	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$21.71			$21.15			$20.18			$16.42			$14.50
Income From Investment Operations
Net investment income (loss) (a)		(.02	)(b)†		(.04	)		.00	(c)		(.01	)		.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.17	)		.59			.97			3.77			1.83
Contributions from Affiliates		–0	–		.01			–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.19	)		.56			.97			3.76			1.92
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.00	)(c)		–0	–
Tax return of capital		–0	–		–0	–		–0	–		(.00	)(c)		–0	–
Total dividends and distributions		–0	–		–0	–		–0	–		(.00	)		–0	–
Net asset value, end of period		$21.52			$21.71			$21.15			$20.18			$16.42
Total Return
Total investment return based on net asset value (d)*		(.87	)%†		2.65	%		4.81	%		22.93	%		13.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$78,625			$92,298			$96,728			$101,388			$91,864
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.31	%		1.26	%		1.26	%		1.23	%		1.24	%
Expenses, before waivers/reimbursements		1.31	%		1.26	%		1.26	%		1.23	%		1.24	%
Net investment income (loss)		(.07	)%(b)†		(.17	)%		.01	%		(.06	)%		.58	%
Portfolio turnover rate		54	%		47	%		48	%		96	%		152	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per  Share	Net Investment Income  Ratio	Total Return
$.004	0.02%	0.02%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.28%, 0.01%, 0.02%, 0.05% and 0.07%, respectively.

See notes to financial statements.

27

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

To the Board of Directors and Shareholders of AB Global Thematic Growth Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Global Thematic Growth Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Global Thematic Growth Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

28

GLOBAL THEMATIC GROWTH
PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1)	Robert M. Keith, President and Chief     Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
Nancy P. Jacklin(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer	Joseph J. Mantineo, Treasurer and     Chief Financial Officer
Daniel C. Roarty(2), Vice President	Phyllis J. Clarke, Controller
Emilie D. Wrapp, Secretary	Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5	One Battery Park Plaza
1 Iron Street	New York, NY 10004
Boston, MA 02210
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas	P.O. Box 786003
New York, NY 10105	San Antonio, TX 78278-6003
	Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
5 Times Square
New York, NY 10036

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Global Growth and Thematic Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

29

GLOBAL THEMATIC GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

30

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

31

GLOBAL THEMATIC GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity Mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105

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

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

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

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

32

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS,* AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Daniel C. Roarty 45	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

33

GLOBAL THEMATIC GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Thematic Growth Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

34

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016. 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund except that the Fund’s fee rate is a monthly fee based on average daily net assets whereas the AB Fund’s fee rate is a quarterly fee based on net asset value at the end of each quarter.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge 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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, 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 by the Adviser concerning certain of its views on economies of

35

GLOBAL THEMATIC GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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.

36

VPS-GTG-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GROWTH PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a domestic portfolio of equity securities of companies selected by AllianceBernstein L.P. (the “Adviser”) for their growth potential within various market sectors. The Adviser looks for companies that have experienced management teams, strong market positions and the potential to deliver greater-than-expected earnings growth rates.

In managing the Portfolio, the Adviser allocates investments among broad sector groups and selects specific investments based on the fundamental company research conducted by the Adviser’s internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models and clear competitive advantages.

The Portfolio has the flexibility to invest across the capitalization spectrum. The Portfolio is designed for those seeking exposure to companies of various sizes, and typically has substantial investments in both large-capitalization companies and mid-capitalization companies, and may also invest in small-capitalization companies.

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 3000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark for the annual period. Stock selection in the consumer staples, consumer discretionary, industrials and technology sectors were the primary detractors, relative to the benchmark. The Portfolio’s underweight position in the industrials, telecommunications and financials sectors also detracted from returns. Stock selection in the health care sector and an overweight position in technology contributed.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Despite several pullbacks, global stocks advanced during the annual period. Markets notched substantial gains, overcoming concerns regarding economic growth, terrorist attacks and the UK’s departure from the European Union. Markets also welcomed news of a formal OPEC deal to limit crude production, but continued to look to global central banks for ongoing signs of support. The year closed with the US Federal Reserve raising interest rates by 0.25% and investors weighing pro-growth promises from the incoming Trump administration—including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

In 2016 investors embraced risk, with defensive stocks and sectors seen as bond proxies, such as real estate and consumer staples, underperforming the Russell 3000 Growth Index by a wide margin. Energy stocks were among the strongest performers, driven by a rising oil price. Telecommunications and financials did well after a strong fourth quarter, driven by positive sentiment from the US election result. Lower-beta stocks sold off sharply in the second half of the year after a strong first half. Stocks with high momentum also fell hard during the last six months of the year. Riskier stocks, such as the most attractively valued quintile of global stocks, powered ahead in the second half after underperforming in the first half.

The Portfolio’s Senior Investment Management Team (the “Team”) continues to select companies that are likely to be rewarded for offering high profitability, attractive reinvestment opportunities and sustainable competitive advantages. The Team believes that this strategy may be beneficial in today’s environment, which offers lower growth, and that this environment still appears favorable for stock pickers, as investors increasingly reward companies for their fundamental strengths.

1

GROWTH PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 3000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 3000 Growth Index represents the performance of 3,000 growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

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.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

2

GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Growth Portfolio Class A†		1.12%		13.78%		6.76%
Growth Portfolio Class B†		0.85%		13.49%		6.49%
Russell 3000 Growth Index		7.39%		14.44%		8.28%
*    Average annual returns. †    Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2016, by 0.01%. Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.05%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 1.09% and 1.34% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Growth Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,031.80	$	5.98		1.17	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.25	$	5.94		1.17	%
Class B
Actual	$	1,000	$	1,030.40	$	7.25		1.42	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.00	$	7.20		1.42	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class A & Class C	$	4,842,535		7.8	%
Facebook, Inc.—Class A		3,805,509		6.2
Visa, Inc.—Class A		2,940,574		4.8
UnitedHealth Group, Inc.		2,518,709		4.1
Home Depot, Inc. (The)		2,421,351		3.9
Starbucks Corp.		1,974,846		3.2
Apple, Inc.		1,972,994		3.2
Biogen, Inc.		1,850,076		3.0
Xilinx, Inc.		1,786,348		2.9
Monster Beverage Corp.		1,708,332		2.8
	$	25,821,274		41.9	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	25,335,504		41.3	%
Consumer Discretionary		14,656,340		23.9
Health Care		12,135,967		19.8
Industrials		4,475,258		7.3
Consumer Staples		4,047,893		6.6
Financials		659,671		1.1
Short-Term Investments		7,582		0.0
Total Investments	$	61,318,215		100.0	%

* Long-term investments.

† The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

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

5

GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.4%
INFORMATION TECHNOLOGY–41.1%
COMMUNICATIONS EQUIPMENT–2.1%
Arista Networks, Inc.(a)		8,380	$	810,933
Palo Alto Networks, Inc.(a)		3,670		458,933
				1,269,866
INTERNET SOFTWARE & SERVICES–14.9%
Alphabet, Inc.–Class A(a)		1,129		894,676
Alphabet, Inc.–Class C(a)		5,115		3,947,859
CoStar Group, Inc.(a)		2,730		514,578
Facebook, Inc.–Class A(a)		33,077		3,805,509
				9,162,622
IT SERVICES–7.5%
Fiserv, Inc.(a)		7,570		804,540
Vantiv, Inc.–Class A(a)		15,180		905,031
Visa, Inc.–Class A		37,690		2,940,574
				4,650,145
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.1%
NVIDIA Corp.		13,050		1,392,957
Xilinx, Inc.		29,590		1,786,348
				3,179,305
SOFTWARE–8.3%
Adobe Systems, Inc.(a)		14,410		1,483,509
Electronic Arts, Inc.(a)		11,310		890,776
Ellie Mae, Inc.(a)		2,980		249,366
HubSpot, Inc.(a)		16,010		752,470
Microsoft Corp.		10,706		665,271
ServiceNow, Inc.(a)		8,297		616,799
Ultimate Software Group, Inc. (The)(a)		2,426		442,381
				5,100,572
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.2%
Apple, Inc.		17,035		1,972,994
				25,335,504
CONSUMER DISCRETIONARY–23.8%
DIVERSIFIED CONSUMER SERVICES–0.9%
Bright Horizons Family Solutions, Inc.(a)		7,840		548,957
HOTELS, RESTAURANTS & LEISURE–6.0%
Buffalo Wild Wings, Inc.(a)		1,920		296,448
Chipotle Mexican Grill, Inc.–Class A(a)(b)		1,780		671,630
Planet Fitness, Inc.		38,380		771,438
Starbucks Corp.		35,570	$	1,974,846
				3,714,362
INTERNET & DIRECT MARKETING RETAIL–1.8%
Priceline Group, Inc. (The)(a)		737		1,080,486
MEDIA–3.5%
AMC Networks, Inc.–Class A(a)		16,247		850,368
Comcast Corp.–Class A		18,955		1,308,843
				2,159,211
MULTILINE RETAIL–1.9%
Dollar Tree, Inc.(a)		15,060		1,162,331
SPECIALTY RETAIL–7.3%
Five Below, Inc.(a)		22,369		893,865
Home Depot, Inc. (The)		18,059		2,421,351
O’Reilly Automotive, Inc.(a)		1,276		355,251
Ulta Salon Cosmetics & Fragrance, Inc.(a)		3,262		831,614
				4,502,081
TEXTILES, APPAREL & LUXURY GOODS–2.4%
NIKE, Inc.–Class B		29,292		1,488,912
				14,656,340
HEALTH CARE–19.7%
BIOTECHNOLOGY–7.0%
Alexion Pharmaceuticals, Inc.(a)		10,830		1,325,050
Biogen, Inc.(a)		6,524		1,850,076
Gilead Sciences, Inc.		15,500		1,109,955
				4,285,081
HEALTH CARE EQUIPMENT & SUPPLIES–7.4%
Align Technology, Inc.(a)		3,923		377,118
Danaher Corp.		6,106		475,291
DexCom, Inc.(a)		6,940		414,318
Edwards Lifesciences Corp.(a)		11,810		1,106,597
Intuitive Surgical, Inc.(a)		2,440		1,547,375
Nevro Corp.(a)		4,180		303,719
Zeltiq Aesthetics, Inc.(a)		7,810		339,891
				4,564,309
HEALTH CARE PROVIDERS & SERVICES–4.1%
UnitedHealth Group, Inc.		15,738		2,518,709
HEALTH CARE TECHNOLOGY–1.2%
Cerner Corp.(a)		16,210		767,868
				12,135,967
INDUSTRIALS–7.2%
AEROSPACE & DEFENSE–0.7%
Hexcel Corp.		8,920		458,845
BUILDING PRODUCTS–1.8%
Allegion PLC		11,890		760,960
AO Smith Corp.		7,700		364,595
				1,125,555

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ELECTRICAL EQUIPMENT–0.8%
Acuity Brands, Inc.		2,140	$	494,040
INDUSTRIAL CONGLOMERATES–1.2%
Roper Technologies, Inc.		4,110		752,459
MACHINERY–2.7%
IDEX Corp.		8,270		744,796
Middleby Corp. (The)(a)		4,190		539,714
WABCO Holdings, Inc.(a)		3,390		359,849
				1,644,359
				4,475,258
CONSUMER STAPLES–6.5%
BEVERAGES–2.7%
Monster Beverage Corp.(a)		38,528		1,708,332
FOOD & STAPLES RETAILING–3.8%
Costco Wholesale Corp.		10,285		1,646,731
CVS Health Corp.		8,780		692,830
				2,339,561
				4,047,893
FINANCIALS–1.1%
CAPITAL MARKETS–1.1%
MarketAxess Holdings, Inc.		4,490		659,671
Total Common Stocks (cost $46,388,745)				61,310,633
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.0%
TIME DEPOSIT–0.0%
State Street Bank & Trust Co. 0.01%, 1/03/17 (cost $7,582)	$	8		7,582
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.4% (cost $46,396,327)				61,318,215
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.1%
INVESTMENT COMPANIES–1.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(c)(d) (cost $683,965)		683,965	$	683,965
TOTAL INVESTMENTS–100.5% (cost $47,080,292)				62,002,180
Other assets less liabilities–(0.5)%				(330,982	)
NET ASSETS–100.0%			$	61,671,198

(a) Non-income producing security.

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

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

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

See notes to financial statements.

7

GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $46,396,327)	$	61,318,215	(a)
Affiliated issuers (cost $683,965—investment of cash collateral for securities loaned)		683,965
Receivable for investment securities sold		1,061,135
Receivable for capital stock sold		35,765
Dividends and interest receivable		11,312
Due from custodian		33,237
Total assets		63,143,629
LIABILITIES
Payable for collateral received on securities loaned		683,965
Payable for investment securities purchased		631,456
Advisory fee payable		39,746
Payable for capital stock redeemed		17,607
Administrative fee payable		13,055
Distribution fee payable		7,965
Transfer Agent fee payable		5,267
Accrued expenses		73,370
Total liabilities		1,472,431
NET ASSETS	$	61,671,198
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,278
Additional paid-in capital		43,602,789
Accumulated net realized gain on investment and foreign currency transactions		3,144,243
Net unrealized appreciation on investments		14,921,888
	$	61,671,198

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	24,644,836		881,633	$	27.95
B	$	37,026,362		1,396,441	$	26.51

(a) Includes securities on loan with a value of $671,630 (see Note E).

See notes to financial statements.

8

GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	567,673
Affiliated issuers		1,788
Interest		227
Securities lending income		2,434
Other income(a)		33,237
		605,359
EXPENSES
Advisory fee (see Note B)		494,143
Distribution fee—Class B		99,637
Transfer agency—Class A		4,941
Transfer agency—Class B		7,472
Custodian		69,414
Administrative		49,317
Audit and tax		42,597
Legal		32,838
Printing		25,736
Directors’ fees		24,561
Miscellaneous		5,498
Total expenses		856,154
Less: expenses waived and reimbursed by the Adviser (see Note E)		(294	)
Net expenses		855,860
Net investment loss		(250,501	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		3,225,910
Foreign currency transactions		(2,313	)
Net change in unrealized appreciation/depreciation of:
Investments		(2,534,677	)
Foreign currency denominated assets and liabilities		2,716
Net gain on investment and foreign currency transactions		691,636
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	441,135

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

9

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

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(250,501	)	$	(285,850	)
Net realized gain on investment and foreign currency transactions		3,223,597			8,045,915
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(2,531,961	)		(1,472,302	)
Net increase in net assets from operations		441,135			6,287,763
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		(3,012,916	)		(4,892,406	)
Class B		(4,764,325	)		(8,198,796	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(1,435,411	)		2,774,676
Total decrease		(8,771,517	)		(4,028,763	)
NET ASSETS
Beginning of period		70,442,715			74,471,478
End of period (including accumulated net investment loss of ($0) and ($0), respectively)	$	61,671,198		$	70,442,715

See notes to financial statements.

10

GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

61,310,633

$

–0

–

$

–0

–

$

61,310,633

Short-Term Investments

–0

–

7,582

–0

–

7,582

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

683,965

–0

–

–0

–

683,965

Total Investments in Securities

61,994,598

7,582

–0

–

62,002,180

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

61,994,598

$

7,582

$

–0

–

$

62,002,180

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

12

AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

13

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,317.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $27,891, of which $150 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	36,852,697		$	44,524,072
U.S. government securities		–0	–		–0	–

14

AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding foreign currency transactions) are as follows:

Cost	$	47,354,323
Gross unrealized appreciation	$	15,836,712
Gross unrealized depreciation		(1,188,855	)
Net unrealized appreciation	$	14,647,857

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $671,630 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $683,965. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $2,434, $1,225 and $563 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $294. 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

15

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

the collateral will not be sufficient to replace the loaned securities. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	1,065	$	3,828	$	4,893	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	3,610	$	2,926	$	684

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		232,533			82,273		$	6,654,909		$	2,900,736
Shares issued in reinvestment of distributions		104,073			158,074			3,012,916			4,892,406
Shares redeemed		(326,387	)		(185,439	)		(9,201,540	)		(6,409,176	)
Net increase		10,219			54,908		$	466,285		$	1,383,966
Class B
Shares sold		46,733			63,838		$	1,326,261		$	2,088,138
Shares issued in reinvestment of distributions		173,311			276,706			4,764,325			8,198,796
Shares redeemed		(284,346	)		(270,982	)		(7,992,282	)		(8,896,224	)
Net increase (decrease)		(64,302	)		69,562		$	(1,901,696	)	$	1,390,710

At December 31, 2016, certain shareholders of the Portfolio owned 77% 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

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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 NAV.

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.

16

AB Variable Products Series Fund

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016			2015
Distributions paid from:
Ordinary income	$	–0	–	$	542,864
Net long-term capital gains		7,777,241			12,548,338
Total taxable distributions paid	$	7,777,241		$	13,091,202

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	3,418,275
Unrealized appreciation/(depreciation)		14,647,857	(a)
Total accumulated earnings/(deficit)	$	18,066,132

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications and the disallowance of a net operating loss resulted in a net decrease in accumulated net investment loss, a net increase in accumulated net realized gain on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

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

17

GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$31.05			$34.47			$31.03			$23.22			$20.40
Income From Investment Operations
Net investment income (loss) (a)		(.07	)(b)†		(.08	)		(.09	)		(.03	)		.06
Net realized and unrealized gain on investment and foreign currency transactions		.54			3.18			4.15			7.92			2.77
Net increase in net asset value from operations		.47			3.10			4.06			7.89			2.83
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.08	)		(.01	)
Distributions from net realized gain on investment transactions		(3.57	)		(6.52	)		(.62	)		–0	–		–0	–
Total dividends and distributions		(3.57	)		(6.52	)		(.62	)		(.08	)		(.01	)
Net asset value, end of period		$27.95			$31.05			$34.47			$31.03			$23.22
Total Return
Total investment return based on net asset value (c)*		1.12	%†		9.06	%		13.28	%		34.01	%		13.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$24,645			$27,060			$28,141			$28,650			$25,220
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.15	%		1.09	%		1.08	%		1.06	%		1.06	%
Expenses, before waivers/reimbursements		1.15	%		1.09	%		1.08	%		1.06	%		1.06	%
Net investment income (loss)		(.23	)%(b)†		(.24	)%		(.28	)%		(.10	)%		.27	%
Portfolio turnover rate		57	%		51	%		66	%		63	%		83	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$29.70			$33.30			$30.08			$22.50			$19.81
Income From Investment Operations
Net investment income (loss) (a)		(.13	)(b)†		(.16	)		(.16	)		(.09	)		.01
Net realized and unrealized gain on investment and foreign currency transactions		.51			3.08			4.00			7.68			2.68
Net increase in net asset value from operations		.38			2.92			3.84			7.59			2.69
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.01	)		–0	–
Distributions from net realized gain on investment transactions		(3.57	)		(6.52	)		(.62	)		–0	–		–0	–
Total dividends and distributions		(3.57	)		(6.52	)		(.62	)		(.01	)		–0	–
Net asset value, end of period		$26.51			$29.70			$33.30			$30.08			$22.50
Total Return
Total investment return based on net asset value (c)*		.85	%†		8.82	%		12.96	%		33.72	%		13.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$37,026			$43,383			$46,330			$51,993			$46,948
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.40	%		1.34	%		1.33	%		1.31	%		1.31	%
Expenses, before waivers/reimbursements		1.40	%		1.34	%		1.33	%		1.31	%		1.31	%
Net investment income (loss)		(.48	)%(b)†		(.49	)%		(.52	)%		(.35	)%		.03	%
Portfolio turnover rate		57	%		51	%		66	%		63	%		83	%

(a) Based on average shares outstanding.

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

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

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.015		.05	%		.05	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.01%, 0.06%, 0.03%, 0.06% and 0.28%, respectively.

See notes to financial statements.

19

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Growth Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Growth Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Growth Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

20

GROWTH PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1)	Nancy P. Jacklin(1) Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer	Joseph J. Mantineo, Treasurer and Chief Financial Officer
Bruce K. Aronow(2), Vice President	Emilie D. Wrapp, Secretary
Frank V. Caruso(2), Vice President	Phyllis J. Clarke, Controller
John H. Fogarty(2), Vice President	Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

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

(2) The day-to-day management of, and investment decisions for, the Fund are made by its senior management team. Messrs. Aronow, Caruso and Fogarty are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

21

GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership experience and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

22

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

23

GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		106	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

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

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

# Mr. Keith is an “interested person” of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, due to his position as a Senior Vice President of the Adviser.

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

25

GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Bruce K. Aronow 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Frank V. Caruso 60	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
John H. Fogarty 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

26

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 Growth Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

27

GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge 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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

28

AB Variable Products Series Fund

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 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.

29

VPS-GTH-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GROWTH & INCOME PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

GROWTH & INCOME PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Growth & Income Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in the equity securities of US companies that AllianceBernstein L.P. (the “Adviser”) believes are undervalued.

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

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

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Value Index, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark during the annual period. Stock selection in the health care, energy and consumer discretionary sectors were the primary factors in the underperformance versus the benchmark. The Portfolio’s cash position, underweight position in the energy sector and overweight in the consumer discretionary sector also detracted from performance. Stock selection in the technology sector mitigated some of the underperformance. An underweight exposure to the real estate, consumer staples and financials sectors also contributed to returns.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Despite several pullbacks, global stocks advanced during the annual period. Markets notched substantial gains, overcoming concerns regarding economic growth, terrorist attacks and the UK’s departure from the European Union. Markets also embraced news of a formal OPEC deal to limit crude production, but continued to look to global central banks for ongoing signs of support. The year closed with the US Federal Reserve raising interest rates by 0.25% and investors weighing pro-growth promises from the incoming Trump administration—including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

In 2016 investors embraced risk, with defensive stocks and sectors seen as bond proxies, such as real estate and consumer staples, underperforming the Russell 1000 Value Index by a wide margin. Energy and materials stocks were among the strongest performers, driven by a rising oil price. Telecommunications and financials did well after a strong fourth quarter, driven by positive sentiment from the US election result. In contrast, health care underperformed, on concerns surrounding the election result’s implications for drug pricing limits. Lower-beta stocks sold off sharply in the second half of the year after a strong first half. Stocks with high momentum also fell during the last six months of the year. Riskier stocks, such as the most attractively valued quintile of global stocks, powered ahead in the second half after underperforming in the first half.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock picking methodology that seeks to identify companies consistent with the Team’s philosophy of relative-value investing, pursue attractively valued, well-managed companies that deploy capital wisely, giving them capacity to pay dividends and potentially enhance the value of company shares over the long term. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment.

1

GROWTH & INCOME PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Value Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of 1,000 large-cap value companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may be underperforming the market generally.

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Industry/Sector Risk: Investments in a particular industry or group of related industries may have more risk because market or economic factors affecting that industry could have a significant effect on the value of the Portfolio’s investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

2

GROWTH & INCOME PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Growth & Income Portfolio Class A†		11.30%		14.49%		5.96%
Growth & Income Portfolio Class B†		11.07%		14.21%		5.69%
Russell 1000 Value Index		17.34%		14.80%		5.72%
*     Average annual returns. †   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2016, by 0.04%. Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.01%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.60% and 0.85% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH & INCOME PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Growth & Income Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

3

GROWTH & INCOME PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A*
Actual	$	1,000	$	1,100.60	$	3.22		0.61	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.07	$	3.10		0.61	%
Class B
Actual	$	1,000	$	1,099.60	$	4.54		0.86	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.81	$	4.37		0.86	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

GROWTH & INCOME PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
JPMorgan Chase & Co.	$	51,665,274		5.0	%
Time Warner, Inc.		47,128,842		4.5
Citigroup, Inc.		32,748,307		3.1
Aetna, Inc.		32,412,494		3.1
Wal-Mart Stores, Inc.		32,268,464		3.1
International Business Machines Corp.		30,972,074		3.0
Intel Corp.		30,753,406		2.9
MasterCard, Inc.—Class A		30,049,880		2.9
Biogen, Inc.		26,670,699		2.6
PepsiCo, Inc.		25,515,072		2.4
	$	340,184,512		32.6	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	237,241,661		22.3	%
Information Technology		210,456,583		19.8
Health Care		141,487,364		13.3
Consumer Discretionary		118,478,263		11.1
Industrials		101,559,988		9.6
Consumer Staples		64,838,169		6.1
Energy		48,714,926		4.6
Telecommunication Services		19,999,084		1.9
Utilities		9,863,736		0.9
Short-Term Investments		110,955,720		10.4
Total Investments	$	1,063,595,494		100.0	%

* Long-term investments.

† The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

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

5

GROWTH & INCOME PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–91.4%
FINANCIALS–22.8%
BANKS–9.7%
Citigroup, Inc.		551,040	$	32,748,307
JPMorgan Chase & Co.		598,740		51,665,274
Wells Fargo & Co.		298,560		16,453,642
				100,867,223
CAPITAL MARKETS–4.3%
BlackRock, Inc.–Class A		45,830		17,440,148
Goldman Sachs Group, Inc. (The)		51,450		12,319,703
Northern Trust Corp.		67,780		6,035,809
State Street Corp.		117,600		9,139,872
				44,935,532
DIVERSIFIED FINANCIAL SERVICES–2.2%
Berkshire Hathaway, Inc.–Class B(a)		142,222		23,179,342
INSURANCE–6.6%
Allstate Corp. (The)		308,290		22,850,455
Axis Capital Holdings Ltd.		63,030		4,113,968
Chubb Ltd.		186,930		24,697,191
FNF Group		372,560		12,652,138
Validus Holdings Ltd.		71,729		3,945,812
				68,259,564
				237,241,661
INFORMATION TECHNOLOGY–20.2%
COMMUNICATIONS EQUIPMENT–1.8%
Cisco Systems, Inc.		403,660		12,198,605
F5 Networks, Inc.(a)		42,800		6,194,016
				18,392,621
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.1%
Flex Ltd.(a)		290,090		4,168,593
TE Connectivity Ltd.		101,450		7,028,456
				11,197,049
IT SERVICES–5.8%
International Business Machines Corp.		186,590		30,972,074
Mastercard, Inc.–Class A		291,040		30,049,880
				61,021,954
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.2%
Intel Corp.		847,902		30,753,406
Synaptics, Inc.(a)		108,989		5,839,631
Xilinx, Inc.		293,520		17,719,802
				54,312,839
SOFTWARE–3.8%
Activision Blizzard, Inc.		166,391		6,008,379
Citrix Systems, Inc.(a)		89,190		7,965,559
Microsoft Corp.		132,901		8,258,468
VMware, Inc.–Class A(a) (b)		224,930		17,708,739
				39,941,145
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.5%
Apple, Inc.		169,065		19,581,108
Seagate Technology PLC(b)		157,450		6,009,867
				25,590,975
				210,456,583
HEALTH CARE–13.6%
BIOTECHNOLOGY–4.4%
Biogen, Inc.(a)		94,050		26,670,699
Gilead Sciences, Inc.		267,590		19,162,120
				45,832,819
HEALTH CARE EQUIPMENT & SUPPLIES–0.9%
Hologic, Inc.(a)		245,080		9,832,609
HEALTH CARE PROVIDERS & SERVICES–5.1%
Aetna, Inc.		261,370		32,412,494
Cigna Corp.		46,480		6,199,967
Express Scripts Holding Co.(a)		86,840		5,973,724
UnitedHealth Group, Inc.		52,590		8,416,503
				53,002,688
LIFE SCIENCES TOOLS & SERVICES–0.8%
Bruker Corp.		381,287		8,075,659
PHARMACEUTICALS–2.4%
Pfizer, Inc.		761,810		24,743,589
				141,487,364
CONSUMER DISCRETIONARY–11.4%
AUTO COMPONENTS–0.8%
BorgWarner, Inc.		201,500		7,947,160
HOUSEHOLD DURABLES–0.9%
DR Horton, Inc.		334,450		9,140,519
INTERNET & DIRECT MARKETING RETAIL–0.6%
Liberty Interactive Corp. QVC Group–Class A(a)		195,818		3,912,443
Liberty TripAdvisor Holdings, Inc.–Class A(a)		167,277		2,517,519
				6,429,962
LEISURE PRODUCTS–1.0%
Vista Outdoor, Inc.(a)		265,250		9,787,725
MEDIA–7.4%
AMC Networks, Inc.–Class A(a)		76,820		4,020,759
Comcast Corp.–Class A		179,430		12,389,641

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Discovery Communications, Inc.–Class A(a)		510,800	$	14,001,028
Time Warner, Inc.		488,230		47,128,842
				77,540,270
TEXTILES, APPAREL & LUXURY GOODS–0.7%
Ralph Lauren Corp.		43,100		3,892,792
VF Corp.		70,100		3,739,835
				7,632,627
				118,478,263
INDUSTRIALS–9.7%
AEROSPACE & DEFENSE–4.8%
Boeing Co. (The)		106,230		16,537,886
General Dynamics Corp.		45,310		7,823,225
Raytheon Co.		178,980		25,415,160
				49,776,271
ELECTRICAL EQUIPMENT–1.3%
EnerSys		102,216		7,983,070
Hubbell, Inc.		52,700		6,150,090
				14,133,160
INDUSTRIAL CONGLOMERATES–1.1%
Carlisle Cos., Inc.		109,219		12,045,763
MACHINERY–2.5%
Fortive Corp.		268,990		14,425,934
Parker-Hannifin Corp.		79,849		11,178,860
				25,604,794
				101,559,988
CONSUMER STAPLES–6.2%
BEVERAGES–2.4%
PepsiCo, Inc.		243,860		25,515,072
FOOD & STAPLES RETAILING–3.8%
CVS Health Corp.		89,401		7,054,633
Wal-Mart Stores, Inc.		466,847		32,268,464
				39,323,097
				64,838,169
ENERGY–4.7%
ENERGY EQUIPMENT & SERVICES–1.9%
Helmerich & Payne, Inc.(b)		89,830		6,952,842
National Oilwell Varco, Inc.		157,110		5,882,198
Oil States International, Inc.(a)		166,145		6,479,655
				19,314,695
OIL, GAS & CONSUMABLE FUELS–2.8%
Exxon Mobil Corp.		212,750		19,202,815
Noble Energy, Inc.		267,930		10,197,416
				29,400,231
				48,714,926
TELECOMMUNICATION SERVICES–1.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.9%
Verizon Communications, Inc.		374,655		19,999,084
UTILITIES–0.9%
ELECTRIC UTILITIES–0.9%
Exelon Corp.		277,930		9,863,736
Total Common Stocks (cost $823,797,586)				952,639,774
	Principal Amount (000)
SHORT-TERM INVESTMENTS–10.6%
TIME DEPOSIT–10.6%
State Street Time Deposit 0.01%, 1/03/17 (cost $110,955,720)	$	110,956		110,955,720
Total Investments Before Security Lending Collateral for Securities Loaned–102.0% (cost $934,753,306)				1,063,595,494
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.3%
INVESTMENT COMPANIES–1.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(c)(d) (cost $13,560,469)		13,560,469		13,560,469
Total Investments –103.3% (cost $948,313,775)				1,077,155,963
Other assets less liabilities–(3.3)%				(34,566,012	)
Net Assets–100.0%			$	1,042,589,951

(a) Non-income producing security.

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

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

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

See notes to financial statements.

7

GROWTH & INCOME PORTFOLIO
STATEMENTOF ASSETSAND LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $934,753,306)	$	1,063,595,494	(a)
Affiliated issuers (cost $13,560,469—investment of cash collateral for securities loaned)		13,560,469
Dividends and interest receivable		1,073,141
Receivable for capital stock sold		43,178
Due from custodian		63,905
Total assets		1,078,336,187
LIABILITIES
Payable for investment securities purchased		20,498,190
Payable for collateral received on securities loaned		13,560,469
Payable for capital stock redeemed		866,169
Advisory fee payable		486,022
Distribution fee payable		188,408
Administrative fee payable		13,055
Transfer Agent fee payable		5,267
Accrued expenses		128,656
Total liabilities		35,746,236
NET ASSETS	$	1,042,589,951
COMPOSITION OF NET ASSETS
Capital stock, at par	$	33,761
Additional paid-in capital		813,068,527
Undistributed net investment income		13,525,225
Accumulated net realized gain on investment transactions		87,120,250
Net unrealized appreciation on investments		128,842,188
	$	1,042,589,951

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	155,924,220		4,995,862	$	31.21
B	$	886,665,731		28,765,555	$	30.82

(a) Includes securities on loan with a value of $13,237,356 (see Note E).

8

GROWTH & INCOME PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $6,325)	$	18,919,209
Affiliated issuers		14,038
Interest		7,801
Securities lending income		17,648
Other income(a)		63,905
		19,022,601
EXPENSES
Advisory fee (see Note B)		5,076,702
Distribution fee—Class B		1,937,263
Transfer agency—Class A		2,630
Transfer agency—Class B		14,200
Custodian		145,885
Printing		138,359
Legal		60,747
Administrative		49,319
Audit and tax		43,334
Directors’ fees		24,560
Miscellaneous		32,968
Total expenses		7,525,967
Less: expenses waived and reimbursed by the Adviser (see Note E)		(3,677	)
Net expenses		7,522,290
Net investment income		11,500,311
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		89,905,772
Net change in unrealized appreciation/depreciation of investments		2,606,255
Net gain on investment transactions		92,512,027
Net Increase in Net Assets from Operations	$	104,012,338

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

9

GROWTH & INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	11,500,311		$	8,467,042
Net realized gain on investment transactions		89,905,772			75,832,751
Net change in unrealized appreciation/depreciation of investments		2,606,255			(72,224,366	)
Net increase in net assets from operations		104,012,338			12,075,427
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(1,498,498	)		(2,239,317	)
Class B		(6,966,608	)		(7,965,992	)
Net realized gain on investment transactions
Class A		(8,951,112	)		–0	–
Class B		(51,731,717	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		210,500,227			(74,221,929	)
Total increase (decrease)		245,364,630			(72,351,811	)
NET ASSETS
Beginning of period		797,225,321			869,577,132
End of period (including undistributed net investment income of $13,525,225 and $8,461,733, respectively)	$	1,042,589,951		$	797,225,321

10

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A : Significant Accounting Policies

The AB Growth & Income Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks(a)	$	952,639,774		$	–0	–	$	–0	–	$	952,639,774
Short-Term Investments		–0	–		110,955,720			–0	–		110,955,720
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		13,560,469			–0	–		–0	–		13,560,469
Total Investments in Securities		966,200,243			110,955,720			–0	–		1,077,155,963
Other Financial Instruments(b)		–0	–		–0	–		–0	–		–0–
Total(c)	$	966,200,243		$	110,955,720		$	–0	–	$	1,077,155,963

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

12

AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

13

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B : Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,319.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $809,051, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C : Distribution Plan

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

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

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

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

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	976,301,319		$	863,859,716
U.S. government securities		–0	–		–0	–

14

AB Variable Products Series Fund

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

Cost	$	952,714,048
Gross unrealized appreciation	$	137,137,451
Gross unrealized depreciation		(12,695,536	)
Net unrealized appreciation	$	124,441,915

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $13,237,356 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $13,560,469. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $17,648, $6,281 and $7,757 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $3,677. 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

15

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

the collateral will not be sufficient to replace the loaned securities. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	5,671	$	20,543	$	26,214	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	76,215	$	62,655	$	13,560

NOTE F : Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		472,723			560,733		$	14,176,667		$	16,929,785
Shares issued in reinvestment of dividends and distributions		356,156			73,832			10,449,610			2,239,317
Shares redeemed		(840,378	)		(1,223,938	)		(25,013,777	)		(36,953,264	)
Net decrease		(11,499	)		(589,373	)	$	(387,500	)	$	(17,784,162	)
Class B
Shares sold		8,766,206			1,209,171		$	262,089,607		$	36,060,846
Shares issued in reinvestment of dividends and distributions		2,023,382			265,356			58,698,325			7,965,992
Shares redeemed		(3,729,838	)		(3,377,728	)		(109,900,205	)		(100,464,605	)
Net increase (decrease)		7,059,750			(1,903,201	)	$	210,887,727		$	(56,437,767	)

At December 31, 2016, certain shareholders of the Portfolio owned 59% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G : Risks Involved in Investing in the Portfolio

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Industry/Sector Risk—Investments in a particular industry or group of related industries may have more risk because market or economic factors affecting that industry could have a significant effect on the value of the Portfolio’s investments.

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

16

AB Variable Products Series Fund

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.

NOTE H : Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I : Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	8,465,106	$	10,205,309
Long-term capital gains		60,682,829		–0	–
Total taxable distributions	$	69,147,935	$	10,205,309

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	21,976,798
Undistributed capital gains		83,068,952
Unrealized appreciation/(depreciation)		124,441,915	(a)
Total accumulated earnings/(deficit)	$	229,487,665

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal period, permanent differences primarily due to the tax treatment of corporate reorganization adjustments of investments resulted in a net increase in undistributed net investment income, a net decrease in accumulated net realized gain on investment transactions. These reclassifications had no effect on net assets.

NOTE J : Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K : Subsequent Events

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

17

GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	Class A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$30.12			$30.04			$27.80			$20.88			$18.05
Income From Investment Operations
Net investment income(a)		.43	(b)†		.37			.40			.33			.29
Net realized and unrealized gain on investment transactions		2.84			.14			2.23			6.92			2.86
Net increase in net asset value from operations		3.27			.51			2.63			7.25			3.15
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.43	)		(.39	)		(.33	)		(.32	)
Distributions from net realized gain on investment transactions		(1.86	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		(2.18	)		(.43	)		(.39	)		(.33	)		(.32	)
Net asset value, end of period		$31.21			$30.12			$30.04			$27.80			$20.88
Total Return
Total investment return based on net asset value(c)*		11.30	%†		1.70	%		9.54	%		34.96	%		17.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$155,924			$150,801			$168,135			$164,154			$131,402
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.61	%		.60	%		.60	%		.60	%		.60	%
Expenses, before waivers/reimbursements		.61	%		.60	%		.60	%		.60	%		.60	%
Net investment income		1.46	%(b)†		1.21	%		1.39	%		1.35	%		1.48	%
Portfolio turnover rate		101	%		73	%		51	%		63	%		80	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

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

	Class B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$29.78			$29.71			$27.49			$20.66			$17.86
Income From Investment Operations
Net investment income(a)		.36	(b)†		.29			.32			.27			.24
Net realized and unrealized gain on investment transactions		2.79			.14			2.22			6.83			2.83
Net increase in net asset value from operations		3.15			.43			2.54			7.10			3.07
Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.36	)		(.32	)		(.27	)		(.27	)
Distributions from net realized gain on investment transactions		(1.86	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		(2.11	)		(.36	)		(.32	)		(.27	)		(.27	)
Net asset value, end of period		$30.82			$29.78			$29.71			$27.49			$20.66
Total Return
Total investment return based on net asset value(c)*		11.07	%†		1.43	%		9.29	%		34.59	%		17.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$886,666			$646,424			$701,442			$709,257			$764,198
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.86	%		.85	%		.85	%		.85	%		.85	%
Expenses, before waivers/reimbursements		.86	%		.85	%		.85	%		.85	%		.85	%
Net investment income		1.21	%(b)†		.96	%		1.14	%		1.11	%		1.23	%
Portfolio turnover rate		101	%		73	%		51	%		63	%		80	%

(a) Based on average shares outstanding.

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

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

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.002		.01	%		.01	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.03%, 0.14%, 0.11%, 0.08% and 0.19%, respectively.

See notes to financial statements.

19

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Growth & Income Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Growth & Income Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Growth & Income Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

20

2016 FEDERAL TAX INFORMATION
(unaudited)	AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2016. For corporate shareholders, 99.99% of dividends paid qualify for the dividends received deduction.

21

GROWTH & INCOME PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Frank V. Caruso(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by Mr. Frank V. Caruso, a member of the Adviser’s Relative Value Investment Team.

22

GROWTH & INCOME PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semiconductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semiconductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

23

GROWTH & INCOME PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi- conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None

25

GROWTH & INCOME PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

26

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS,* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Frank V. Caruso 60	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

27

GROWTH & INCOME PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth and Income Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

28

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and 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

29

GROWTH & INCOME PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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.

30

VPS-GI-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERMEDIATE BOND PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Intermediate Bond Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

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 invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Portfolio expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Portfolio expects to invest in fixed-income securities with a dollar-weighted average maturity of between three to 10 years and an average duration of three to six years. The Portfolio may invest up to 25% of its net assets in below investment-grade bonds (commonly known as “junk bonds”). The Portfolio may use leverage for investment purposes.

The Portfolio may invest without limit in US dollar-denominated foreign fixed-income securities and may invest up to 25% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Portfolio may invest in mortgage-related and other asset-backed securities, loan participations, inflation-protected securities, structured securities, variable, floating and inverse floating-rate instruments, and preferred stock, and may use other investment techniques. The Portfolio intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Portfolio may invest, without limit, in derivatives, such as options, futures contracts, forwards and swaps.

INVESTMENT RESULTS

The table on page 4 shows the Portfolio’s performance compared to its benchmark, the Bloomberg Barclays US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2016.

