Ab Variable Products Series Fund N-CSRS Certified semi-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

Alliance Bernstein 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, 2017

Date of reporting period: June 30, 2017

ITEM 1. REPORTS TO STOCKHOLDERS.

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,082.50	$	3.72		0.72	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.22	$	3.61		0.72	%
Class B
Actual	$	1,000	$	1,081.60	$	5.01		0.97	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.98	$	4.86		0.97	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	19,381,148		6.5	%
Federal National Mortgage Association		18,560,481		6.2
Inflation-Linked Securities		6,020,034		2.0
Alphabet, Inc.—Class A & Class C		4,398,452		1.5
Facebook, Inc.—Class A		3,920,951		1.3
Government National Mortgage Association		3,654,319		1.2
Visa, Inc.—Class A		2,992,520		1.0
Bank of America Corp.		2,795,368		0.9
Comcast Corp.		2,516,641		0.8
UnitedHealth Group, Inc.		2,455,146		0.8
	$	66,695,060		22.2	%

SECURITY TYPE BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	190,287,795		60.4	%
Mortgage Pass-Throughs		23,451,363		7.4
Corporates—Investment Grade		23,408,811		7.4
Governments—Treasuries		19,381,148		6.2
Asset-Backed Securities		10,536,057		3.3
Commercial Mortgage-Backed Securities		7,632,384		2.4
Inflation-Linked Securities		6,020,034		1.9
Collateralized Mortgage Obligations		5,400,994		1.7
Corporates—Non-Investment Grade		3,414,928		1.1
Emerging Markets—Treasuries		1,124,584		0.4
Quasi-Sovereigns		597,612		0.2
Local Governments—US Municipal Bonds		527,074		0.2
Emerging Markets—Corporate Bonds		399,719		0.1
Governments—Sovereign Bonds		273,000		0.1
Short-Term Investments		22,551,782		7.2
Total Investments	$	315,007,285		100.0	%

(1) Long-term investments.

(2) The Portfolio’s security type 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).

2

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	213,872,150		67.9	%
Japan		15,309,729		4.9
United Kingdom		12,282,026		3.9
France		9,043,197		2.9
Hong Kong		4,198,623		1.3
Canada		4,145,314		1.3
Germany		3,933,249		1.2
Netherlands		3,930,540		1.2
Switzerland		3,741,986		1.2
Australia		3,633,107		1.2
Brazil		2,134,927		0.7
Israel		1,707,184		0.5
Spain		1,685,778		0.5
Other		12,837,693		4.1
Short-Term Investments		22,551,782		7.2
Total Investments	$	315,007,285		100.0	%

(1) All data are as of June 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Argentina, Austria, Bermuda, Chile, China, Colombia, Denmark, Finland, India, Italy, Mexico, Namibia, New Zealand, Norway, Peru, Portugal, Qatar, Russia, Singapore, South Africa, South Korea, Sweden and Taiwan.