During the annual period, all share classes of the Portfolio outperformed the benchmark. Sector positioning contributed to relative returns, mainly from exposure to credit risk transfer securities and an overweight to high-yield corporate bonds as spreads compressed across these sectors. Credit risk transfer securities are securitized bonds backed by residential mortgage payments. They are issued by Fannie Mae and Freddie Mac but do not have a government agency guarantee. An underweight to Treasuries also added to performance, while an overweight in asset-backed securities detracted. Security selection contributed, as gains from an overweight to and selections within energy benefited from a recovery in oil prices. These positive returns more than offset losses from selections within asset-backed securities and agency mortgages. Currency selection also contributed to performance, as a long US dollar position versus various currencies throughout the year produced positive returns. Overall duration positioning detracted, primarily from varying positioning throughout the year.

During the annual period, the Portfolio utilized derivatives including currency forwards and options to hedge currency risk and actively manage currency positions. Credit default swaps were utilized for hedging and investment purposes, which had an immaterial impact on absolute performance. Treasury futures, interest rate swaptions and interest rate swaps were utilized to manage duration, country exposure and yield-curve positioning. Equity options were utilized to hedge market risk. Inflation swaps were utilized to gain inflation exposure and to manage inflation curve exposure.

MARKET REVIEW AND INVESTMENT STRATEGY

Political surprises had a significant impact on bond markets during the annual period, and investors viewed the two biggest—Donald Trump’s win in the US presidential election and Britain’s decision to quit the European Union (“Brexit”)—as likely to lead to policy changes with important implications for economic growth, trade and inflation. In total, the US 10-year Treasury yield rose 18 basis points over the annual period (with all of that and more coming from a jump of over 40 basis points after Trump’s election win) to end 2016 at 2.45%. European central banks generally maintained an easing bias through the period, particularly in the aftermath of Brexit, when the Bank of England enacted a rate cut that was both its first in seven years and a new historic low. At the end of the period, the US Federal Reserve (the “Fed”) raised US interest rates for only the second time since the financial crisis in 2008, a move widely anticipated by markets.

Meanwhile, a steady increase in commodity prices, as oil prices stabilized above $50 a barrel, led to a rally in emerging markets, though gains were tempered by the hawkish tone of the Fed and uncertainty surrounding how the Trump administration’s protectionist campaign rhetoric would be reflected in its policies. Developed-market treasuries outperformed, in turn, emerging-market local-currency government bonds and investment-grade credit securities, but trailed the double-digit rally in global high-yield. Within high yield, sector returns were almost uniformly positive, with energy and commodity-related sectors among the top performers. Yields in developed countries moved in different directions, generally rising in the US, Canada and at the long end of the Italian curve, while falling in the UK, Germany and Japan.

1

INTERMEDIATE BOND PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Bloomberg Barclays US Aggregate Bond Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Bloomberg Barclays US Aggregate Bond Index represents the performance of securities within the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

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

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. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security.

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

Duration Risk: Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Inflation Risk: This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the value of the Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

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

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

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

Prepayment Risk: The value of mortgage-related or other asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some of these securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments

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

2

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

associated with these securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

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

Liquidity Risk: Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Over recent years liquidity risk has also increased because the capacity of dealers in the secondary market for fixed-income securities to make markets in these securities has decreased, even as the overall bond market has grown significantly, due to, among other things, structural changes, additional regulatory requirements and capital and risk restraints that have led to reduced inventories. Liquidity risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

3

INTERMEDIATE BOND PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Intermediate Bond Portfolio Class A†		4.71%		2.96%		4.60%
Intermediate Bond Portfolio Class B†		4.36%		2.71%		4.34%
Bloomberg Barclays US Aggregate Bond Index		2.65%		2.23%		4.34%
*    Average annual returns.
†   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2016, by 0.03%. Also includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.29%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 0.96% and 1.21% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

INTERMEDIATE BOND PORTFOLIO CLASS A GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Intermediate Bond Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 2-3.

4

INTERMEDIATE BOND PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	989.40	$	5.65		1.13	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.46	$	5.74		1.13	%
Class B
Actual	$	1,000	$	988.20	$	6.90		1.38	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.20	$	7.00		1.38	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

5

INTERMEDIATE BOND PORTFOLIO
December 31, 2016 (unaudited)	AB Variable Products Series Fund

TOP TEN SECTORS (including derivatives)*
Governments—Treasuries(a)	28.2	%
Corporates—Investment Grade(b)	24.2
Mortgage Pass-Throughs	20.5
Asset-Backed Securities	14.9
Commercial Mortgage-Backed Securities(b)	12.7
Collateralized Mortgage Obligations	8.5
Inflation-Linked Securities	7.7
Corporates—Non Investment Grade(b)	5.2
Agencies	2.7
Interest Rate Swaps(c)	-11.6

SECTOR BREAKDOWN (excluding derivatives)†
Corporates—Investment Grade	20.6	%	Agencies	2.3	%
Mortgage Pass-Throughs	17.7		Emerging Markets—Treasuries	1.2
Asset-Backed Securities	12.9		Governments—Sovereign Agencies	1.0
Governments—Treasuries	10.0		Quasi-Sovereigns	0.5
Commercial Mortgage-Backed Securities	9.2		Local Governments—Municipal Bonds	0.4
Collateralized Mortgage Obligations	7.4		Short-Term Investments	5.9
Inflation-Linked Securities	6.6		Other‡	0.7
Corporates—Non-Investment Grade	3.6

* All data are as of December 31, 2016. The Portfolio’s sectors include derivative exposure and are expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

(a) Includes Treasury Futures.

(b) Includes Credit Default Swaps.

(c) Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

† All data are as of December 31, 2016. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

‡ “Other” represents less than 0.4% weightings in the following security types: Emerging Markets—Corporate Bonds, Governments—Sovereign Bonds, Options Purchased—Puts and Preferred Stocks.

6

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CORPORATES–INVESTMENT GRADE–23.7%
INDUSTRIAL–16.2%
BASIC–1.5%
Barrick Gold Corp. 4.10%, 5/01/23		U.S.$	15	$	15,388
Dow Chemical Co. (The) 8.55%, 5/15/19			86		98,563
Eastman Chemical Co. 3.80%, 3/15/25			50		50,424
Glencore Funding LLC 4.125%, 5/30/23(a)			58		58,368
International Paper Co. 4.75%, 2/15/22			45		48,677
LyondellBasell Industries NV 5.75%, 4/15/24			200		228,885
Mosaic Co. (The) 5.625%, 11/15/43			53		51,076
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(a)			260		246,025
Vale Overseas Ltd. 6.875%, 11/21/36			40		39,400
					836,806
CAPITAL GOODS–0.2%
General Electric Co. Series D 5.00%, 1/21/21(b)			40		41,508
Yamana Gold, Inc. 4.95%, 7/15/24			81		79,380
					120,888
COMMUNICATIONS–MEDIA–1.7%
CBS Corp. 3.50%, 1/15/25			128		126,791
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			135		142,281
Cox Communications, Inc. 2.95%, 6/30/23(a)			51		47,995
Discovery Communications LLC 3.45%, 3/15/25			105		100,227
S&P Global, Inc. 4.40%, 2/15/26			127		134,348
TCI Communications, Inc. 7.875%, 2/15/26			115		154,361
Time Warner Cable LLC 4.125%, 2/15/21			200		206,768
Viacom, Inc. 5.625%, 9/15/19			60		64,549
					977,320
COMMUNICATIONS–TELECOMMUNICATIONS–1.6%
American Tower Corp. 5.05%, 9/01/20			260		279,010
AT&T, Inc. 3.40%, 5/15/25		U.S.$	270	$	260,232
3.80%, 3/15/22			57		58,433
4.75%, 5/15/46			69		65,372
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	27		21,667
Telefonica Emisiones SAU 5.462%, 2/16/21		U.S.$	120		130,808
Verizon Communications, Inc. 3.85%, 11/01/42			89		77,122
4.862%, 8/21/46			40		40,532
					933,176
CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
General Motors Co. 3.50%, 10/02/18			80		81,592
General Motors Financial Co., Inc. 3.10%, 1/15/19			110		111,167
3.25%, 5/15/18			9		9,118
4.00%, 1/15/25			23		22,440
4.30%, 7/13/25			30		29,760
					254,077
CONSUMER CYCLICAL– RETAILERS–0.6%
CVS Health Corp. 3.875%, 7/20/25			124		127,918
Kohl’s Corp. 5.55%, 7/17/45			95		90,724
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24			126		128,240
					346,882
CONSUMER NON-CYCLICAL–4.0%
AbbVie, Inc. 3.60%, 5/14/25			97		96,077
Actavis Funding SCS 3.80%, 3/15/25			165		165,194
3.85%, 6/15/24			54		54,482
AstraZeneca PLC 6.45%, 9/15/37			50		64,684
Baxalta, Inc. 5.25%, 6/23/45			75		80,056
Bayer US Finance LLC 3.375%, 10/08/24(a)			200		198,998
Becton Dickinson and Co. 3.734%, 12/15/24			40		40,905
Biogen, Inc. 4.05%, 9/15/25			144		148,257
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			2		2,291
Celgene Corp. 3.875%, 8/15/25			155		157,218
Grupo Bimbo SAB de CV 3.875%, 6/27/24(a)			201		199,966
Laboratory Corp. of America Holdings 3.60%, 2/01/25			60		59,737

7

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)				U.S. $ Value
Medtronic, Inc. 3.50%, 3/15/25		CAD	195		$	200,794
Mylan NV 3.95%, 6/15/26(a)		U.S.$	37			34,627
Newell Brands, Inc. 3.15%, 4/01/21			165			167,920
3.85%, 4/01/23			49			50,828
Perrigo Finance Unlimited Co. 3.50%, 12/15/21			200			201,605
Reynolds American, Inc. 5.85%, 8/15/45			44			52,102
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23			122			115,484
3.15%, 10/01/26			86			79,286
Tyson Foods, Inc. 2.65%, 8/15/19			39			39,372
3.95%, 8/15/24			123			125,312
						2,335,195
ENERGY–3.8%
Encana Corp. 3.90%, 11/15/21			45			45,323
Energy Transfer Partners LP 7.50%, 7/01/38			149			172,760
EnLink Midstream Partners LP 5.05%, 4/01/45			125			113,319
Enterprise Products Operating LLC 3.70%, 2/15/26			161			161,584
5.20%, 9/01/20			55			60,052
Halliburton Co. 5.00%, 11/15/45			170			183,336
Hess Corp. 4.30%, 4/01/27			109			108,501
Kinder Morgan Energy Partners LP 4.15%, 3/01/22			89			91,324
Nabors Industries, Inc. 5.50%, 1/15/23(a)			113			117,661
Noble Energy, Inc. 3.90%, 11/15/24			107			107,816
8.25%, 3/01/19			238			267,347
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			137			131,178
Schlumberger Holdings Corp. 3.625%, 12/21/22(a)			165			171,021
TransCanada PipeLines Ltd. 6.35%, 5/15/67			235			195,638
Valero Energy Corp. 6.125%, 2/01/20			177			195,360
Williams Partners LP 4.125%, 11/15/20			97			100,846
						2,223,066
SERVICES–0.1%
eBay, Inc. 3.80%, 3/09/22			45			46,491
TECHNOLOGY–2.3%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 5.45%, 6/15/23(a)		U.S.$	160	��	$	169,718
Fidelity National Information Services, Inc. 3.50%, 4/15/23			24			24,306
5.00%, 10/15/25			2			2,178
Hewlett Packard Enterprise Co. 4.90%, 10/15/25			170			174,898
HP, Inc. 4.65%, 12/09/21			107			114,211
KLA-Tencor Corp. 4.65%, 11/01/24			134			141,854
Lam Research Corp. 2.80%, 6/15/21			39			38,790
Micron Technology, Inc. 7.50%, 9/15/23(a)			41			45,408
Motorola Solutions, Inc. 3.50%, 3/01/23			82			80,823
7.50%, 5/15/25			23			27,397
Seagate HDD Cayman 4.75%, 1/01/25			75			71,452
Tencent Holdings Ltd. 3.375%, 5/02/19(a)			205			209,628
Total System Services, Inc. 2.375%, 6/01/18			74			74,306
3.75%, 6/01/23			69			68,531
Western Digital Corp. 7.375%, 4/01/23(a)			89			97,900
						1,341,400
						9,415,301
FINANCIAL INSTITUTIONS–6.5%
BANKING–5.0%
Compass Bank 5.50%, 4/01/20			250			261,967
Cooperatieve Rabobank UA 4.375%, 8/04/25			250			256,532
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23			265			264,708
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			118			114,667
3.75%, 5/22/25			53			53,138
3.85%, 7/08/24			210			214,366
Series D 6.00%, 6/15/20			195			216,244
Lloyds Banking Group PLC 4.65%, 3/24/26			200			202,578
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26			200			205,449
Morgan Stanley 5.625%, 9/23/19			143			155,006
Murray Street Investment Trust I 4.647%, 3/09/17			27			27,141

8

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Nationwide Building Society 6.25%, 2/25/20(a)		U.S.$	230	$	256,207
Santander Issuances SAU 3.25%, 4/04/26(a)		EUR	200		214,669
UBS AG/Stamford CT 7.625%, 8/17/22		U.S.$	250		283,437
UBS Group Funding Jersey Ltd. 4.125%, 9/24/25(a)			200		203,119
					2,929,228
FINANCE–0.7%
AerCap Aviation Solutions BV 6.375%, 5/30/17			200		203,550
Aviation Capital Group Corp. 7.125%, 10/15/20(a)			155		179,423
International Lease Finance Corp. 5.875%, 4/01/19			55		58,409
					441,382
INSURANCE–0.4%
American International Group, Inc. 4.875%, 6/01/22			75		81,958
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20			31		33,850
Lincoln National Corp. 8.75%, 7/01/19			35		40,270
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)			55		83,073
					239,151
REITS–0.4%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			6		5,891
Welltower, Inc. 4.00%, 6/01/25			200		204,398
					210,289
					3,820,050
UTILITY–1.0%
ELECTRIC–1.0%
Berkshire Hathaway Energy Co. 6.125%, 4/01/36			170		212,309
CMS Energy Corp. 5.05%, 3/15/22			37		40,533
Constellation Energy Group, Inc. 5.15%, 12/01/20			64		69,188
Entergy Corp. 4.00%, 7/15/22			125		130,710
Exelon Corp. 5.10%, 6/15/45			45		47,835
Exelon Generation Co. LLC 4.25%, 6/15/22			78		80,735
					581,310
Total Corporates–Investment Grade (cost $13,427,283)				$	13,816,661
MORTGAGE PASS-THROUGHS–20.5%
AGENCY FIXED RATE 15-YEAR–2.7%
Federal National Mortgage Association 2.50%, 1/01/32, TBA		U.S.$	1,038		1,040,352
3.50%, 1/12/30			492		515,671
					1,556,023
AGENCY FIXED RATE 30-YEAR–17.8%
Federal Home Loan Mortgage Corp. Gold Series 2007 5.50%, 7/01/35			31		34,758
Series 2005 5.50%, 1/01/35			110		123,966
Federal National Mortgage Association Series 2003 5.50%, 4/01/33-7/01/33			102		114,679
Series 2004 5.50%, 4/01/34-11/01/34			92		102,544
3.50%, 1/01/47, TBA			3,176		3,255,400
4.00%, 10/01/46-11/01/46			1,302		1,375,439
Series 2005 5.50%, 2/01/35			111		124,314
4.00%, 1/01/47, TBA			753		791,591
4.50%, 1/25/47, TBA			2,656		2,855,200
3.50%, 4/01/46			305		312,900
Government National Mortgage Association Series 1994 9.00%, 9/15/24			1		1,419
3.50%, 1/01/47, TBA			885		920,262
3.00%, 1/01/47, TBA			340		344,356
					10,356,828
Total Mortgage Pass-Throughs (cost $11,903,039)					11,912,851
ASSET-BACKED SECURITIES–14.9%
AUTOS–FIXED RATE–8.2%
Ally Auto Receivables Trust Series 2015-2, Class A3 1.49%, 11/15/19			174		174,270
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			259		258,825
Americredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20			124		123,801
ARI Fleet Lease Trust Series 2014-A, Class A2 0.81%, 11/15/22(a)			7		7,286

9

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97%, 2/20/20(a)		U.S.$	288	$	290,992
Series 2016-1A, Class A 2.99%, 6/20/22(a)			100		99,757
Bank of The West Auto Trust Series 2015-1, Class A3 1.31%, 10/15/19(a)			259		258,960
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			112		112,517
Series 2015-2, Class A3 1.31%, 8/15/19			97		96,543
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19			60		60,135
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(a)			168		168,295
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(a)			56		55,585
Series 2014-B, Class A 1.11%, 11/15/18(a)			10		10,000
Enterprise Fleet Financing LLC Series 2014-2, Class A2 1.05%, 3/20/20(a)			64		63,377
Series 2015-1, Class A2 1.30%, 9/20/20(a)			132		131,492
Exeter Automobile Receivables Trust Series 2016-3A, Class A 1.84%, 11/16/20(a)			55		54,346
Series 2016-3A, Class D 6.40%, 7/17/23(a)			100		97,860
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21			165		165,158
Flagship Credit Auto Trust Series 2016-3, Class A1 1.61%, 12/15/19(a)			100		99,697
Series 2016-4, Class D 3.89%, 11/15/22(a)			125		122,981
Ford Credit Auto Owner Trust Series 2012-D, Class B 1.01%, 5/15/18			67		67,220
Series 2014-2, Class A 2.31%, 4/15/26(a)			257		259,087
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			198		199,327
Series 2016-1, Class A1 1.76%, 2/15/21			131		130,796
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18	U.S.$		232	$	232,511
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(a)			128		128,362
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			137		137,131
Hertz Vehicle Financing LLC Series 2013-1A, Class A2 1.83%, 8/25/19(a)			485		481,159
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40%, 11/15/18(a)			126		126,136
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18			128		128,143
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18			202		202,169
Santander Drive Auto Receivables Trust Series 2015-4,Class A2A 1.20%, 12/17/18			6		6,349
Series 2016-3, Class A2 1.34%, 11/15/19			111		110,850
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(a)			41		41,196
Series 2016-2A, Class A2 1.57%, 6/17/19(a)			88		88,076
					4,790,389
CREDIT CARDS–FIXED RATE–2.2%
American Express Credit Account Master Trust Series 2014-2, Class A 1.26%, 1/15/20			161		161,111
Barclays Dryrock Issuance Trust Series 2015-2, Class A 1.56%, 3/15/21			183		182,979
Discover Card Execution Note Trust Series 2015-A2, Class A 1.90%, 10/17/22			242		240,761
Synchrony Credit Card Master Note Trust Series 2012-2, Class A 2.22%, 1/15/22			232		233,764
Series 2015-3, Class A 1.74%, 9/15/21			173		172,985
Series 2016-1, Class A 2.04%, 3/15/22			130		130,349

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
World Financial Network Credit Card Master Trust Series 2016-B, Class A 1.44%, 6/15/22		U.S.$	137	$	136,392
					1,258,341
OTHER ABS–FIXED RATE–1.8%
Ascentium Equipment Receivables Trust Series 2016-1A, Class A2 1.75%, 11/13/18(a)			49		48,822
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21			101		101,057
Series 2015-A, Class A4 1.85%, 4/15/21			134		134,058
Dell Equipment Finance Trust Series 2015-1, Class A3 1.30%, 3/23/20(a)			119		119,026
Series 2015-2, Class A2A 1.42%, 12/22/17(a)			54		53,852
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(a)			92		91,902
SBA Tower Trust 3.156%, 10/15/20(a)			147		147,823
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(a)			109		109,158
Series 2016-3, Class A 3.05%, 12/26/25(a)			119		118,354
Taco Bell Funding LLC Series 2016-1A, Class A2I 3.832%, 5/25/46(a)			129		129,144
					1,053,196
AUTOS–FLOATING RATE–1.4%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.204% (LIBOR 1 Month + 0.50%), 7/15/20(a)(c)			214		214,000
Hertz Fleet Lease Funding LP Series 2013-3, Class A 1.214% (LIBOR 1 Month + 0.55%), 12/10/27(a)(c)			21		20,615
NCF Dealer Floorplan Master Trust Series 2014-1A, Class A 2.239% (LIBOR 1 Month + 1.50%), 10/20/20(a)(c)			197		197,000
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 0.912% (LIBOR 1 Month + 0.35%), 7/22/19(a)(c)			70		69,939
Wells Fargo Dealer Floorplan Master Note Trust Series 2014-1, Class A 1.119% (LIBOR 1 Month + 0.38%), 7/20/19(c)		U.S.$	120	$	120,013
Series 2015-1, Class A 1.239% (LIBOR 1 Month + 0.50%), 1/20/20(c)			227		227,344
					848,911
CREDIT CARDS–FLOATING RATE–1.1%
Cabela’s Credit Card Master Note Trust Series 2014-1, Class A 1.054% (LIBOR 1 Month + 0.35%), 3/16/20(c)			205		205,019
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.054% (LIBOR 1 Month + 0.35%), 8/17/20(c)			263		263,396
World Financial Network Credit Card Master Trust Series 2015-A, Class A 1.184% (LIBOR 1 Month + 0.48%), 2/15/22(c)			150		150,289
					618,704
HOME EQUITY LOANS–FIXED RATE–0.1%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33			68		68,955
HOME EQUITY LOANS–FLOATING RATE–0.1%
Asset Backed Funding Certificates Trust Series 2003-WF1, Class A2 1.881% (LIBOR 1 Month + 1.13%), 12/25/32(c)			35		34,056
Total Asset-Backed Securities (cost $8,671,738)					8,672,552
GOVERNMENTS– TREASURIES–11.5%
UNITED STATES–11.5%
U.S. Treasury Bonds 2.25%, 8/15/46			84		70,629
2.875%, 8/15/45			230		221,330
3.00%, 11/15/45			1,953		1,925,904
3.625%, 2/15/44			65		72,046
5.375%, 2/15/31			121		161,157
6.25%, 5/15/30			386		545,518
U.S. Treasury Notes 0.50%, 4/30/17			1,352		1,351,911
1.125%, 9/30/21			385		371,359

11

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
1.625%, 5/15/26		U.S.$	266	$	248,325
2.00%, 11/15/26			735		706,890
2.25%, 11/15/24–11/15/25			826		816,164
2.50%, 8/15/23			215		218,813
Total Governments–Treasuries (cost $7,133,432)					6,710,046
COMMERCIAL MORTGAGE-BACKED SECURITIES–10.7%
NON-AGENCY FIXED RATE CMBS–8.9%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51			78		79,003
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41			11		11,420
BHMS Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(a)			200		201,973
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(a)			260		266,006
Citigroup Commercial Mortgage Trust Series 2012-GC8, Class D 4.876%, 9/10/45(a)			128		119,582
Series 2015-GC27, Class A5 3.137%, 2/10/48			144		143,465
Series 2016-C1, Class A4 3.209%, 5/10/49			192		191,294
COBALT CMBS Commercial Mortgage Trust Series 2007-C3, Class A4 5.761%, 5/15/46			143		144,841
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(a)			88		86,357
Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class AM 5.687%, 6/15/39			95		95,714
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48			189		197,036
Series 2015-C4, Class A4 3.808%, 11/15/48			150		156,193
DBUBS Mortgage Trust Series 2011-LC1A, Class E 5.685%, 11/10/46(a)			100		104,603
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(a)			246		248,856
GS Mortgage Securities Trust Series 2007-GG10, Class A4 5.793%, 8/10/45			107		107,989
Series 2012-GC6, Class D 5.654%, 1/10/45(a)		U.S.$	157	$	153,005
Series 2013-G1, Class A2 3.557%, 4/10/31(a)			136		135,688
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 5/15/47			57		56,763
Series 2007-LDPX, Class A1A
5.439%, 1/15/49			30		29,941
Series 2011-C5, Class D 5.408%, 8/15/46(a)			100		100,539
Series 2012-C6, Class D 5.142%, 5/15/45			110		114,821
Series 2012-C6, Class E 5.142%, 5/15/45(a)			132		122,397
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class A3 3.801%, 8/15/48			206		214,353
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			44		39,305
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 3/10/49(a)			159		154,041
ML-CFC Commercial Mortgage Trust Series 2007-9, Class A4 5.70%, 9/12/49			852		869,024
SG Commercial Mortgage Securities Trust Series 2016-C5, Class A4 3.055%, 10/10/48			121		117,709
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A4 3.091%, 8/10/49			60		60,924
Series 2012-C4, Class A5 2.85%, 12/10/45			112		113,087
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45			7		7,082
Series 2007-C32, Class A3 5.707%, 6/15/49			122		122,595
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.437%, 12/15/59			85		78,383
Series 2016-NXS6, Class C 4.452%, 11/15/49			100		94,274
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class XA 1.359%, 3/15/45(a)(d)			1,706		88,007

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2013-C14, Class A5 3.337%, 6/15/46		U.S.$	233	$	239,236
Series 2014-C20, Class A2 3.036%, 5/15/47			125		128,204
					5,193,710
NON-AGENCY FLOATING RATE CMBS–1.8%
CGBAM Commercial Mortgage Trust Series 2016-IMC, Class C 4.654% (LIBOR 1 Month + 3.95%), 11/15/21(a)(c)			123		123,090
CSMC Mortgage-Backed Trust Series 2016-MFF, Class D 4.60% (LIBOR 1 Month + 4.60%), 11/15/33(a)(c)			100		100,008
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class A 1.624% (LIBOR 1 Month + 0.92%), 6/15/29(a)(c)			201	$	200,713
Series 2015-SGP, Class A 2.404% (LIBOR 1 Month + 1.70%), 7/15/36(a)(c)			138		138,728
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.754% (LIBOR 1 Month + 1.05%), 4/15/32(a)(c)			47		47,133
Starwood Retail Property Trust Series 2014-STAR, Class A 1.924% (LIBOR 1 Month + 1.22%), 11/15/27(a)(c)			196		194,208
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class A 2.054% (LIBOR 1 Month + 1.35%), 6/15/29(a)(c)			211		211,758
					1,015,638
Total Commercial Mortgage-Backed Securities (cost $6,303,313)					6,209,348
COLLATERALIZED MORTGAGE OBLIGATIONS–8.5%
RISK SHARE FLOATING RATE–6.3%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 7.256% (LIBOR 1 Month + 6.50%), 4/25/26(c)(e)			150		152,034
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M2 3.156% (LIBOR 1 Month + 2.40%), 8/25/24(c)			89		89,233
Series 2014-DN4, Class M3 5.306% (LIBOR 1 Month + 4.55%), 10/25/24(c)		U.S.$	250	$	267,494
Series 2014-HQ3, Class M2 3.406% (LIBOR 1 Month + 2.65%), 10/25/24(c)			126		127,042
Series 2015-DNA1, Class M3 4.056% (LIBOR 1 Month + 3.30%), 10/25/27(c)			250		261,699
Series 2015-DNA3, Class M3 5.456% (LIBOR 1 Month + 4.70%), 4/25/28(c)			250		269,313
Series 2015-HQA1, Class M2 3.406% (LIBOR 1 Month + 2.65%), 3/25/28(c)			231		235,415
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M1 1.956% (LIBOR 1 Month + 1.20%), 7/25/24(c)			21		21,106
Series 2014-C04, Class 1M2 5.656% (LIBOR 1 Month + 4.90%), 11/25/24(c)			169		184,593
Series 2014-C04, Class 2M2 5.756% (LIBOR 1 Month + 5.00%), 11/25/24(c)			65		70,439
Series 2015-C01, Class 1M2 5.056% (LIBOR 1 Month + 4.30%), 2/25/25(c)			94		98,839
Series 2015-C01, Class 2M2 5.306% (LIBOR 1 Month + 4.55%), 2/25/25(c)			91		95,708
Series 2015-C02, Class 1M2 4.756% (LIBOR 1 Month + 4.00%), 5/25/25(c)			113		117,869
Series 2015-C02, Class 2M2 4.756% (LIBOR 1 Month + 4.00%), 5/25/25(c)			130		135,670
Series 2015-C03, Class 1M1 2.256% (LIBOR 1 Month + 1.50%), 7/25/25(c)			17		17,158
Series 2015-C03, Class 1M2 5.756% (LIBOR 1 Month + 5.00%), 7/25/25(c)			130		140,144
Series 2015-C03, Class 2M2 5.756% (LIBOR 1 Month + 5.00%), 7/25/25(c)			105		112,760
Series 2015-C04, Class 1M2 6.456% (LIBOR 1 Month + 5.70%), 4/25/28(c)			145		160,619
Series 2015-C04, Class 2M2 6.306% (LIBOR 1 Month + 5.55%), 4/25/28(c)			138		149,948
Series 2016-C01, Class 1M2 7.506% (LIBOR 1 Month + 6.75%), 8/25/28(c)			160		185,067

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2016-C01, Class 2M2 7.706% (LIBOR 1 Month + 6.95%), 8/25/28(c)		U.S.$	92	$	105,942
Series 2016-C02, Class 1M2 6.756% (LIBOR 1 Month + 6.00%), 9/25/28(c)			130		145,309
Series 2016-C03, Class 2M2 6.656% (LIBOR 1 Month + 5.90%), 10/25/28(c)			148		163,779
Series 2016-C05, Class 2M2 5.206% (LIBOR 1 Month + 4.45%), 1/25/29(c)			159		165,064
Series 2016-C06, Class 1M2 5.006% (LIBOR 1 Month + 4.25%), 4/25/29(c)			52		53,546
Series 2016-C07, Class 2M2 5.106% (LIBOR 1 Month + 4.35%), 4/25/29(c)			94		96,536
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.006% (LIBOR 1 Month + 5.25%), 11/25/25(c)(e)			48		48,150
Series 2015-WF1, Class 2M2 6.256% (LIBOR 1 Month + 5.50%), 11/25/25(c)(e)			20		20,410
					3,690,886
NON-AGENCY FIXED RATE–1.4%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35			25		22,825
Series 2005-57CB, Class 4A3 5.50%, 12/25/35			52		44,575
Series 2006-23CB, Class 1A7 6.00%, 8/25/36			31		29,130
Series 2006-24CB, Class A16 5.75%, 6/25/36			91		77,968
Series 2006-28CB, Class A14 6.25%, 10/25/36			63		51,444
Series 2006-9T1, Class A1 5.75%, 5/25/36			39		30,060
Series 2006-J1, Class 1A13 5.50%, 2/25/36			54		46,985
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			30		24,386
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 2.967%, 5/25/35			67		62,751
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			48		40,865
Series 2006-13, Class 1A19 6.25%, 9/25/36			25		21,417
Series 2007-HYB2, Class 3A1 3.141%, 2/25/47			109		89,662
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36		U.S.$	85	$	68,990
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.235%, 7/25/36			167		138,263
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37			42		36,803
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37			28		27,860
					813,984
AGENCY FLOATING RATE–0.4%
Federal National Mortgage Association REMICs Series 2015-48, Class SA 5.444% (6.20%–LIBOR 1 Month), 7/25/45(c)(f)			339		72,402
Government National Mortgage Association Series 2016-108, Class SA 5.361% (6.10%–LIBOR 1 Month), 8/20/46(c)(f)			406		78,846
Series 2016-108, Class SM 5.361% (6.10%–LIBOR 1 Month), 8/20/46(c)(f)			355		88,184
					239,432
NON-AGENCY FLOATING RATE–0.3%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.946% (LIBOR 1 Month + 0.19%), 12/25/36(c)			172		106,730
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.006% (LIBOR 1 Month + 0.25%), 3/25/35(c)			70		58,455
					165,185
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 1.199%, 5/28/35			50		44,456
Total Collateralized Mortgage Obligations (cost $4,874,141)					4,953,943
INFLATION-LINKED SECURITIES–7.7%
UNITED STATES–7.7%
U.S. Treasury Inflation Index 0.125%, 4/15/18-4/15/19 (TIPS)			3,081		3,118,342

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
0.25%, 1/15/25 (TIPS)		U.S.$	639	$	628,306
0.375%, 7/15/25 (TIPS)			720		715,710
Total Inflation-Linked Securities (cost $4,473,916)					4,462,358
CORPORATES–NON-INVESTMENT GRADE–4.1%
Industrial–2.5%
CAPITAL GOODS–0.1%
SPX FLOW, Inc. 5.625%, 8/15/24(a)			21		21,158
5.875%, 8/15/26(a)			21		21,000
					42,158
COMMUNICATIONS–MEDIA–0.3%
Arqiva Broadcast Finance PLC 9.50%, 3/31/20(a)		GBP	100		130,827
CSC Holdings LLC 6.75%, 11/15/21		U.S.$	30		32,250
					163,077
COMMUNICATIONS– TELECOMMUNICATIONS–0.9%
CenturyLink, Inc. Series S 6.45%, 6/15/21			46		48,415
Series Y 7.50%, 4/01/24			42		44,100
SFR Group SA 5.375%, 5/15/22(a)		EUR	120		132,318
Sprint Capital Corp. 6.90%, 5/01/19		U.S.$	210		222,338
Windstream Services LLC 6.375%, 8/01/23			80		71,400
					518,571
CONSUMER CYCLICAL–OTHER–0.1%
KB Home 4.75%, 5/15/19			63		64,260
CONSUMER CYCLICAL–RETAILERS–0.1%
Hanesbrands, Inc. 4.625%, 5/15/24(a)			39		37,830
CONSUMER NON-CYCLICAL–0.4%
First Quality Finance Co., Inc. 4.625%, 5/15/21(a)			85		84,150
Lamb Weston Holdings, Inc. 4.625%, 11/01/24(a)			16		16,040
4.875%, 11/01/26(a)			16		15,830
Voyage Care Bondco PLC 6.50%, 8/01/18(a)		GBP	100		124,534
					240,554
ENERGY–0.4%
Cenovus Energy, Inc. 3.00%, 8/15/22		U.S.$	12		11,601
5.70%, 10/15/19			36		38,511
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25(a)		GBP	70	$	71,422
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43		U.S.$	68		48,302
Sabine Pass Liquefaction LLC 5.00%, 3/15/27(a)			80		80,700
SM Energy Co. 6.50%, 1/01/23			9		9,146
					259,682
Technology–0.1%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24(a)		U.S.$	69		76,602
Transportation–Services–0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(a)			52		48,490
					1,451,224
FINANCIAL INSTITUTIONS–1.5%
BANKING–1.3%
Bank of America Corp. Series Z 6.50%, 10/23/24(b)			49		51,205
Barclays Bank PLC 6.86%, 6/15/32(a)(b)			29		32,625
7.75%, 4/10/23			200		210,280
Intesa Sanpaolo SpA 5.017%, 6/26/24(a)			202		186,685
Lloyds Banking Group PLC 7.50%, 6/27/24(b)			200		206,000
Royal Bank of Scotland PLC (The) 9.50%, 3/16/22(a)			12		12,186
Standard Chartered PLC 6.409%, 1/30/27(a)(b)			100		76,500
					775,481
FINANCE–0.2%
Navient Corp. 6.625%, 7/26/21			95		100,462
					875,943
NON CORPORATE SECTORS–0.1%
AGENCIES–NOT GOVERNMENT GUARANTEED–0.1%
NOVA Chemicals Corp. 5.25%, 8/01/23(a)			74		74,740
Total Corporates–Non-Investment Grade (cost $2,545,034)					2,401,907
AGENCIES–2.7%
AGENCY DEBENTURES–2.7%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,462,854)			1,677		1,570,713

15

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS–TREASURIES–1.3%
BRAZIL–1.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/17-1/01/27 (cost $771,598)		BRL	2,625	$	767,686
GOVERNMENTS–SOVEREIGN AGENCIES–1.1%
BRAZIL–0.2%
Petrobras Global Finance BV 5.75%, 1/20/20		U.S.$	147		148,837
COLOMBIA–0.1%
Ecopetrol SA 5.875%, 5/28/45			57		49,519
GERMANY–0.1%
Landwirtschaftliche Rentenbank 5.125%, 2/01/17			70		70,205
ISRAEL–0.4%
Israel Electric Corp. Ltd. Series 6 5.00%, 11/12/24(a)			200		208,114
UNITED KINGDOM–0.3%
Royal Bank of Scotland Group PLC 7.50%, 8/10/20(b)			200		189,500
Total Governments–Sovereign Agencies (cost $673,106)					666,175
QUASI-SOVEREIGNS–0.6%
QUASI-SOVEREIGN BONDS–0.6%
CHILE–0.4%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(a)			210		221,324
MEXICO–0.2%
Petroleos Mexicanos 4.625%, 9/21/23(a)			120		116,736
Total Quasi-Sovereigns (cost $328,802)					338,060
LOCAL GOVERNMENTS–MUNICIPAL BONDS–0.5%
UNITED STATES–0.5%
State of California Series 2010 7.625%, 3/01/40 (cost $203,129)			200		295,904
GOVERNMENTS–SOVEREIGN BONDS–0.4%
MEXICO–0.1%
Mexico Government International Bond Series G 5.95%, 3/19/19			42		45,381
QATAR–0.3%
Qatar Government International Bond 2.375%, 6/02/21(a)			200		195,750
Total Governments–Sovereign Bonds (cost $243,581)				$	241,131
	Shares
PREFERRED STOCKS–0.2%
Financial Institutions–0.2%
REITS–0.2%
Sovereign Real Estate Investment Trust 12.00%(a) (cost $87,658)			93		118,529
	Principal Amount (000)
EMERGING MARKETS–CORPORATE BONDS–0.2%
INDUSTRIAL–0.2%
CAPITAL GOODS–0.2%
Odebrecht Finance Ltd. 7.125%, 6/26/42(a) (cost $58,553)		U.S.$	200		116,500
	Notional Amount (000)
OPTIONS PURCHASED–PUTS–0.0%
SWAPTIONS–0.0%
IRS Swaption RTP, Goldman Sachs International Expiration: Mar 2017, Exercise Rate: 0.37%(g) (cost $4,886)		JPY	324,000		5,538
	Principal Amount (000)
SHORT-TERM INVESTMENTS–6.9%
Governments–Treasuries–4.7%
JAPAN–4.7%
Japan Treasury Discount Bill Series 647 Zero Coupon, 2/27/17 (cost $2,845,121)		JPY	320,000		2,739,208
TIME DEPOSIT–2.2%
State Street Time Deposit 0.01%, 1/03/17 (cost $1,253,100)		U.S.$	1,253		1,253,100
Total Short-Term Investments (cost $4,098,221)					3,992,308
TOTAL INVESTMENTS–115.5% (cost $67,264,284)					67,252,210
Other assets less liabilities–(15.5)%					(9,040,288	)
NET ASSETS–100.0%				$	58,211,922

16

AB Variable Products Series Fund

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at December 31, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Japan Bond (OSE) Futures		3		March 2017	$	3,859,268	$	3,856,428	$	(2,840	)
U.S. T-Note 5 Yr (CBT) Futures		78		March 2017		9,216,912		9,177,797		(39,115	)
U.S. Ultra Bond (CBT) Futures		14		March 2017		2,260,297		2,243,500		(16,797	)
Sold Contracts
U.S. T-Note 2 Yr (CBT) Futures		17		March 2017		3,686,855		3,683,688		3,167
U.S. T-Note 10 Yr (CBT) Futures		17		March 2017		2,123,246		2,112,781		10,465
									$	(45,120	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
BNP Paribas SA		JPY	320,183		USD	2,844		1/23/17	$	100,915
BNP Paribas SA		USD	183		COP	551,529		3/03/17		(1,099	)
Citibank, NA		BRL	1,529		USD	469		1/04/17		(634	)
Citibank, NA		USD	465		BRL	1,529		1/04/17		4,504
Citibank, NA		BRL	1,529		USD	461		2/02/17		(4,716	)
Citibank, NA		KRW	240,509		USD	205		3/14/17		5,809
Goldman Sachs Bank USA		BRL	2,163		USD	567		1/04/17		(97,552	)
Goldman Sachs Bank USA		USD	654		BRL	2,163		1/04/17		10,671
Goldman Sachs Bank USA		BRL	1,082		USD	322		1/06/17		(10,388	)
Goldman Sachs Bank USA		CAD	1,587		USD	1,189		2/03/17		6,378
Goldman Sachs Bank USA		USD	204		IDR	2,751,916		3/14/17		(2,660	)
HSBC Bank USA		BRL	1,098		USD	320		1/04/17		(17,517	)
HSBC Bank USA		USD	337		BRL	1,098		1/04/17		456
HSBC Bank USA		SGD	854		USD	599		3/14/17		9,287
State Street Bank & Trust Co.		BRL	431		USD	128		1/04/17		(4,644	)
State Street Bank & Trust Co.		USD	117		MXN	2,377		1/11/17		(2,096	)
State Street Bank & Trust Co.		AUD	437		USD	330		1/19/17		15,067
State Street Bank & Trust Co.		GBP	209		USD	261		1/20/17		3,148
State Street Bank & Trust Co.		EUR	366		USD	393		1/25/17		7,557
State Street Bank & Trust Co.		USD	309		CAD	415		2/03/17		239
UBS AG		TWD	6,546		USD	204		3/10/17		2,358
									$	25,083

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		Counter Party		Strike Rate			Expiration Date		Notional Amount (000)		Premiums		Market Value
Put - OTC-1 Year Interest Rate Swap		3 Month LIBOR		Citibank, NA		2.39	%		3/21/17	$	982	$	3,732		$  (2,073)
Put - OTC-1 Year Interest Rate Swap		3 Month LIBOR		Deutsche Bank AG		2.40			3/20/17		954		3,720		(1,886)
Put - OTC-1 Year Interest Rate Swap		3 Month LIBOR		Deutsche Bank AG		2.41			3/20/17		954		3,625		(1,847)
												$	11,077		$  (5,806)

17

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00	%		3.09	%	$	849	$	59,399	$	57,594

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

						Rate Type
Clearing Broker /(Exchange)		Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(CME Group)	NOK		28,310		5/12/18	0.954%	6 Month NIBOR	$	(1,770	)
Morgan Stanley & Co., LLC/(CME Group)	MXN		10,290		12/12/18	4 Week TIIE	6.84%		(3,076	)
Morgan Stanley & Co., LLC/(CME Group)			6,860		12/13/18	4 Week TIIE	6.845%		(2,034	)
Morgan Stanley & Co., LLC/(CME Group)			6,160		12/17/18	4 Week TIIE	7.035%		(901	)
Morgan Stanley & Co., LLC/(CME Group)		$	1,300		8/31/21	1.256%	3 Month LIBOR		35,409
Morgan Stanley & Co., LLC/(CME Group)			530		1/14/24	2.98%	3 Month LIBOR		(34,467	)
Morgan Stanley & Co., LLC/(CME Group)			650		4/28/24	2.817%	3 Month LIBOR		(29,778	)
Morgan Stanley & Co., LLC/(CME Group)			740		11/10/25	2.256%	3 Month LIBOR		1,419
Morgan Stanley & Co., LLC/(CME Group)			80		6/28/26	1.46%	3 Month LIBOR		6,138
Morgan Stanley & Co., LLC/(CME Group)	NZD		890		7/28/26	3 Month BKBM	2.473%		(45,875	)
Morgan Stanley & Co., LLC/(CME Group)	MXN		2,540		12/02/26	7.762%	4 Week TIIE		1,277
Morgan Stanley & Co., LLC/(CME Group)			1,690		12/03/26	7.76%	4 Week TIIE		865
Morgan Stanley & Co., LLC/(CME Group)			1,550		12/07/26	7.83%	4 Week TIIE		464
Morgan Stanley & Co., LLC/(CME Group)		$	200		12/21/26	3 Month LIBOR	2.497%		2,480
Morgan Stanley & Co., LLC/(LCH Group)	NOK		8,480		8/01/18	0.96%	6 Month NIBOR		5,037
Morgan Stanley & Co., LLC/(LCH Group)			2,200		8/04/18	1.008%	6 Month NIBOR		1,119
Morgan Stanley & Co., LLC/(LCH Group)			9,430		8/11/18	1.076%	6 Month NIBOR		3,323

18

AB Variable Products Series Fund

						Rate Type
Clearing Broker /(Exchange)		Notional Amount (000)		Termination Date		Payments made by the Fund	Payments received by the Fund	Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., LLC/(LCH Group)	NZD		1,640		12/21/21	3 Month BKBM	3.059%	$	1,037
Morgan Stanley & Co., LLC/(LCH Group)		$	270		11/07/26	1.675%	3 Month LIBOR		15,557
Morgan Stanley & Co., LLC/(LCH Group)			200		11/08/26	1.657%	3 Month LIBOR		11,858
Morgan Stanley & Co., LLC/(LCH Group)			200		11/09/26	1.672%	3 Month LIBOR		11,597
								$	(20,321	)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00)	%		0.75	%	$	58	$	(5,414)	$	2,297	$	(7,711)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00)			1.89			98		(7,251)		(2,970)		(4,281)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00)			1.89			112		(8,286)		(3,519)		(4,767)
Credit Suisse International
CDX-CMBX.NA.BBB Series 7, 1/17/47*		(3.00)			4.02			350		19,710		23,649		(3,939)
Sale Contracts
Credit Suisse International
Anadarko Petroleum Corp., 6.95%, 6/15/19, 9/20/17*		1.00			0.23			270		1,578		(1,363)		2,941
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			94		(5,294)		(6,498)		1,204
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			28		(1,577)		(2,069)		492
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			350		(19,711)		(21,645)		1,934
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			318		(17,919)		(13,901)		(4,018)
Deutsche Bank AG
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			132		(7,434)		(9,886)		2,452
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			8		(450)		(490)		40
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			85		(4,787)		(7,471)		2,684

19

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at December 31, 2016			Notional Amount (000)		Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Goldman Sachs International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00	%		4.19	%	$	185	$	(10,419)	$	(15,113)	$	4,694
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			246		(13,854)		(12,856)		(998)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			125		(7,040)		(10,634)		3,594
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.19			35		(1,971)		(2,637)		666
									$	(90,119)	$	(85,106)	$	(5,013)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the aggregate market value of these securities amounted to $11,455,367 or 19.7% of net assets.

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

(c) Floating Rate Security. Stated interest/floor rate was in effect at December 31, 2016.

(d) IO—Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.38% of net assets as of December 31, 2016, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 7.256%, 4/25/26		4/29/16	$	150,000	$	152,034		0.26	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M 26.006%, 11/25/25		9/28/15		48,005		48,150		0.08	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M 26.256%, 11/25/25		9/28/15		20,439		20,410		0.04	%

(f) Inverse interest only security.

(g) Non-income producing security.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

COP—Colombian Peso

EUR—Euro

GBP—Great British Pound

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

20

AB Variable Products Series Fund

Glossary:

ABS—Asset-Backed Securities

BKBM—Bank Bill Benchmark (New Zealand)

CBT—Chicago Board of Trade

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

CDX-NAHY—North American High Yield Credit Default Swap Index

CMBS—Commercial Mortgage-Backed Securities

CME—Chicago Mercantile Exchange

INTRCONX—Inter-Continental Exchange

IRS—Interest Rate Swaption

LCH—London Clearing House

LIBOR—London Interbank Offered Rates

NIBOR—Norwegian Interbank Offered Rate

OSE—Osaka Securities Exchange

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

RTP—Right To Pay

TBA—To Be Announced

TIIE—Banco de México Equilibrium Interbank Interest Rate

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

21

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $67,264,284)	$	67,252,210
Cash collateral due from broker		302,328
Foreign currencies, at value (cost $314)		513
Interest receivable		329,860
Unrealized appreciation on forward currency exchange contracts		166,389
Due from custodian		165,123
Receivable for capital stock sold		43,495
Upfront premium paid on credit default swaps		25,946
Unrealized appreciation on credit default swaps		20,701
Receivable for variation margin on exchange-traded derivatives		19,202
Receivable for investment securities sold and foreign currency transactions		7,525
Total assets		68,333,292
LIABILITIES
Due to custodian		5,243
Swaptions written, at value (premiums received $11,077)		5,806
Payable for investment securities purchased		9,653,028
Unrealized depreciation on forward currency exchange contracts		141,306
Upfront premium received on credit default swaps		111,052
Unrealized depreciation on credit default swaps		25,714
Advisory fee payable		22,051
Administrative fee payable		13,055
Payable for variation margin on exchange-traded derivatives		5,765
Transfer Agent fee payable		5,267
Distribution fee payable		3,363
Payable for capital stock redeemed		2,361
Accrued expenses		127,359
Total liabilities		10,121,370
NET ASSETS	$	58,211,922
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,481
Additional paid-in capital		55,933,879
Undistributed net investment income		1,728,835
Accumulated net realized gain on investment and foreign currency transactions		539,154
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		4,573
	$	58,211,922

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	42,182,715		3,960,603	$	10.65
B	$	16,029,207		1,520,808	$	10.54

See notes to financial statements.

22

INTERMEDIATE BOND PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	2,123,745
Dividends		13,917
Other income(a)		165,123
		2,302,785
EXPENSES
Advisory fee (see Note B)		282,594
Distribution fee—Class B		41,580
Transfer agency—Class A		8,787
Transfer agency—Class B		3,274
Custodian		150,181
Audit and tax		80,529
Administrative		49,317
Legal		32,629
Printing		27,754
Directors’ fees		24,565
Miscellaneous		9,077
Total expenses		710,287
Net investment income		1,592,498
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		494,828
Futures		276,171
Options written		1,830
Swaptions written		(2,553	)
Swaps		(17,556	)
Foreign currency transactions		(27,448	)
Net change in unrealized appreciation/depreciation of:
Investments		585,840
Futures		(66,513	)
Swaptions written		5,271
Swaps		136,273
Foreign currency denominated assets and liabilities		(6,890	)
Net gain on investment and foreign currency transactions		1,379,253
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,971,751

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

23

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,592,498		$	1,704,463
Net realized gain on investment and foreign currency transactions		725,272			1,313,401
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		653,981			(2,946,458	)
Net increase in net assets from operations		2,971,751			71,406
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(1,406,468	)		(1,846,751	)
Class B		(466,376	)		(628,301	)
Net realized gain on investment transactions
Class A		(589,257	)		(1,514,588	)
Class B		(215,377	)		(559,008	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(7,317,811	)		(6,615,195	)
Total decrease		(7,023,538	)		(11,092,437	)
NET ASSETS
Beginning of period		65,235,460			76,327,897
End of period (including undistributed net investment income of $1,728,835 and $1,849,867, respectively)	$	58,211,922		$	65,235,460

See notes to financial statements.

24

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Intermediate Bond Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

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

25

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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. In addition, non-agency rated investments are 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 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.

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

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

26

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

$

–0

–

$

13,816,661

$

–0

–

$

13,816,661

Mortgage Pass-Throughs

–0

–

11,912,851

–0

–

11,912,851

Asset-Backed Securities

–0

–

7,973,160

699,392

8,672,552

Governments—Treasuries

–0

–

6,710,046

–0

–

6,710,046

Commercial Mortgage-Backed Securities

–0

–

4,708,452

1,500,896

6,209,348

Collateralized Mortgage Obligations

–0

–

4,953,943

–0

–

4,953,943

Inflation-Linked Securities

–0

–

4,462,358

–0

–

4,462,358

Corporates—Non-Investment Grade

–0

–

2,401,907

–0

–

2,401,907

Agencies

–0

–

1,570,713

–0

–

1,570,713

Emerging Markets—Treasuries

–0

–

767,686

–0

–

767,686

Governments—Sovereign Agencies

–0

–

666,175

–0

–

666,175

Quasi-Sovereigns

–0

–

338,060

–0

–

338,060

Local Governments—Municipal Bonds

–0

–

295,904

–0

–

295,904

Governments—Sovereign Bonds

–0

–

241,131

–0

–

241,131

Preferred Stocks

–0

–

118,529

–0

–

118,529

Emerging Markets—Corporate Bonds

–0

–

116,500

–0

–

116,500

Options Purchased—Puts

–0

–

5,538

–0

–

5,538

Short-Term Investments:

Governments—Treasuries

–0

–

2,739,208

–0

–

2,739,208

Time Deposits

–0

–

1,253,100

–0

–

1,253,100

Total Investments in Securities

–0

–

65,051,922

2,200,288

67,252,210

Other Financial Instruments(a):

Assets:

Futures

13,632

–0

–

–0

–

13,632

(b)

Forward Currency Exchange Contracts

–0

–

166,389

–0

–

166,389

Centrally Cleared Credit Default Swaps

–0

–

57,594

–0

–

57,594

(b)

Centrally Cleared Interest Rate Swaps

–0

–

97,580

–0

–

97,580

(b)

Credit Default Swaps

–0

–

20,701

–0

–

20,701

Liabilities:

Futures

(58,752

)

–0

–

–0

–

(58,752

)(b)

Forward Currency Exchange Contracts

–0

–

(141,306

)

–0

–

(141,306

)

Interest Rate Swaptions Written

–0

–

(5,806

)

–0

–

(5,806

)

Centrally Cleared Interest Rate Swaps

–0

–

(117,901

)

–0

–

(117,901

)(b)

Credit Default Swaps

–0

–

(25,714

)

–0

–

(25,714

)

Total(c)

$

(45,120

)

$

65,103,459

$

2,200,288

$

67,258,627

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

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments.

(c) There were no transfers between Level 1 and Level 2 during the reporting period.

27

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Asset- Backed Securities			Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/15	$	1,050,365		$	742,820		$	3,618,583
Accrued discounts/(premiums)		43			(1,474	)		279
Realized gain (loss)		91			(4,621	)		14,341
Change in unrealized appreciation/depreciation		3,128			(33,915	)		4,166
Purchases/Payups		503,939			930,171			–0	–
Sales/Paydowns		(404,316	)		(132,085	)		(146,205	)
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		(453,858	)		–0	–		(3,491,164	)
Balance as of 12/31/16	$	699,392		$	1,500,896		$	–0	–
Net change in unrealized appreciation/depreciation from investments held as of 12/31/16(b)	$	3,063		$	(33,915	)	$	–0	–
	Total
Balance as of 12/31/15	$	5,411,768
Accrued discounts/(premiums)		(1,152	)
Realized gain (loss)		9,811
Change in unrealized appreciation/depreciation		(26,621	)
Purchases/Payups		1,434,110
Sales/Paydowns		(682,606	)
Transfers in to Level 3		–0	–
Transfers out of Level 3		(3,945,022	)(a)
Balance as of 12/31/16	$	2,200,288
Net change in unrealized appreciation/depreciation from investments held as of 12/31/16(b)	$	(30,852	)

^(a)  An amount of $3,945,022 was transferred out of Level 3 into Level 2 as improved transparency of price inputs has increased the observability of such inputs during the reporting period.

^(b)  The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) on investments and other financial instruments in the accompanying statement of operations.

As of December 31, 2016, all Level 3 securities were priced by third party vendors.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing

28

AB Variable Products Series Fund

Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

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.

29

INTERMEDIATE BOND 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 .45% of the first $2.5 billion, .40% of the next $2.5 billion and .35% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,317.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $3,042, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C : Distribution Plan

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

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

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

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

NOTE D : Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	10,499,823	$	14,927,346
U.S. government securities		94,552,612		87,429,229

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding futures, swaps and foreign currency transactions) are as follows:

Cost	$	67,282,322
Gross unrealized appreciation	$	1,258,296
Gross unrealized depreciation		(1,288,408	)
Net unrealized depreciation	$	(30,112	)

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.

30

AB Variable Products Series Fund

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

• Futures

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

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

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

During the year ended December 31, 2016, 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 foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

31

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

During the year ended December 31, 2016, the Portfolio held purchased options for hedging purposes. During the year ended December 31, 2016, the Portfolio held written options for hedging purposes.

During the year ended December 31, 2016, the Portfolio held written swaptions for hedging purposes.

For the year ended December 31, 2016, the Portfolio had the following transactions in written options:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/15		–0	–	$	–0	–
Options written		56,742,600			7,301
Options assigned		(56,742,000	)		(2,531	)
Options expired		(300	)		(2,520	)
Options bought back		(300	)		(2,250	)
Options exercised		–0	–		–0	–
Options written outstanding as of 12/31/16		–0	–	$	–0	–

	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/15	$	–0	–	$	–0	–
Swaptions written		4,320,000			13,794
Swaptions assigned		–0	–		–0	–
Swaptions expired		–0	–		–0	–
Swaptions bought back		(1,430,000	)		(2,717	)
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 12/31/16	$	2,890,000		$	11,077

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies, as described below under “Currency Transactions”. A swap is an agreement that

32

AB Variable Products Series Fund

obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. The payment flows are usually netted against each other, with the difference being paid by one party to the other. In addition, collateral may be pledged or received by the Portfolio in accordance with the terms of the respective swaps to provide value and recourse to the Portfolio or its counterparties in the event of default, bankruptcy or insolvency by one of the parties to the swap.

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

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

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

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

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

33

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

During the year ended December 31, 2016, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

Inflation swaps are contracts in which one party agrees to pay the cumulative percentage increase in a price index (the Consumer Price Index with respect to CPI swaps) over the term of the swap (with some lag on the inflation index), and the other pays a compounded fixed rate. Inflation swaps may be used to protect the net asset value, or NAV, of a Portfolio against an unexpected change in the rate of inflation measured by an inflation index since the value of these agreements is expected to increase if unexpected inflation increases.

During the year ended December 31, 2016, the Portfolio held inflation (CPI) swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same reference obligation with the same counterparty. As of December 31, 2016, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

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

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

During the year ended December 31, 2016, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio

34

AB Variable Products Series Fund

typically may offset with the 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	111,212	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	176,653	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		57,594	*	Receivable/Payable for variation margin on exchange-traded derivatives
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		166,389		Unrealized depreciation on forward currency exchange contracts		141,306
Interest rate contracts	Investments in securities, at value		5,538
Interest rate contracts					Swaptions written, at value		5,806
Credit contracts	Unrealized appreciation on credit default swaps		20,701		Unrealized depreciation on credit default swaps		25,714
Total		$	361,434			$	349,479

* Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative appreciation/(depreciation) of exchange-traded derivatives 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	$	276,171		$	(66,513	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(47,617	)		23,333

35

INTERMEDIATE BOND 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 investment transactions; Net change in unrealized appreciation/depreciation of investments	$	(4,782	)	$	652
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(4,050	)		–0	–
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		(2,553	)		5,271
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		1,830			–0	–
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(67,893	)		139,987
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		50,337			(3,714	)
Total		$	201,443		$	99,016

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Futures:
Average original value of buy contracts	$	17,204,764
Average original value of sale contracts	$	7,783,812
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	1,788,072
Average principal amount of sale contracts	$	5,745,329
Purchased Options:
Average monthly cost	$	6,267	(a)
Interest Rate Swaps:
Average notional amount	$	2,475,714	(b)
Inflation Swaps:
Average notional amount	$	1,120,000	(c)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	23,923,429
Credit Default Swaps:
Average notional amount of buy contracts	$	402,615
Average notional amount of sale contracts	$	908,624
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	899,280

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

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

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

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AB Variable Products Series Fund

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty	Derivative Assets Subject to a MA			Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Goldman Sachs & Co.*	$	19,202		$	–0	–	$	–0	–	$	–0	–	$	19,202
Total	$	19,202		$	–0	–	$	–0	–	$	–0	–	$	19,202
OTC Derivatives:
BNP Paribas SA	$	100,915		$	(1,099	)	$	–0	–	$	–0	–	$	99,816
Citibank, NA		10,313			(10,313	)		–0	–		–0	–		–0	–
Credit Suisse International		21,288			(21,288	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA/Goldman Sachs International		22,587			(22,587	)		–0	–		–0	–		–0	–
HSBC Bank USA		9,743			(9,743	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		26,011			(6,740	)		–0	–		–0	–		19,271
UBS AG		2,358	��		–0	–		–0	–		–0	–		2,358
Total	$	193,215		$	(71,770	)	$	–0	–	$	–0	–	$	121,445	^

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged**			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., LLC*	$	5,765	$	–0	–	$	(5,765	)	$	–0	–	$	–0	–
Total	$	5,765	$	–0	–	$	(5,765	)	$	–0	–	$	–0	–
OTC Derivatives:
BNP Paribas SA	$	1,099	$	(1,099	)	$	–0	–	$	–0	–	$	–0	–
Citibank, NA		28,374		(10,313	)		–0	–		–0	–		18,061
Credit Suisse International		44,501		(21,288	)		–0	–		–0	–		23,213
Deutsche Bank AG		16,404		–0	–		–0	–		–0	–		16,404
Goldman Sachs Bank USA/Goldman Sachs International		141,913		(22,587	)		–0	–		–0	–		119,326
HSBC Bank USA		17,517		(9,743	)		–0	–		–0	–		7,774
Morgan Stanley Capital Services LLC		1,971		–0	–		–0	–		–0	–		1,971
State Street Bank & Trust Co.		6,740		(6,740	)		–0	–		–0	–		–0	–
Total	$	258,519	$	(71,770	)	$	–0	–	$	–0	–	$	186,749	^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at December 31, 2016.

** The actual collateral received/pledged is 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.

37

INTERMEDIATE BOND 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).

3. TBA and Dollar Rolls

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

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2016, the Portfolio earned drop income of $70,494 which is included in interest income in the accompanying statement of operations.

4. Reverse Repurchase Agreements

The Portfolio may enter into reverse repurchase transactions (“RVP”) in accordance with the terms of a Master Repurchase Agreement (“MRA”), under which the Portfolio sells securities and agrees to repurchase them at a mutually agreed upon date and price. At the time the Portfolio enters into a reverse repurchase agreement, it will establish a segregated account with the custodian containing liquid assets having a value comparable to the repurchase price. Under the MRA and other Master Agreements, the Portfolio is permitted to offset payables and/or receivables with collateral held and/or posted to the counterparty and create one single net payment due to or from the Portfolio in the event of a default. In the event of a default by a MRA counterparty, the Portfolio may be considered an unsecured creditor with respect to any excess collateral (collateral with a market value in excess of the repurchase price) held by and/or posted to the counterparty, and as such the return of such excess collateral may be delayed or denied. For the year ended December 31, 2016, the Portfolio had no transactions in reverse repurchase agreements.

NOTE E : Capital Stock

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

	Shares						Amount
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		137,696			195,721		$	1,484,595		$	2,249,979
Shares issued in reinvestment of dividends and distributions		183,938			314,732			1,995,725			3,361,339
Shares redeemed		(832,622	)		(1,002,381	)		(9,095,889	)		(11,220,799	)
Net decrease		(510,988	)		(491,928	)	$	(5,615,569	)	$	(5,609,481	)

38

AB Variable Products Series Fund

	Shares						Amount
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class B
Shares sold		143,982			68,692		$	1,560,346		$	754,645
Shares issued in reinvestment of dividends and distributions		63,478			112,222			681,753			1,187,309
Shares redeemed		(366,495	)		(268,223	)		(3,944,341	)		(2,947,668	)
Net decrease		(159,035	)		(87,309	)	$	(1,702,242	)	$	(1,005,714	)

At December 31, 2016, certain shareholders of the Portfolio owned 82% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE F : Risks Involved in Investing in the Portfolio

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (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, negative perceptions of the junk bond market generally and less secondary market liquidity.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio’s assets can decline as can the real value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio’s invests a significant portion of its assets in fixed-income securities with longer maturities.

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

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

Prepayment Risk—The value of mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some of these securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments associated with these securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

39

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Leverage Risk—When the Portfolio borrows money or otherwise leverages its portfolio, 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 contracts 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.

Liquidity Risk—Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Over recent years liquidity risk has also increased because the capacity of dealers in the secondary market for fixed-income securities to make markets in these securities has decreased, even as the overall bond market has grown significantly, due to, among other things, structural changes, additional regulatory requirements and capital and risk restraints that have led to reduced inventories. Liquidity risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016			2015
Distributions paid from:
Ordinary income	$	2,677,478		$	3,320,511
Net long-term capital gains		–0	–		1,228,137
Total taxable distributions paid	$	2,677,478		$	4,548,648

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,774,670
Undistributed capital gains		527,150
Accumulated capital and other losses		(12,239	)(a)
Unrealized appreciation/(depreciation)		(17,019	)(b)
Total accumulated earnings/(deficit)	$	2,272,562

(a) As of December 31, 2016, the Portfolio had cumulative deferred loss on straddles of $12,239.

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

40

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, reclassifications of foreign currency and paydown gains/losses, the redesignation of dividends and the tax treatment of clearing fees resulted in a net increase in undistributed net investment income and a net decrease in accumulated net realized gain on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE I: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

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.

41

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.63			$11.37			$11.22			$12.30			$12.54
Income From Investment Operations
Net investment income (a)		.28	†		.27			.28			.32			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.23			(.27	)		.44			(.59	)		.35	#
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.05	#
Net increase (decrease) in net asset value from operations		.51			–0	–		.72			(.27	)		.73
Less: Dividends and Distributions
Dividends from net investment income		(.35	)		(.40	)		(.41	)		(.45	)		(.58	)
Distributions from net realized gain on investment transactions		(.14	)		(.34	)		(.16	)		(.36	)		(.39	)
Total dividends and distributions		(.49	)		(.74	)		(.57	)		(.81	)		(.97	)
Net asset value, end of period		$10.65			$10.63			$11.37			$11.22			$12.30
Total Return
Total investment return based on net asset value (b)		4.71	%*†		.01	%*		6.48	%		(2.16	)%*		6.05	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$42,183			$47,554			$56,437			$61,848			$79,104
Ratio to average net assets of:
Expenses		1.06	%		.96	%		.88	%		.77	%		.70	%
Net investment income		2.60	%†		2.44	%		2.46	%		2.74	%		2.67	%
Portfolio turnover rate **		156	%		230	%		262	%		217	%		116	%

See footnote summary on page 43.

42

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.53			$11.26			$11.11			$12.17			$12.41
Income From Investment Operations
Net investment income (a)		.25	†		.24			.25			.29			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.22			(.26	)		.43			(.58	)		.35	#
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.05	#
Net increase (decrease) in net asset value from operations		.47			(.02	)		.68			(.29	)		.70
Less: Dividends and Distributions
Dividends from net investment income		(.32	)		(.37	)		(.37	)		(.41	)		(.55	)
Distributions from net realized gain on investment transactions		(.14	)		(.34	)		(.16	)		(.36	)		(.39	)
Total dividends and distributions		(.46	)		(.71	)		(.53	)		(.77	)		(.94	)
Net asset value, end of period		$10.54			$10.53			$11.26			$11.11			$12.17
Total Return
Total investment return based on net asset value (b)		4.36	%*†		(.18	)%*		6.22	%		(2.34	)%*		5.79	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,029			$17,681			$19,891			$22,450			$29,363
Ratio to average net assets of:
Expenses		1.32	%		1.21	%		1.13	%		1.02	%		.96	%
Net investment income		2.36	%†		2.19	%		2.21	%		2.49	%		2.43	%
Portfolio turnover rate **		156	%		230	%		262	%		217	%		116	%

(a) Based on average shares outstanding.

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

^†  For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.03	.28%	.29%

# Amount reclassified from realized gain (loss) on investment transactions.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2013, and December 31, 2012 by 0.03%, 0.03%, 0.02% and 0.05%, respectively.

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

See notes to financial statements.

43

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Intermediate Bond Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Intermediate Bond Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Intermediate Bond Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

44

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1)	Robert M. Keith, President and     Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
Nancy P. Jacklin(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and     Independent Compliance Officer Michael Canter(2), Vice President Paul J. DeNoon(2), Vice President Shawn E. Keegan(2), Vice President Douglas J. Peebles(2), Vice President	Greg J. Wilensky(2), Vice President Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and     Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Core Fixed Income Investment Team. Messrs. Canter, DeNoon, Keegan, Peebles and Wilensky are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

45

INTERMEDIATE BOND PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

46

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

47

INTERMEDIATE BOND PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		106	None

48

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

49

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS*, AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Michael Canter 47	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2012.
Paul J. DeNoon 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Shawn E. Keegan 45	Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2012.
Douglas J. Peebles 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Greg J. Wilensky 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

50

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Intermediate Bond Portfolio (the “Fund”) at a meeting held on November 1-3, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous 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.

51

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	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, including, but not limited to, benefits relating to 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2016 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and 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,

52

AB Variable Products Series Fund

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.

53

VPS-IB-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ INTERNATIONAL GROWTH PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

INTERNATIONAL GROWTH
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—International Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in an international portfolio of equity securities of companies selected by AllianceBernstein L.P. (the “Adviser”) for their growth potential within various market sectors. Examples of the types of market sectors in which the Portfolio may invest include, but are not limited to, information technology (which includes telecommunications), health care, financial services, infrastructure, energy and natural resources, and consumer groups.

The Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Portfolio invests in securities of companies in both developed- and emerging-market countries. Geographic distribution of the Portfolio’s investments among countries or regions also will be a product of the stock selection process rather than a pre-determined allocation.

The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities. The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in larger capitalization companies, although the Portfolio may invest in smaller or medium capitalization companies.

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex-US (net) and the equity market performance of developed markets as represented by the MSCI World Index ex-US (net), for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmarks for the annual period. Most of the underperformance was attributed to weakness in the fourth quarter when growth stocks significantly underperformed their value counterparts. For reference, the seismic nature of this impact was last witnessed in the markets during the bursting of the tech bubble in 2001. As a growth manager, the Portfolio’s Senior Investment Management Team (the “Team”) could not escape this style headwind. Additionally, there were several difficult-to-forecast issues, including regulation changes following Donald Trump’s surprise victory in the US presidential election, tighter capital restrictions in China and demonetization in India that combined to negatively impact relative returns. Specifically, security selection within the financials, consumer discretionary and materials sectors detracted from relative returns, as did underweights in energy and materials. Stock selection in information technology and industrials, along with an underweight to real estate, contributed. An overweight to India and underweight to Canada detracted from performance, while an underweight in Japan contributed.

The Portfolio utilized derivatives in the form of currency forwards for hedging purposes, which detracted from absolute performance for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Equity stock markets around the world weathered several major pullbacks, finishing the annual period with substantial gains (in US dollar terms). Political surprises had

1

AB Variable Products Series Fund

a significant impact on both equity and bond markets in the period, and investors viewed the two biggest— Trump’s win and Britain’s decision to quit the European Union (“Brexit”)—as likely to lead to policy changes with important implications for economic growth, trade and inflation. Markets were also influenced by the price of oil, which waxed and waned along with prospects of an OPEC production cut.

Central banks also played a prominent role. European central banks generally maintained an easing bias through the period, particularly in the aftermath of Brexit, when the Bank of England enacted a rate cut that was both its first in seven years and a new historic low. The US Federal Reserve, in contrast, raised official rates as expected while telegraphing a faster pace of rate hikes in 2017.

The Team follows a bottom-up stock picking methodology that employs rigorous analysis across geographic borders, in search of companies that are market leaders with attractive earnings growth prospects and high return on invested capital.

2

INTERNATIONAL GROWTH PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

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.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

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

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

4

INTERNATIONAL GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
International Growth Portfolio Class A†		-6.87%		3.46%		-0.52%
International Growth Portfolio Class B†		-7.07%		3.20%		-0.77%
Benchmark: MSCI ACWI ex-US (net)		4.50%		5.00%		0.96%
MSCI World Index ex-US (net)		2.75%		6.07%		0.86%
*    Average annual returns. †   Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.23%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.11% and 1.36% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

INTERNATIONAL GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Growth Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark and the equity market performance of developed markets, as represented by the MSCI World Index ex-US (net). The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	954.80	$	6.58		1.34	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.40	$	6.80		1.34	%
Class B
Actual	$	1,000	$	953.70	$	7.81		1.59	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.14	$	8.06		1.59	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Partners Group Holding AG	$	2,307,918		3.9	%
AIA Group Ltd.		1,968,486		3.3
Siemens AG (REG)		1,930,878		3.3
Roche Holding AG		1,759,794		3.0
Safran SA		1,697,404		2.9
Taiwan Semiconductor Manufacturing Co., Ltd.		1,590,756		2.7
Housing Development Finance Corp., Ltd.		1,561,507		2.6
Schneider Electric SE (Paris)		1,554,009		2.6
Tencent Holdings Ltd.		1,508,170		2.6
Essilor International SA		1,506,482		2.6
	$	17,385,404		29.5	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	12,915,680		22.1	%
Information Technology		9,244,508		15.9
Consumer Discretionary		8,226,724		14.1
Consumer Staples		8,076,370		13.8
Industrials		6,943,883		11.9
Health Care		4,984,670		8.5
Telecommunication Services		2,962,472		5.1
Materials		1,195,148		2.1
Real Estate		710,202		1.2
Utilities		675,091		1.2
Short-Term Investments		2,384,095		4.1
Total Investments	$	58,318,843		100.0	%

* Long-term investments.

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

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

7

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United Kingdom	$	7,138,258		12.2	%
France		5,871,598		10.1
Switzerland		5,566,943		9.5
China		5,227,058		9.0
Japan		5,104,776		8.7
Germany		4,463,706		7.7
India		4,265,115		7.3
Denmark		3,185,446		5.5
Hong Kong		2,230,656		3.8
United States		2,205,337		3.8
Netherlands		1,748,412		3.0
Indonesia		1,685,632		2.9
Mexico		1,620,637		2.8
Other		5,621,174		9.6
Short-Term Investments		2,384,095		4.1
Total Investments	$	58,318,843		100.0	%

* All data are as of December 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.7% or less in the following countries: Austria, Belgium, Ireland, Philippines, South Korea and Taiwan.

8

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.0%
FINANCIALS–21.9%
BANKS–1.9%
HDFC Bank Ltd.		57,180	$	1,112,933
CAPITAL MARKETS–8.0%
Flow Traders(a)		19,504		671,282
IG Group Holdings PLC		95,730		581,793
London Stock Exchange Group PLC		32,200		1,150,863
Partners Group Holding AG(b)		4,930		2,307,918
				4,711,856
CONSUMER FINANCE–2.4%
Bharat Financial Inclusion Ltd.(c)		76,330		658,799
Gentera SAB de CV		481,690		774,714
				1,433,513
INSURANCE–7.0%
AIA Group Ltd.		351,400		1,968,486
Prudential PLC		74,695		1,490,723
St James’s Place PLC		51,040		636,662
				4,095,871
THRIFTS & MORTGAGE FINANCE–2.6%
Housing Development Finance Corp., Ltd.		84,277		1,561,507
				12,915,680
INFORMATION TECHNOLOGY–15.7%
INTERNET SOFTWARE & SERVICES–5.0%
Alibaba Group Holding Ltd. (Sponsored ADR)(c)		16,000		1,404,960
Tencent Holdings Ltd.		62,200		1,508,170
				2,913,130
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–9.3%
ams AG		32,670		925,765
Disco Corp.		6,200		749,586
Infineon Technologies AG		66,640		1,152,703
NXP Semiconductors NV(c)		10,990		1,077,130
Taiwan Semiconductor Manufacturing Co., Ltd.		284,000		1,590,756
				5,495,940
SOFTWARE–1.4%
Mobileye NV(c)		21,916		835,438
				9,244,508
CONSUMER DISCRETIONARY–14.0%
AUTO COMPONENTS–2.3%
Delphi Automotive PLC		20,340		1,369,899
DIVERSIFIED CONSUMER SERVICES–0.9%
New Oriental Education & Technology Group, Inc. (Sponsored ADR)(c)		12,894	$	542,837
HOTELS, RESTAURANTS & LEISURE–1.5%
Alsea SAB de CV		296,111		845,923
HOUSEHOLD DURABLES–1.4%
Panasonic Corp.		82,800		839,770
INTERNET & DIRECT MARKETING RETAIL–1.9%
Ctrip.com International Ltd. (ADR)(c)		27,400		1,096,000
MULTILINE RETAIL–3.5%
Don Quijote Holdings Co., Ltd.		29,500		1,088,706
Matahari Department Store Tbk PT		881,500		986,701
				2,075,407
SPECIALTY RETAIL–0.5%
Ace Hardware Indonesia Tbk PT		4,260,000		263,968
TEXTILES, APPAREL & LUXURY GOODS–2.0%
Pandora A/S		7,130		930,750
Samsonite International SA		92,100		262,170
				1,192,920
				8,226,724
CONSUMER STAPLES–13.7%
BEVERAGES–2.0%
Anheuser-Busch InBev SA/NV		10,829		1,146,185
FOOD & STAPLES RETAILING–1.6%
Tsuruha Holdings, Inc.		9,800		927,497
FOOD PRODUCTS–4.4%
Danone SA		17,600		1,113,703
Nestle SA (REG)		20,928		1,499,231
				2,612,934
HOUSEHOLD PRODUCTS–4.8%
Pigeon Corp.		34,300		874,586
Reckitt Benckiser Group PLC		15,870		1,344,315
Unicharm Corp.		28,600		624,631
				2,843,532
PERSONAL PRODUCTS–0.9%
Cosmax, Inc.		5,532		546,222
				8,076,370
INDUSTRIALS–11.8%
AEROSPACE & DEFENSE–2.9%
Safran SA		23,600		1,697,404

9

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
BUILDING PRODUCTS–1.2%
Kingspan Group PLC		25,850	$	702,044
ELECTRICAL EQUIPMENT–4.4%
Schneider Electric SE (Paris)		22,370		1,554,009
Vestas Wind Systems A/S		16,360		1,059,548
				2,613,557
INDUSTRIAL CONGLOMERATES–3.3%
Siemens AG (REG)		15,770		1,930,878
				6,943,883
HEALTH CARE–8.5%
HEALTH CARE EQUIPMENT & SUPPLIES–2.6%
Essilor International SA		13,352		1,506,482
HEALTH CARE PROVIDERS & SERVICES–1.6%
Apollo Hospitals Enterprise Ltd.		53,570		931,876
PHARMACEUTICALS–4.3%
Roche Holding AG		7,720		1,759,794
Vectura Group PLC(c)		465,500		786,518
				2,546,312
				4,984,670
TELECOMMUNICATION SERVICES–5.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–3.1%
Deutsche Telekom AG (REG)		80,440		1,380,125
Telekomunikasi Indonesia Persero Tbk PT		1,478,500		434,963
				1,815,088
WIRELESS TELECOMMUNICATION SERVICES–1.9%
Vodafone Group PLC		466,250		1,147,384
				2,962,472
MATERIALS–2.0%
CHEMICALS–2.0%
Chr Hansen Holding A/S		21,610		1,195,148
REAL ESTATE–1.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.2%
SM Prime Holdings, Inc.		1,247,400	$	710,202
UTILITIES–1.2%
WATER UTILITIES–1.2%
Beijing Enterprises Water Group Ltd.(c)		1,020,000		675,091
Total Common Stocks (cost $45,786,138)				55,934,748
	Principal Amount (000)
SHORT-TERM INVESTMENTS–4.0%
TIME DEPOSIT–4.0%
State Street Bank & Trust Co. 0.01%, 1/03/17 (cost $2,384,095)	$	2,384		2,384,095
	Shares
Total Investments Before Security Lending Collateral for Securities Loaned–99.0% (cost $48,170,233)				58,318,843
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–3.9%
INVESTMENT COMPANIES–3.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(d)(e) (cost $2,304,270)		2,304,270		2,304,270
TOTAL INVESTMENTS–102.9% (cost $50,474,503)				60,623,113
Other assets less liabilities–(2.9)%				(1,735,010	)
NET ASSETS–100.0%			$	58,888,103

10

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		CHF	1,620		USD	1,667		2/16/17	$	72,255
Barclays Bank PLC		USD	1,777		AUD	2,314		2/16/17		(108,603	)
Citibank, NA		JPY	86,826		USD	777		2/16/17		32,888
Citibank, NA		USD	881		CAD	1,179		2/16/17		(2,830	)
Citibank, NA		USD	564		GBP	454		2/16/17		(4,187	)
Citibank, NA		USD	4,533		JPY	472,129		2/16/17		(484,287	)
Citibank, NA		USD	1,546		KRW	1,770,012		2/16/17		(80,476	)
Citibank, NA		USD	535		RUB	34,878		2/16/17		27,542
Credit Suisse International		HKD	6,530		USD	843		2/16/17		272
Goldman Sachs Bank USA		CNY	15,359		USD	2,246		2/16/17		68,407
Goldman Sachs Bank USA		KRW	233,250		USD	197		2/16/17		3,339
Goldman Sachs Bank USA		USD	1,097		BRL	3,677		2/16/17		18,893
JPMorgan Chase Bank, NA		CNY	940		USD	134		2/16/17		1,183
JPMorgan Chase Bank, NA		GBP	454		USD	573		2/16/17		12,845
JPMorgan Chase Bank, NA		INR	117,572		USD	1,741		2/16/17		17,473
JPMorgan Chase Bank, NA		USD	257		TWD	8,059		2/16/17		(8,021	)
Morgan Stanley & Co., Inc.		EUR	2,457		USD	2,723		2/16/17		131,380
Royal Bank of Scotland PLC		CNY	2,591		USD	378		2/16/17		10,573
Royal Bank of Scotland PLC		USD	2,407		CAD	3,220		2/16/17		(7,192	)
Royal Bank of Scotland PLC		USD	88		KRW	101,222		2/16/17		(4,648	)
Standard Chartered Bank		INR	89,080		USD	1,318		2/16/17		12,634
Standard Chartered Bank		TWD	8,059		USD	252		2/16/17		3,386
Standard Chartered Bank		USD	664		CNY	4,624		2/16/17		(8,794	)
Standard Chartered Bank		USD	443		INR	30,782		2/16/17		7,701
Standard Chartered Bank		USD	608		INR	41,479		2/16/17		(13	)
Standard Chartered Bank		USD	1,228		SEK	11,035		2/16/17		(13,562	)
State Street Bank & Trust Co.		CHF	334		USD	342		2/16/17		12,719
State Street Bank & Trust Co.		CHF	136		USD	133		2/16/17		(781	)
State Street Bank & Trust Co.		EUR	626		USD	676		2/16/17		15,675
State Street Bank & Trust Co.		EUR	209		USD	219		2/16/17		(1,758	)
State Street Bank & Trust Co.		JPY	33,822		USD	289		2/16/17		(579	)
State Street Bank & Trust Co.		NOK	2,385		USD	274		2/16/17		(1,857	)
State Street Bank & Trust Co.		USD	331		GBP	260		2/16/17		(9,776	)
State Street Bank & Trust Co.		USD	70		JPY	7,142		2/16/17		(8,326	)
State Street Bank & Trust Co.		USD	289		NOK	2,385		2/16/17		(12,917	)
UBS AG		EUR	611		USD	651		2/16/17		6,049
UBS AG		USD	790		AUD	1,034		2/16/17		(45,036	)
UBS AG		USD	726		JPY	85,304		2/16/17		4,991
									$	(343,438	)

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the market value of this security amounted to $671,282 or 1.1% of net assets.