3

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–63.2%
INFORMATION TECHNOLOGY–12.1%
COMMUNICATIONS EQUIPMENT–0.8%
Arista Networks, Inc.(a)		2,180	$	326,542
Cisco Systems, Inc.		16,249		508,594
Nokia Oyj		68,670		421,065
Nokia Oyj (Sponsored ADR)–Class A		122,979		757,551
Palo Alto Networks, Inc.(a)		2,519		337,067
				2,350,819
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		4,744		350,202
Corning, Inc.		5,906		177,475
Keyence Corp.		2,000		880,455
Largan Precision Co., Ltd.		1,000		159,215
				1,567,347
INTERNET SOFTWARE & SERVICES–3.3%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		2,730		384,657
Alphabet, Inc.–Class A(a)		530		492,730
Alphabet, Inc.–Class C(a)		4,298		3,905,722
Criteo SA (Sponsored ADR)(a)(b)		4,740		232,497
eBay, Inc.(a)		4,940		172,505
Facebook, Inc.–Class A(a)		25,970		3,920,951
NetEase, Inc. (ADR)		450		135,284
Tencent Holdings Ltd.		8,200		294,174
Yahoo Japan Corp.		107,600		467,761
				10,006,281
IT SERVICES–2.0%
Automatic Data Processing, Inc.		4,010		410,864
Booz Allen Hamilton Holding Corp.		15,509		504,663
Cognizant Technology Solutions Corp.–Class A		6,975		463,140
Fiserv, Inc.(a)		8,910		1,090,049
Fujitsu Ltd.		21,000		155,322
Vantiv, Inc.–Class A(a)		5,670		359,138
Visa, Inc.–Class A		31,910		2,992,520
				5,975,696
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.0%
Applied Materials, Inc.		1,594		65,848
ASM International NV		3,950		229,707
ASML Holding NV		2,601		339,047
Infineon Technologies AG		8,360		177,571
Intel Corp.		38,891		1,312,182
NVIDIA Corp.		3,409		492,805
SCREEN Holdings Co., Ltd.		2,700		180,610
Siltronic AG(a)		2,900	$	246,398
SK Hynix, Inc.		1,720		101,273
Sumco Corp.		18,700		271,804
Taiwan Semiconductor Manufacturing Co., Ltd.		21,000		143,477
Texas Instruments, Inc.		7,060		543,126
Tokyo Electron Ltd.		1,300		175,751
Xilinx, Inc.		25,729		1,654,889
				5,934,488
SOFTWARE–2.0%
Adobe Systems, Inc.(a)		11,340		1,603,930
Constellation Software, Inc./Canada		1,679		878,355
Dassault Systemes SE		3,130		280,732
Electronic Arts, Inc.(a)		9,140		966,281
Nintendo Co., Ltd.		900		301,312
Oracle Corp.		34,046		1,707,066
ServiceNow, Inc.(a)		3,245		343,970
				6,081,646
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Apple, Inc.		16,020		2,307,200
Hewlett Packard Enterprise Co.		28,408		471,289
HP, Inc.		42,002		734,195
NCR Corp.(a)		3,432		140,163
Samsung Electronics Co., Ltd.		130		270,767
Samsung Electronics Co., Ltd. (Preference Shares)		130		211,965
Xerox Corp.		16,907		485,738
				4,621,317
				36,537,594
REAL ESTATE–9.9%
DIVERSIFIED REAL ESTATE ACTIVITIES–1.0%
City Developments Ltd.		38,600		300,679
LendLease Group		36,670		469,324
Leopalace21 Corp.		22,900		142,454
Mitsubishi Estate Co., Ltd.		9,600		179,451
Mitsui Fudosan Co., Ltd.		31,800		761,880
Sumitomo Realty & Development Co., Ltd.		12,000		371,619
Wharf Holdings Ltd. (The)		69,000		570,954
Wheelock & Co., Ltd.		15,000		113,139
				2,909,500
DIVERSIFIED REITs–1.2%
Armada Hoffler Properties, Inc.		20,820		269,619
Empire State Realty Trust, Inc.–Class A		18,390		381,960
GPT Group (The)		78,470		288,615
Gramercy Property Trust		12,827		381,090
H&R Real Estate Investment Trust		11,960		203,084