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

(c) Non-income producing security.

(d) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

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

11

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

12

INTERNATIONAL GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $48,170,233)	$	58,318,843	(a)
Affiliated issuers (cost $2,304,270—investment of cash collateral for securities loaned)		2,304,270
Foreign currencies, at value (cost $110,639)		108,329
Unrealized appreciation on forward currency exchange contracts		460,205
Receivable for investment securities sold		408,250
Dividends and interest receivable		302,819
Receivable for capital stock sold		120,697
Due from custodian		130,643
Total assets		62,154,056
LIABILITIES
Payable for collateral received on securities loaned		2,304,270
Unrealized depreciation on forward currency exchange contracts		803,643
Advisory fee payable		36,856
Administrative fee payable		13,055
Distribution fee payable		6,857
Payable for capital stock redeemed		5,641
Transfer Agent fee payable		5,267
Payable for investment securities purchased and foreign currency transactions		221
Accrued expenses		90,143
Total liabilities		3,265,953
NET ASSETS	$	58,888,103
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,423
Additional paid-in capital		80,934,084
Undistributed net investment income		936,774
Accumulated net realized loss on investment and foreign currency transactions		(32,765,797	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		9,779,619
	$	58,888,103

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,045,356		1,501,626	$	17.34
B	$	32,842,747		1,921,391	$	17.09

(a) Includes securities on loan with a value of $2,192,288 (see Note E).

See notes to financial statements.

13

INTERNATIONAL GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $101,137)	$	1,081,979
Affiliated issuers		7,304
Interest		190
Securities lending income		20,542
Other income(a)		130,644
		1,240,659
EXPENSES
Advisory fee (see Note B)		495,596
Distribution fee—Class B		91,341
Transfer agency—Class A		5,411
Transfer agency—Class B		6,788
Custodian		101,876
Audit and tax		67,380
Administrative		49,647
Printing		40,953
Legal		33,399
Directors’ fees		24,565
Miscellaneous		13,287
Total expenses		930,243
Less: expenses waived and reimbursed by the Adviser (see Note E)		(1,236	)
Net expenses		929,007
Net investment income		311,652
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		199,408
Foreign currency transactions		714,013
Net change in unrealized appreciation/depreciation of:
Investments		(5,481,052	)
Foreign currency denominated assets and liabilities		(454,923	)
Net loss on investment and foreign currency transactions		(5,022,554	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(4,710,902	)

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

14

INTERNATIONAL GROWTH PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	311,652		$	531,932
Net realized gain on investment and foreign currency transactions		913,421			2,788,389
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(5,935,975	)		(4,603,184	)
Net decrease in net assets from operations		(4,710,902	)		(1,282,863	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(126,565	)
Class B		–0	–		(26,794	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(10,057,214	)		(11,715,834	)
Total decrease		(14,768,116	)		(13,152,056	)
NET ASSETS
Beginning of period		73,656,219			86,808,275
End of period (including undistributed net investment income of $936,774 and distributions in excess of net investment income of ($100,741), respectively)	$	58,888,103		$	73,656,219

See notes to financial statements.

15

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

16

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	774,714		$	12,140,966		$	–0	–	$	12,915,680
Information Technology		3,317,528			5,926,980			–0	–		9,244,508
Consumer Discretionary		3,854,659			4,372,065			–0	–		8,226,724
Consumer Staples		1,146,185			6,930,185			–0	–		8,076,370
Industrials		702,044			6,241,839			–0	–		6,943,883
Health Care		786,518			4,198,152			–0	–		4,984,670
Telecommunication Services		–0	–		2,962,472			–0	–		2,962,472
Materials		–0	–		1,195,148			–0	–		1,195,148
Real Estate		–0	–		710,202			–0	–		710,202
Utilities		–0	–		675,091			–0	–		675,091
Short-Term Investments		–0	–		2,384,095			–0	–		2,384,095
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		2,304,270			–0	–		–0	–		2,304,270
Total Investments in Securities		12,885,918			47,737,195	(a)		–0	–		60,623,113

17

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

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	460,205		$	–0	–	$	460,205
Liabilities:
Forward Currency Exchange Contracts		–0	–		(803,643	)		–0	–		(803,643	)
Total(c)	$	12,885,918		$	47,393,757		$	–0	–	$	60,279,675

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, 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.

18

AB Variable Products Series Fund

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,647.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $68,035, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

19

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	33,480,932		$	45,477,241
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding foreign currency transactions) are as follows:

Cost	$	50,611,716
Gross unrealized appreciation		11,862,538
Gross unrealized depreciation		(1,851,141	)
Net unrealized appreciation	$	10,011,397

1. Derivative Financial Instruments

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

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

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

20

AB Variable Products Series Fund

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, 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 exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	460,205	Unrealized depreciation on forward currency exchange contracts	$	803,643
Total		$	460,205		$	803,643

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 exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities	$	633,095	$	(453,596	)
Total		$	633,095	$	(453,596	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	17,102,696
Average principal amount of sale contracts	$	15,008,602

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 derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for  Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Bank of America, NA

$

72,255

$

–0

–

$

–0

–

$

–0

–

$

72,255

Citibank, NA

60,430

(60,430

)

–0

–

–0

–

–0

–

Credit Suisse International

272

–0

–

–0

–

–0

–

272

Goldman Sachs Bank USA

90,639

–0

–

–0

–

–0

–

90,639

21

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

Counterparty	Derivative Assets Subject to a MA		Derivative Available for  Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
JPMorgan Chase Bank, NA	$	31,501	$	(8,021	)	$	–0	–	$	–0	–	$	23,480
Morgan Stanley & Co., Inc.		131,380		–0	–		–0	–		–0	–		131,380
Royal Bank of Scotland PLC		10,573		(10,573	)		–0	–		–0	–		–0	–
Standard Chartered Bank		23,721		(22,369	)		–0	–		–0	–		1,352
State Street Bank & Trust Co.		28,394		(28,394	)		–0	–		–0	–		–0	–
UBS AG		11,040		(11,040	)		–0	–		–0	–		–0	–
Total	$	460,205	$	(140,827	)	$	–0	–	$	–0	–	$	319,378	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
OTC Derivatives:
Barclays Bank PLC	$	108,603	$	–0	–	$	–0	–	$	–0	–	$	108,603
Citibank, NA		571,780		(60,430	)		–0	–		–0	–		511,350
JPMorgan Chase Bank, NA		8,021		(8,021	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		11,840		(10,573	)		–0	–		–0	–		1,267
Standard Chartered Bank		22,369		(22,369	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		35,994		(28,394	)		–0	–		–0	–		7,600
UBS AG		45,036		(11,040	)		–0	–		–0	–		33,996
Total	$	803,643	$	(140,827	)	$	–0	–	$	–0	–	$	662,816	^

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

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as

22

AB Variable Products Series Fund

well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $2,192,288 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $2,304,270. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $20,542, $5,013 and $2,291 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $1,236. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	2,835	$	21,435	$	24,270	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 06/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	20,596	$	18,292	$	2,304

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		49,300			129,045		$	888,299		$	2,512,012
Shares issued in reinvestment of dividends		–0	–		6,544			–0	–		126,565
Shares redeemed		(325,011	)		(402,478	)		(5,899,125	)		(7,834,655	)
Net decrease		(275,711	)		(266,889	)	$	(5,010,826	)	$	(5,196,078	)
Class B
Shares sold		234,251			260,706		$	4,158,386		$	4,992,035
Shares issued in reinvestment of dividends		–0	–		1,402			–0	–		26,794
Shares redeemed		(518,336	)		(602,977	)		(9,204,774	)		(11,538,585	)
Net decrease		(284,085	)		(340,869	)	$	(5,046,388	)	$	(6,519,756	)

At December 31, 2016, certain shareholders of the Portfolio owned 81% 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

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

23

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

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

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016			2015
Distributions paid from:
Ordinary income	$	–0	–	$	153,359
Total taxable distributions paid	$	–0	–	$	153,359

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	684,721
Accumulated capital and other losses		(32,715,606	)(a)
Unrealized appreciation/(depreciation)		9,981,482	(b)
Total accumulated earnings/(deficit)	$	(22,049,403	)

(a) As of December 31, 2016, the Portfolio had a net capital loss carryforward of $32,467,053. During the fiscal year, the Portfolio utilized $377,958 of capital loss carryforwards to offset current year net realized gains. At December 31, 2016, the Portfolio had a post-October short-term capital loss deferral of $227,199, and a post-October long-term capital loss deferral of $21,354 which are deemed to arise on January 1, 2017.

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

24

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation. As of December 31, 2016, the Portfolio had a net short-term capital loss carryforward of $32,467,053 which will expire in 2017.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications and the tax treatment of passive foreign investment companies (PFICs) resulted in a net increase in undistributed net investment income, and a net increase in accumulated net realized loss on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

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

25

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$18.62			$19.04			$19.27			$17.13			$15.08
Income From Investment Operations
Net investment income (a)		.11	(b)†		.15			.24			.21			.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.39	)		(.50	)		(.47	)		2.11			2.12
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(1.28	)		(.35	)		(.23	)		2.32			2.33
Less: Dividends
Dividends from net investment income		–0	–		(.07	)		–0	–		(.18	)		(.28	)
Net asset value, end of period		$17.34			$18.62			$19.04			$19.27			$17.13
Total Return
Total investment return based on net asset value (d)		(6.87	)%†*		(1.87	)%		(1.19	)%		13.60	%		15.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,045			$33,090			$38,924			$102,467			$97,611
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.27	%		1.11	%		1.07	%		.94	%		.97	%
Expenses, before waivers/reimbursements		1.27	%		1.11	%		1.07	%		.94	%		.97	%
Net investment income		.60	%(b)†		.78	%		1.20	%		1.15	%		1.33	%
Portfolio turnover rate		52	%		17	%		29	%		31	%		52	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$18.39			$18.81			$19.08			$16.96			$14.93
Income From Investment Operations
Net investment income (a)		.07	(b)†		.10			.20			.16			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.37	)		(.51	)		(.47	)		2.09			2.08
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(1.30	)		(.41	)		(.27	)		2.25			2.26
Less: Dividends
Dividends from net investment income		–0	–		(.01	)		–0	–		(.13	)		(.23	)
Net asset value, end of period		$17.09			$18.39			$18.81			$19.08			$16.96
Total Return
Total investment return based on net asset value (d)		(7.07	)%†*		(2.17	)%		(1.41	)%		13.32	%		15.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,843			$40,566			$47,884			$54,643			$58,694
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.52	%		1.36	%		1.36	%		1.19	%		1.22	%
Expenses, before waivers/reimbursements		1.52	%		1.36	%		1.36	%		1.19	%		1.22	%
Net investment income		.37	%(b)†		.52	%		1.02	%		.92	%		1.11	%
Portfolio turnover rate		52	%		17	%		29	%		31	%		52	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.04		0.22	%		0.23	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2016 by 0.09% respectively.

See notes to financial statements.

27

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB International Growth Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB International Growth Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB International Growth Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

28

2016 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2016.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2016, $74,190 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $1,013,438.

29

INTERNATIONAL GROWTH
PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Daniel C. Roarty(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Global Growth and Thematic Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

30

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership experience and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

31

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for the Portfolio’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

33

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Daniel C. Roarty 45	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012, and Chief Investment Officer, Global Growth and Thematic team since 2013. Prior thereto, he was named sector head for the technology sector on the Global International Research Growth team since prior to 2012 and team leader since early 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

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

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

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

34

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Growth Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

35

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund. The directors also considered that a portfolio of Sanford C. Bernstein Fund, Inc. pursuing a somewhat similar investment style has higher fee rates at each breakpoint of its fee schedule, and that the Adviser has been waiving 5 basis points of the advisory fee payable by that portfolio under its contract since November 2011.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge 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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

36

AB Variable Products Series Fund

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 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.

37

VPS-IG-0151-1216

DEC^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERNATIONAL VALUE PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—International Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging market countries worldwide. Under normal market conditions, the Portfolio invests significantly, at least 40%—unless market conditions are not deemed favorable by AllianceBernstein L.P. (the “Adviser”), in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

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

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities”, and enter into forward commitments.

INVESTMENT RESULTS

The table on page 4 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index (net), for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark for the annual period. Sector allocation detracted from relative returns, because of an overweight in telecommunications and underweight in industrial commodities. The Portfolio’s country allocation (a result of bottom-up stock analysis combined with fundamental research), detracted from relative returns, because of an underweight in the UK and overweight in Argentina. Country allocation within emerging-markets detracted, as did security selection in developed markets. However, security selection in technology and finance benefited returns.

Derivatives used during the annual period detracted from absolute performance and included futures for investment purposes and forwards for hedging and investment purposes.

MARKET REVIEW AND INVESTMENT STRATEGY

International stocks closed modestly ahead as investors fretted over the economy, potential terrorist activity and the UK’s ties to the European Union. Returns for investors in other base currencies were considerably stronger due to appreciation in the US dollar.

Political surprises had a significant impact on both equity and bond markets in the period; investors viewed the two biggest—Donald Trump’s win in the US presidential election and Britain’s decision to quit the European Union (“Brexit”)—as likely to lead to policy changes with important implications for economic growth, trade and inflation. Markets were also influenced by the price of oil, which waxed and waned along with prospects of an OPEC production cut.

Central banks also played a prominent role. European central banks generally maintained an easing bias through the period, particularly in the aftermath of Brexit, when the Bank of England enacted a rate cut that was both its first in seven years and a new historic low. The US Federal Reserve, in contrast, raised official rates as expected while telegraphing a faster pace of rate hikes in 2017.

1

INTERNATIONAL VALUE PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

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

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

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

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

2

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

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

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

3

INTERNATIONAL VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
International Value Portfolio Class A†		-0.50%		6.17%		-2.70%
International Value Portfolio Class B†		-0.80%		5.90%		-2.95%
MSCI EAFE Index (net)		1.00%		6.53%		0.75%
*    Average annual returns. †   Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.01%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 0.85% and 1.10% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

INTERNATIONAL VALUE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the International Value Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 2-3.

4

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,065.10	$	4.36		0.84	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.91	$	4.27		0.84	%
Class B
Actual	$	1,000	$	1,064.20	$	5.66		1.09	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.66	$	5.53		1.09	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

5

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Roche Holding AG	$	21,024,065		4.1	%
Royal Dutch Shell PLC		21,016,874		4.1
Nippon Telegraph & Telephone Corp.		18,290,337		3.6
BT Group PLC		17,671,810		3.5
British American Tobacco PLC		17,142,597		3.4
Koninklijke Ahold Delhaize NV		15,515,425		3.1
Sanofi		12,253,503		2.4
Vodafone Group PLC		12,074,425		2.4
Central Japan Railway Co.		11,493,270		2.3
Honda Motor Co., Ltd.		11,135,084		2.2
	$	157,617,390		31.1	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	88,437,776		17.6	%
Consumer Discretionary		72,324,856		14.4
Telecommunication Services		61,008,564		12.1
Industrials		59,319,457		11.8
Consumer Staples		49,778,091		9.9
Energy		46,099,084		9.2
Health Care		40,287,956		8.0
Materials		37,629,104		7.5
Information Technology		36,456,321		7.3
Utilities		8,322,303		1.7
Short-Term Investments		2,632,095		0.5
Total Investments	$	502,295,607		100.0	%

* Long-term investments.

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

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

6

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	128,284,741		25.5	%
United Kingdom		91,730,271		18.3
France		52,527,046		10.5
Netherlands		47,017,729		9.4
Switzerland		21,024,065		4.2
Australia		19,335,605		3.9
South Korea		18,171,474		3.6
Germany		15,625,072		3.1
Denmark		15,211,059		3.0
Canada		13,538,476		2.7
Norway		7,762,548		1.5
Hong Kong		7,616,385		1.5
Belgium		7,334,827		1.5
Other		54,484,214		10.8
Short-Term Investments		2,632,095		0.5
Total Investments	$	502,295,607		100.0	%

* All data are as of December 31, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Argentina, Austria, Brazil, China, Finland, India, Israel, Italy, Portugal, Russia and Taiwan.

7

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.5%
FINANCIALS–17.4%
BANKS–13.4%
Australia & New Zealand Banking Group Ltd.		415,360	$	9,092,718
BOC Hong Kong Holdings Ltd.		2,138,500		7,616,385
Danske Bank A/S		251,360		7,604,581
DNB ASA		487,720		7,240,346
Erste Group Bank AG(a)		34,280		1,002,250
ING Groep NV		744,770		10,485,430
Itau Unibanco Holding SA (Preference Shares)		394,570		4,092,448
KB Financial Group, Inc.(a)		107,340		3,793,336
KBC Group NV		118,710		7,334,827
Mitsubishi UFJ Financial Group, Inc.		1,601,600		9,877,582
				68,139,903
CAPITAL MARKETS–0.8%
Amundi SA(b)		79,755		4,170,854
CONSUMER FINANCE–1.0%
Hitachi Capital Corp.		203,600		4,999,352
INSURANCE–2.2%
Dongbu Insurance Co., Ltd.(a)		85,970		4,450,832
Muenchener Rueckversicherungs–Gesellschaft AG in Muenchen (REG)		35,350		6,676,835
				11,127,667
				88,437,776
CONSUMER DISCRETIONARY–14.3%
AUTO COMPONENTS–5.4%
Cie Plastic Omnium SA		79,506		2,535,567
Hankook Tire Co., Ltd.(a)		74,304		3,572,213
Magna International, Inc. (New York)–Class A		191,950		8,330,630
Sumitomo Electric Industries Ltd.		545,900		7,860,584
Valeo SA		89,270		5,124,795
				27,423,789
AUTOMOBILES–5.2%
Honda Motor Co., Ltd.		381,400		11,135,084
Peugeot SA(a)		601,190		9,791,682
Tata Motors Ltd.–Class A		1,249,846		5,468,978
				26,395,744
HOUSEHOLD DURABLES–1.6%
Panasonic Corp.		763,400		7,742,520
MEDIA–1.8%
Liberty Global PLC–Series C(a)		309,557		9,193,843
TEXTILES, APPAREL & LUXURY GOODS–0.3%
HUGO BOSS AG		25,700		1,568,960
				72,324,856
TELECOMMUNICATION SERVICES–12.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–9.6%
BT Group PLC		3,914,630	$	17,671,810
China Unicom Hong Kong Ltd.		4,636,000		5,365,514
Nippon Telegraph & Telephone Corp.		434,500		18,290,337
TDC A/S(a)		1,483,794		7,606,478
				48,934,139
WIRELESS TELECOMMUNICATION SERVICES–2.4%
Vodafone Group PLC		4,906,554		12,074,425
				61,008,564
INDUSTRIALS–11.7%
AEROSPACE & DEFENSE–3.0%
Airbus Group SE		156,770		10,354,449
BAE Systems PLC		692,240		5,035,036
				15,389,485
AIRLINES–5.1%
International Consolidated Airlines Group SA		1,465,340		7,939,803
Japan Airlines Co., Ltd.		339,900		9,918,544
Qantas Airways Ltd.		3,281,175		7,860,160
				25,718,507
MACHINERY–1.3%
IHI Corp.(a)		2,594,000		6,718,195
ROAD & RAIL–2.3%
Central Japan Railway Co.		70,000		11,493,270
				59,319,457
CONSUMER STAPLES–9.8%
FOOD & STAPLES RETAILING–3.1%
Koninklijke Ahold Delhaize NV		736,620		15,515,425
FOOD PRODUCTS–0.1%
Orkla ASA		57,710		522,202
HOUSEHOLD PRODUCTS–1.4%
Henkel AG & Co. KGaA (Preference Shares)		61,990		7,379,277
TOBACCO–5.2%
British American Tobacco PLC		302,470		17,142,597
Imperial Brands PLC		211,530		9,218,590
				26,361,187
				49,778,091

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ENERGY – 9.1%
ENERGY EQUIPMENT & SERVICES–1.0%
Petrofac Ltd.		460,200	$	4,924,875
OIL, GAS & CONSUMABLE FUELS–8.1%
Canadian Natural Resources Ltd.		163,410		5,207,846
JX Holdings, Inc.		2,331,900		9,853,251
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		425,910		11,616,940
Royal Dutch Shell PLC–Class A		340,534		9,399,934
YPF SA (Sponsored ADR)		308,863		5,096,239
				41,174,210
				46,099,085
HEALTH CARE–7.9%
PHARMACEUTICALS–7.9%
Roche Holding AG		92,230		21,024,065
Sanofi		151,530		12,253,503
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		193,390		7,010,388
				40,287,956
MATERIALS–7.4%
CHEMICALS–4.0%
Air Water, Inc.(c)		284,600		5,126,700
Arkema SA		84,871		8,296,196
Johnson Matthey PLC		127,470		4,987,549
Nippon Shokubai Co., Ltd.		33,400		2,080,054
				20,490,499
CONSTRUCTION MATERIALS–1.2%
Buzzi Unicem SpA(c)		259,020		6,128,891
METALS & MINING–2.2%
BlueScope Steel Ltd.		358,517		2,382,727
Gerdau SA (Preference Shares)		917,500		3,024,719
MMC Norilsk Nickel PJSC (ADR)		334,353		5,602,268
				11,009,714
				37,629,104
INFORMATION TECHNOLOGY–7.2%
COMMUNICATIONS EQUIPMENT–0.3%
Nokia Oyj		371,810		1,783,261
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.0%
Largan Precision Co., Ltd.		44,000		5,128,699
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.4%
SCREEN Holdings Co., Ltd.(c)		155,500	$	9,611,225
Sumco Corp.(c)		593,700		7,632,807
				17,244,032
SOFTWARE–1.2%
Nintendo Co., Ltd.		28,600		5,945,236
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
Samsung Electronics Co., Ltd.		4,270		6,355,093
				36,456,321
UTILITIES–1.7%
ELECTRIC UTILITIES–1.0%
EDP–Energias de Portugal SA		1,570,720		4,780,559
WATER UTILITIES–0.7%
Pennon Group PLC(c)		347,990		3,541,743
				8,322,302
Total Common Stocks (cost $483,346,814)				499,663,512
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.5%
TIME DEPOSIT–0.5%
State Street Time Deposit 0.01%, 1/03/17 (cost $2,632,095)	$	2,632		2,632,095
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.0% (cost $485,978,909)				502,295,607
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(d)(e) (cost $8,420,194)		8,420,194		8,420,194
TOTAL INVESTMENTS–100.6% (cost $494,399,103)				510,715,801
Other assets less liabilities–(0.6)%				(3,244,647	)
NET ASSETS–100.0%			$	507,471,154

9

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

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	4,420		RUB	286,056		1/17/17	$	233,439
Barclays Bank PLC		USD	3,011		NOK	24,771		1/17/17		(141,505	)
BNP Paribas SA		USD	4,807		EUR	4,311		1/17/17		(265,063	)
BNP Paribas SA		USD	4,502		JPY	471,077		1/17/17		(467,853	)
BNP Paribas SA		AUD	3,409		USD	2,538		4/18/17		83,962
BNP Paribas SA		USD	19,660		AUD	27,170		4/18/17		(102,018	)
Citibank, NA		CAD	15,254		USD	11,521		1/17/17		158,093
Citibank, NA		EUR	10,415		USD	11,073		1/17/17		101,340
Citibank, NA		GBP	4,860		USD	6,109		1/17/17		116,707
Citibank, NA		SEK	29,729		USD	3,234		1/17/17		(32,541	)
Citibank, NA		USD	1,289		CAD	1,721		1/17/17		(6,520	)
Citibank, NA		USD	4,968		EUR	4,660		1/17/17		(58,507	)
Citibank, NA		USD	1,609		GBP	1,317		1/17/17		15,204
Citibank, NA		USD	5,382		JPY	628,890		1/17/17		3,879
Citibank, NA		USD	14,626		SEK	128,542		1/17/17		(503,372	)
Citibank, NA		JPY	155,189		USD	1,370		4/18/17		34,876
Credit Suisse International		CHF	9,285		USD	9,562		1/17/17		435,874
Credit Suisse International		NOK	89,473		USD	10,296		1/17/17		(67,200	)
Credit Suisse International		USD	21,438		CHF	20,852		1/17/17		(942,875	)
Credit Suisse International		USD	3,178		INR	215,554		1/17/17		(9,417	)
Credit Suisse International		USD	15,802		NOK	129,200		1/17/17		(837,538	)
Credit Suisse International		USD	5,241		TWD	166,553		1/17/17		(99,518	)
Credit Suisse International		NOK	35,768		USD	4,118		4/18/17		(26,921	)
Goldman Sachs Bank USA		BRL	6,729		USD	1,969		1/04/17		(98,489	)
Goldman Sachs Bank USA		USD	2,065		BRL	6,729		1/04/17		2,791
JPMorgan Chase Bank, NA		AUD	4,113		USD	3,023		1/17/17		56,165
JPMorgan Chase Bank, NA		CAD	3,833		USD	2,910		1/17/17		54,422
JPMorgan Chase Bank, NA		JPY	3,095,215		USD	29,584		1/17/17		3,078,759
JPMorgan Chase Bank, NA		KRW	27,224,765		USD	23,952		1/17/17		1,400,915
JPMorgan Chase Bank, NA		SEK	40,540		USD	4,546		1/17/17		92,227
JPMorgan Chase Bank, NA		TWD	258,682		USD	8,101		1/17/17		115,055
JPMorgan Chase Bank, NA		USD	1,243		INR	85,217		1/17/17		10,184
JPMorgan Chase Bank, NA		USD	8,784		JPY	915,552		1/17/17		(944,171	)
Morgan Stanley & Co., Inc.		ILS	15,836		USD	4,124		1/17/17		11,858
Morgan Stanley & Co., Inc.		NOK	29,858		USD	3,577		1/17/17		119,213
Morgan Stanley & Co., Inc.		USD	5,023		CHF	4,936		1/17/17		(171,754	)
Morgan Stanley & Co., Inc.		USD	12,983		EUR	11,648		1/17/17		(712,327	)
Morgan Stanley & Co., Inc.		USD	4,951		JPY	566,747		1/17/17		(97,760	)
Morgan Stanley & Co., Inc.		GBP	3,171		USD	3,939		4/18/17		20,610
Nomura Global Financial Products, Inc.		USD	4,602		KRW	5,459,817		1/17/17		(79,911	)
Nomura Global Financial Products, Inc.		INR	34,258		USD	501		4/18/17		2,443
Royal Bank of Scotland PLC		CNY	32,013		USD	4,763		1/17/17		183,855
Royal Bank of Scotland PLC		JPY	1,365,459		USD	12,831		1/17/17		1,137,911
Royal Bank of Scotland PLC		NOK	34,640		USD	4,147		1/17/17		134,712
Royal Bank of Scotland PLC		USD	4,474		GBP	3,543		1/17/17		(105,629	)
Royal Bank of Scotland PLC		USD	7,511		GBP	5,936		4/18/17		(175,994	)

10

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Societe Generale		USD	8,281		EUR	7,890		4/18/17	$	69,102
Standard Chartered Bank		BRL	6,729		USD	2,065		1/04/17		(2,791	)
Standard Chartered Bank		USD	1,957		BRL	6,729		1/04/17		110,172
Standard Chartered Bank		INR	599,342		USD	8,908		1/17/17		96,782
Standard Chartered Bank		KRW	1,644,535		USD	1,488		1/17/17		125,458
Standard Chartered Bank		USD	3,101		AUD	4,113		1/17/17		(133,674	)
Standard Chartered Bank		KRW	709,006		USD	609		4/18/17		21,507
Standard Chartered Bank		TWD	54,777		USD	1,724		4/18/17		31,658
State Street Bank & Trust Co.		USD	5,867		EUR	5,314		1/17/17		(268,751	)
State Street Bank & Trust Co.		USD	2,736		KRW	3,157,590		1/17/17		(120,241	)
UBS AG		USD	1,644		EUR	1,480		1/17/17		(84,759	)
UBS AG		USD	2,520		JPY	259,199		1/17/17		(300,040	)
									$	1,202,034

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2016, the market value of this security amounted to $4,170,854 or 0.8% of net assets.

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

(d) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

PJSC—Public Joint Stock Company

REG—Registered Shares

See notes to financial statements.

11

INTERNATIONAL VALUE PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $485,978,909)	$	502,295,607	(a)
Affiliated issuers (cost $8,420,194—investment of cash collateral for securities loaned)		8,420,194
Foreign currencies, at value (cost $1,920,972)		1,901,005
Unrealized appreciation on forward currency exchange contracts		8,059,173
Dividends and interest receivable		3,237,036
Receivable for capital stock sold		272,385
Receivable for investment securities sold and foreign currency transactions		144,100
Due from custodian		73,028
Total assets		524,402,528
LIABILITIES
Payable for collateral received on securities loaned		8,420,194
Unrealized depreciation on forward currency exchange contracts		6,857,139
Payable for investment securities purchased		808,570
Advisory fee payable		321,912
Payable for capital stock redeemed		180,905
Distribution fee payable		97,917
Administrative fee payable		13,055
Transfer Agent fee payable		5,267
Accrued expenses		226,415
Total liabilities		16,931,374
NET ASSETS	$	507,471,154
COMPOSITION OF NET ASSETS
Capital stock, at par	$	38,528
Additional paid-in capital		1,487,762,359
Undistributed net investment income		125,618
Accumulated net realized loss on investment and foreign currency transactions		(997,784,984	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		17,329,633
	$	507,471,154

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	47,385,368		3,567,976	$	13.28
B	$	460,085,786		34,959,924	$	13.16

(a) Includes securities on loan with a value of $7,932,687 (see Note E).

See notes to financial statements.

12

INTERNATIONAL VALUE PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,957,946)	$	16,426,296
Affiliated issuers		36,781
Interest		352
Securities lending income		290,691
Other income(a)		73,028
		16,827,148
EXPENSES
Advisory fee (see Note B)		4,005,897
Distribution fee—Class B		1,219,053
Transfer agency—Class A		1,237
Transfer agency—Class B		12,376
Custodian		197,065
Printing		151,214
Audit and tax		66,106
Legal		52,926
Administrative		49,399
Directors’ fees		24,560
Miscellaneous		25,205
Total expenses before interest expense		5,805,038
Interest expense		6,043
Total expenses		5,811,081
Less: expenses waived and reimbursed by the Adviser (see Note E)		(8,645	)
Net expenses		5,802,436
Net investment income		11,024,712
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investment transactions		(25,002,905	)
Futures		(1,659,059	)
Foreign currency transactions		(6,203,507	)
Net change in unrealized appreciation/depreciation of:
Investments		16,691,415
Futures		(16,405	)
Foreign currency denominated assets and liabilities		1,228,226
Net loss on investment and foreign currency transactions		(14,962,235	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(3,937,523	)

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

13

INTERNATIONAL VALUE PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December  31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	11,024,712		$	12,425,614
Net realized gain (loss) on investment and foreign currency transactions		(32,865,471	)		28,496,624
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		17,903,236			(21,603,964	)
Net increase (decrease) in net assets from operations		(3,937,523	)		19,318,274
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(613,805	)		(1,256,699	)
Class B		(5,112,977	)		(13,020,683	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(82,276,063	)		(71,815,762	)
Total decrease		(91,940,368	)		(66,774,870	)
NET ASSETS
Beginning of period		599,411,522			666,186,392
End of period (including undistributed net investment income of $125,618 and $1,031,195, respectively)	$	507,471,154		$	599,411,522

See notes to financial statements.

14

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

15

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	–0	–	$	88,437,776		$	–0	–	$	88,437,776
Consumer Discretionary		17,524,473			54,800,383			–0	–		72,324,856
Telecommunication Services		–0	–		61,008,564			–0	–		61,008,564
Industrials		–0	–		59,319,457			–0	–		59,319,457
Consumer Staples		–0	–		49,778,091			–0	–		49,778,091
Energy		10,304,085			35,795,000			–0	–		46,099,085
Health Care		7,010,388			33,277,568			–0	–		40,287,956
Materials		2,290,257			35,338,847			–0	–		37,629,104
Information Technology		–0	–		36,456,321			–0	–		36,456,321
Utilities		–0	–		8,322,302			–0	–		8,322,302
Short-Term Investments		–0	–		2,632,095			–0	–		2,632,095
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		8,420,194			–0	–		–0	–		8,420,194
Total Investments in Securities		45,549,397			465,166,404	(a)		–0	–		510,715,801

16

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	8,059,173		$	–0	–	$	8,059,173
Liabilities:
Forward Currency Exchange Contracts		–0	–		(6,857,139	)		–0	–		(6,857,139	)
Total(c)	$	45,549,397		$	466,368,438		$	–0	–	$	511,917,835

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were de minimis transfers under 1% of net assets between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, 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.

17

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,399.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $659,888, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

18

AB Variable Products Series Fund

payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	340,747,146		$	421,208,826
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding futures and foreign currency transactions) are as follows:

Cost	$	498,001,336
Gross unrealized appreciation	$	42,289,021
Gross unrealized depreciation		(29,574,556	)
Net unrealized appreciation	$	12,714,465

1. Derivative Financial Instruments

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

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

• Futures

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

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

19

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

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

During the year ended December 31, 2016, the Portfolio held futures for 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 foreign currency transactions. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to 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 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.

Various Master Agreements govern the terms of certain transactions with counterparties, including transactions such as derivative transactions, repurchase and reverse repurchase agreements. These Master Agreements typically attempt to reduce the counterparty risk associated with such transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Cross-termination provisions under Master Agreements typically provide that a default in connection with one transaction between the Portfolio and a counterparty gives the non-defaulting party the right to terminate any other transactions in place with the defaulting party to create one single net payment due to/due from the defaulting party. In the event of a default by a Master Agreements 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 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 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. For additional details, please refer to netting arrangements by counterparty tables below.

During the year ended December 31, 2016, 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 exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	8,059,173	Unrealized depreciation on forward currency exchange contracts	$	6,857,139
Total		$	8,059,173		$	6,857,139

20

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(1,659,059	)	$	(16,405	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(6,204,181	)		1,215,983
Total		$	(7,863,240	)	$	1,199,578

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2016:

Futures:
Average original value of buy contracts	$	4,004,956	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	160,740,999
Average principal amount of sale contracts	$	164,373,936

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

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of December 31, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Bank of America, NA

$

233,439

$

–0

–

$

–0

–

$

–0

–

$

233,439

BNP Paribas SA

83,962

(83,962

)

–0

–

–0

–

–0

–

Citibank, NA

430,099

(430,099

)

–0

–

–0

–

–0

–

Credit Suisse International

435,874

(435,874

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

2,791

(2,791

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

4,807,727

(944,171

)

–0

–

–0

–

3,863,556

Morgan Stanley & Co., Inc.

151,681

(151,681

)

–0

–

–0

–

–0

–

Nomura Global Financial Products, Inc.

2,443

(2,443

)

–0

–

–0

–

–0

–

Royal Bank of Scotland PLC

1,456,478

(281,623

)

–0

–

–0

–

1,174,855

Societe Generale

69,102

–0

–

–0

–

–0

–

69,102

Standard Chartered Bank

385,577

(136,465

)

–0

–

–0

–

249,112

Total

$

8,059,173

$

(2,469,109

)

$

–0

–

$

–0

–

$

5,590,064

^

21

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

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

Barclays Bank PLC

$

141,505

$

–0

–

$

–0

–

$

–0

–

$

141,505

BNP Paribas SA

834,934

(83,962

)

–0

–

–0

–

750,972

Citibank, NA

600,940

(430,099

)

–0

–

–0

–

170,841

Credit Suisse International

1,983,469

(435,874

)

–0

–

–0

–

1,547,595

Goldman Sachs Bank USA

98,489

(2,791

)

–0

–

–0

–

95,698

JPMorgan Chase Bank, NA

944,171

(944,171

)

–0

–

–0

–

–0

–

Morgan Stanley & Co., Inc.

981,841

(151,681

)

–0

–

–0

–

830,160

Nomura Global Financial Products, Inc.

79,911

(2,443

)

–0

–

–0

–

77,468

Royal Bank of Scotland PLC

281,623

(281,623

)

–0

–

–0

–

–0

–

Standard Chartered Bank

136,465

(136,465

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

388,992

–0

–

–0

–

–0

–

388,992

UBS AG

384,799

–0

–

–0

–

–0

–

384,799

Total

$

6,857,139

$

(2,469,109

)

$

–0

–

$

–0

–

$

4,388,030

^

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

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $7,932,687 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $8,420,194. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $290,691, $20,273 and $16,508 from the borrowers,

22

AB Variable Products Series Fund

AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $8,645. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	3,408	$	177,576	$	180,984	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	227,873	$	219,453	$	8,420

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		372,097			410,557		$	4,878,130		$	5,859,389
Shares issued in reinvestment of dividends		45,592			93,564			613,805			1,256,699
Shares redeemed		(448,061	)		(639,799	)		(5,880,050	)		(9,165,278	)
Net decrease		(30,372	)		(135,678	)	$	(388,115	)	$	(2,049,190	)
Class B
Shares sold		4,035,068			3,059,597		$	50,474,996		$	43,344,961
Shares issued in reinvestment of dividends		383,236			977,218			5,112,977			13,020,682
Shares redeemed		(10,536,008	)		(8,879,432	)		(137,475,921	)		(126,132,215	)
Net decrease		(6,117,704	)		(4,842,617	)	$	(81,887,948	)	$	(69,766,572	)

At December 31, 2016, certain shareholders of the Portfolio owned 65% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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 less liquid due to adverse market, economic, political, regulatory or other factors.

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

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

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

23

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	5,726,782	$	14,277,382
Total taxable distributions paid	$	5,726,782	$	14,277,382

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,280,458
Accumulated capital and other losses		(994,182,752	)(a)
Unrealized appreciation/(depreciation)		12,572,560	(b)
Total accumulated earnings/(deficit)	$	(980,329,734	)

(a) As of December 31, 2016, the Portfolio had a net capital loss carryforward of $994,182,752. The Portfolio also had $35,584,681 of capital loss carryforwards expire during the fiscal year.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and the recognition for tax purposes of unrealized gains/losses on certain derivative instruments.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation.

As of December 31, 2016, the Portfolio had a net capital loss carryforward of $994,182,752 which will expire as follows:

SHORT-TERM AMOUNT	LONG-TERM AMOUNT	EXPIRATION
$917,130,062	n/a	2017
50,169,345	n/a	2018
13,528,753	13,354,592	No expiration

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications and the expiration of capital loss carryforwards resulted in a net decrease in undistributed net investment income, a net decrease in accumulated net realized loss on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassification had no effect on net assets.

24

AB Variable Products Series Fund

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

25

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.52			$13.53			$14.99			$12.96			$11.50
Income From Investment Operations
Net investment income (a)		.30	(b)†		.30			.48			.33			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.37	)		.05			(1.40	)		2.59			1.31
Net increase (decrease) in net asset value from operations		(.07	)		.35			(.92	)		2.92			1.67
Less: Dividends
Dividends from net investment income		(.17	)		(.36	)		(.54	)		(.89	)		(.21	)
Total dividends		(.17	)		(.36	)		(.54	)		(.89	)		(.21	)
Net asset value, end of period		$13.28			$13.52			$13.53			$14.99			$12.96
Total Return
Total investment return based on net asset value (c)		(.50	)%†*		2.59	%		(6.21	)%		23.00	%		14.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$47,385			$48,665			$50,504			$58,723			$48,029
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.86	%		.85	%		.85	%		.82	%		.81	%
Expenses, before waivers/reimbursements		.86	%		.85	%		.85	%		.82	%		.81	%
Net investment income		2.27	%(b)†		2.09	%		3.25	%		2.33	%		2.97	%
Portfolio turnover rate		64	%		74	%		64	%		59	%		41	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.41			$13.41			$14.86			$12.84			$11.40
Income From Investment Operations
Net investment income (a)		.27	(b)†		.26			.45			.30			.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.38	)		.06			(1.40	)		2.56			1.29
Net increase (decrease) in net asset value from operations		(.11	)		.32			(.95	)		2.86			1.61
Less: Dividends
Dividends from net investment income		(.14	)		(.32	)		(.50	)		(.84	)		(.17	)
Total dividends		(.14	)		(.32	)		(.50	)		(.84	)		(.17	)
Net asset value, end of period		$13.16			$13.41			$13.41			$14.86			$12.84
Total Return
Total investment return based on net asset value (c)		(.80	)%†*		2.40	%		(6.46	)%		22.73	%		14.19	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$460			$551			$616			$744			$1,058
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.11	%		1.10	%		1.10	%		1.07	%		1.06	%
Expenses, before waivers/reimbursements		1.11	%		1.10	%		1.10	%		1.07	%		1.06	%
Net investment income		2.04	%(b)†		1.85	%		3.06	%		2.20	%		2.70	%
Portfolio turnover rate		64	%		74	%		64	%		59	%		41	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.002	0.01%	0.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2016 by 0.07% respectively.

See notes to financial statements.

27

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB International Value Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB International Value Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB International Value Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

28

2016 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2016.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2016, $1,101,142 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $12,626,318.

29

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman	Nancy P. Jacklin(1)
John H. Dobkin(1)	Robert M. Keith, President and Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Tawhid Ali(2), Vice President Takeo Aso(2), Vice President Avi Lavi(2), Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the International Value Senior Investment Management Team. Mr. Tawhid Ali, Mr. Takeo Aso and Mr. Avi Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

30

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

31

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

33

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Tawhid Ali 45	Vice President	Senior Vice President of the Adviser, **with which he has been associated since prior to 2012.
Takeo Aso 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Avi Lavi 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Portfolio Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

34

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors

35

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund. The directors also considered that a portfolio of Sanford C. Bernstein Fund, Inc. pursuing a somewhat similar investment style has higher fee rates at each breakpoint of its fee schedule, and that the Adviser has been waiving 5 basis points of the advisory fee payable by that portfolio under its contract since November 2011.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or expense reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge 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.

36

AB Variable Products Series Fund

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 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.

37

VPS-IV-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ LARGE CAP GROWTH PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Large Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by AllianceBernstein L.P. (the “Adviser”) for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in common stocks of large-capitalization companies.

The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Growth Index, in addition to the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark and the broad market for the annual period. Versus the benchmark, stock selection in the consumer discretionary, consumer staples, industrials and technology sectors were the primary factors in the underperformance. The Portfolio’s overweight position in health care, and underweight positions in the industrials, telecommunications and financials sectors also detracted from returns. Stock selection in the health care sector and an overweight position in technology contributed to returns.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Despite several pullbacks, global stocks advanced during the annual period. Markets notched substantial gains, overcoming concerns regarding economic growth, terrorist attacks and the UK’s departure from the European Union. Markets also embraced news of a formal OPEC deal to limit crude production, but continued to look to global central banks for ongoing signs of support. The year closed with the US Federal Reserve raising interest rates by 0.25% and investors weighing pro-growth promises from the incoming Trump administration—including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

In 2016 investors embraced risk, with defensive stocks, and sectors seen as bond proxies such as real estate and consumer staples, underperforming the Russell 1000 Growth Index by a wide margin. Energy and utility stocks were among the strongest performers, driven by a rising oil price. Telecommunications and financials did well after a strong fourth quarter, driven by positive sentiment from the US election result. In contrast, health care underperformed, on concerns surrounding the election result’s implications for drug pricing limits. Lower-beta stocks sold off sharply in the second half of the year after a strong first half. Stocks with high momentum also fell hard during the last six months of the year. Riskier stocks, such as the most attractively valued quintile of global stocks, powered ahead in the second half after underperforming in the first half.

The Portfolio’s Senior Investment Management Team follows a bottom-up stock picking methodology that seeks to identify companies that meet our investment criteria of healthy balance sheets, competitive advantages, strong cash-flow generation, transparent business models and sustainable growth. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment.

1

LARGE CAP GROWTH PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Growth Index and the S&P 500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Growth Index represents the performance of 1,000 large-cap growth companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

LARGE CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Large Cap Growth Portfolio Class A†		2.63%		15.78%		7.70%
Large Cap Growth Portfolio Class B†		2.36%		15.49%		7.42%
Primary Benchmark: Russell 1000 Growth Index		7.08%		14.50%		8.33%
S&P 500 Index		11.96%		14.66%		6.95%
*    Average annual returns. †   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2016, by 0.01%. Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.01%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.70% and 0.95% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

LARGE CAP GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Large Cap Growth Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark, and the broad market, as represented by the S&P 500 Index. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,047.70	$	4.48		0.87	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.76	$	4.42		0.87	%
Class B
Actual	$	1,000	$	1,046.10	$	5.76		1.12	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.51	$	5.69		1.12	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class A & Class C	$	28,890,403		7.6	%
Facebook, Inc.—Class A		24,788,558		6.5
Visa, Inc.—Class A		17,626,278		4.6
Apple, Inc.		16,034,353		4.2
Home Depot, Inc. (The)		14,954,076		3.9
UnitedHealth Group, Inc.		14,117,288		3.7
Biogen, Inc.		13,981,912		3.7
Intuitive Surgical, Inc.		12,789,941		3.4
Starbucks Corp.		11,022,385		2.9
Edwards Lifesciences Corp.		10,756,760		2.8
	$	164,961,954		43.3	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Technology	$	132,106,773		34.4	%
Health Care		84,514,159		22.0
Consumer Discretionary		77,723,715		20.2
Financial Services		31,035,086		8.1
Producer Durables		15,264,444		4.0
Consumer Staples		11,770,346		3.1
Materials & Processing		4,725,737		1.2
Short-Term Investments		26,773,565		7.0
Total Investments	$	383,913,825		100.0	%

* Long-term investments.

† The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector breakdown is classified in the above chart and throughout this report according to the Russell sector classification scheme. The Russell sector scheme was developed by Russell Investments. Russell classifies index members into industries that most closely describe the nature of its business and its primary economic orientation. Multiple resources are used to obtain overall information about the company. Additional Russell sector scheme information can be found within Russell Index methodology documents available on www.russell.com. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

LARGE CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–93.7%
TECHNOLOGY–34.7%
COMPUTER SERVICES, SOFTWARE & SYSTEMS–19.9%
Adobe Systems, Inc.(a)		98,830	$	10,174,548
Alphabet, Inc.–Class A(a)		4,210		3,336,215
Alphabet, Inc.–Class C(a)		33,109		25,554,188
Cognizant Technology Solutions Corp.–Class A(a)		45,160		2,530,315
Facebook, Inc.–Class A(a)		215,459		24,788,558
Intuit, Inc.		12,618		1,446,149
Palo Alto Networks, Inc.(a)		36,170		4,523,058
ServiceNow, Inc.(a)		45,161		3,357,269
				75,710,300
COMPUTER TECHNOLOGY–4.2%
Apple, Inc.		138,442		16,034,353
ELECTRONIC COMPONENTS–0.8%
Amphenol Corp.–Class A		44,786		3,009,619
ELECTRONIC ENTERTAINMENT–1.9%
Electronic Arts, Inc.(a)		93,970		7,401,077
SEMICONDUCTORS & COMPONENT–6.5%
NVIDIA Corp.		72,672		7,757,009
Texas Instruments, Inc.		91,760		6,695,727
Xilinx, Inc.		168,167		10,152,242
				24,604,978
TELECOMMUNICATIONS EQUIPMENT–1.4%
Arista Networks, Inc.(a)		55,249		5,346,446
				132,106,773
HEALTH CARE–22.2%
BIOTECHNOLOGY–5.5%
Alexion Pharmaceuticals, Inc.(a)		57,221		7,000,989
Biogen, Inc.(a)		49,305		13,981,912
				20,982,901
HEALTH CARE FACILITIES–0.4%
VCA, Inc.(a)		22,360		1,535,014
HEALTH CARE MANAGEMENT SERVICES–3.7%
UnitedHealth Group, Inc.		88,211		14,117,288
HEALTH CARE SERVICES–2.0%
Cerner Corp.(a)		128,070		6,066,676
Premier, Inc.–Class A(a)		46,245		1,403,998
				7,470,674
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES–3.6%
Align Technology, Inc.(a)		30,360	$	2,918,507
Edwards Lifesciences Corp.(a)		114,800		10,756,760
				13,675,267
MEDICAL EQUIPMENT–5.7%
Danaher Corp.		117,432		9,140,907
Intuitive Surgical, Inc.(a)		20,168		12,789,941
				21,930,848
PHARMACEUTICALS–1.3%
Gilead Sciences, Inc.		67,060		4,802,167
				84,514,159
CONSUMER DISCRETIONARY–20.4%
AUTO PARTS–0.4%
WABCO Holdings, Inc.(a)		15,660		1,662,309
CABLE TELEVISION SERVICES–2.3%
AMC Networks, Inc.–Class A(a)		34,111		1,785,370
Comcast Corp.–Class A		101,440		7,004,432
				8,789,802
DIVERSIFIED RETAIL–3.8%
Costco Wholesale Corp.		39,670		6,351,564
Dollar Tree, Inc.(a)		103,430		7,982,727
				14,334,291
ENTERTAINMENT–1.4%
Walt Disney Co. (The)		51,230		5,339,191
LEISURE TIME–1.5%
Priceline Group, Inc. (The)(a)		4,020		5,893,561
RESTAURANTS–3.3%
Chipotle Mexican Grill, Inc.–Class A(a)(b)		3,780		1,426,270
Starbucks Corp.		198,530		11,022,385
				12,448,655
SPECIALTY RETAIL–5.5%
Home Depot, Inc. (The)		111,531		14,954,076
O’Reilly Automotive, Inc.(a)		8,200		2,282,962
Ulta Salon Cosmetics & Fragrance, Inc.(a)		14,300		3,645,642
				20,882,680
TEXTILES, APPAREL & SHOES–2.2%
NIKE, Inc.–Class B		164,730		8,373,226
				77,723,715
FINANCIAL SERVICES–8.1%
ASSET MANAGEMENT & CUSTODIAN–0.6%
BlackRock, Inc.–Class A		6,290		2,393,597

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
FINANCIAL DATA & SYSTEMS–7.0%
Fiserv, Inc.(a)		52,520	$	5,581,826
Vantiv, Inc.–Class A(a)		59,480		3,546,198
Visa, Inc.–Class A		225,920		17,626,278
				26,754,302
SECURITIES BROKERAGE & SERVICES–0.5%
MarketAxess Holdings, Inc.		12,845		1,887,187
				31,035,086
PRODUCER DURABLES–4.0%
SCIENTIFIC INSTRUMENTS: CONTROL & FILTER–2.6%
Allegion PLC		51,820		3,316,480
IDEX Corp.		16,300		1,467,978
Roper Technologies, Inc.		28,980		5,305,658
				10,090,116
SCIENTIFIC INSTRUMENTS: ELECTRICAL–0.7%
AO Smith Corp.		52,660		2,493,451
SCIENTIFIC INSTRUMENTS: GAUGES & METERS–0.7%
Mettler-Toledo International, Inc.(a)		6,405		2,680,877
				15,264,444
CONSUMER STAPLES–3.1%
BEVERAGE: SOFT DRINKS–2.4%
Monster Beverage Corp.(a)		205,548		9,113,998
DRUG & GROCERY STORE CHAINS–0.7%
CVS Health Corp.		33,663		2,656,348
				11,770,346
MATERIALS & PROCESSING–1.2%
BUILDING MATERIALS–0.5%
Acuity Brands, Inc.		8,843		2,041,495
DIVERSIFIED MATERIALS & PROCESSING–0.7%
Hexcel Corp.		52,182		2,684,242
				4,725,737
Total Common Stocks (cost $272,287,988)				357,140,260
SHORT-TERM INVESTMENTS–7.0%
TIME DEPOSIT–7.0%
State Street Time Deposit 0.01%, 1/03/17 (cost $26,773,565)	$	26,774	$	26,773,565
	Shares
Total Investments Before Security Lending Collateral for Securities Loaned–100.7% (cost $299,061,553)				383,913,825
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.4%
INVESTMENT COMPANIES–0.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(c)(d) (cost $1,452,465)		1,452,465		1,452,465
TOTAL INVESTMENTS–101.1% (cost $300,514,018)				385,366,290
Other assets less liabilities–(1.1)%				(4,327,724	)
NET ASSETS–100.0%			$	381,038,566

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $299,061,553)	$	383,913,825	(a)
Affiliated issuers (cost $1,452,465—investment of cash collateral for securities loaned)		1,452,465
Dividends and interest receivable		128,289
Receivable for capital stock sold		56,712
Due from custodian		45,219
Total assets		385,596,510
LIABILITIES
Payable for investment securities purchased		2,542,269
Payable for collateral received on securities loaned		1,452,465
Advisory fee payable		243,780
Payable for capital stock redeemed		156,901
Distribution fee payable		43,195
Administrative fee payable		13,055
Transfer Agent fee payable		5,267
Accrued expenses		101,012
Total liabilities		4,557,944
NET ASSETS	$	381,038,566
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,623
Additional paid-in capital		274,026,897
Accumulated net realized gain on investment transactions		22,150,774
Net unrealized appreciation on investments		84,852,272
	$	381,038,566

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	178,135,870		3,939,679	$	45.22
B	$	202,902,696		4,683,561	$	43.32

(a) Includes securities on loan with a value of $1,426,270 (see Note E).

See notes to financial statements.

8

LARGE CAP GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	3,150,744
Affiliated issuers		10,924
Interest		2,066
Securities lending income		18,187
Other income(a)		45,219
		3,227,140
EXPENSES
Advisory fee (see Note B)		3,095,115
Distribution fee—Class B		583,361
Transfer agency—Class A		7,380
Transfer agency—Class B		9,030
Printing		112,860
Custodian		109,449
Administrative		49,317
Legal		47,772
Audit and tax		41,524
Directors’ fees		24,561
Miscellaneous		17,538
Total expenses		4,097,907
Less: expenses waived and reimbursed by the Adviser (see Note E)		(1,101	)
Net expenses		4,096,806
Net investment loss		(869,666	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		22,457,817
Net change in unrealized appreciation/depreciation of investments		(11,055,344	)
Net gain on investment transactions		11,402,473
Contributions from Affiliates (see Note B)		214
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	10,533,021

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

9

LARGE CAP GROWTH PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(869,666	)	$	(451,105	)
Net realized gain on investment transactions		22,457,817			50,330,010
Net change in unrealized appreciation/depreciation of investments		(11,055,344	)		(3,725,632	)
Contributions from Affiliates (see Note B)		214			–0	–
Net increase in net assets from operations		10,533,021			46,153,273
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		(20,330,760	)		(17,054,341	)
Class B		(29,455,689	)		(23,201,920	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(38,446,922	)		25,770,154
Total increase (decrease)		(77,700,350	)		31,667,166
NET ASSETS
Beginning of period		458,738,916			427,071,750
End of period (including accumulated net investment loss of $0 and $0, respectively)	$	381,038,566		$	458,738,916

See notes to financial statements.

10

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Large Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

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LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

357,140,260

$

–0

–

$

–0

–

$

357,140,260

Short-Term Investments

–0

–

26,773,565

–0

–

26,773,565

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

1,452,465

–0

–

–0

–

1,452,465

Total Investments in Securities

358,592,725

26,773,565

–0

–

385,366,290

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

358,592,725

$

26,773,565

$

–0

–

$

385,366,290

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

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AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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.

The Portfolio does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

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LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,317.

During the year ended December 31, 2016, the Adviser reimbursed the Portfolio $214 for trading losses incurred due to a trade entry error.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $174,521, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.    

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

14

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	229,740,018		$	312,848,502
U.S. government securities		– 0	–		– 0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	303,460,512
Gross unrealized appreciation	$	89,852,952
Gross unrealized depreciation		(7,947,174	)
Net unrealized appreciation	$	81,905,778

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $1,426,270 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,452,465. The cash collateral will be adjusted on the next business day to maintain the required

15

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

collateral amount. The Portfolio earned securities lending income of $18,187, $8,818 and $2,106 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $1,101. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	3,763	$	32,425	$	36,188	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	16,083	$	14,631	$	1,452

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		226,292			199,525		$	10,252,042		$	10,118,836
Shares issued in reinvestment of distributions		440,632			350,336			20,330,760			17,054,341
Shares redeemed		(597,453	)		(562,984	)		(28,081,720	)		(28,506,471	)
Net increase (decrease)		69,471			(13,123	)	$	2,501,082		$	(1,333,294	)
Class B
Shares sold		480,054			904,381		$	21,711,096		$	43,681,497
Shares issued in reinvestment of distributions		665,665			493,448			29,455,689			23,201,920
Shares redeemed		(2,055,480	)		(815,662	)		(92,114,789	)		(39,779,969	)
Net increase (decrease)		(909,761	)		582,167		$	(40,948,004	)	$	27,103,448

At December 31, 2016, certain shareholders of the Portfolio owned 63% 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.

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 less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

16

AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	237,824	$	–0	–
Net long-term capital gains		49,548,625		40,256,261
Total taxable distributions paid	$	49,786,449	$	40,256,261

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	25,097,267
Unrealized appreciation/(depreciation)		81,905,778	(a)
Total accumulated earnings/(deficit)	$	107,003,045

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to contributions from the Adviser and the disallowance of a net operating loss resulted in a net decrease in accumulated net investment loss, a net increase in accumulated net realized gain on investment transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

At a meeting held on January 31-February 1, 2017, the Board of Directors of the Fund approved an amendment to the Portfolio’s Advisory Agreement reflecting a reduction in the Portfolio’s advisory fee. Effective February 3, 2017, the Portfolio will pay 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.

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

17

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$49.50			$48.83			$42.78			$31.17			$26.86
Income From Investment Operations
Net investment income (loss) (a)		(.03	)(b)†		.02			.02			(.04	)		.05
Net realized and unrealized gain on investment transactions		1.44			5.33			6.03			11.68			4.35
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		1.41			5.35			6.05			11.64			4.40
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.03	)		(.09	)
Distributions from net realized gain on investment transactions		(5.69	)		(4.68	)		–0	–		–0	–		–0	–
Total dividends and distributions		(5.69	)		(4.68	)		–0	–		(.03	)		(.09	)
Net asset value, end of period		$45.22			$49.50			$48.83			$42.78			$31.17
Total Return
Total investment return based on net asset value (d)*		2.63	%†		11.11	%		14.14	%		37.35	%		16.39	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$178,136			$191,568			$189,620			$190,488			$160,226
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.85	%		.82	%		.83	%		.85	%		.86	%
Expenses, before waivers/reimbursements		.85	%		.82	%		.83	%		.85	%		.86	%
Net investment income (loss)		(.07	)%(b)†		.04	%		.04	%		(.11	)%		.18	%
Portfolio turnover rate		59	%		65	%		65	%		60	%		94	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$47.77			$47.38			$41.62			$30.38			$26.17
Income From Investment Operations
Net investment loss (a)		(.14	)(b)†		(.10	)		(.09	)		(.13	)		(.02	)
Net realized and unrealized gain on investment transactions		1.38			5.17			5.85			11.37			4.24
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		1.24			5.07			5.76			11.24			4.22
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.01	)
Distributions from net realized gain on investment transactions		(5.69	)		(4.68	)		–0	–		–0	–		–0–
Total dividends and distributions		(5.69	)		(4.68	)		–0	–		–0	–		(.01	)
Net asset value, end of period		$43.32			$47.77			$47.38			$41.62			$30.38
Total Return
Total investment return based on net asset value (d)*		2.36	%†		10.86	%		13.84	%		37.00	%		16.12	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$202,903			$267,171			$237,452			$230,350			$190,896
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.10	%		1.07	%		1.08	%		1.10	%		1.11	%
Expenses, before waivers/reimbursements		1.10	%		1.07	%		1.08	%		1.10	%		1.11	%
Net investment loss		(.32	)%(b)†		(.21	)%		(.21	)%		(.36	)%		(.07	)%
Portfolio turnover rate		59	%		65	%		65	%		60	%		94	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.005	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.01%, 0.09%, 0.02%, 0.10% and 0.95%, respectively.

See notes to financial statements.

19

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Large Cap Growth Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Large Cap Growth Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Large Cap Growth Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

20

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1)
	Garry L. Moody(1)
	Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Frank V. Caruso(2),Vice President Vincent C. DuPont(2) , Vice President John H. Fogarty(2), Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the U.S. Large Cap Growth Investment Team. Messrs. Caruso, DuPont and Fogarty are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

21

LARGE CAP GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989-May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

22

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

23

LARGE CAP GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

25

LARGE CAP GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Frank V. Caruso 60	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Vincent C. DuPont 54	Vice President	Senior Vice President of the Adviser**, with which he was associated since prior to 2012.
John H. Fogarty 47	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

26

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 on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the

27

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge 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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

28

AB Variable Products Series Fund

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 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.

29

VPS-LCG-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

MULTI-MANAGER ALTERNATIVE
STRATEGIES PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Multi-Manager Alternative Strategies Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to seek long-term capital appreciation. The Portfolio seeks to achieve its investment objective primarily by allocating its assets among non-traditional and alternative investment strategies (the “Strategies”). In order to implement the Strategies, AllianceBernstein L.P. (the “Adviser”) will allocate the Portfolio’s assets among other investment companies following alternative investment strategies, including AB Multi-Manager Alternative Strategies Fund (“MMASF”), AB Long/Short Multi-Manager Fund (“LSMM”) and funds managed by unaffiliated third parties (collectively, the “Underlying Funds”). Because the Portfolio invests in Underlying Funds, it is considered a “fund of funds.” The Adviser may in the future allocate the Portfolio’s assets among multiple investment sub-advisers (each a “Sub-Adviser”) that the Adviser believes have substantial experience managing one or more Strategies. MMASF and LSMM currently allocate their assets among Sub-Advisers based on the Adviser’s assessment of those Sub-Advisers.

The Adviser allocates the Portfolio’s assets principally among the following types of Strategies: (i) long/short equity, (ii) special situations, (iii) credit and (iv) global macro. The Adviser seeks to gain exposure across various Strategies, but may focus the Portfolio’s investments in particular Strategies in order to take advantage of perceived investment opportunities or based on its current market outlook. References to Underlying Funds’ investments include investments by Sub-Advisers that may be selected by the Adviser in the future to manage a portion of the Portfolio’s assets.

Strategies

• Long/Short Equity: A long/short equity strategy typically involves buying and/or selling securities believed to be significantly under- or overpriced by the market in relation to their potential value. An Underlying Fund or Sub-Adviser generally will seek to buy certain securities in the expectation that they will increase in value and sell other securities short in the expectation that they will decrease in value. An Underlying Fund may specialize in a geographic area, industry, or market capitalization. Many long/short equity strategies hedge portfolios through the use of short sales and/or the use of index options and futures contracts and other derivative products. The Adviser anticipates that long/short equity strategies will frequently represent a larger portion of the Portfolio’s assets than any other strategy discussed below.

• Special Situations: Special situations strategies seek to take advantage of information inefficiencies resulting from a particular corporate or market event or situation. An Underlying Fund employing a special situations strategy will take positions in companies that are expected to become the subject of takeovers, liquidations, bankruptcies, tender offers, buybacks, spin-offs, exchange offers, mergers or other types of corporate reorganizations, litigation, or substantial financial or operational stress, or to be affected by regulatory or legislative changes, in the hope of profiting on results from the specific event. The goal of a special situations investment strategy is to profit when the price of a security changes to reflect more accurately the likelihood and potential impact of the occurrence, or non-occurrence, of the anticipated event. An Underlying Fund employing a special situations strategy may take an active role in determining the outcome of an event. Often, special situations strategies rely on fundamental research that extends beyond the evaluation of the issues affecting a single company to include an assessment of the legal and structural issues surrounding the extraordinary event or transaction. The Portfolio’s assets are expected to be allocated among Underlying Funds that focus on a variety of special situations strategies, thereby effectively allocating capital between merger arbitrage, distressed securities, restructurings and other areas of focus for special situations strategies. Underlying Funds employing a special situations approach may employ a broad range of investment strategies and techniques to attempt to take advantage of specific events (for example, by using a long/short strategy driven by events), and may do so through almost any type of security or instrument.

• Credit: An Underlying Fund that employs credit strategies generally invests in a variety of fixed-income and other securities. This strategy also includes opportunistic trading and investing in securities of distressed companies and high-yield securities. These investments may include various credit strategies that involve being long and short different financial instruments, and the credits involved will range from high grade to high yield and distressed debt.

• Global Macro: Global macro strategies aim to identify and exploit imbalances in global economies and asset classes. Though encompassing many approaches and styles, macro strategies are linked by the utilization of macroeconomic and technical market factors, rather than “bottom-up” individual security analysis, as the primary basis for management. An Underlying Fund using a global

1

MULTI-MANAGER ALTERNATIVE
STRATEGIES PORTFOLIO
(continued)	AB Variable Products Series Fund

macro strategy generally may invest in all major markets—equities, bonds, currencies and commodities—though not always at the same time, and will typically use leverage in its investment strategy in the form of short sales and derivative instruments. Some Underlying Funds using a global macro approach will base their investments on fundamental evaluation of market conditions and market evolutions (the discretionary approach), while others will use quantitative or pre-defined rules to do so (the systematic macro approach).

The Adviser may determine to allocate the Portfolio’s assets to all or a subset of the Strategies described above at any one time (indirectly through Underlying Funds), and may change those allocations from time to time in its sole discretion and without prior notice to contract holders. In the future, the Adviser may also determine to allocate the Portfolio’s assets to Underlying Funds employing the Strategies and other strategies not described herein, including, but not limited to, emerging-markets, currency, quantitative and real estate related assets strategies.

The Adviser identifies potential Underlying Funds through a variety of sources. The selection process is driven by both quantitative and qualitative analysis. For each prospective allocation to an Underlying Fund, the Adviser will first conduct an evaluation of the Underlying Fund and its Strategy, investment adviser, and approach through analysis of, among other criteria, the prior investment returns of the Underlying Fund or similar strategies (if any), portfolio exposures, current assets under management, and Strategy outlook. The Adviser may also (i) conduct background checks; (ii) analyze whether the Underlying Fund’s investment adviser has the personnel, research and technology resources to effectively implement its Strategy; and (iii) conduct additional due diligence as the Adviser deems appropriate.

The Underlying Funds’ principal investments may include: equity securities, including common and preferred stocks, convertible securities, rights and warrants and depositary receipts; fixed-income and/or floating-rate securities, including debt issued by corporations, debt issued by governments (including the US and foreign governments), their agencies, instrumentalities, sponsored entities, and political subdivisions, notes, debentures, debt participations, convertible bonds, non-investment-grade securities (commonly known as “junk bonds”), and bank loans (including senior secured loans) and other direct indebtedness; mortgage-backed and other mortgage-related securities, asset-backed securities, municipal securities, to be announced securities, and custodial receipts; currencies; and restricted securities eligible for resale pursuant to Rule 144A under the Securities Act of 1933.

The Underlying Funds’ investments may be publicly traded or privately issued or negotiated. The Underlying Funds’ investments may include securities of US and foreign issuers, including securities of issuers in emerging countries and securities denominated in a currency other than the US dollar. The Underlying Funds may also invest in shares of companies through initial public offerings.

The Underlying Funds may use derivatives, such as options, futures contracts, forwards and swaps, to a significant extent. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a quicker and more efficient way to alter an Underlying Fund’s exposure. For example, a long/short strategy may involve use of various types of derivatives to take both a long and short position in securities or market segments. An Underlying Fund may use derivatives to effectively leverage the Underlying Fund by creating aggregate exposure substantially in excess of the Underlying Fund’s net assets. The Underlying Funds may seek to gain exposure to physical commodities traded in the commodities markets through investments in a variety of derivative instruments, including investments in commodity index-linked notes.

The Portfolio is considered to be “non-diversified,” which means that the Investment Company Act of 1940, as amended, does not limit the percentage of its assets that it may invest in any one company (subject to certain limitations under the Internal Revenue Code of 1986, as amended).

INVESTMENT RESULTS

The table on page 9 shows the Portfolio’s performance compared to its benchmark, the Bank of America (“BofA”) Merrill Lynch 3-Month US Treasury Bill (“T-Bill”) Index, for the one-year period ended December 31, 2016, and since the Portfolio’s inception on December 16, 2015. Also included in the table is the performance of the HFRX Global Hedge Fund Index, as a comparison to other hedge funds.

All share classes of the Portfolio outperformed the benchmark, and underperformed the HFRX Global Hedge Fund Index during the annual period; performance across Strategies and Sub-Advisers was mixed.

There was wide dispersion across Long/Short Equity Sub-Adviser performance in 2016. Broadly, the most challenged Sub-Advisers were those with short-only strategies or low net exposures, as equity markets had a strong year of performance. Equity index shorts were primary detractors for many Long/Short Equity Sub-Advisers. High-yield credit was also a strong performing asset class in 2016 and managers with long exposure to high-yield were able to benefit from this. Additionally, the Portfolio’s

2

AB Variable Products Series Fund

Event Driven Sub-Advisers were able to find successful investment opportunities throughout the annual period, contributing to performance. The Fund’s Global Macro exposure detracted from performance in 2016. Ending Strategy allocations as of December 31, 2016 were 57% Long/Short Equity, 25% Event Driven, 15% Credit and 3% Global Macro.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period was volatile for markets, beginning with a large equity-market sell-off that coincided with plummeting oil prices. Equity markets hit their bottom in mid-February, only to bounce back rather quickly. Equity managers who did not participate in the market rebound underperformed significantly. Central bank policy announcements and national votes were strong drivers of the markets during this period and managers had to navigate this macro-driven environment accordingly.

Towards the end of 2016, the results of the US election buoyed US equity markets. Managers with long equity exposure and exposure to those sectors that benefitted the most from these results, such as financials and biotech, performed well. On the other hand, bond markets declined post-election due to an expectation for higher rates and inflation in the US. This expectation was met in December when the US Federal Reserve voted to raise interest rates by 0.25%. The Portfolio maintained investments in a diverse set of alternative Strategies throughout the year.

3

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The BofA Merrill Lynch 3-Month US T-Bill Index and the HFRX Global Hedge Fund Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio (although the HFRX Global Hedge Fund Index reflects the fees and expenses of its hedge fund constituents). The BofA ML US 3-Month T-Bill Index measures the performance of US Treasury securities maturing in 90 days. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset-weighted, based on the distribution of assets in the hedge fund industry. An investor cannot invest directly in an index or average, and their results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

Allocation and Management Risk: The Adviser will invest the assets of the Portfolio primarily by allocating Portfolio assets to the Underlying Funds. The success of the Portfolio depends, in part, upon the ability of the Underlying Funds to develop and implement Strategies to achieve the Portfolio’s investment objective. There is no assurance that the Adviser’s allocation decisions will result in the desired effects. Subjective decisions made by the Adviser (e.g., with respect to allocation among Strategies) and/or the Underlying Funds may cause the Portfolio to incur losses or to miss profit opportunities on which it might otherwise have capitalized. The success of the Portfolio’s investment program depends primarily on the trading and investing skills of the investment advisers to Underlying Funds rather than on the trading and investing skills of the Adviser itself. To the extent that the Adviser is unable to select, manage, allocate appropriate levels of capital to, and invest with Underlying Funds that, in the aggregate, are able to produce consistently positive returns for the Portfolio, the performance of the Portfolio may be impaired.

Some investment advisers to Underlying Funds have little experience managing registered investment companies, which, unlike the private investment funds these investment advisers have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations. Subject to the overall supervision of the Portfolio’s investment program by the Adviser, each investment adviser to an Underlying Fund is responsible, with respect to the Underlying Fund, for compliance with the Underlying Fund’s investment strategies and applicable law.

Strategies implemented by the Underlying Funds may fail to produce the intended results. The success of a particular Underlying Fund is dependent on the expertise of its portfolio managers. Certain investment advisers to Underlying Funds may have only one or a limited number of key individuals responsible for managing the Portfolio’s assets. The loss of one or more key individuals from an investment adviser could have a materially adverse effect on the performance of the Underlying Fund.

Counterparty Risk: The Portfolio is expected to establish relationships with third parties to engage in derivative transactions and obtain prime and other brokerage services that permit the Portfolio to trade in any variety of markets or asset classes. If the Portfolio is unable to establish or maintain such relationships, such inability may limit the Portfolio’s transactions and trading activity, prevent it from trading at optimal rates and terms, and result in losses. Some of the markets in which the Portfolio may effect transactions are not “exchange-based,” including “over-the-counter” or “interdealer” markets. The participants in these markets are typically not subject to the credit evaluation and regulatory oversight to which members of “exchange-based” markets are subject. This exposes the Portfolio to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions. Such “counterparty risk” is heightened for contracts with longer maturities where events may intervene to prevent settlement, or where the Portfolio has concentrated its transactions with a single or small group of counterparties. Furthermore, there is a risk that any of the Portfolio’s counterparties could become insolvent and/or the subject of insolvency proceedings. If one or more of the Portfolio’s counterparties were to become insolvent or the subject of insolvency proceedings, there exists the risk that the recovery of the Portfolio’s assets from the counterparty will be delayed or be of a value less than the value of the assets originally entrusted to the counterparty.

Hedging Transactions Risk: The Portfolio may invest in securities and utilize financial instruments to seek to hedge fluctuations in the values of the Portfolio’s positions. However, hedging transactions will typically limit the opportunity for

(Disclosures, Risks and Note about Historical Performance continued on next page)

4

AB Variable Products Series Fund

gain if the value of such positions should increase, and may not work as intended and actually compound losses. It may not be possible to hedge against certain price fluctuations at a reasonable cost. The Portfolio generally is not required to enter into hedging transactions and may choose not to do so.

Short Sales Risk: The Portfolio may engage in short-selling, which involves the sale of a security that the Portfolio does not own in the hope of purchasing the same or equivalent security at a later date at a lower price. A short sale involves the risk of an increase in the market price of the security, and therefore the possibility of a theoretically unlimited loss. The Portfolio must borrow the security to initiate the short sale, and it may be difficult and costly to effect the purchase of the security in order to return it to the lender, particularly if the security is illiquid. The Portfolio may for a number of reasons be forced to unwind a short sale at a disadvantageous price.

Volatility Risk: The Portfolio will frequently be subject to substantial volatility, which could result from a number of causes. Furthermore, there is the risk that a disproportionate share of the Portfolio’s assets may be committed to one or more investment strategies or techniques, which would result in less diversification than would be suggested by the number of investment advisers to Underlying Funds being employed. The allocation of Portfolio assets to Underlying Funds in response to particular market conditions could increase volatility and potential for loss if such market conditions continue to worsen or react in a manner not anticipated by the Adviser.

Portfolio Turnover Risk: Certain Underlying Funds may invest and trade securities on the basis of certain short-term market considerations. The resultant high portfolio turnover could potentially involve substantial brokerage commissions and fees.

Special Situations Investment Risk: Special situations investing requires an investment adviser to an Underlying Fund to make predictions about the likelihood that an event will occur and the impact such event will have on the value of a company’s securities. If the event fails to occur or it does not have the effect foreseen, losses can result.

Fixed-Income Securities Risk: The Portfolio may invest in debt or other fixed-income securities of US and non-US issuers. The value of fixed-income securities will change in response to fluctuations in interest rates and changes in market perception of the issuer’s creditworthiness or other factors. The Portfolio may invest to a substantial degree in debt securities rated below investment-grade, otherwise known as high-yield securities or “junk bonds.” High-yield securities may rank junior to other outstanding securities and obligations of the issuer. Moreover, high-yield securities may not be protected by financial covenants or limitations on additional indebtedness. Companies that issue high-yield securities are often highly leveraged and may not have available to them more traditional methods of financing. High-yield securities face ongoing uncertainties and exposure to adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments.

Distressed Investments Risk: The Portfolio may invest in companies that are in poor financial condition, lack sufficient capital or that are involved in bankruptcy or reorganization proceedings. Securities and obligations of such distressed companies often trade at a discount to the expected enterprise value that could be achieved through a restructuring and an investor in such securities is exposed to risk that a restructuring will not occur, or will occur on unfavorable terms. Debt obligations of distressed companies are typically unrated, lower-rated or close to default. Securities of distressed companies are generally more likely to become worthless than securities of more financially stable companies.

Derivative Instruments Risk: The Portfolio may enter into options, futures contracts, forwards, swaps and other derivative instrument contracts. Derivative instruments may be subject to various types of risks, including market risk, liquidity risk, the risk of non-performance by the counterparty, including risks relating to the financial soundness and creditworthiness of the counterparty, legal risk and operations risk. The prices of derivative instruments can be highly volatile. Depending on the nature of the derivative, price movements may be influenced by interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies.

Small Capitalization and Recently Organized Companies Risk: Portfolio assets may be exposed, long and short, to securities of small-capitalization companies and recently organized companies. Historically, such securities have been more volatile in price than those of larger capitalized, more established companies. These companies may have limited product lines, distribution channels and financial and managerial resources. Further, there is often less publicly available information

(Disclosures, Risks and Note about Historical Performance continued on next page)

5

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

concerning such companies than for larger, more established businesses. The equity securities of small-capitalization companies may be traded in volumes that are lower than are typical of larger company securities.

Non-US Investments Risk: The Portfolio may invest in securities of non-US companies and foreign countries. Investing in the securities of such companies and countries involves political and economic considerations, such as: the potential difficulty of repatriating funds, general social, political and economic instability and adverse diplomatic developments; the possibility of imposition of withholding or other taxes on income or capital gains; the small size of the securities markets in such countries and the low volume of trading, resulting in potential lack of liquidity and price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; and certain government policies that may restrict the Portfolio’s investment opportunities. The economies of non-US countries may differ favorably or unfavorably from the US economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. In addition, accounting and financial reporting standards that prevail in non-US countries generally are not equivalent to US standards and, consequently, less information may be available to investors in companies located in non-US countries than is available to investors in companies located in the United States.

Currency Risk: The Portfolio may invest a portion of its assets in instruments denominated in currencies other than the US dollar, the prices of which are determined with reference to currencies other than the US dollar. The Portfolio, however, generally values its securities and other assets in US dollars. To the extent unhedged, the value of the Portfolio’s assets will fluctuate with currency exchange rates as well as with the price changes of the Portfolio’s investments. Thus, an increase in the value of the US dollar compared to the other currencies in which the Portfolio makes its investments will reduce the effect of increases and magnify the effect of decreases in the prices of the Portfolio’s securities in their local markets. The Portfolio may utilize financial instruments such as currency options and forward contracts to hedge currency fluctuations, but there can be no assurance that such hedging transactions (if implemented) will be effective.

Emerging Markets Risk: Investment in emerging-market securities involves a greater degree of risk than investment in securities of issuers based in developed countries. Among other things, emerging-market securities investments may carry the risks of less publicly available information, more volatile markets, less strict securities market regulation, less favorable tax provisions, and a greater likelihood of severe inflation, unstable currency, war and expropriation of personal property than investments in securities of issuers based in developed countries.

Undervalued Securities Risk: The Portfolio may make certain investments in securities that an investment adviser to an Underlying Fund believes to be undervalued. However, there are no assurances that the securities will in fact be undervalued. In addition, it may take a substantial period of time before the securities realize their anticipated value, and such securities may never appreciate to the level anticipated by the investment adviser.

Quantitative Investment Risk: Certain investment advisers to Underlying Funds may attempt to execute strategies for an Underlying Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that an investment adviser’s use of quantitative models will result in effective investment decisions for an Underlying Fund. The success of an investment adviser’s quantitative investment models is heavily dependent on the mathematical models used by the investment adviser. Models that have been formulated on the basis of past market data may not be predictive of future price movements. Models also may have hidden biases or exposure to broad structural or sentiment shifts. Furthermore, the effectiveness of such models tends to deteriorate over time as more traders seek to exploit the same market inefficiencies through the use of similar models.

Commodities-Related Investments Risk: To the extent the Portfolio invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the Portfolio will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments.

(Disclosures, Risks and Note about Historical Performance continued on next page)

6

AB Variable Products Series Fund

Multi-Manager Risk: The multi-manager strategy employed by the Portfolio involves special risks, which include:

• Offsetting positions. Investment advisers to Underlying Funds may make investment decisions that conflict with each other; for example, at any particular time, one investment adviser may be purchasing shares of an issuer whose shares are being sold by another investment adviser. Consequently, the Portfolio could indirectly incur transaction costs without accomplishing any net investment result.

• Proprietary investment strategy risk. Investment advisers to Underlying Funds may use proprietary or licensed investment strategies that are based on considerations and factors that are not fully disclosed to the Portfolio’s Board of Directors (the “Board”) or the Adviser. Moreover, these proprietary or licensed investment strategies, which may include quantitative mathematical models or systems, may be changed or refined over time. An investment adviser to an Underlying Fund (or the licensor of the strategies used by the investment adviser) may make certain changes to the strategies the investment adviser has previously used, may not use such strategies at all (or the investment adviser’s license may be revoked), and may use additional strategies, where such changes or discretionary decisions, and the reasons for such changes or decisions, are also not fully disclosed to the Board or the Adviser. These strategies may involve risks under some market conditions that are not anticipated by the Adviser or the Portfolio.

Non-Diversification Risk: The Portfolio is a “non-diversified” investment company, which means that the Portfolio may invest a larger portion of its assets in a smaller number of issuers than a diversified investment company. This increases the risks of investing in the Portfolio because the performance of each security in which the Portfolio invests has a greater impact on the Portfolio’s performance. To the extent that the Portfolio invests a relatively high percentage of its assets in securities of a limited number of companies, the Portfolio may also be more susceptible than a diversified investment company to any single economic, political or regulatory occurrence.

Leverage Risk: Leverage creates exposure to gains and losses in a greater amount than the dollar amount made in an investment by attempting to enhance return or value without increasing the investment amount. Leverage can magnify the effects of changes in the value of the Portfolio’s investments and make the Portfolio more volatile. The use of leverage may cause the Portfolio to liquidate portfolio positions when it may not be advantageous to do so.

Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Illiquid securities may also be difficult to value. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk.

Mortgage-Related Securities Risk: In the case of investments in mortgage-related securities, a loss could be incurred if the collateral backing these securities is insufficient.

Real Estate Related Securities Risk: The Portfolio may invest in real estate related securities and may indirectly invest in real assets, such as real estate, natural resources and commodities, and infrastructure assets. Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. Investments in real assets involve a substantial degree of risk, including significant financial, operating and competitive risks. Investing in real estate investment trusts, or REITs, involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs are dependent upon management skills, are not diversified, and are often subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Investment in Other Investment Companies Risk: As with other investments, investments in Underlying Funds, including exchange-traded funds, are subject to market and selection risk. In addition, when the Portfolio acquires shares of Underlying Funds, Contractholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the Underlying Funds.

(Disclosures, Risks and Note about Historical Performance continued on next page)

7

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end. The Portfolio has been in operation only for a short period of time, and therefore has a limited historical performance period. This limited performance period is unlikely to be representative of the performance the Portfolio will achieve over a longer period.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

8

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		Since Inception*
Multi-Manager Alternative Strategies Portfolio Class A		1.86%		1.40%
Multi-Manager Alternative Strategies Portfolio Class B		1.65%		1.10%
BofA Merrill Lynch 3-Month US T-Bill Index		0.33%		0.34%
HFRX Global Hedge Fund Index		2.50%		2.43%
*    Inception date: 12/16/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 3.90% and 4.15% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of 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, expenses associated with securities sold short, and brokerage commissions and other transaction costs to 2.15% and 2.40% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before December 16, 2017 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Advisor may be reimbursed by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the expense limitation. In addition, through May 1, 2017 and to the extent not effectively implemented as a result of the expense limitation, the Adviser has contractually agreed to waive its management fee and/or bear Portfolio expenses in an amount equal to the Portfolio’s share of all fees and expenses of any AB mutual funds in which the Portfolio invests, and to waive its management fee so that the effective management fee payable with respect to Portfolio assets invested in Acquired Funds that are not AB mutual funds is 0.20%. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/16/15^* TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Multi-Manager Alternative Strategies Portfolio Class A shares (from 12/16/15^* to 12/31/16) as compared to the performance of the primary benchmark, and the HRFX Global Hedge Fund Index. The chart assumes the reinvestment of dividends and capital gains distributions.

* Inception date: 12/16/2015.

See Disclosures, Risks and Note about Historical Performance on pages 4-8.

9

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*			Effective Expenses Paid During Period+		Effective Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,025.80	$	2.04		0.40	%	$	13.90		2.73	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,023.13	$	2.03		0.40	%	$	13.80		2.73	%
Class B
Actual	$	1,000	$	1,023.80	$	3.31		0.65	%	$	15.16		2.98	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.87	$	3.30		0.65	%	$	15.06		2.98	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

10

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STRATEGY BREAKDOWN*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

STRATEGY	WEIGHTING
Long/Short Equity		56.8	%
Special Situations		24.8	%
Relative Value/Credit		14.9	%
Global Macro		3.0	%
Cash		0.5	%

* All data are as of December 31, 2016. The Portfolio’s strategy breakdown is expressed as a percentage of total net assets and may vary over time.

11

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES–100.4%
FUNDS AND INVESTMENT TRUSTS–100.4%(a)
AB Long/Short Multi-Manager Portfolio–Class Z		14,897	$	149,569
AB Multi-Manager Alternative Strategies Fund–Class Z		50,888		504,296
AQR Long-Short Equity Fund–Class R6		4,210		55,113
DoubleLine Total Return Bond Fund–Class I		9,596		101,911
Gotham Absolute Return Fund–Institutional Class(b)		8,032		106,739
Kellner Merger Fund–Institutional Class		9,679		100,662
TOTAL INVESTMENTS–100.4% (cost $1,018,321)				1,018,290
Other assets less liabilities–(0.4)%				(3,730	)
NET ASSETS–100.0%			$	1,014,560

(a) To obtain a copy of the Underlying Portfolios’ 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) Non-income producing security.

See notes to financial statements.

12

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $359,540)	$	364,425
Affiliated issuers (cost $658,781)		653,865
Cash		139
Receivable due from Adviser		89,103
Dividends and interest receivable		332
Total assets		1,107,864
LIABILITIES
Custody fee payable		29,834
Audit and tax fee payable		28,887
Legal fee payable		13,667
Printing fee payable		5,828
Transfer Agent fee payable		188
Distribution fee payable		26
Accrued expenses		14,874
Total liabilities		93,304
NET ASSETS	$	1,014,560
COMPOSITION OF NET ASSETS
Capital stock, at par	$	101
Additional paid-in capital		1,005,591
Undistributed net investment income		7,751
Accumulated net realized gain on investment transactions		1,148
Net unrealized depreciation on investments		(31	)
	$	1,014,560

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,004,441		99,645	$	10.08
B	$	10,119		1,006.43	$	10.05

See notes to financial statements.

13

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Income distributions from unaffiliated Underlying Portfolios	$	5,384
Income distributions from affiliated Underlying Portfolios		5,572
		10,956
EXPENSES
Advisory fee (see Note B)		18,884
Distribution fee—Class B		25
Transfer agency—Class A		1,022
Transfer agency—Class B		10
Custodian		89,517
Amortization of offering expenses		55,698
Legal		28,917
Audit and tax		28,910
Directors’ fees		24,565
Printing		12,129
Miscellaneous		14,877
Total expenses		274,554
Less: expenses waived and reimbursed by the Adviser (see Note B)		(270,653	)
Net expenses		3,901
Net investment income		7,055
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain distributions from:
Affiliated Underlying Portfolios		817
Unaffiliated Underlying Portfolios		450
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		926
Unaffiliated Underlying Portfolios		9,754
Net gain on investment transactions		11,947
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	19,002

See notes to financial statements.

14

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			December 16, 2015(a) to December 31, 2015
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,055		$	4,738
Net realized gain distributions from affiliated Underlying Portfolios		817			129
Net realized gain distributions from unaffiliated Underlying Portfolios		450			1,402
Net change in unrealized appreciation/depreciation of affiliated Underlying Portfolios		926			(5,842	)
Net change in unrealized appreciation/depreciation of unaffiliated Underlying Portfolios		9,754			(4,869	)
Net increase (decrease) in net assets from operations		19,002			(4,442	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(4,802	)		–0	–
Class B		(47	)		–0	–
Net realized gain on investment transactions
Class A		(1,633	)		–0	–
Class B		(17	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase		6,499			1,000,000
Total increase		19,002			995,558
NET ASSETS
Beginning of period		995,558			–0	–
End of period (including undistributed net investment income of $7,751 and $4,754, respectively)	$	1,014,560		$	995,558

(a) Commencement of operations.

See notes to financial statements.

15

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Multi-Manager Alternative Strategies Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). AB Multi-Manager Alternative Strategies Portfolio commenced operations on December 16, 2015. The Portfolio’s investment objective is long-term growth of capital. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. As of December 31, 2016 AllianceBernstein L.P. (the “Adviser”) was the sole shareholder of each class of shares of the Portfolio. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share. The Portfolio invests primarily in a combination of portfolios managed by the Adviser and by certain unaffiliated third parties (the “Underlying Portfolios”).

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but

16

AB Variable Products Series Fund

are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

	Level 1		Level 2			Level 3			Total
Investments in Securities:
Assets:
Investment Companies	$	1,018,290	$	–0	–	$	–0	–	$	1,018,290
Total(a)	$	1,018,290	$	–0	–	$	–0	–	$	1,018,290

(a) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s

17

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current tax year and the prior tax year) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Income and capital gain distributions from the Underlying Portfolios, if any, are recorded on the ex-dividend date. Transactions in shares of the Underlying Portfolios are accounted for on the trade date. Investment gains and losses are determined on the identified cost basis.

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

18

AB Variable Products Series Fund

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. Offering Expenses

Offering expenses of $59,232 were deferred and amortized on a straight line basis over a one year period starting from December 16, 2015 (commencement 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 1.90% of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to 2.15% and 2.40% of daily average net assets for Class A and Class B, respectively. Any fees waived and expenses borne by the Adviser through December 15, 2016 are subject to repayment by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amounted to $34,974 for the fiscal period ended December 31, 2015 and $277,835 for the year ended December 31, 2016, respectively. In any case, no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the net fee percentages set forth in the preceding sentence. For the year ended December 31, 2016, the reimbursements/waivers amounted to $251,857. The Expense Caps may not be terminated by the Adviser before December 16, 2017.

The Portfolio may invest in AB mutual funds managed by the Adviser. In addition to the Expense Caps and to the extent not effectively implemented as a result of the Expense Caps, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through May 1, 2017 in an amount equal to the Portfolio’s share of all fees and expenses of any AB mutual funds in which the Portfolio invests, and to waive its management fees so that the effective management fee payable with respect to Portfolio assets invested in mutual funds that are not advised by the Adviser is 0.20% of daily average net assets. For the year ended December 31, 2016, such waiver amounted to $18,796.

A summary of the Portfolio’s in AB mutual funds for the year ended December 31, 2016 is as follows:

AB Multi-Manager Alternative Strategies Fund
												Distributions
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 12/31/16 (000)		Income (000)		Realized Gains (000)
$	497	$	5	$	0	$	0	$	2	$	504	$	5	$	0

AB Long/Short Multi-Manager Fund
													Distributions
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)			Market Value 12/31/16 (000)		Income (000)		Realized Gains (000)
$	149	$	2	$	0	$	0	$	(1	)	$	150	$	1	$	1

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,032 for the year ended December 31, 2016.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

19

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	12,241		$	–0	–
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	1,018,321
Gross unrealized appreciation		6,726
Gross unrealized depreciation		(6,757	)
Net unrealized depreciation	$	(31	)

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

20

AB Variable Products Series Fund

NOTE E: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2016			December 16, 2015(a) to December 31, 2015			Year Ended December 31, 2016			December 16, 2015(a) to December 31, 2015
Class A
Shares sold		–0	–		99,000		$	–0	–	$	990,000
Shares issued in reinvestment of dividends and distributions		645			–0	–		6,435			–0	–
Net increase		645			99,000		$	6,435		$	990,000
Class B
Shares sold		–0	–		1,000		$	–0	–	$	10,000
Shares issued in reinvestment of dividends and distributions		6			–0	–		64			–0	–
Net increase		6			1,000		$	64		$	10,000

(a) Commencement of operations.

NOTE F: Risks Involved in Investing in the Portfolio

Allocation and Management Risk—The Adviser will invest the assets of the Portfolio primarily by allocating Portfolio assets to the Underlying Funds. The success of the Portfolio depends, in part, upon the ability of the Underlying Funds to develop and implement Strategies to achieve the Portfolio’s investment objective. There is no assurance that the Adviser’s allocation decisions will result in the desired effects. Subjective decisions made by the Adviser (e.g., with respect to allocation among Strategies) and/or the Underlying Funds may cause the Portfolio to incur losses or to miss profit opportunities on which it might otherwise have capitalized. The success of the Portfolio’s investment program depends primarily on the trading and investing skills of the investment advisers to Underlying Funds rather than on the trading and investing skills of the Adviser itself. To the extent that the Adviser is unable to select, manage, allocate appropriate levels of capital to, and invest with Underlying Funds that, in the aggregate, are able to produce consistently positive returns for the Portfolio, the performance of the Portfolio may be impaired.

Some to Underlying Portfolios have little experience managing registered investment companies, which, unlike the private investment funds these investment advisers have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations. Subject to the overall supervision of the Portfolio’s investment program by the Adviser, each investment adviser to an Underlying Fund is responsible, with respect to the Underlying Fund, for compliance with the Underlying Fund’s investment strategies and applicable law.

Strategies implemented by the Underlying Funds may fail to produce the intended results. The success of a particular Underlying Fund is dependent on the expertise of its portfolio managers. Certain investment advisers to Underlying Funds may have only one or a limited number of key individuals responsible for managing the Portfolio’s assets. The loss of one or more key individuals from an investment adviser could have a materially adverse effect on the performance of the Underlying Fund.

Counterparty Risk—The Portfolio is expected to establish relationships with third parties to engage in derivative transactions and obtain prime and other brokerage services that permit the Portfolio to trade in any variety of markets or asset classes. If the Portfolio is unable to establish or maintain such relationships, such inability may limit the Portfolio’s transactions and trading activity, prevent it from trading at optimal rates and terms, and result in losses.

Some of the markets in which the Portfolio may effect transactions are not “exchange-based,” including “over-the-counter” or “interdealer” markets. The participants in these markets are typically not subject to the credit evaluation and regulatory oversight to which members of “exchange-based” markets are subject. This exposes the Portfolio to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions. Such “counterparty risk” is heightened for contracts with longer maturities where events may intervene to prevent settlement, or where the Portfolio has concentrated its transactions with a single or small group of counterparties. Furthermore, there is a risk that any of the Portfolio’s

21

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

counterparties could become insolvent and/or the subject of insolvency proceedings. If one or more of the Portfolio’s counterparties were to become insolvent or the subject of insolvency proceedings, there exists the risk that the recovery of the Portfolio’s assets from the counterparty will be delayed or be of a value less than the value of the assets originally entrusted to the counterparty.

Hedging Transactions Risk—The Portfolio may invest in securities and utilize financial instruments to seek to hedge fluctuations in the values of the Portfolio’s positions. However, hedging transactions will typically limit the opportunity for gain if the value of such positions should increase, and may not work as intended and actually compound losses. It may not be possible to hedge against certain price fluctuations at a reasonable cost. The Portfolio generally is not required to enter into hedging transactions and may choose not to do so.

Short Sales Risk—The Portfolio may engage in short-selling, which involves the sale of a security that the Portfolio does not own in the hope of purchasing the same or equivalent security at a later date at a lower price. A short sale involves the risk of an increase in the market price of the security, and therefore the possibility of a theoretically unlimited loss. The Portfolio must borrow the security to initiate the short sale, and it may be difficult and costly to effect the purchase of the security in order to return it to the lender, particularly if the security is illiquid. The Portfolio may for a number of reasons be forced to unwind a short sale at a disadvantageous price.

Volatility Risk—The Portfolio will frequently be subject to substantial volatility, which could result from a number of causes. Furthermore, there is the risk that a disproportionate share of the Portfolio’s assets may be committed to one or more investment strategies or techniques, which would result in less diversification than would be suggested by the number of investment advisers to Underlying Portfolios being employed. The allocation of Portfolio assets to Underlying Funds in response to particular market conditions could increase volatility and potential for loss if such market conditions continue to worsen or react in a manner not anticipated by the Adviser.

Portfolio Turnover Risk—Certain Underlying Funds may invest and trade securities on the basis of certain short-term market considerations. The resultant high portfolio turnover could potentially involve substantial brokerage commissions and fees.

Special Situations Investment Risk—Special situations investing requires an investment adviser to an Underlying Fund to make predictions about the likelihood that an event will occur and the impact such event will have on the value of a company’s securities. If the event fails to occur or it does not have the effect foreseen, losses can result.

Fixed-Income Securities Risk—The Portfolio may invest in debt or other fixed-income securities of U.S. and non-U.S. issuers. The value of fixed-income securities will change in response to fluctuations in interest rates and changes in market perception of the issuer’s creditworthiness or other factors. The Portfolio may invest to a substantial degree in debt securities rated below investment grade, otherwise known as high-yield securities or “junk bonds.” High-yield securities may rank junior to other outstanding securities and obligations of the issuer. Moreover, high-yield securities may not be protected by financial covenants or limitations on additional indebtedness. Companies that issue high-yield securities are often highly leveraged and may not have available to them more traditional methods of financing. High-yield securities face ongoing uncertainties and exposure to adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments.

Distressed Investments Risk—The Portfolio may invest in companies that are in poor financial condition, lack sufficient capital or that are involved in bankruptcy or reorganization proceedings. Securities and obligations of such distressed companies often trade at a discount to the expected enterprise value that could be achieved through a restructuring and an investor in such securities is exposed to risk that a restructuring will not occur, or will occur on unfavorable terms. Debt obligations of distressed companies are typically unrated, lower-rated or close to default. Securities of distressed companies are generally more likely to become worthless than securities of more financially stable companies.

Derivative Instruments Risk—The Portfolio may enter into options, futures contracts, forwards, swaps and other derivative instrument contracts. Derivative instruments may be subject to various types of risks, including market risk, liquidity risk, the risk of non-performance by the counterparty, including risks relating to the financial soundness and creditworthiness of the counterparty, legal risk and operations risk. The prices of derivative instruments can be highly volatile. Depending on the nature of the derivative, price movements may be influenced by interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies.

22

AB Variable Products Series Fund

Small Capitalization and Recently Organized Companies Risk—Portfolio assets may be exposed, long and short, to securities of small capitalization companies and recently organized companies. Historically, such securities have been more volatile in price than those of larger capitalized, more established companies. These companies may have limited product lines, distribution channels and financial and managerial resources. Further, there is often less publicly available information concerning such companies than for larger, more established businesses. The equity securities of small capitalization companies may be traded in volumes that are lower than are typical of larger company securities.

Non-U.S. Investments Risk—The Portfolio may invest in securities of non-U.S. companies and foreign countries. Investing in the securities of such companies and countries involves political and economic considerations, such as: the potential difficulty of repatriating funds, general social, political and economic instability and adverse diplomatic developments; the possibility of imposition of withholding or other taxes on income or capital gains; the small size of the securities markets in such countries and the low volume of trading, resulting in potential lack of liquidity and price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; and certain government policies that may restrict the Portfolio’s investment opportunities. The economies of non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. In addition, accounting and financial reporting standards that prevail in non-U.S. countries generally are not equivalent to U.S. standards and, consequently, less information may be available to investors in companies located in non-U.S. countries than is available to investors in companies located in the United States.

Currency Risk—The Portfolio may invest a portion of its assets in instruments denominated in currencies other than the U.S. Dollar, the prices of which are determined with reference to currencies other than the U.S. Dollar. The Portfolio, however, generally values its securities and other assets in U.S. Dollars. To the extent unhedged, the value of the Portfolio’s assets will fluctuate with currency exchange rates as well as with the price changes of the Portfolio’s investments. Thus, an increase in the value of the U.S. Dollar compared to the other currencies in which the Portfolio makes its investments will reduce the effect of increases and magnify the effect of decreases in the prices of the Portfolio’s securities in their local markets. The Portfolio may utilize financial instruments such as currency options and forward contracts to hedge currency fluctuations, but there can be no assurance that such hedging transactions (if implemented) will be effective.

Emerging Markets Risk—Investment in emerging market securities involves a greater degree of risk than investment in securities of issuers based in developed countries. Among other things, emerging market securities investments may carry the risks of less publicly available information, more volatile markets, less strict securities market regulation, less favorable tax provisions, and a greater likelihood of severe inflation, unstable currency, war and expropriation of personal property than investments in securities of issuers based in developed countries.

Undervalued Securities Risk—The Portfolio may make certain investments in securities that the Sub-Advisers believe to be undervalued. However, there are no assurances that the securities will in fact be undervalued. In addition, it may take a substantial period of time before the securities realize their anticipated value, and such securities may never appreciate to the level anticipated by the Sub-Advisers.

Quantitative Investment Risk—Certain investment advisers to Underlying Funds may attempt to execute strategies for an Underlying Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that an investment adviser’s use of quantitative models will result in effective investment decisions for an Underlying Fund. The success of an investment adviser’s quantitative investment models is heavily dependent on the mathematical models used by the investment adviser. Models that have been formulated on the basis of past market data may not be predictive of future price movements. Models also may have hidden biases or exposure to broad structural or sentiment shifts. Furthermore, the effectiveness of such models tends to deteriorate over time as more traders seek to exploit the same market inefficiencies through the use of similar models.

Commodities-Related Investments Risk—To the extent the Portfolio invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the Portfolio will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments.

23

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Multi-Manager Risk—The multi-manager strategy employed by the Portfolio involves special risks, which include:

• Offsetting positions. Investment advisers to Underlying Funds may make investment decisions that conflict with each other; for example, at any particular time, one investment adviser may be purchasing shares of an issuer whose shares are being sold by another investment adviser. Consequently, the Portfolio could indirectly incur transaction costs without accomplishing any net investment result.

• Proprietary investment strategy risk. Investment advisers to Underlying Funds may use proprietary or licensed investment strategies that are based on considerations and factors that are not fully disclosed to the Portfolio’s Board of Directors (the “Board”) or the Adviser. Moreover, these proprietary or licensed investment strategies, which may include quantitative mathematical models or systems, may be changed or refined over time. An investment adviser to an Underlying Fund (or the licensor of the strategies used by the investment adviser) may make certain changes to the strategies the investment adviser has previously used, may not use such strategies at all (or the investment adviser’s license may be revoked), and may use additional strategies, where such changes or discretionary decisions, and the reasons for such changes or decisions, are also not fully disclosed to the Board or the Adviser. These strategies may involve risks under some market conditions that are not anticipated by the Adviser or the Portfolio.

Non-Diversification Risk—The Portfolio is a “non-diversified” investment company, which means that the Portfolio may invest a larger portion of its assets in a small number of issuers than a diversified investment company. This increases the risks of investing in the Portfolio because the performance of each security in which the Portfolio invests has a greater impact on the Portfolio’s performance. To the extent that the Portfolio invests a relatively high percentage of its assets in securities of a limited number of companies, the Portfolio may also be more susceptible than a diversified investment company to any single economic, political or regulatory occurrence.

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.

Liquidity Risk—Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Illiquid securities may also be difficult to value. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk.

Mortgage-Related Securities Risk—In the case of investments in mortgage-related securities, a loss could be incurred if the collateral backing these securities is insufficient.

Real Estate Risk Related Securities Risk—The Portfolio may invest in real estate related securities and may indirectly invest in real assets, such as real estate, natural resources and commodities, and infrastructure assets. Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. Investments in real assets involve a substantial degree of risk, including significant financial, operating and competitive risks. Investing in real estate investment trusts, or REITs, involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs are dependent upon management skills, are not diversified, and are often subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Investment in Other Investment Companies Risk—As with other investments, investments in Underlying Funds, including exchange-traded funds, or ETFs, are subject to market and selection risk. In addition, when the Portfolio acquires shares of Underlying Funds, Contractholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the Underlying Funds.

24

AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE G: Distributions to Shareholders

The tax character of distributions paid during the fiscal year ended December 31, 2016 was as follows:

	2016
Distributions paid from:
Ordinary income	$	4,849
Long-term capital gains		1,650
Total taxable distributions	$	6,499

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	7,751
Undistributed capital gains		1,148
Unrealized appreciation/(depreciation)		(31	)
Total accumulated earnings/(deficit)	$	8,868

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, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal period, permanent differences primarily due to the tax treatment of offering costs resulted in a net increase in undistributed net investment income and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE H: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE I: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

25

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31, 2016			December 16, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.96			$10.00
Income From Investment Operations
Net investment income (b)(c)		.07			.05
Net realized and unrealized gain (loss) on investment transactions		.12			(.09	)
Net increase (decrease) in net asset value from operations		.19			(.04	)
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		–0	–
Distributions from net realized gain on investment transactions		(.02	)		–0	–
Total dividends and distributions		(.07	)		–0	–
Net asset value, end of period		$10.08			$9.96
Total Return
Total investment return based on net asset value (d)		1.86	%		(.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,005			$986
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.39	%		.39	%^
Expenses, before waivers/reimbursements (e)		27.62	%		85.71	%^
Net investment income (c)		.71	%		11.56	%^
Portfolio turnover rate		0	%		0	%

See footnote summary on page 27.

26

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31, 2016			December 16, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.95			$10.00
Income From Investment Operations
Net investment income (b)(c)		.04			.05
Net realized and unrealized gain (loss) on investment transactions		.12			(.10	)
Net increase (decrease) in net asset value from operations		.16			(.05	)
Less: Dividends and Distributions
Dividends from net investment income		(.04	)		–0	–
Distributions from net realized gain on investment transactions		(.02	)		–0	–
Total dividends and distributions		(.06	)		–0	–
Net asset value, end of period		$10.05			$9.95
Total Return
Total investment return based on net asset value (d)		1.65	%		(.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.64	%		.64	%^
Expenses, before waivers/reimbursements (e)		27.86	%		85.78	%^
Net investment income (c)		.45	%		11.32	%^
Portfolio turnover rate		0	%		0	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Net of fees and expenses waived/reimbursed by the Adviser.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(e) Expense ratios do not include expenses of the affiliated/unaffiliated Underlying Portfolios in which the Portfolio invests. For the year ended December 31, 2016 , and the period ended December 31, 2015 the estimated acquired fund fees (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs) of the affiliated/unaffiliated Underlying Portfolios in which the Portfolio invests were 1.76% and 1.76%, respectively, for the Portfolio.

^ Annualized.

See notes to financial statements.

27

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Multi-Manager Alternative Strategies Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Multi-Manager Alternative Strategies Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and the period December 16, 2015 (commencement of operations) to December 31, 2015. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Multi-Manager Alternative Strategies Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, and the results of its operations for the year the ended, and the changes in its net assets and financial highlights for the year then ended and the period December 16, 2015 (commencement of operations) to December 31, 2015, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

28

MULTI-MANAGER
ALTERNATIVE STRATEGIES PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman	Nancy P. Jacklin(1)
John H. Dobkin(1)	Robert M. Keith, President and Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
D. James Guzy(1)	Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Marc H. Gamsin(2), Vice President Greg Outcalt(2), Vice President	Joseph J. Mantineo, Treasurer and Chief Financial Officer Emilie D. Wrapp, Secretary Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036
PRINCIPAL UNDERWRITER AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Fund are made by its senior management team. Messrs. Gamsin and Outcalt are the investment professionals with the most significant responsibility for the day-to-day management of the Fund’s portfolio.

29

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

30

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

31

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to this position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

33

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AllianceBernstein Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P., since prior to March 2003.
Marc Gamsin 61	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Greg Outcalt 54	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Fund’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or AB at 1-(800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

34

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE PORTFOLIO’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Fund”) unanimously approved the Fund’s Advisory Agreement with the Adviser in respect of AB Multi-Manager Alternative Strategies Portfolio (the “Portfolio”) for an initial two-year period at a meeting held on February 3-4, 2015.

Prior to approval of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed 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 an independent evaluation prepared by the Fund’s Senior Officer (who is also the Fund’s Independent Compliance Officer) of the reasonableness of the proposed advisory fee in the Advisory Agreement. The directors also discussed the proposed approval in private sessions with counsel and the Fund’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services to be provided by the Adviser to the Portfolio gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, including the Fund, 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 receive presentations from the Adviser on the investment results of the AB Funds and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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 Portfolio and the overall arrangements between the Portfolio and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services to be performed, expenses to be 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 to be Provided

The directors considered the scope and quality of services to be 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 AB Funds. The directors considered both the investment advisory services and the other non-advisory services outlined with specificity in the Advisory Agreement that would be provided to the Portfolio by the Adviser. They also noted the professional experience and qualifications of the Portfolio’s portfolio manager and other members of the investment team and other senior personnel of the Adviser. The directors noted that the Advisory Agreement, unlike the advisory agreements for most of the other AB Funds, does not provide for reimbursement to the Adviser of the Adviser’s cost of providing administrative and accounting services for the Portfolio. These services will be covered by the advisory fee. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Portfolio’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services to be provided to the Portfolio under the Advisory Agreement.

Costs of Services to be Provided and Profitability

Because the Portfolio had not yet commenced operations, the directors were unable to consider historical information about the profitability of the Portfolio. However, the Adviser agreed to provide the directors with profitability information in connection with future proposed continuances of the Advisory Agreement. They also considered the costs to be borne by the Adviser in providing services to the Portfolio and that the Portfolio was unlikely to be profitable to the Adviser unless it achieves a material level of net assets.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their proposed relationships with the Portfolio, including, but not limited, to benefits relating to soft dollar arrangements (whereby the Adviser receives brokerage and research services from brokers that execute transactions for certain clients, including the Portfolio); 12b-1 fees and sales charges to be received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of

35

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
(continued)	AB Variable Products Series Fund

the Portfolio’s Class B shares; transfer agency fees to be paid by the Portfolio to a wholly owned subsidiary of the Adviser; and brokerage commissions to be paid by the Portfolio to brokers affiliated with the Adviser. The directors recognized that the Adviser’s future profitability would be somewhat lower without these benefits. The directors also understood that the Adviser also might derive reputational and other benefits from its association with the Portfolio.

Investment Results

Since the Portfolio had not yet commenced operations and there were no existing AB Funds with the same investment style as the Portfolio, no performance or other historical information for the Portfolio was available from the Adviser. Based on the Adviser’s written and oral presentations regarding the management of the Portfolio and their general knowledge and confidence in the Adviser’s expertise in managing mutual funds, the directors concluded that they were satisfied that the Adviser was capable of providing high quality portfolio management services to the Portfolio.

Advisory Fees and Other Expenses

The directors considered the proposed advisory fee rate payable by the Portfolio and information prepared by Lipper concerning advisory fee rates paid by other funds in the same Lipper category as the Portfolio at a hypothetical common asset level of $300 million. 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 information reviewed by the directors showed that, at the Portfolio’s hypothetical size of $300 million, its proposed contractual advisory fee rate of 190 basis points was the same as the Lipper Expense Group median.

The Adviser informed the directors that there were no institutional products managed by it that have a substantially similar investment style.

The directors also reviewed the Senior Officer’s independent evaluation, in which the Senior Officer concluded that the proposed advisory fee was reasonable (although he noted that the directors might want to discuss with the Adviser the addition of breakpoints).

The directors considered the anticipated total expense ratio of the Class A shares of the Portfolio assuming $300 million in assets under management in comparison to the fees and expenses of funds within two comparison groups created by Lipper: an Expense Group and an Expense Universe. Lipper described an Expense Group as a representative sample of funds similar to the Portfolio and an Expense Universe as a broader group than the Expense Group, consisting of all funds in the investment classification/objective with a similar load type as the Portfolio.

The directors also considered the proposed expense limitation agreement between the Adviser and the Fund for an initial period to end one year after commencement of the Portfolio’s public offering. Under the proposed expense limitation agreement the Adviser would agree to waive its fees and/or reimburse expenses of the Portfolio to the extent that total expenses (not including the estimated expense ratio for acquired funds) exceed 1.54% for the Class A Shares. If the Portfolio’s uncapped expenses for the Class A Shares were to fall below 1.54%, the Adviser would be able to recoup all or a portion of the fees it had previously waived until the end of three fiscal years after the fiscal period in which amounts were waived or reimbursed.

The anticipated expense ratio for the Portfolio reflected fee waivers and/or expense reimbursement as a result of the proposed expense limitation agreement. The directors noted that it was likely that the expense ratios of some of the other funds in the Portfolio’s Lipper category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view the anticipated expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Portfolio by others.

The directors considered the Adviser’s proposal to invest the Portfolio’s assets initially in mutual funds, including AB Mutual Funds and mutual funds not advised by the Adviser (“External Funds”) until the Portfolio’s asset level was sufficiently high that the Portfolio could achieve sufficient diversification by investing directly. The Adviser proposed to enter into a supplemental agreement with the Portfolio to waive fees payable by, or reimburse expenses to, the Portfolio for a one-year period in an amount equal to the fees and expenses (investment advisory fees as well as other fees and expenses) indirectly borne by the Portfolio attributable to the Portfolio’s investment in any AB Mutual Fund in which the Portfolio invests, and to also waive 1.70% of its 1.90% advisory fee on Portfolio assets invested in External Funds. Following a recommendation of the Senior Officer, the directors discussed with the Adviser their concern that, after the one-year term of

36

AB Variable Products Series Fund

the expense limitation agreement and the supplemental agreement, the Portfolio would indirectly bear the advisory fees and non-advisory expenses of AB Mutual Funds in which it invests, and also lose the benefit of the Adviser’s waiver of all but .20% of its advisory fee in respect of assets invested in External Funds. In response to these concerns, the Adviser agreed to extend the expense limitation agreement for the Portfolio to a term of two years (from one year) and to make the Portfolio’s pro rata share of the fees and expenses of both AB Funds and External Funds in which the Portfolio invests (subject to specified exceptions) subject to the expense limitation agreement. The Adviser also agreed to discuss the potential extension of the supplemental agreement with the Board in advance of its expiration. The Adviser also discussed the appropriateness of the proposed benchmark for the Portfolio. In light of the foregoing, the directors were satisfied with the Adviser’s response and the proposed advisory fee arrangements for the Portfolio.

The directors noted that the Portfolio may invest in shares of external funds (non-AB Mutual Funds) in excess of the limits permitted under the Investment Company Act of 1940 pursuant to a Fund of Funds Order from the SEC. The directors concluded that the proposed advisory fee for the Portfolio was based on services to be provided that will be in addition to, rather than duplicative of, the services provided under the advisory contracts of the external funds in which the Portfolio may in the future invest.

The information reviewed by the directors showed that the Portfolio’s anticipated expense ratio of 2.15%, giving effect to the proposed expense limitation agreement, was the same as the Expense Group median and higher than the Expense Universe median. The directors concluded that the Portfolio’s anticipated expense ratio was satisfactory.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Portfolio does not contain breakpoints, and that they had discussed their strong preference, and that of the Senior Officer, for breakpoints in advisory contracts with the Adviser. They considered the information provided by the Adviser showing that the Portfolio’s proposed advisory fee of 190 basis points was lower than the Expense Group median; and that, of the six other funds in the Portfolio’s Expense Group, three had no breakpoints. 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 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 at the May 2014 meetings. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Portfolio, 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 Portfolio’s assets and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

37

VPS-MMAS-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ REAL ESTATE INVESTMENT PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

REAL ESTATE INVESTMENT
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Real Estate Investment Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is total return from long-term growth of capital and income. Under normal circumstances, the Portfolio invests at least 80% of its net assets in the equity securities of real estate investment trusts (“REITs”), and other real estate industry companies, such as real estate operating companies. The Portfolio seeks to invest in real estate companies whose underlying portfolios are diversified geographically and by property type.

The Portfolio’s investment policies seek to emphasize investment in companies determined by AllianceBernstein L.P. (the “Adviser”) to be undervalued relative to their peers. The Portfolio may invest in mortgage-backed securities, which are securities that directly or indirectly represent participations in, or are collateralized by and payable from, mortgage loans secured by real property. These securities include mortgage pass-through certificates, real estate mortgage investment conduit certificates and collateralized mortgage obligations. The Portfolio may also invest in short-term investment-grade debt securities and other fixed-income securities.

The Portfolio invests in equity securities that include common stock, shares of beneficial interests of REITs and securities with common stock characteristics, such as preferred stock or convertible securities (“real estate equity securities”). The Portfolio may invest in foreign securities and enter into forward commitments and standby commitment agreements.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio may, from time to time, invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Financial Times Stock Exchange National Association of Real Estate Investment Trusts (“FTSE NAREIT”) Equity REIT Index, in addition to the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark for the annual period. Sector selection detracted from relative returns, primarily because of underweights to the lodging and specialty sectors, which was only partially offset by an underweight to the health care sector. Stock selection contributed to returns, specifically in the residential and self-storage sectors, which was only partially offset by negative stock selection in the diversified sector.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Still-low interest rates and modest economic growth helped the US real estate market post a gain during the annual period. The FTSE NAREIT Equity REIT Index finished the period up 8.63%. The S&P 500 Index also posted a gain, rising 11.96% during the same period.

During the annual period, most segments of the US property market continued to be characterized by sound fundamentals. Overall, demand growth continued to outpace supply, which has gradually increased from depressed levels. In the industrial sector, growth in e-commerce retailing supported ongoing demand growth, which continued to outpace supply growth in most segments of the market. Fundamentals in the self-storage sector remained strong, though the pace of earnings

1

AB Variable Products Series Fund

growth slowed. Demand for space at high-quality retail malls and shopping centers remained healthy, though challenges faced by many retail operators posed a risk to future demand. In the residential sector, rent growth slowed from above-average levels. Moreover, supply continued to increase, especially in coastal markets. Finally, lodging demand has begun to recover from subdued levels. The Portfolio’s Senior Investment Management Team continues its search to find attractive opportunities across a range of sectors, focusing on attractively priced companies with improving fundamentals, together with the balance sheet strength to withstand periods of renewed volatility.

2

REAL ESTATE INVESTMENT PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The FTSE^® NAREIT Equity REIT Index and the S&P^® 500 Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The FTSE NAREIT Equity REIT Index (market-value-weighted index based upon the last closing price of the month) represents the performance of tax-qualified REITs listed on the NYSE, AMEX and the NASDAQ. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. The Portfolio may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates ends. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

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. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Real Estate Risk: The Portfolio’s investments in the real estate market have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in tax laws.

Prepayment Risk: The value of mortgage-related or other asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some of these securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments associated with these securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Leverage Risk: To the extent the Portfolio uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

(Disclosures, Risks and Note about Historical Performance continued on next page)

3

DISCLOSURESAND RISKS
(continued)	AB Variable Products Series Fund

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

REAL ESTATE INVESTMENT PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Real Estate Investment Portfolio Class A†		7.76%		11.45%		5.36%
Real Estate Investment Portfolio Class B†		7.38%		11.16%		5.10%
Benchmark: FTSE NAREIT Equity REIT Index		8.63%		11.98%		5.07%
S&P 500 Index		11.96%		14.66%		6.95%
*    Average annual returns. †   Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.02%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.07% and 1.33% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

REAL ESTATE INVESTMENT PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Real Estate Investment Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark, the FTSE NAREIT Equity REIT Index and the broad market, as measured by the S&P 500 Index. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 3-4.

5

REAL ESTATE INVESTMENT PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	946.30	$	5.43		1.11	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.56	$	5.63		1.11	%
Class B
Actual	$	1,000	$	944.70	$	6.65		1.36	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.30	$	6.90		1.36	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

6

REAL ESTATE INVESTMENT PORTFOLIO
TEN LARGEST HOLDINGS* December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
American Tower Corp.	$	3,595,233		6.8	%
Simon Property Group, Inc.		3,553,400		6.7
AvalonBay Communities, Inc.		2,205,517		4.2
Equinix, Inc.		2,134,810		4.0
Boston Properties, Inc.		2,114,236		4.0
Ventas, Inc.		1,920,615		3.6
Extra Space Storage, Inc.		1,651,391		3.1
National Retail Properties, Inc.		1,508,104		2.9
Prologis, Inc.		1,315,527		2.5
Sun Communities, Inc.		1,311,180		2.5
	$	21,310,013		40.3	%

INDUSTRY BREAKDOWN^†

December 31, 2016 (unaudited)

INDUSTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Specialized REITs	$	11,522,338		21.9	%
Retail REITs		10,234,206		19.4
Residential REITs		8,415,401		16.0
Office REITs		6,454,477		12.3
Diversified REITs		4,968,937		9.4
Industrial REITs		3,648,552		6.9
Health Care REITs		3,416,405		6.5
Hotel & Resort REITs		2,337,247		4.4
Mortgage REITs		512,393		1.0
Movies & Entertainment		388,104		0.7
Hotels, Resorts & Cruise Lines		365,812		0.7
Short-Term Investments		443,547		0.8
Total Investments	$	52,707,419		100.0	%

* Long-term investments.

† The Portfolio’s industry breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The industry classifications presented herein are based on the industry categorization methodology of the Adviser.