4

AB Variable Products Series Fund

Company		Shares		U.S. $ Value
Heiwa Real Estate REIT, Inc.			119	$	92,529
Hispania Activos Inmobiliarios SOCIMI SA			12,070		199,549
Hulic Reit, Inc.			92		143,552
ICADE			4,890		410,227
Liberty Property Trust			8,290		337,486
Merlin Properties Socimi SA			26,344		333,268
Mirvac Group			130,480		213,366
Premier Investment Corp.			65		63,453
Washington Real Estate Investment Trust			11,260		359,194
					3,676,992
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–0.4%
Mid-America Apartment Communities, Inc.			11,361		1,197,222
HEALTH CARE REITs–0.5%
Healthcare Realty Trust, Inc.			9,200		314,180
Medical Properties Trust, Inc.			22,270		286,615
Sabra Health Care REIT, Inc.(b)			9,300		224,130
Welltower, Inc.			10,820		809,877
					1,634,802
HOTEL & RESORT REITs–0.2%
Park Hotels & Resorts, Inc.			10,270		276,879
Summit Hotel Properties, Inc.			15,550		290,008
					566,887
INDUSTRIAL REITs–0.7%
Goodman Group			27,870		168,440
LaSalle Logiport REIT			151		152,136
Mapletree Logistics Trust			247,900		215,148
Monmouth Real Estate Investment Corp.–Class A			15,160		228,158
Pure Industrial Real Estate Trust			28,880		153,219
Rexford Industrial Realty, Inc.			14,460		396,782
Segro PLC			43,320		276,111
STAG Industrial, Inc.			15,310		422,556
					2,012,550
OFFICE REITs–1.4%
Alexandria Real Estate Equities, Inc.			4,520		544,524
Allied Properties Real Estate Investment Trust			7,776		233,376
Axiare Patrimonio SOCIMI SA			9,740		166,423
Boston Properties, Inc.			4,844		595,909
Brandywine Realty Trust			12,110		212,288
Columbia Property Trust, Inc.			18,100		405,078
Corporate Office Properties Trust			8,930		312,818
Daiwa Office Investment Corp.			35	$	176,579
Derwent London PLC			8,490		293,454
Hudson Pacific Properties, Inc.			11,790		403,100
Investa Office Fund			53,120		179,108
Japan Real Estate Investment Corp.			33		164,010
MCUBS MidCity Investment Corp.			50		149,651
Parkway, Inc.			7,220		165,266
Workspace Group PLC			22,686		263,119
					4,264,703
	��
REAL ESTATE DEVELOPMENT–0.3%
Cheung Kong Property Holdings Ltd.			82,000		641,673
TAG Immobilien AG			9,834		154,893
					796,566
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.4%
Daito Trust Construction Co., Ltd.			3,200		498,546
Global Logistic Properties Ltd.			43,200		89,746
Vonovia SE			16,542		658,143
					1,246,435
REAL ESTATE OPERATING COMPANIES–0.6%
BUWOG AG(a)			7,126		204,736
CA Immobilien Anlagen AG			10,540		257,137
Deutsche Wohnen AG			7,770		297,726
Entra ASA(c)			19,448		242,263
Fabege AB			14,310		275,478
Hongkong Land Holdings Ltd.			42,100		309,823
Inmobiliaria Colonial SA			20,777		181,270
Parque Arauco SA			35,310		88,937
					1,857,370
RESIDENTIAL REITs–1.0%
AvalonBay Communities, Inc.			3,650		701,421
Camden Property Trust			2,870		245,414
Education Realty Trust, Inc.			5,640		218,550
Essex Property Trust, Inc.			1,920		493,958
Independence Realty Trust, Inc.			30,540		301,430
Japan Rental Housing Investments, Inc.			236		174,154
Killam Apartment Real Estate Investment Trust			17,580		172,709
Sun Communities, Inc.			4,731		414,861
UNITE Group PLC (The)			31,460		265,922
					2,988,419