7

REAL ESTATE INVESTMENT PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.8%
REAL ESTATE–96.4%
DIVERSIFIED REITS–9.4%
Armada Hoffler Properties, Inc.		58,000	$	845,060
Empire State Realty Trust, Inc.–Class A		43,580		879,880
Gramercy Property Trust		112,513		1,032,869
Liberty Property Trust		21,700		857,150
Spirit Realty Capital, Inc.		75,460		819,496
Washington Real Estate Investment Trust		16,350		534,482
				4,968,937
HEALTH CARE REITS–6.5%
HCP, Inc.		12,170		361,692
Healthcare Realty Trust, Inc.		19,610		594,575
Ventas, Inc.		30,720		1,920,615
Welltower, Inc.		8,061		539,523
				3,416,405
HOTEL & RESORT REITS–4.4%
Apple Hospitality REIT, Inc.		36,040		720,079
DiamondRock Hospitality Co.		85,900		990,427
Summit Hotel Properties, Inc.		39,098		626,741
				2,337,247
INDUSTRIAL REITS–6.9%
DCT Industrial Trust, Inc.		16,760		802,469
Monmouth Real Estate Investment Corp.–Class A		41,740		636,118
Prologis, Inc.		24,920		1,315,527
Rexford Industrial Realty, Inc.		38,570		894,438
				3,648,552
OFFICE REITS–12.2%
Alexandria Real Estate Equities, Inc.		8,620		957,941
Boston Properties, Inc.		16,809		2,114,236
Brandywine Realty Trust		59,380		980,364
Columbia Property Trust, Inc.		24,440		527,904
Corporate Office Properties Trust		21,800		680,596
Parkway, Inc.(a)		24,930		554,692
Vornado Realty Trust		6,120		638,744
				6,454,477
RESIDENTIAL REITS–15.9%
Apartment Investment & Management Co.–Class A		23,530		1,069,439
AvalonBay Communities, Inc.		12,450		2,205,517
Education Realty Trust, Inc.		24,000		1,015,200
Equity Residential		4,520		290,907
Essex Property Trust, Inc.		2,400		558,000
Independence Realty Trust, Inc.		77,930		695,136
Mid-America Apartment Communities, Inc.		12,970		1,270,022
Sun Communities, Inc.		17,115		1,311,180
				8,415,401
RETAIL REITS–19.3%
Brixmor Property Group, Inc.		44,760		1,093,039
Federal Realty Investment Trust		8,450		1,200,830
Kite Realty Group Trust		3,229	$	75,817
National Retail Properties, Inc.		34,120		1,508,104
Ramco-Gershenson Properties Trust		36,971		612,979
Realty Income Corp.		20,210		1,161,671
Simon Property Group, Inc.		20,000		3,553,400
Taubman Centers, Inc.		13,910		1,028,366
				10,234,206
SPECIALIZED REITS–21.8%
American Tower Corp.		34,020		3,595,233
Crown Castle International Corp.		8,640		749,693
Digital Realty Trust, Inc.		11,510		1,130,973
Equinix, Inc.		5,973		2,134,810
Extra Space Storage, Inc.		21,380		1,651,391
National Storage Affiliates Trust		53,702		1,185,203
Public Storage		4,810		1,075,035
				11,522,338
				50,997,563
DIVERSIFIED FINANCIALS–1.0%
MORTGAGE REITS–1.0%
Blackstone Mortgage Trust, Inc.–Class A		17,040		512,393
MEDIA–0.7%
MOVIES & ENTERTAINMENT–0.7%
Regal Entertainment Group–Class A		18,840		388,104
CONSUMER SERVICES–0.7%
HOTELS, RESORTS & CRUISE LINES–0.7%
Wyndham Worldwide Corp.		4,790		365,812
Total Common Stocks (cost $45,702,345)				52,263,872
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.8%
TIME DEPOSIT–0.8%
State Street Time Deposit 0.01%, 1/03/17 (cost $443,547)	$	444		443,547
TOTAL INVESTMENTS–99.6% (cost $46,145,892)				52,707,419
Other assets less liabilities–0.4%				203,340
NET ASSETS–100.0%			$	52,910,759

(a) Non-income producing security.

Glossary:

REIT—Real Estate Investment Trust

See notes to financial statements.

8

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $46,145,892)	$	52,707,419
Foreign currencies, at value (cost $8,329)		7,272
Dividends and interest receivable		213,390
Receivable for capital stock sold		70,375
Receivable for investment securities sold		39,956
Due from custodian		9,402
Total assets		53,047,814
LIABILITIES
Audit and tax fee payable		54,070
Advisory fee payable		24,109
Printing fee payable		14,135
Administrative fee payable		13,055
Custody fee payable		10,202
Legal fee payable		8,601
Transfer Agent fee payable		5,267
Distribution fee payable		3,628
Payable for capital stock redeemed		529
Accrued expenses		3,459
Total liabilities		137,055
NET ASSETS	$	52,910,759
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,730
Additional paid-in capital		42,666,079
Undistributed net investment income		1,094,446
Accumulated net realized gain on investment and foreign currency transactions		2,584,034
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		6,560,470
	$	52,910,759

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	35,293,899		3,829,962	$	9.22
B	$	17,616,860		1,900,176	$	9.27

See notes to financial statements.

9

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $5,948)	$	1,549,779
Affiliated issuers		803
Interest		64
Securities lending income		317
Other income(a)		9,402
		1,560,365
EXPENSES
Advisory fee (see Note B)		290,228
Distribution fee—Class B		39,904
Transfer agency—Class A		8,174
Transfer agency—Class B		3,891
Custodian		68,232
Audit and tax		55,621
Administrative		49,399
Printing		36,324
Legal		32,035
Directors’ fees		24,560
Miscellaneous		4,788
Total expenses		613,156
Less: expenses waived and reimbursed by the Adviser (see Note E)		(207	)
Net expenses		612,949
Net investment income		947,416
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		2,671,439
Foreign currency transactions		(591	)
Net change in unrealized appreciation/depreciation of:
Investments		51,528
Foreign currency denominated assets and liabilities		(603	)
Net gain on investment and foreign currency transactions		2,721,773
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,669,189

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

10

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	947,416		$	942,030
Net realized gain on investment and foreign currency transactions		2,670,848			2,414,445
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		50,925			(3,144,022	)
Net increase in net assets from operations		3,669,189			212,453
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(601,091	)		(575,020	)
Class B		(228,136	)		(180,481	)
Net realized gain on investment transactions
Class A		(1,722,127	)		(3,107,964	)
Class B		(751,170	)		(1,148,829	)
CAPITAL STOCK TRANSACTIONS
Net increase		2,686,208			3,353,548
Total increase (decrease)		3,052,873			(1,446,293	)
NET ASSETS
Beginning of period		49,857,886			51,304,179
End of period (including undistributed net investment income of $1,094,446 and $1,037,099, respectively)	$	52,910,759		$	49,857,886

See notes to financial statements.

11

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Real Estate Investment Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is total return from long-term growth of capital and income. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

12

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

52,263,872

$

–0

–

$

–0

–

$

52,263,872

Short-Term Investments

–0

–

443,547

–0

–

443,547

Total Investments in Securities

52,263,872

443,547

–0

–

52,707,419

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

52,263,872

$

443,547

$

–0

–

$

52,707,419

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the

13

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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.

The Portfolio does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

14

AB Variable Products Series Fund

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,399.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $55,038, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	41,054,665		$	40,380,222
U.S. government securities		–0	–		–0	–

15

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation (excluding foreign currency transactions) are as follows:

Cost	$	46,214,207
Gross unrealized appreciation	$	7,073,130
Gross unrealized depreciation		(579,918	)
Net unrealized appreciation	$	6,493,212

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. As of December 31, 2016, the Portfolio had no securities out on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $317, $452 and $351 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $207. A principal risk of lending portfolio securities is that the borrower may fail to return the

16

AB Variable Products Series Fund

loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	0	$	9,911	$	9,911	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 06/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	7,061	$	7,061	$	0

NOTE F : Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		431,092			663,573		$	4,165,931		$	6,543,068
Shares issued in reinvestment of dividends and distributions		235,620			413,818			2,323,218			3,682,984
Shares redeemed		(798,588	)		(916,859	)		(7,520,220	)		(8,725,134	)
Net increase (decrease)		(131,876	)		160,532		$	(1,031,071	)	$	1,500,918
Class B
Shares sold		582,138			343,421		$	5,543,108		$	3,315,902
Shares issued in reinvestment of dividends and distributions		98,621			148,361			979,306			1,329,310
Shares redeemed		(300,705	)		(294,532	)		(2,805,135	)		(2,792,582	)
Net increase		380,054			197,250		$	3,717,279		$	1,852,630

At December 31, 2016, certain shareholders of the Portfolio owned 64% 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

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Real Estate Risk—The Portfolio’s investments in the real estate market have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs, may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in taxes.

Prepayment Risk—The value of mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some of these securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments associated with these securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may

17

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

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 less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

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.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	1,278,264	$	958,181
Net long-term capital gains		2,024,260		4,054,113
Total taxable distributions paid	$	3,302,524	$	5,012,294

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,399,982
Undistributed capital gains		2,346,814
Unrealized appreciation/(depreciation)		6,492,155	(a)
Total accumulated earnings/(deficit)	$	10,238,951

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales.

18

AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications and the tax treatment of partnership investments resulted in a net decrease in undistributed net investment income and a net increase in accumulated net realized gain on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

19

REAL ESTATE INVESTMENT PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$9.08			$10.00			$11.18			$12.25			$11.58
Income From Investment Operations
Net investment income (a)		.18	(b)†		.18			.14			.24			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.56			(.12	)		2.39			.24			2.21
Net increase in net asset value from operations		.74			.06			2.53			.48			2.39
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.15	)		(.37	)		(.20	)		(.15	)
Distributions from net realized gain on investment transactions		(.45	)		(.83	)		(3.34	)		(1.35	)		(1.57	)
Total dividends and distributions		(.60	)		(.98	)		(3.71	)		(1.55	)		(1.72	)
Net asset value, end of period		$9.22			$9.08			$10.00			$11.18			$12.25
Total Return
Total investment return based on net asset value (c)		7.76	%†		.80	%		25.35	%		4.20	%		21.19	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$35,294			$35,970			$38,003			$31,576			$70,048
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%		1.07	%		1.08	%		.86	%		.84	%
Expenses, before waivers/reimbursements		1.08	%		1.07	%		1.08	%		.86	%		.84	%
Net investment income		1.90	%(b)†		1.91	%		1.26	%		1.92	%		1.49	%
Portfolio turnover rate		77	%		67	%		67	%		98	%		110	%

See footnote summary on page 21.

20

REAL ESTATE INVESTMENT PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$9.14			$10.05			$11.22			$12.28			$11.61
Income From Investment Operations
Net investment income (a)		.15	(b)†		.16			.11			.27			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.56			(.11	)		2.40			.18			2.20
Net increase in net asset value from operations		.71			.05			2.51			.45			2.35
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		(.13	)		(.34	)		(.16	)		(.11	)
Distributions from net realized gain on investment transactions		(.45	)		(.83	)		(3.34	)		(1.35	)		(1.57	)
Total dividends and distributions		(.58	)		(.96	)		(3.68	)		(1.51	)		(1.68	)
Net asset value, end of period		$9.27			$9.14			$10.05			$11.22			$12.28
Total Return
Total investment return based on net asset value (c)		7.38	%†		.66	%		24.96	%		3.97	%		20.83	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,617			$13,888			$13,301			$12,394			$13,568
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.34	%		1.33	%		1.33	%		1.15	%		1.10	%
Expenses, before waivers/reimbursements		1.34	%		1.33	%		1.33	%		1.15	%		1.10	%
Net investment income		1.56	%(b)†		1.67	%		1.03	%		2.13	%		1.19	%
Portfolio turnover rate		77	%		67	%		67	%		98	%		110	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.002		.02	%		.02	%

See notes to financial statements.

21

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Real Estate Investment Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Real Estate Investment Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Real Estate Investment Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

22

2016 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2016. For corporate shareholders, 5.79% of dividends paid qualify for the dividends received deduction.

23

REAL ESTATE
INVESTMENT PORTFOLIO	AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer	Joseph J. Mantineo, Treasurer and Chief Financial Officer
Eric J. Franco(2), Vice President	Phyllis J. Clarke, Controller
Emilie D. Wrapp, Secretary	Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Ernst & Young LLP 5 Times Square New York, NY 10036
DISTRIBUTOR	LEGAL COUNSEL
AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT
AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by its senior management team. Mr. Franco is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

24

REAL ESTATE INVESTMENT PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989-May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001-2008.		106	None

25

REAL ESTATE INVESTMENT PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

27

REAL ESTATE INVESTMENT PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Eric J. Franco 56	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the adviser at (800) 227-4618, or visit www.abfunds.com for a free prospectus or SAI.

28

REAL ESTATE INVESTMENT 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 Real Estate Investment Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

29

REAL ESTATE INVESTMENT PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge 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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

30

AB Variable Products Series Fund

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 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.

31

VPS-REI-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ SMALL CAP GROWTH PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Small Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVES AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Portfolio’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities.

The Portfolio invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may also invest up to 20% of its total assets in rights or warrants.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 2000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark for the annual period. Stock selection in the technology sector was the largest detractor, relative to the benchmark. Software as a group underperformed the broader market despite solid earnings releases in the most recent period as these higher-quality firms with stable business models became sources of funds. Semiconductors materially outperformed software stocks since semiconductors are more highly correlated with GDP growth; the Portfolio’s overweight in software therefore detracted. Security selection contributed in the consumer/commercial services sector, particularly in the consumer cyclicals and commercial services, and the health care sector, helped by the Portfolio’s positioning and holdings in the biopharmaceutical space.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Despite several pullbacks, equities advanced during 2016. Markets notched substantial gains, overcoming concerns regarding economic growth, terrorist attacks and the UK’s departure from the European Union. Markets also embraced news of a formal OPEC deal to limit crude production, but continued to look to global central banks for ongoing signs of support. The year closed with the US Federal Reserve raising interest rates by 0.25% and investors weighing pro-growth promises from the incoming Trump administration—including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

Value stocks, which led through much of 2016, were further propelled following the surprising result of the US election. While the Portfolio’s investment approach was rewarded during the October earnings season, this was entirely offset by the macro-driven post-election rally in which riskier, more cyclically oriented stocks dominated. Reflecting the Portfolio’s bottom-up investment process, the Senior Investment Management Team continues to find opportunities across most sectors, with a greater emphasis on companies that are less dependent on the short-term macro outlook.

1

SMALL CAP GROWTH PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2000 Growth Index represents the performance of 2,000 small-cap growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Small Cap Growth Portfolio Class A†		6.46%		11.58%		8.10%
Small Cap Growth Portfolio Class B†		6.22%		11.30%		7.82%
Russell 2000 Growth Index		11.32%		13.74%		7.76%
*    Average annual returns. †   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2016, by 0.08%. Includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.03%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.31% and 1.56% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

SMALL CAP GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small Cap Growth Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account  Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During  Period*		Annualized Expense  Ratio*			Effective Expenses  Paid During Period+		Effective Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,102.20	$	7.77		1.47	%	$	7.87		1.49	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.75	$	7.46		1.47	%	$	7.56		1.49	%
Class B
Actual	$	1,000	$	1,100.60	$	9.08		1.72	%	$	9.19		1.74	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,016.49	$	8.72		1.72	%	$	8.82		1.74	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Microsemi Corp.	$	655,735		1.8	%
Aspen Technology, Inc.		653,590		1.7
Take-Two Interactive Software, Inc.		651,712		1.7
Bright Horizons Family Solutions, Inc.		645,934		1.7
Five Below, Inc.		613,586		1.6
Silicon Laboratories, Inc.		589,810		1.6
PolyOne Corp.		545,385		1.5
SVB Financial Group		542,789		1.5
Vail Resorts, Inc.		542,001		1.4
Dave & Buster’s Entertainment, Inc.		535,244		1.4
	$	5,975,786		15.9	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	10,664,836		28.4	%
Health Care		7,388,065		19.6
Consumer Discretionary		6,882,832		18.3
Industrials		6,228,768		16.6
Financials		2,661,968		7.1
Consumer Staples		1,065,123		2.8
Materials		1,036,517		2.8
Energy		1,029,871		2.7
Short-Term Investments		648,309		1.7
Total Investments	$	37,606,289		100.0	%

* Long-term investments.

† The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.6%
INFORMATION TECHNOLOGY–28.4%
COMMUNICATIONS EQUIPMENT–1.9%
Arista Networks, Inc.(a)		4,890	$	473,205
Oclaro, Inc.(a)		27,286		244,210
				717,415
INTERNET SOFTWARE & SERVICES–6.7%
2U, Inc.(a)(b)		16,260		490,239
Cimpress NV(a)		4,946		453,103
CoStar Group, Inc.(a)		1,860		350,591
LogMeIn, Inc.(b)		5,220		503,991
Pandora Media, Inc.(a)(b)		18,046		235,320
Q2 Holdings, Inc.(a)		16,650		480,353
				2,513,597
IT SERVICES–0.7%
EPAM Systems, Inc.(a)		4,200		270,102
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.6%
Advanced Energy Industries, Inc.(a)		8,800		481,800
Cirrus Logic, Inc.(a)		5,040		284,962
Microsemi Corp.(a)		12,150		655,735
Monolithic Power Systems, Inc.		5,811		476,095
Silicon Laboratories, Inc.(a)		9,074		589,810
				2,488,402
SOFTWARE–12.5%
Aspen Technology, Inc.(a)		11,953		653,590
Blackbaud, Inc.		6,008		384,512
Ellie Mae, Inc.(a)		5,110		427,605
Guidewire Software, Inc.(a)		8,213		405,147
HubSpot, Inc.(a)		7,750		364,250
Paylocity Holding Corp.(a)(b)		12,453		373,715
Proofpoint, Inc.(a)(b)		6,980		493,137
RingCentral, Inc.–Class A(a)		25,930		534,158
Take-Two Interactive Software, Inc.(a)		13,222		651,712
Ultimate Software Group, Inc. (The)(a)		2,125		387,494
				4,675,320
				10,664,836
HEALTH CARE–19.7%
BIOTECHNOLOGY–7.3%
Adamas Pharmaceuticals, Inc.(a)(b)		10,475		177,027
Aimmune Therapeutics, Inc.(a)(b)		9,863		201,698
Alder Biopharmaceuticals, Inc.(a)		8,213		170,830
Amicus Therapeutics, Inc.(a)		23,249		115,548
ARIAD Pharmaceuticals, Inc.(a)		19,170		238,475
Audentes Therapeutics, Inc.(a)		7,569		138,286
DBV Technologies SA (Sponsored ADR)(a)		4,335	$	152,289
Neurocrine Biosciences, Inc.(a)		4,060		157,122
Otonomy, Inc.(a)		8,866		140,969
Prothena Corp. PLC(a)(b)		4,560		224,306
Radius Health, Inc.(a)(b)		5,130		195,094
Sage Therapeutics, Inc.(a)		4,966		253,564
TESARO, Inc.(a)		2,468		331,897
Ultragenyx Pharmaceutical, Inc.(a)		3,663		257,546
				2,754,651
HEALTH CARE EQUIPMENT & SUPPLIES–6.7%
Align Technology, Inc.(a)		4,101		394,229
DexCom, Inc.(a)		4,791		286,023
Glaukos Corp.(a)		11,815		405,255
iRhythm Technologies, Inc.(a)(b)		1,379		41,370
Nevro Corp.(a)		6,709		487,476
Penumbra, Inc.(a)		7,008		447,110
Zeltiq Aesthetics, Inc.(a)		10,310		448,691
				2,510,154
HEALTH CARE PROVIDERS & SERVICES–2.0%
Acadia Healthcare Co., Inc.(a)(b)		3,013		99,730
Envision Healthcare Corp.(a)		5,846		369,994
Premier, Inc.–Class A(a)		9,006		273,422
				743,146
HEALTH CARE TECHNOLOGY–0.3%
Vocera Communications, Inc.(a)		5,310		98,182
LIFE SCIENCES TOOLS & SERVICES–1.0%
ICON PLC(a)		4,932		370,886
PHARMACEUTICALS–2.4%
Aerie Pharmaceuticals, Inc.(a)(b)		5,680		214,988
Akorn, Inc.(a)		13,917		303,808
GW Pharmaceuticals PLC (ADR)(a)		1,378		153,991
Medicines Co. (The)(a)(b)		7,020		238,259
				911,046
				7,388,065
CONSUMER DISCRETIONARY–18.4%
DISTRIBUTORS–1.3%
Pool Corp.		4,497		469,217
DIVERSIFIED CONSUMER SERVICES–1.7%
Bright Horizons Family Solutions, Inc.(a)		9,225		645,934
HOTELS, RESTAURANTS & LEISURE–6.6%
Buffalo Wild Wings, Inc.(a)		3,212		495,933
Dave & Buster’s Entertainment, Inc.(a)		9,507		535,244

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Planet Fitness, Inc.		24,738	$	497,234
Texas Roadhouse, Inc.–Class A		8,670		418,241
Vail Resorts, Inc.		3,360		542,001
				2,488,653
HOUSEHOLD DURABLES–1.0%
Tempur Sealy International, Inc.(a)(b)		5,167		352,803
INTERNET & DIRECT MARKETING RETAIL–0.2%
Duluth Holdings, Inc.(a)(b)		2,954		75,032
MEDIA–2.4%
IMAX Corp.(a)		16,420		515,588
National CineMedia, Inc.		25,230		371,638
				887,226
MULTILINE RETAIL–1.1%
Ollie’s Bargain Outlet Holdings, Inc.(a)		14,742		419,410
SPECIALTY RETAIL–4.1%
Five Below, Inc.(a)		15,355		613,586
Lithia Motors, Inc.–Class A		5,100		493,833
Tile Shop Holdings, Inc.(a)		22,360		437,138
				1,544,557
				6,882,832
INDUSTRIALS–16.6%
AEROSPACE & DEFENSE–1.2%
Hexcel Corp.		9,104		468,310
COMMERCIAL SERVICES & SUPPLIES–1.3%
Advanced Disposal Services, Inc.(a)		8,213		182,493
Tetra Tech, Inc.		6,970		300,755
				483,248
CONSTRUCTION & ENGINEERING–1.1%
Dycom Industries, Inc.(a)		5,163		414,537
INDUSTRIAL CONGLOMERATES–1.4%
Carlisle Cos., Inc.		4,685		516,709
MACHINERY–8.5%
Astec Industries, Inc.		6,480		437,141
IDEX Corp.		5,512		496,411
John Bean Technologies Corp.		4,500		386,775
Lincoln Electric Holdings, Inc.		6,179		473,744
Middleby Corp. (The)(a)		3,656		470,929
Nordson Corp.		3,840		430,272
RBC Bearings, Inc.(a)		5,331		494,770
				3,190,042
ROAD & RAIL–1.2%
Genesee & Wyoming, Inc.–Class A(a)		6,344		440,337
TRADING COMPANIES & DISTRIBUTORS–1.9%
H&E Equipment Services, Inc.		19,724	$	458,583
SiteOne Landscape Supply, Inc.(a)		7,400		257,002
				715,585
				6,228,768
FINANCIALS–7.1%
BANKS–5.2%
PrivateBancorp, Inc.		3,443		186,576
Signature Bank/New York NY(a)		2,434		365,587
Sterling Bancorp./DE		14,506		339,440
SVB Financial Group(a)		3,162		542,789
Western Alliance Bancorp(a)		10,942		532,985
				1,967,377
CAPITAL MARKETS–1.9%
Houlihan Lokey, Inc.		9,500		295,640
Stifel Financial Corp.(a)		7,987		398,951
				694,591
				2,661,968
CONSUMER STAPLES–2.8%
FOOD & STAPLES RETAILING–0.7%
Chefs’ Warehouse, Inc. (The)(a)		18,102		286,012
FOOD PRODUCTS–1.5%
AdvancePierre Foods Holdings, Inc.		8,371		249,288
Freshpet, Inc.(a)(b)		29,974		304,236
				553,524
PERSONAL PRODUCTS–0.6%
elf Beauty, Inc.(a)(b)		7,795		225,587
				1,065,123
MATERIALS–2.8%
CHEMICALS–1.5%
PolyOne Corp.		17,022		545,385
CONSTRUCTION MATERIALS–1.3%
Summit Materials, Inc.–Class A(a)		20,644		491,132
				1,036,517
ENERGY–2.8%
ENERGY EQUIPMENT & SERVICES–1.9%
Dril-Quip, Inc.(a)		497		29,845
Forum Energy Technologies, Inc.(a)		13,058		287,276
Oil States International, Inc.(a)		9,831		383,409
				700,530

7

SMALL CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
OIL, GAS & CONSUMABLE FUELS–0.9%
Matador Resources Co.(a)		12,785	$	329,341
				1,029,871
Total Common Stocks (cost $30,476,820)				36,957,980
	Principal Amount (000)
SHORT-TERM INVESTMENTS–1.7%
TIME DEPOSIT–1.7%
State Street Bank & Trust Co. 0.01%, 1/03/17 (cost $648,309)	$	648		648,309
Total Investments Before Security Lending Collateral for Securities Loaned–100.3% (cost $31,125,129)				37,606,289
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–6.2%
INVESTMENT COMPANIES–6.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(c)(d) (cost $2,325,881)		2,325,881	$	2,325,881
TOTAL INVESTMENTS–106.5% (cost $33,451,010)				39,932,170
Other assets less liabilities–(6.5)%				(2,433,269	)
NET ASSETS–100.0%			$	37,498,901

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $31,125,129)	$	37,606,289	(a)
Affiliated issuers (cost $2,325,881—investment of cash collateral for securities loaned)		2,325,881
Receivable for capital stock sold		60,005
Receivable for investment securities sold		30,081
Dividends and interest receivable		12,229
Due from custodian		11,487
Total assets		40,045,972
LIABILITIES
Payable for collateral received on securities loaned		2,325,881
Payable for investment securities purchased		77,086
Advisory fee payable		23,780
Administrative fee payable		13,055
Payable for capital stock redeemed		11,574
Transfer Agent fee payable		5,267
Distribution fee payable		3,211
Accrued expenses		87,217
Total liabilities		2,547,071
NET ASSETS	$	37,498,901
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,977
Additional paid-in capital		33,331,045
Accumulated net investment loss		(345	)
Accumulated net realized loss on investment transactions		(2,315,936	)
Net unrealized appreciation on investments		6,481,160
	$	37,498,901

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	22,405,036		1,714,848	$	13.07
B	$	15,093,865		1,262,128	$	11.96

(a) Includes securities on loan with a value of $2,259,642 (see Note E).

See notes to financial statements.

9

SMALL CAP GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	186,263
Affiliated issuers		14,708
Interest		76
Securities lending income		40,562
Other income(a)		11,487
		253,096
EXPENSES
Advisory fee (see Note B)		289,879
Distribution fee—Class B		41,501
Transfer agency—Class A		7,078
Transfer agency—Class B		4,993
Custodian		89,415
Administrative		49,399
Audit and tax		41,467
Printing		32,943
Legal		31,830
Directors’ fees		24,561
Miscellaneous		4,936
Total expenses		618,002
Less: expenses waived and reimbursed by the Adviser (see Note E)		(3,038	)
Net expenses		614,964
Net investment loss		(361,868	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(1,414,916	)
Net change in unrealized appreciation/depreciation of investments		3,789,769
Net gain on investment transactions		2,374,853
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,012,985

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

10

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(361,868	)	$	(654,614	)
Net realized gain (loss) on investment transactions		(1,414,916	)		12,572,660
Net change in unrealized appreciation/depreciation of investments		3,789,769			(9,669,123	)
Net increase in net assets from operations		2,012,985			2,248,923
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		(6,611,826	)		(4,652,679	)
Class B		(5,758,210	)		(4,645,523	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		2,965,494			(35,877,934	)
Total decrease		(7,391,557	)		(42,927,213	)
NET ASSETS
Beginning of period		44,890,458			87,817,671
End of period (including accumulated net investment loss of ($345) and ($871), respectively)	$	37,498,901		$	44,890,458

See notes to financial statements.

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen 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.

Effective February 1, 2013, the Portfolio was closed to new investments except that Contractholders of variable products with investment options that included the Portfolio as of January 31, 2013, may continue to purchase shares of the Portfolio in accordance with the procedures for the purchase of shares in the prospectus of the separate account in which they invest, including through reinvestment of dividends and capital gains distributions. Effective August 10, 2015, the Portfolio reopened to new investors.

The Portfolio may (i) make additional exceptions that, in the Adviser’s judgment, do not adversely affect the Adviser’s ability to manage the Portfolio; (ii) reject any investment or refuse any exception, including those detailed above, that the Adviser believes will adversely affect its ability to manage the Portfolio; and (iii) close and/or reopen the Portfolio to new or existing Contractholders at any time.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such 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.

12

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 may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

36,957,980

$

–0

–

$

–0

–

$

36,957,980

Short-Term Investments

–0

–

648,309

–0

–

648,309

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

2,325,881

–0

–

–0

–

2,325,881

Total Investments in Securities

39,283,861

648,309

–0

–

39,932,170

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

39,283,861

$

648,309

$

–0

–

$

39,932,170

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

13

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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.

The Portfolio does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

14

AB Variable Products Series Fund

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,399.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $40,716, of which $42 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

15

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	22,905,824		$	32,816,106
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	34,625,689
Gross unrealized appreciation	$	7,367,563
Gross unrealized depreciation		(2,061,082	)
Net unrealized appreciation	$	5,306,481

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $2,259,642 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $2,325,881. The cash collateral will be adjusted on the next business day to maintain the required

16

AB Variable Products Series Fund

collateral amount. The Portfolio earned securities lending income of $40,562, $9,203 and $5,505 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $3,038. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	6,123	$	22,527	$	28,650	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	27,396	$	25,070	$	2,326

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December  31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		72,529			109,537		$	1,034,598		$	2,314,166
Shares issued in reinvestment of distributions		523,917			250,009			6,611,826			4,652,679
Shares redeemed		(327,926	)		(251,352	)		(4,827,919	)		(5,082,439	)
Net increase		268,520			108,194		$	2,818,505		$	1,884,406
Class B
Shares sold		154,832			89,296		$	2,038,448		$	1,771,592
Shares issued in reinvestment of distributions		498,115			264,702			5,758,210			4,645,523
Shares redeemed		(608,767	)		(2,124,812	)		(7,649,669	)		(44,179,455	)
Net increase (decrease)		44,180			(1,770,814	)	$	146,989		$	(37,762,340	)

At December 31, 2016, certain shareholders of the Portfolio owned 83% 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

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

17

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Net long-term capital gains	$	12,370,036	$	9,298,202
Total taxable distributions paid	$	12,370,036	$	9,298,202

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(1,141,599	)(a)
Unrealized appreciation/(depreciation)		5,306,481	(b)
Total accumulated earnings/(deficit)	$	4,164,882

(a) As of December 31, 2016, the fund had a net capital loss carryforward of $1,141,599.

(b) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales and the tax treatment of foreign passive investment companies (PFICs).

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, 2016, the Portfolio had a net short-term capital loss carryforward of $1,141,599 which may be carried forward for an indefinite period.

During the current fiscal year, permanent differences primarily due to the disallowance of a net operating loss and tax treatment of foreign passive investment companies (PFICs) resulted in a net decrease in accumulated net investment loss, a net decrease in accumulated net realized loss on investment transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

18

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.31			$20.97			$23.47			$18.96			$17.09
Income From Investment Operations
Net investment loss (a)		(.12	)(b)†		(.19	)		(.15	)		(.21	)		(.12	)
Net realized and unrealized gain (loss) on investment transactions		1.05			.18			(.30	)		8.30			2.69
Net increase (decrease) in net asset value from operations		.93			(.01	)		(.45	)		8.09			2.57
Less: Distributions
Distributions from net realized gain on investment transactions		(5.17	)		(3.65	)		(2.05	)		(3.58	)		(.70	)
Net asset value, end of period		$13.07			$17.31			$20.97			$23.47			$18.96
Total Return
Total investment return based on net asset value (c)		6.46	%*†		(1.25	)%*		(1.81	)%*		45.66	%*		15.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$22,405			$25,033			$28,055			$33,510			$27,479
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.48	%		1.31	%		1.11	%		1.17	%		1.18	%
Expenses, before waivers/reimbursements (d)		1.49	%		1.31	%		1.11	%		1.17	%		1.18	%
Net investment loss		(.83	)%(b)†		(.92	)%		(.67	)%		(.96	)%		(.64	)%
Portfolio turnover rate		60	%		72	%		84	%		81	%		105	%

See footnote summary on page 20.

19

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$16.30			$20.00			$22.54			$18.36			$16.61
Income From Investment Operations
Net investment loss (a)		(.15	)(b)†		(.22	)		(.19	)		(.25	)		(.16	)
Net realized and unrealized gain (loss) on investment transactions		.98			.17			(.30	)		8.01			2.61
Net increase (decrease) in net asset value from operations		.83			(.05	)		(.49	)		7.76			2.45
Less: Distributions
Distributions from net realized gain on investment transactions		(5.17	)		(3.65	)		(2.05	)		(3.58	)		(.70	)
Net asset value, end of period		$11.96			$16.30			$20.00			$22.54			$18.36
Total Return
Total investment return based on net asset value (c)		6.22	%*†		(1.53	)%*		(2.08	)%*		45.33	%*		14.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,094			$19,857			$59,763			$38,128			$26,450
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.73	%		1.48	%		1.34	%		1.43	%		1.43	%
Expenses, before waivers/reimbursements (d)		1.74	%		1.48	%		1.34	%		1.43	%		1.43	%
Net investment loss		(1.08	)%(b)†		(1.10	)%		(.89	)%		(1.21	)%		(.89	)%
Portfolio turnover rate		60	%		72	%		84	%		81	%		105	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) The Portfolio’s investments in affiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated underlying portfolios. The Adviser has voluntarily agreed to waive certain acquired fund fees and for the year ended December 31, 2016, such waiver amounted to .01% for the Portfolio.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.08%, 0.02%, 0.01% and 0.23%, respectively.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per  Share	Net Investment Income  Ratio	Total Return
$.004	0.03%	0.03%

See notes to financial statements.

20

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Small Cap Growth Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Small Cap Growth Portfolio (the “Fund”) one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Small Cap Growth Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

21

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1)	Nancy P. Jacklin(1) Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Bruce K. Aronow(2), Vice President N. Kumar Kirpalani(2), Vice President Samantha S. Lau(2), Vice President Wen-Tse Tseng(2), Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Small Cap Growth Investment Team. Mr. Bruce K. Aronow, Mr. N. Kumar Kirpalani, Ms. Samantha S. Lau and Mr. Wen-Tse Tseng, members of the Adviser’s Small Cap Growth Investment Team, are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

22

SMALL CAP GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999-June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989-May 1999. Previously, Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992, and as Chairman of the Audit Committees of a number of such AB Funds from 2001-2008.		106	None

23

SMALL CAP GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

25

SMALL CAP GROWTH PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Bruce K. Aronow 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
N. Kumar Kirpalani 63	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Samantha S. Lau 44	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2012.
Wen-Tse Tseng 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (SAI) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www. abfunds.com, for a free prospectus or SAI.

26

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 on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

27

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	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, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it may use ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund would be paid for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. 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 Broadridge category were

28

AB Variable Products Series Fund

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. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, 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 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.

29

VPS-SCG-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SMALL/MID CAP VALUE PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL/MID CAP VALUE  PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Small/Mid Cap Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of small- to mid-capitalization companies. Because the Portfolio’s definition of small- to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets. The Portfolio invests in companies that are determined by AllianceBernstein L.P. (the “Adviser”) to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities issued by non-US companies.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 2500 Value Index, in addition to the Russell 2500 Index, an index representing small/mid cap stocks, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark and outperformed the small/mid-cap index for the annual period. Stock selection in the materials, financials and energy sectors were the primary factors in the underperformance versus the benchmark. The Portfolio’s overweight position in the consumer discretionary sectors also detracted from returns. Stock selection in the industrials, technology and consumer discretionary sector and an underweight position in real estate contributed to returns.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Despite several pullbacks, global stocks advanced during the annual period. Markets notched substantial gains, overcoming concerns regarding economic growth, terrorist attacks and the UK’s departure from the European Union. Markets also welcomed news of a formal OPEC deal to limit crude production, but continued to look to global central banks for ongoing signs of support. The year closed with the US Federal Reserve raising interest rates by 0.25% and investors weighing pro-growth promises from the incoming Trump administration including a big fiscal boost, tax reform and a pro-business agenda—against the prospect of higher inflation, a stronger US dollar and a faster pace of interest-rate hikes.

In 2016 investors embraced risk, with defensive stocks and sectors seen as bond proxies, such as real estate, underperforming the Russell 2500 Value Index by a wide margin. Energy and materials stocks were among the strongest performers, driven by a rising oil price. Financials did well after a strong fourth quarter, driven by positive sentiment from the US election result. In contrast, health care underperformed on concerns surrounding the election result’s implications for the industry. Lower-beta stocks also sold off sharply in the second half of the year after a strong first half.

The Portfolio’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it believes are undervalued companies with solid fundamentals, without sacrificing the Portfolio’s deep value discipline. The Portfolio’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company level catalysts.

1

SMALL/MID CAP VALUE PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2500^® Value Index and the Russell 2500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2500 Value Index represents the performance of 2,500 small- to mid-cap value companies within the US. The Russell 2500 Index represents the performance of 2,500 small- to mid-cap cap companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as value, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL/MID CAP VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	NAV Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Small/Mid Cap Value Portfolio Class A		25.09%		16.18%		8.70%
Small/Mid Cap Value Portfolio Class B		24.79%		15.89%		8.45%
Primary Benchmark: Russell 2500 Value Index		25.20%		15.04%		6.94%
Russell 2500 Index		17.59%		14.54%		7.69%
*    Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.82% and 1.07% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

SMALL/MID CAP VALUE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Small/Mid Cap Value Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark, the Russell 2500 Value Index, and to the Russell 2500 Index. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*			Effective Expenses Paid During Period+		Effective Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,186.40	$	4.51		0.82	%	$	4.56		0.83	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.01	$	4.17		0.82	%	$	4.22		0.83	%
Class B
Actual	$	1,000	$	1,185.00	$	5.88		1.07	%	$	5.93		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.76	$	5.43		1.07	%	$	5.48		1.08	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

+ The Portfolio’s investments in affiliated/unaffiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated/unaffiliated underlying portfolios. Currently the Adviser has voluntarily agreed to waive its investment advisory fee from the Portfolio in an amount equal to the Portfolio’s share of the advisory fees of the affiliated underlying portfolios, as borne indirectly by the Portfolio as an acquired fund fee and expense. The Portfolio’s effective expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Synergy Resources Corp.	$	12,097,641		1.8	%
Zions Bancorporation		12,091,658		1.8
Huntington Bancshares, Inc./OH		11,901,569		1.7
Comerica, Inc.		11,011,344		1.6
Helmerich & Payne, Inc.		10,736,154		1.6
Anixter International, Inc.		10,594,856		1.5
Reinsurance Group of America, Inc.—Class A		10,267,728		1.5
American Financial Group, Inc./OH		10,212,227		1.5
CDW Corp./DE		9,870,013		1.4
Webster Financial Corp.		9,679,318		1.4
	$	108,462,508		15.8	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	132,215,010		19.3	%
Information Technology		128,570,988		18.7
Industrials		116,195,043		16.9
Consumer Discretionary		110,902,450		16.1
Energy		79,124,937		11.5
Health Care		36,831,270		5.4
Real Estate		22,536,237		3.3
Materials		18,514,783		2.7
Utilities		18,392,465		2.7
Consumer Staples		4,297,874		0.6
Short-Term Investments		19,376,872		2.8
Total Investments	$	686,957,929		100.0	%

* Long-term investments.

† The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.3%
FINANCIALS–19.3%
BANKS–11.0%
Associated Banc-Corp.		312,480	$	7,718,256
Comerica, Inc.		161,670		11,011,344
Fulton Financial Corp.		407,060		7,652,728
Huntington Bancshares, Inc./OH		900,270		11,901,569
Synovus Financial Corp.		162,650		6,681,662
Texas Capital Bancshares, Inc.(a)		106,850		8,377,040
Webster Financial Corp.		178,322		9,679,318
Zions Bancorporation		280,940		12,091,658
				75,113,575
CONSUMER FINANCE–0.5%
OneMain Holdings, Inc.(a)		162,700		3,602,178
INSURANCE–6.4%
American Financial Group, Inc./OH		115,890		10,212,227
First American Financial Corp.		183,070		6,705,854
Hanover Insurance Group, Inc. (The)		47,040		4,281,110
Reinsurance Group of America, Inc.–Class A		81,600		10,267,728
Selective Insurance Group, Inc.		117,150		5,043,308
Validus Holdings Ltd.		135,712		7,465,517
				43,975,744
THRIFTS & MORTGAGE FINANCE–1.4%
Essent Group Ltd.(a)		294,208		9,523,513
				132,215,010
INFORMATION TECHNOLOGY–18.7%
COMMUNICATIONS EQUIPMENT–2.3%
Finisar Corp.(a)		260,210		7,876,556
Infinera Corp.(a)		421,500		3,578,535
NETGEAR, Inc.(a)		76,822		4,175,276
				15,630,367
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–6.6%
Anixter International, Inc.(a)		130,720		10,594,856
Avnet, Inc.		151,640		7,219,581
CDW Corp./DE		189,480		9,870,013
Keysight Technologies, Inc.(a)		204,030		7,461,377
VeriFone Systems, Inc.(a)		229,380		4,066,907
Vishay Intertechnology, Inc.		372,040		6,027,048
				45,239,782
IT SERVICES–3.6%
Amdocs Ltd.		145,990		8,503,918
Booz Allen Hamilton Holding Corp.		255,660		9,221,656
Genpact Ltd.(a)		285,800		6,956,372
				24,681,946
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.8%
Advanced Micro Devices, Inc.(a)		447,010	$	5,069,093
Cypress Semiconductor Corp.		825,570		9,444,521
Integrated Device Technology, Inc.(a)		172,310		4,059,624
Qorvo, Inc.(a)		151,690		7,998,614
				26,571,852
SOFTWARE–1.1%
Verint Systems, Inc.(a)		209,300		7,377,825
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
NCR Corp.(a)		223,600		9,069,216
				128,570,988
INDUSTRIALS–16.9%
AEROSPACE & DEFENSE–1.7%
B/E Aerospace, Inc.		65,810		3,961,104
Esterline Technologies Corp.(a)		84,020		7,494,584
				11,455,688
AIR FREIGHT & LOGISTICS–0.7%
Atlas Air Worldwide Holdings, Inc.(a)		86,120		4,491,158
AIRLINES–1.3%
SkyWest, Inc.		249,700		9,101,565
COMMERCIAL SERVICES & SUPPLIES–0.8%
ABM Industries, Inc.		135,060		5,515,850
CONSTRUCTION & ENGINEERING–4.6%
AECOM(a)		244,115		8,876,021
EMCOR Group, Inc.		70,930		5,019,007
Quanta Services, Inc.(a)		254,960		8,885,356
Tutor Perini Corp.(a)		316,220		8,854,160
				31,634,544
ELECTRICAL EQUIPMENT–2.4%
EnerSys		116,340		9,086,154
Regal Beloit Corp.		107,970		7,476,923
				16,563,077
MACHINERY–3.5%
ITT, Inc.		127,980		4,936,189
Oshkosh Corp.		142,400		9,200,464
SPX FLOW, Inc.(a)		218,290		6,998,377
Terex Corp.		100,214		3,159,747
				24,294,777
ROAD & RAIL–1.9%
Ryder System, Inc.		83,080		6,184,475
Werner Enterprises, Inc.		258,030		6,953,909
				13,138,384
				116,195,043

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–16.2%
AUTO COMPONENTS–3.4%
Dana, Inc.		489,000	$	9,281,220
Lear Corp.		46,550		6,161,823
Tenneco, Inc.(a)		127,980		7,994,911
				23,437,954
DIVERSIFIED CONSUMER SERVICES–1.2%
Sotheby’s(a)		198,760		7,922,574
HOTELS, RESTAURANTS & LEISURE–2.4%
Bloomin’ Brands, Inc.		489,869		8,832,338
Brinker International, Inc.(b)		148,882		7,374,125
				16,206,463
HOUSEHOLD DURABLES–1.9%
CalAtlantic Group, Inc.		241,690		8,219,877
PulteGroup, Inc.		261,610		4,808,392
				13,028,269
MEDIA–2.3%
Regal Entertainment Group–Class A		405,360		8,350,416
Scholastic Corp.		150,930		7,167,666
				15,518,082
MULTILINE RETAIL–0.8%
Big Lots, Inc.		113,148		5,681,161
SPECIALTY RETAIL–3.6%
Burlington Stores, Inc.(a)		61,317		5,196,616
Caleres, Inc.		206,880		6,789,801
Children’s Place, Inc. (The)		56,162		5,669,554
Michaels Cos., Inc. (The)(a)		348,580		7,128,461
				24,784,432
TEXTILES, APPAREL & LUXURY GOODS–0.6%
Crocs, Inc.(a)		630,250		4,323,515
				110,902,450
ENERGY–11.5%
ENERGY EQUIPMENT & SERVICES–4.1%
Helmerich & Payne, Inc.		138,710		10,736,154
Oil States International, Inc.(a)		245,480		9,573,720
RPC, Inc.(b)		393,770		7,800,584
				28,110,458
OIL, GAS & CONSUMABLE FUELS–7.4%
Gulfport Energy Corp.(a)		253,450		5,484,658
Oasis Petroleum, Inc.(a)		433,420		6,561,979
QEP Resources, Inc.(a)		508,380		9,359,276
SM Energy Co.		249,860		8,615,173
Southwestern Energy Co.(a)		355,260		3,843,913
Synergy Resources Corp.(a)		1,357,760		12,097,641
Western Refining, Inc.		133,470	$	5,051,839
				51,014,479
				79,124,937
HEALTH CARE–5.4%
HEALTH CARE PROVIDERS & SERVICES–3.5%
LifePoint Health, Inc.(a)		154,475		8,774,180
Molina Healthcare, Inc.(a)		146,880		7,969,709
WellCare Health Plans, Inc.(a)		52,310		7,170,655
				23,914,544
LIFE SCIENCES TOOLS & SERVICES–1.2%
ICON PLC(a)		111,800		8,407,360
PHARMACEUTICALS–0.7%
Horizon Pharma PLC(a)		278,700		4,509,366
				36,831,270
REAL ESTATE–3.3%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–3.3%
Education Realty Trust, Inc.		214,360		9,067,428
Empire State Realty Trust, Inc.–Class A		202,090		4,080,197
Gramercy Property Trust		996,894		9,151,487
Kite Realty Group Trust		10,099		237,125
				22,536,237
MATERIALS–2.7%
CHEMICALS–1.4%
Huntsman Corp.		257,040		4,904,323
Ingevity Corp.(a)		88,284		4,843,260
				9,747,583
CONTAINERS & PACKAGING–1.3%
Graphic Packaging Holding Co.		702,500		8,767,200
				18,514,783
UTILITIES–2.7%
ELECTRIC UTILITIES–2.1%
PNM Resources, Inc.		234,740		8,051,582
Portland General Electric Co.		145,200		6,291,516
				14,343,098
GAS UTILITIES–0.6%
Southwest Gas Corp.		52,850		4,049,367
				18,392,465
CONSUMER STAPLES–0.6%
FOOD PRODUCTS–0.6%
Ingredion, Inc.		34,394		4,297,874
Total Common Stocks (cost $525,245,509)				667,581,057

7

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–2.8%
TIME DEPOSIT–2.8%
State Street Time Deposit 0.01%, 1/03/17 (cost $19,376,872)	$	19,377	$	19,376,872
Total Investments Before Security Lending Collateral for Securities Loaned–100.1% (cost $544,622,381)				686,957,929
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.0%
INVESTMENT COMPANIES–2.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.37%(c)(d) (cost $13,941,411)		13,941,411		13,941,411
TOTAL INVESTMENTS–102.1% (cost $558,563,792)				700,899,340
Other assets less liabilities–(2.1)%				(14,280,610	)
NET ASSETS–100.0%			$	686,618,730

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Investment in affiliated money market mutual fund. The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s financial statements, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $544,622,381)	$	686,957,929	(a)
Affiliated issuers (cost $13,941,411—investment of cash collateral for securities loaned)		13,941,411
Receivable for capital stock sold		716,859
Dividends and interest receivable		637,560
Receivable for investment securities sold		616,318
Due from custodian		21,917
Total assets		702,891,994
LIABILITIES
Payable for collateral received on securities loaned		13,941,411
Payable for capital stock redeemed		1,175,932
Payable for investment securities purchased		475,114
Advisory fee payable		438,845
Distribution fee payable		97,403
Administrative fee payable		13,055
Transfer Agent fee payable		5,267
Accrued expenses		126,237
Total liabilities		16,273,264
NET ASSETS	$	686,618,730
COMPOSITION OF NET ASSETS
Capital stock, at par	$	34,030
Additional paid-in capital		509,510,103
Undistributed net investment income		2,251,132
Accumulated net realized gain on investment transactions		32,487,917
Net unrealized appreciation on investments		142,335,548
	$	686,618,730

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	231,197,423		11,392,023	$	20.29
B	$	455,421,307		22,638,000	$	20.12

(a) Includes securities on loan with a value of $13,567,611 (see Note E).

See notes to financial statements.

9

SMALL/MID CAP VALUE PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	7,838,855
Affiliated issuers		76,124
Interest		1,411
Securities lending income		145,557
Other income(a)		21,917
		8,083,864
EXPENSES
Advisory fee (see Note B)		4,479,547
Distribution fee—Class B		994,309
Transfer agency—Class A		4,870
Transfer agency—Class B		9,654
Custodian		124,658
Printing		108,456
Audit and tax		53,566
Legal		52,476
Administrative		49,399
Directors’ fees		24,561
Miscellaneous		24,283
Total expenses		5,925,779
Less: expenses waived and reimbursed by the Adviser (see Note E)		(19,117	)
Net expenses		5,906,662
Net investment income		2,177,202
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		33,828,949
Net change in unrealized appreciation/depreciation of investments		100,194,268
Net gain on investment transactions		134,023,217
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	136,200,419

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

10

SMALL/MID CAP VALUE PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,177,202		$	2,465,450
Net realized gain on investment transactions		33,828,949			35,036,368
Net change in unrealized appreciation/depreciation of investments		100,194,268			(72,068,219	)
Net increase (decrease) in net assets from operations		136,200,419			(34,566,401	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(1,217,914	)		(1,618,764	)
Class B		(1,419,838	)		(2,200,891	)
Net realized gain on investment transactions
Class A		(11,442,879	)		(32,902,934	)
Class B		(23,345,088	)		(67,713,766	)
CAPITAL STOCK TRANSACTIONS
Net increase		9,581,222			58,207,721
Total increase (decrease)		108,355,922			(80,795,035	)
NET ASSETS
Beginning of period		578,262,808			659,057,843
End of period (including undistributed net investment income of $2,251,132 and $2,715,728, respectively)	$	686,618,730		$	578,262,808

See notes to financial statements.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small/Mid Cap Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

12

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

667,581,057

$

–0

–

$

–0

–

$

667,581,057

Short-Term Investments

–0

–

19,376,872

–0

–

19,376,872

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

13,941,411

–0

–

–0

–

13,941,411

Total Investments in Securities

681,522,468

19,376,872

–0

–

700,899,340

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

681,522,468

$

19,376,872

$

–0

–

$

700,899,340

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

13

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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.

The Portfolio does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

14

AB Variable Products Series Fund

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,399.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $669,757, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

15

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	336,901,590		$	370,279,940
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	559,657,011
Gross unrealized appreciation		157,942,700
Gross unrealized depreciation		(16,700,371	)
Net unrealized appreciation	$	141,242,329

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2016, the Portfolio had securities on loan with a value of $13,567,611 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $13,941,411. The cash collateral will be adjusted on the next business day to maintain the

16

AB Variable Products Series Fund

required collateral amount. The Portfolio earned securities lending income of $145,557, $41,319 and $34,805 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $19,117. 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. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	29,810	$	113,560	$	143,370	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	116,792	$	102,851	$	13,941

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		1,402,219			1,054,614		$	25,871,037		$	21,464,138
Shares issued in reinvestment of dividends and distributions		699,491			1,883,344			12,660,794			34,521,698
Shares redeemed		(1,778,375	)		(1,512,726	)		(32,173,563	)		(30,568,014	)
Net increase		323,335			1,425,232		$	6,358,268		$	25,417,822
Class B
Shares sold		2,989,902			1,448,952		$	55,494,983		$	28,947,051
Shares issued in reinvestment of dividends and distributions		1,378,894			3,843,577			24,764,927			69,914,657
Shares redeemed		(4,293,372	)		(3,259,605	)		(77,036,956	)		(66,071,809	)
Net increase		75,424			2,032,924		$	3,222,954		$	32,789,899

At December 31, 2016, 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

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

17

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	3,624,690	$	9,743,708
Net long-term capital gains		33,801,029		94,692,647
Total taxable distributions	$	37,425,719	$	104,436,355

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,251,134
Undistributed net capital gain		33,581,136
Unrealized appreciation/(depreciation)		141,242,329	(a)
Total accumulated earnings/(deficit)	$	177,074,599

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2016, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences due to the redesignation of dividends resulted in a net decrease in undistributed net investment income, and a net increase in accumulated net realized gain on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

18

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.29			$21.95			$22.89			$17.67			$15.46
Income From Investment Operations
Net investment income (a)		.10	(b)†		.11			.17			.16			.13
Net realized and unrealized gain (loss) on investment transactions		4.09			(1.11	)		1.82			6.41			2.72
Net increase (decrease) in net asset value from operations		4.19			(1.00	)		1.99			6.57			2.85
Less: Dividends and Distributions
Dividends from net investment income		(.11	)		(.17	)		(.17	)		(.13	)		(.10	)
Distributions from net realized gain on investment transactions		(1.08	)		(3.49	)		(2.76	)		(1.22	)		(.54	)
Total dividends and distributions		(1.19	)		(3.66	)		(2.93	)		(1.35	)		(.64	)
Net asset value, end of period		$20.29		��	$17.29			$21.95			$22.89			$17.67
Total Return
Total investment return based on net asset value (c)		25.09	%†		(5.49	)%		9.20	%		38.06	%*		18.75	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$231,197			$191,388			$211,680			$217,146			$156,832
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		.82	%		.82	%		.82	%		.81	%		.82	%
Expenses, before waivers/reimbursements (d)		.83	%		.82	%		.82	%		.81	%		.82	%
Net investment income		.53	%(b)†		.56	%		.75	%		.77	%		.75	%
Portfolio turnover rate		57	%		42	%		45	%		56	%		50	%

See footnote summary on page 20.

19

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.15			$21.79			$22.74			$17.58			$15.38
Income From Investment Operations
Net investment income (a)		.05	(b)†		.06			.11			.11			.08
Net realized and unrealized gain (loss) on investment transactions		4.06			(1.09	)		1.81			6.36			2.71
Net increase (decrease) in net asset value from operations		4.11			(1.03	)		1.92			6.47			2.79
Less: Dividends and Distributions
Dividends from net investment income		(.06	)		(.12	)		(.11	)		(.09	)		(.05	)
Distributions from net realized gain on investment transactions		(1.08	)		(3.49	)		(2.76	)		(1.22	)		(.54	)
Total dividends and distributions		(1.14	)		(3.61	)		(2.87	)		(1.31	)		(.59	)
Net asset value, end of period		$20.12			$17.15			$21.79			$22.74			$17.58
Total Return
Total investment return based on net asset value (c)		24.79	%†		(5.69	)%		8.95	%		37.63	%*		18.47	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$455,422			$386,875			$447,378			$472,677			$347,784
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.07	%		1.07	%		1.07	%		1.06	%		1.07	%
Expenses, before waivers/reimbursements (d)		1.08	%		1.07	%		1.07	%		1.06	%		1.07	%
Net investment income		.28	%(b)†		.31	%		.49	%		.51	%		.51	%
Portfolio turnover rate.		57	%		42	%		45	%		56	%		50	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) The Portfolio’s investments in affiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated underlying portfolios. The Adviser has voluntarily agreed to waive certain acquired fund fees and for the year ended December 31, 2016, such waiver amounted to less than .005% for the Portfolio.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.001	.003%	.003%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2013 by 0.01%.

See notes to financial statements.

20

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Small/Mid Cap Value Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Small/Mid Cap Value Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Small/Mid Cap Value Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

21

2016 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2016. For corporate shareholders, 100.00% of dividends paid qualify for the dividends received deduction.

22

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Joseph G. Paul(2), Vice President James W. MacGregor(2), Vice President Shri Singhvi(2) , Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Small/Mid-Cap Value Senior Investment Management Team. Mr. Joseph G. Paul, Mr. James W. MacGregor and Mr. Shri Singhvi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

23

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

25

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None

26

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

27

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Joseph G. Paul 57	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
James W. MacGregor 49	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Shri Singhvi 43	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI **, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618 or visit www.abfunds.com, for a free prospectus or SAI.

28

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

29

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	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, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or expense reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of

30

AB Variable Products Series Fund

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.

31

VPS-SMCV-0151-1216

DEC    ^12.31.16

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ VALUE PORTFOLIO

Investment Products Offered

Ø Are Not FDIC Insured

Ø May Lose Value

Ø 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 on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2017

The following is an update of AB Variable Products Series Fund—Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2016.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of US companies with relatively large market capitalizations that AllianceBernstein L.P. (the “Adviser”) believes are undervalued. The Portfolio invests in companies that are determined by the Adviser to be undervalued using the fundamental value approach of the Adviser. The fundamental value approach seeks to identify a universe of securities that are considered to be undervalued because they are attractively priced relative to their future earnings power and dividend-paying capability.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities of non-US issuers.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Value Index, and the broad US stock market, as represented by the Standard and Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2016.

All share classes of the Portfolio underperformed the benchmark for the annual period. Security selection in the financials, materials and health care sectors drove the underperformance, as did an overweight in consumer discretionary and underweight in financials. However, sector selection, and an underweight to real estate and consumer staples, as well as an overweight in materials, contributed to relative returns.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

US equities delivered double-digit returns for the annual period ended December, 31 2016. Political surprises had a significant impact on both equity and bond markets in the period, and investors viewed the two biggest—Donald Trump’s win in the US presidential election and Britain’s decision to quit the European Union (“Brexit”)—as likely to lead to policy changes with important implications for economic growth, trade and inflation. Markets were also influenced by the price of oil, which waxed and waned along with prospects of an OPEC production cut.

Central banks also played a prominent role. European central banks generally maintained an easing bias through the period, particularly in the aftermath of Brexit, when the Bank of England enacted a rate cut that was both its first in seven years and a new historic low. The US Federal Reserve, in contrast, raised official rates as expected, while telegraphing a faster pace of rate hikes in 2017.

The Portfolio has remained focused on attractively valued opportunities, which are widespread across most industry sectors and regions. The Portfolio’s Senior Investment Management Team prefers companies with robust cash flow generation and strong balance sheets, whose stocks are trading at a deep valuation discount.

1

VALUE PORTFOLIO
DISCLOSURESAND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Value Index and the S&P 500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of 1,000 large-cap companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as value, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown on the following page represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or 800.227.4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value (“NAV”) Returns
PERIODS ENDED DECEMBER 31, 2016 (unaudited)	1 Year		5 Years*		10 Years*
Value Portfolio Class A†		11.55%		12.80%		3.10%
Value Portfolio Class B†		11.29%		12.53%		2.85%
Russell 1000 Value Index		17.34%		14.80%		5.72%
S&P 500 Index		11.96%		14.66%		6.95%
*    Average annual returns.
†Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2016, by 0.02%. Also includes the impact of non-recurring refunds for overbilling of prior years’ custody out of pocket fees, which enhanced performance for the annual period ended December 31, 2016, by 0.02%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 0.81% and 1.06% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods and include acquired fund fees.

Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

VALUE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/06 TO 12/31/16 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Value Portfolio Class A shares (from 12/31/06 to 12/31/16) as compared to the performance of the Portfolio’s benchmark, the Russell 1000 Value Index, and the broad US stock market, as represented by the S&P 500 Index. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2016		Ending Account Value December 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,105.30	$	4.71		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.66	$	4.52		0.89	%
Class B
Actual	$	1,000	$	1,104.20	$	6.03		1.14	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.41	$	5.79		1.14	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

4

VALUE PORTFOLIO
TEN LARGEST HOLDINGS*
December 31, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Wells Fargo & Co.	$	3,922,179		4.8	%
Bank of America Corp.		3,902,241		4.8
Oracle Corp.		3,220,111		4.0
American International Group, Inc.		3,181,446		3.9
T-Mobile US, Inc.		2,683,647		3.3
Intel Corp.		2,679,083		3.3
Synchrony Financial		2,479,417		3.1
EOG Resources, Inc.		2,433,983		3.0
Schlumberger Ltd.		2,346,318		2.9
L3 Technologies, Inc.		2,235,256		2.7
	$	29,083,681		35.8	%

SECTOR BREAKDOWN^†

December 31, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	20,052,566		24.7	%
Information Technology		12,683,118		15.6
Energy		11,148,181		13.8
Health Care		7,334,157		9.0
Consumer Discretionary		7,131,991		8.8
Industrials		6,868,411		8.5
Utilities		5,832,905		7.2
Telecommunication Services		4,470,630		5.5
Consumer Staples		4,137,213		5.1
Materials		1,465,835		1.8
Total Investments	$	81,125,007		100.0	%

* Long-term investments.

† The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
December 31, 2016	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.9%
FINANCIALS–24.7%
BANKS–11.1%
Bank of America Corp.		176,572	$	3,902,241
Comerica, Inc.		17,981		1,224,686
Wells Fargo & Co.		71,170		3,922,179
				9,049,106
CONSUMER FINANCE–5.5%
Capital One Financial Corp.		15,569		1,358,240
OneMain Holdings, Inc.(a)		27,880		617,263
Synchrony Financial		68,360		2,479,417
				4,454,920
INSURANCE–8.1%
Allstate Corp.(The)		14,041		1,040,719
American International Group, Inc.		48,713		3,181,446
First American Financial Corp.		17,990		658,973
FNF Group		49,099		1,667,402
				6,548,540
				20,052,566
INFORMATION TECHNOLOGY–15.6%
COMMUNICATIONS EQUIPMENT–1.9%
Nokia Oyj (Sponsored ADR)–Class A		314,679		1,513,606
IT SERVICES–2.8%
Booz Allen Hamilton Holding Corp.		27,017		974,503
Xerox Corp.		151,448		1,322,141
				2,296,644
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.3%
Intel Corp.		73,865		2,679,083
SOFTWARE–4.0%
Oracle Corp.		83,748		3,220,111
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.6%
Hewlett Packard Enterprise Co.		52,715		1,219,825
HP, Inc.		90,948		1,349,668
NCR Corp.(a)		9,965		404,181
				2,973,674
				12,683,118
ENERGY–13.7%
ENERGY EQUIPMENT & SERVICES–5.0%
Helmerich & Payne, Inc.		22,692		1,756,361
Schlumberger Ltd.		27,949		2,346,318
				4,102,679
OIL, GAS & CONSUMABLE FUELS–8.7%
Canadian Natural Resources Ltd.		37,202	$	1,186,000
Devon Energy Corp.		31,002		1,415,861
EOG Resources, Inc.		24,075		2,433,983
Hess Corp.		26,587		1,656,104
Southwestern Energy Co.(a)		32,676		353,554
				7,045,502
				11,148,181
HEALTH CARE–9.0%
BIOTECHNOLOGY–1.2%
Gilead Sciences, Inc.		14,095		1,009,343
HEALTH CARE PROVIDERS & SERVICES–5.5%
Aetna, Inc.		10,548		1,308,058
Cigna Corp.		13,757		1,835,046
McKesson Corp.		9,573		1,344,528
				4,487,632
PHARMACEUTICALS–2.3%
Pfizer, Inc.		25,828		838,893
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		27,539		998,289
				1,837,182
				7,334,157
CONSUMER DISCRETIONARY–8.8%
AUTO COMPONENTS–3.7%
Lear Corp.		10,469		1,385,782
Magna International, Inc. (New York)–Class A		37,610		1,632,274
				3,018,056
MEDIA–2.3%
Comcast Corp.–Class A		20,844		1,439,278
Regal Entertainment Group–Class A		18,437		379,802
				1,819,080
MULTILINE RETAIL–2.0%
Dollar General Corp.		21,926		1,624,059
SPECIALTY RETAIL–0.8%
Burlington Stores, Inc.(a)		7,915		670,796
				7,131,991
INDUSTRIALS–8.5%
AEROSPACE & DEFENSE–2.8%
L3 Technologies, Inc.		14,695		2,235,256
AIRLINES–2.6%
Delta Air Lines, Inc.		43,470		2,138,289
ELECTRICAL EQUIPMENT–2.1%
Eaton Corp. PLC		25,407		1,704,556
MACHINERY–1.0%
Oshkosh Corp.		12,232		790,310
				6,868,411

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
UTILITIES–7.2%
ELECTRIC UTILITIES–5.8%
American Electric Power Co., Inc.		17,699	$	1,114,329
Edison International		25,194		1,813,716
Exelon Corp.		28,450		1,009,691
Portland General Electric Co.		17,774		770,147
				4,707,883
MULTI-UTILITIES–1.4%
NiSource, Inc.		50,814		1,125,022
				5,832,905
TELECOMMUNICATION SERVICES–5.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.2%
AT&T, Inc.		42,017		1,786,983
WIRELESS TELECOMMUNICATION SERVICES–3.3%
T-Mobile US, Inc.(a)		46,664		2,683,647
				4,470,630
CONSUMER STAPLES–5.1%
FOOD & STAPLES RETAILING–2.6%
Kroger Co.(The)		62,285		2,149,455
TOBACCO–2.5%
Altria Group, Inc.		29,396		1,987,758
				4,137,213
MATERIALS–1.8%
CHEMICALS–1.8%
CF Industries Holdings, Inc.		46,564		1,465,835
TOTAL INVESTMENTS–99.9% (cost $70,807,244)				81,125,007
Other assets less liabilities–0.1%				83,567
NET ASSETS–100.0%			$	81,208,574

(a) Non-income producing security.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

7

VALUE PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
December 31, 2016	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $70,807,244)	$	81,125,007
Receivable for investment securities sold		457,952
Dividends and interest receivable		103,705
Receivable for capital stock sold		1,161
Due from custodian		13,462
Total assets		81,701,287
LIABILITIES
Due to custodian		227,638
Payable for capital stock redeemed		99,132
Audit and tax fee payable		40,953
Advisory fee payable		38,454
Printing fee payable		27,391
Distribution fee payable		17,187
Administrative fee payable		13,055
Transfer Agent fee payable		5,267
Accrued expenses		23,636
Total liabilities		492,713
NET ASSETS	$	81,208,574
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,286
Additional paid-in capital		78,799,885
Undistributed net investment income		853,472
Accumulated net realized loss on investment and foreign currency transactions		(8,767,832	)
Net unrealized appreciation on investments		10,317,763
	$	81,208,574

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,462,537		94,522	$	15.47
B	$	79,746,037		5,191,045	$	15.36

See notes to financial statements.

8

VALUE PORTFOLIO
STATEMENTOF OPERATIONS
Year Ended December 31, 2016	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $8,025)	$	1,741,997
Affiliated issuers		3,021
Interest		30
Securities lending income		7,604
Other income(a)		13,462
		1,766,114
EXPENSES
Advisory fee (see Note B)		443,349
Distribution fee—Class B		197,998
Transfer agency—Class A		212
Transfer agency—Class B		11,700
Custodian		68,994
Administrative		49,399
Audit and tax		42,533
Legal		33,461
Printing		32,832
Directors’ fees		24,561
Miscellaneous		6,859
Total expenses		911,898
Less: expenses waived and reimbursed by the Adviser (see Note E)		(904	)
Net expenses		910,994
Net investment income		855,120
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		2,281,421
Net change in unrealized appreciation/depreciation of investments		5,303,897
Net gain on investment transactions		7,585,318
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	8,440,438

(a) Other income represents a non-recurring refund for overbilling of prior years’ custody out-of-pocket fees.

See notes to financial statements.

9

VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2016			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	855,120		$	1,152,200
Net realized gain on investment and foreign currency transactions		2,281,421			13,865,442
Net change in unrealized appreciation/depreciation of investments		5,303,897			(21,949,500	)
Net increase (decrease) in net assets from operations		8,440,438			(6,931,858	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(26,317	)		(37,660	)
Class B		(1,126,104	)		(1,820,494	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(12,516,691	)		(18,965,534	)
Total decrease		(5,228,674	)		(27,755,546	)
NET ASSETS
Beginning of period		86,437,248			114,192,794
End of period (including undistributed net investment income of $853,472 and $1,150,773, respectively)	$	81,208,574		$	86,437,248

See notes to financial statements.

10

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2016	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g. last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

81,125,007

$

–0

–

$

–0

–

$

81,125,007

Total Investments in Securities

81,125,007

–0

–

–0

–

81,125,007

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

81,125,007

$

–0

–

$

–0

–

$

81,125,007

(a) See Portfolio of Investments for sector classifications.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and

12

AB Variable Products Series Fund

other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

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, foreign currency exchange contracts, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

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.

13

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2016, the reimbursement for such services amounted to $49,399.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,131 for the year ended December 31, 2016.

Brokerage commissions paid on investment transactions for the year ended December 31, 2016 amounted to $79,651, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	54,959,742		$	67,694,475
U.S. government securities		–0	–		–0	–

14

AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	71,240,842
Gross unrealized appreciation	$	12,864,269
Gross unrealized depreciation		(2,980,104	)
Net unrealized appreciation	$	9,884,165

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2016.

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. 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. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. 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 income or other distributions from the securities. The Portfolio will not have the right to vote on 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. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. 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. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves (name changed to AB Government Exchange Reserves as of July 11, 2016). The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. As of December 31, 2016, the Portfolio had no securities out on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $7,604, $1,364 and $1,657 from the borrowers, AB Government Exchange Reserves and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the 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. For the year ended December 31, 2016, such waiver amounted to $904. 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

15

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

be sufficient to replace the loaned securities. A summary of the Portfolio’s transactions in shares of AB Government Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/23/16 (000)
$	1,078	$	9,904	$	10,982	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to December 31, 2016 is as follows:

Market Value 6/24/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/16 (000)
$	0	$	10,500	$	10,500	$	0

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2016			Year Ended December 31, 2015
Class A
Shares sold		20,996			2,688		$	289,276		$	40,938
Shares issued in reinvestment of dividends		1,819			2,493			26,317			37,660
Shares redeemed		(25,654	)		(40,110	)		(367,008	)		(608,137	)
Net decrease		(2,839	)		(34,929	)	$	(51,415	)	$	(529,539	)
Class B
Shares sold		204,676			265,248		$	2,867,293		$	3,935,955
Shares issued in reinvestment of dividends		78,310			121,285			1,126,104			1,820,494
Shares redeemed		(1,169,102	)		(1,605,506	)		(16,458,673	)		(24,192,444	)
Net decrease		(886,116	)		(1,218,973	)	$	(12,465,276	)	$	(18,435,995	)

At December 31, 2016, certain shareholders of the Portfolio owned 77% 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

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 less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

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.

16

AB Variable Products Series Fund

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2016 and December 31, 2015 were as follows:

	2016		2015
Distributions paid from:
Ordinary income	$	1,152,421	$	1,858,154
Total taxable distributions paid	$	1,152,421	$	1,858,154

As of December 31, 2016, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	853,472
Accumulated capital and other losses		(8,334,234	)(a)
Unrealized appreciation/(depreciation)		9,884,165	(b)
Total accumulated earnings/(deficit)	$	2,403,403

(a) On December 31, 2016, the Portfolio had a net capital loss carryforward of $8,334,234. During the fiscal year, the Portfolio utilized $1,062,621 of capital loss carryforwards to offset current year net realized gains.

(b) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation. As of December 31, 2016, the Portfolio had a net capital loss carryforward of $8,334,234 which will expire in 2017.

During the current fiscal year, there were no permanent differences that resulted in adjustments to undistributed net investment income, accumulated net realized loss on investment and foreign currency transactions, or additional paid-in capital.

NOTE J: Other

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

NOTE K: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

17

VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.11			$15.50			$14.22			$10.63			$9.37
Income From Investment Operations
Net investment income (a)		.19	(b)†		.21			.26			.19			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.42			(1.26	)		1.31			3.70			1.26
Net increase (decrease) in net asset value from operations		1.61			(1.05	)		1.57			3.89			1.46
Less: Dividends
Dividends from net investment income		(.25	)		(.34	)		(.29	)		(.30	)		(.20	)
Net asset value, end of period		$15.47			$14.11			$15.50			$14.22			$10.63
Total Return
Total investment return based on net asset value (c)		11.55	%*†		(6.95	)%*		11.10	%*		36.85	%*		15.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,463			$1,373			$2,050			$2,205			$1,533
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		.88	%		.81	%		.79	%		.73	%		.72	%
Expenses, before waivers/reimbursements (d)		.89	%		.81	%		.79	%		.73	%		.72	%
Net investment income		1.30	%(b)†		1.38	%		1.74	%		1.51	%		1.98	%
Portfolio turnover rate		68	%		83	%		42	%		44	%		40	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2016			2015			2014			2013			2012
Net asset value, beginning of period		$14.00			$15.37			$14.10			$10.54			$9.28
Income From Investment Operations
Net investment income (a)		.15	(b)†		.17			.22			.16			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.42			(1.25	)		1.29			3.66			1.26
Net increase (decrease) in net asset value from operations		1.57			(1.08	)		1.51			3.82			1.43
Less: Dividends
Dividends from net investment income		(.21	)		(.29	)		(.24	)		(.26	)		(.17	)
Net asset value, end of period		$15.36			$14.00			$15.37			$14.10			$10.54
Total Return
Total investment return based on net asset value (c)		11.29	%*†		(7.17	)%*		10.77	%*		36.49	%*		15.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$79,746			$85,064			$112,143			$132,271			$157,920
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.13	%		1.06	%		1.04	%		.98	%		.97	%
Expenses, before waivers/reimbursements (d)		1.14	%		1.06	%		1.04	%		.98	%		.97	%
Net investment income		1.06	%(b)†		1.14	%		1.51	%		1.28	%		1.72	%
Portfolio turnover rate		68	%		83	%		42	%		44	%		40	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) The Portfolio’s investments in affiliated underlying portfolios incur no direct expenses, but bear proportionate shares of the acquired fund fees (i.e., operating, administrative and investment advisory fee) of the affiliated underlying portfolios. The Adviser has voluntarily agreed to waive certain acquired fund fees and for the year ended December 31, 2016, such waiver amounted to less than .005% for the Portfolio.

† For the year ended December 31, 2016 the amount includes a non-recurring refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.003		0.02	%		0.02	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.02%, 0.17%, 0.04% and 0.07%, respectively.

See notes to financial statements.

19

REPORTOF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Board of Directors and Shareholders of AB Value Portfolio:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of AB Value Portfolio (the “Fund”), one of the series constituting AB Variable Products Series Fund, Inc., as of December 31, 2016, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2016, by correspondence with the custodian and others, or by other appropriate auditing procedures where replies from others were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of AB Value Portfolio, one of the series constituting AB Variable Products Series Fund, Inc., at December 31, 2016, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

New York, New York

February 14, 2017

20

2016 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2016. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction.

21

VALUE PORTFOLIO AB Variable Products Series Fund

BOARDOF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman John H. Dobkin(1) Michael J. Downey(1) William H. Foulk, Jr.(1) D. James Guzy(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Philip L. Kirstein, Senior Vice President and Independent Compliance Officer Cem Inal(2), Vice President Joseph G. Paul(2), Vice President	Emilie D. Wrapp, Secretary Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIANAND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street	One Battery Park Plaza New York, NY 10004
Boston, MA 02210
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas	P.O. Box 786003
New York, NY 10105	San Antonio, TX 78278-6003
	Toll-free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
5 Times Square
New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the U.S. Value Senior Investment Management Team. Mr. Cem Inal and Mr. Joseph G. Paul are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

22

VALUE PORTFOLIO
MANAGEMENTOFTHE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 56 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		106	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 75 (2005)	Private Investor since prior to 2012. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		106	Xilinx, Inc. (programmable logic semi-conductors) since 2007
John H. Dobkin, ## 75 (1992)	Independent Consultant since prior to 2012. Formerly, President of Save Venice, Inc. (preservation organization) from 2001–2002; Senior Advisor from June 1999–June 2000 and President of Historic Hudson Valley (historic preservation) from December 1989–May 1999. Previously, he was Director of the National Academy of Design. He has served as a director or trustee of various AB Funds since 1992 and as Chairman of the Audit Committees of a number of such AB Funds from 2001–2008.		106	None

23

VALUE PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 73 (2005)	Private Investor since prior to 2012. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		106	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2012
William H. Foulk, Jr., ## 84 (1990)	Investment Adviser and an Independent Consultant since prior to 2012. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		106	None
D. James Guzy, ## 80 (2005)	Chairman of the Board of SRC Computers, Inc. (semi-conductors), with which he has been associated since prior to 2012. He served as Chairman of the Board of PLX Technology (semi-conductors) since prior to 2012 until November 2013. He was a director of Intel Corporation (semi-conductors) from 1969 until 2008, and served as Chairman of the Finance Committee of such company for several years until May 2008. He has served as a director or trustee of one or more of the AB Funds since 1982.		106	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Nancy P. Jacklin, ## 68 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		106	None
Carol C. McMullen, ## 61 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		106	None

25

VALUE PORTFOLIO
MANAGEMENTOFTHE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 64 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		106	None
Earl D. Weiner, ## 77 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		106	None

* The address for each of the Portfolio’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Philip L. Kirstein, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

26

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 56	President and Chief Executive Officer	See biography above.
Philip L. Kirstein 71	Senior Vice President and Independent Compliance Officer	Senior Vice President and Independent Compliance Officer of the AB Funds, with which he has been associated since October 2004. Prior thereto, he was Of Counsel to Kirkpatrick & Lockhart, LLP from October 2003 to October 2004, and General Counsel of Merrill Lynch Investment Managers, L.P. since prior to March 2003.
Joseph G. Paul 57	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2012.
Cem Inal 48	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2012.
Emilie D. Wrapp 61	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2012.
Joseph J. Mantineo 57	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2012.
Phyllis J. Clarke 56	Controller	Vice President of ABIS**, with which she has been associated since prior to 2012.
Vincent S. Noto 52	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2012.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

27

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 Value Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (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 an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

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 receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

The directors also considered all other factors they believed relevant, including the specific matters discussed below. In their deliberations, 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. 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 retained by the Company’s Senior Officer. 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, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. 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 advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

28

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, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since 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 paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. 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 considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, 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 noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

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 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, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or expense reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge 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.

29

CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 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.

30

VPS-VAL-0151-1216

ITEM 2. CODE OF ETHICS.

(a) The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b) During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors William H. Foulk, Jr., Garry L. Moody and Marshall C. Turner, Jr. qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) —  (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include multi-class distribution testing, advice and education on accounting and auditing issues, and consent letters; and (iii) tax compliance, tax advice and tax return preparation.

		Audit-Related
		Audit Fees		Fees		Tax Fees
AB Balanced Wealth Strategy Portfolio	2015		70,134		—		21,573
	2016		72,197		—		32,868
AB Global Thematic Growth Portfolio	2015		40,728		—		10,118
	2016		41,926		—		21,746
AB Growth Portfolio	2015		30,507		—		8,702
	2016		31,404		—		9,796
AB Growth & Income Portfolio	2015		30,507		—		10,332
	2016		31,404		—		10,520
AB Intermediate Bond Portfolio	2015		66,045		—		10,711
	2016		67,988		—		10,871
AB International Growth Portfolio	2015		40,728		—		13,138
	2016		41,926		—		29,222
AB International Value Portfolio	2015		40,728		—		30,422
	2016		41,926		—		28,088
AB Large Cap Growth Portfolio	2015		30,507		—		8,711
	2016		31,404		—		8,723
AB Real Estate Investment Portfolio	2015		34,595		—		18,023
	2016		35,613		—		18,325
AB Small Cap Growth Portfolio	2015		30,507		—		8,622
	2016		31,404		—		8,669
AB Small/Mid Cap Value Portfolio	2015		34,595		—		12,883
	2016		35,613		—		16,559
AB Value Portfolio	2015		30,507		—		9,614
	2016		31,404		—		9,735
AB Dynamic Asset Allocation Portfolio	2015		82,714		—		25,283
	2016		85,147		—		24,683
AB Global Bond Portfolio	2015		26,250		—		—
	2016		36,029		—		7,836
AB Multi-Manager Alternative Strategies Portfolio	2015		13,450		—		—
	2016		21,415		—		6,132
AB Global Risk Allocation-Moderate Portfolio	2015		26,250		—		—
	2016		36,029		—		8,573

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Total Amount of Foregoing Column Pre-approved by the Audit Committee(Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Balanced Wealth Strategy Portfolio	2015	$	436,818		21,573
					—
					(21,573	)
	2016	$	439,318		32,868
					—
					(32,868	)
AB Global Thematic Growth Portfolio	2015	$	425,363		10,118
					—
					(10,118	)
	2016	$	428,196		21,746
					—
					(21,746	)
AB Growth Portfolio	2015	$	423,947		8,702
					—
					(8,702	)
	2016	$	416,246		9,796
					—
					(9,796	)
AB Growth & Income Portfolio	2015	$	425,577		10,332
					—
					(10,332	)
	2016	$	416,970		10,520
					—
					(10,520	)
AB Intermediate Bond Portfolio	2015	$	425,956		10,711
					—
					(10,711	)
	2016	$	417,321		10,871
					—
					(10,871	)
AB International Growth Portfolio	2015	$	402,107		13,138
					—
					(13,138	)
	2016	$	435,672		29,222
					—
					(29,222	)
AB International Value Portfolio	2015	$	445,667		30,422
					—
					(30,422	)
	2016	$	434,538		28,088
					—
					(28,088	)
AB Large Cap Growth Portfolio	2015	$	423,956		8,711
					—
					(8,711	)
	2016	$	415,173		8,723
					—
					(8,723	)
AB Real Estate Investment Portfolio	2015	$	433,268		18,023
					—
					(18,023	)
	2016	$	424,775		18,325
					—
					(18,325	)
AB Small Cap Growth Portfolio	2015	$	423,867		8,622
					—
					(8,622	)
	2016	$	415,119		8,669
					—
					(8,669	)
AB Small/Mid Cap Value Portfolio	2015	$	428,128		12,883
					—
					(12,883	)
	2016	$	423,009		16,559
					—
					(16,559	)
AB Value Portfolio	2015	$	424,859		9,614
					—
					(9,614	)
	2016	$	416,185		9,735
					—
					(9,735	)
AB Dynamic Asset Allocation Portfolio	2015	$	440,528		25,283
					—
					(25,283	)
	2016	$	431,133		24,683
					—
					(24,683	)
AB Global Bond Portfolio	2015	$	415,245		—
					—
					—
	2016	$	414,286		7,836
					—
					(7,836	)
AB Multi-Manager Alternative Strategies Portfolio	2015	$	415,245		—
					—
					—
	2016	$	412,582		6,132
					—
					(6,132	)
AB Global Risk Allocation-Moderate Portfolio	2015	$	415,245		—
					—
					—
	2016	$	415,023		8,573
					—
					(8,573	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (a) (1)	Code of ethics that is subject to the disclosure of Item 2 hereof
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.

By:	/s/ Robert M. Keith
	Robert M. Keith
	President
Date:	February 14, 2017

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/ Robert M. Keith
	Robert M. Keith
	President
Date:	February 14, 2017
By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	February 14, 2017