5

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

Company	Shares		U.S. $ Value
RETAIL REITs–1.6%
Brixmor Property Group, Inc.		19,140	$	342,223
Eurocommercial Properties NV		5,300		211,778
Frontier Real Estate Investment Corp.		39		160,716
Fukuoka REIT Corp.		116		178,319
GGP, Inc.		24,740		582,874
Kenedix Retail REIT Corp.		70		147,777
Klepierre		8,873		363,667
Link REIT		91,768		698,083
National Retail Properties, Inc.		7,050		275,655
Realty Income Corp.		10,330		570,009
Retail Opportunity Investments Corp.		12,600		241,794
Simon Property Group, Inc.		4,166		673,892
Urban Edge Properties		12,980		308,015
				4,754,802
SPECIALIZED REITs–0.6%
Digital Realty Trust, Inc.		5,180		585,081
EPR Properties		5,370		385,942
Equinix, Inc.		700		300,412
National Storage Affiliates Trust		15,010		346,881
Public Storage		1,360		283,601
				1,901,917
				29,808,165
FINANCIALS–9.4%
BANKS–4.5%
ABN AMRO Group NV (GDR)(c)		6,620		175,376
Australia & New Zealand Banking Group Ltd.		17,970		396,628
Banco Santander SA		23,410		155,439
Bank of America Corp.		89,314		2,166,758
Bank of Queensland Ltd.		24,758		217,826
Barclays PLC		100,790		266,567
BNP Paribas SA		12,600		907,108
BOC Hong Kong Holdings Ltd.		61,500		294,321
Citigroup, Inc.		14,051		939,731
Citizens Financial Group, Inc.		1,635		58,337
Comerica, Inc.		7,529		551,424
Danske Bank A/S		8,225		316,441
DNB ASA		17,040		290,102
Erste Group Bank AG(a)		8,740		334,783
Fifth Third Bancorp		5,234		135,875
HSBC Holdings PLC		30,730		285,235
ING Groep NV		25,450		439,337
Intesa Sanpaolo SpA		54,080		172,018
Itau Unibanco Holding SA (Preference Shares)		8,250		91,517
JPMorgan Chase & Co.		18,724		1,711,374
KB Financial Group, Inc.		2,170		109,564
Mitsubishi UFJ Financial Group, Inc.		58,700	$	395,934
PNC Financial Services Group, Inc. (The)		2,996		374,111
Royal Bank of Canada		1,710		124,162
Sberbank of Russia PJSC (Sponsored ADR)(b)		15,598		162,063
SunTrust Banks, Inc.		2,924		165,849
US Bancorp		9,085		471,693
Wells Fargo & Co.		34,306		1,900,895
				13,610,468
CAPITAL MARKETS–1.3%
Amundi SA(c)		1,900		137,668
Credit Suisse Group AG (REG)(a)		30,438		442,903
Franklin Resources, Inc.		1,564		70,052
Goldman Sachs Group, Inc. (The)		2,677		594,026
MarketAxess Holdings, Inc.		1,447		290,992
Morgan Stanley		8,180		364,501
Partners Group Holding AG		980		608,492
S&P Global, Inc.		4,720		689,073
Thomson Reuters Corp.		2,453		113,549
UBS Group AG(a)		41,202		700,676
				4,011,932
CONSUMER FINANCE–0.7%
Capital One Financial Corp.		7,473		617,419
Discover Financial Services		1,591		98,945
Hitachi Capital Corp.		8,000		192,905
OneMain Holdings, Inc.(a)		13,414		329,850
Synchrony Financial		29,534		880,704
				2,119,823
DIVERSIFIED FINANCIAL SERVICES–0.4%
Berkshire Hathaway, Inc.–Class B(a)		4,127		698,990
GRENKE AG		1,382		307,637
ORIX Corp.		11,600		180,494
				1,187,121
INSURANCE–2.2%
Admiral Group PLC		14,769		385,395
AIA Group Ltd.		129,800		949,664
Allstate Corp. (The)		8,598		760,407
American International Group, Inc.		18,683		1,168,061
Aviva PLC		21,130		144,938
First American Financial Corp.		11,689		522,381
FNF Group		16,512		740,233
Hartford Financial Services Group, Inc. (The)		2,784		146,355
Lincoln National Corp.		5,204		351,686
Loews Corp.		1,598		74,802
PICC Property & Casualty Co., Ltd.–Class H		74,000		123,588

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Principal Financial Group, Inc.		1,371	$	87,840
Prudential Financial, Inc.		2,641		285,598
Prudential PLC		33,890		777,903
Suncorp Group Ltd.		13,980		159,232
				6,678,083
THRIFTS & MORTGAGE FINANCE–0.3%
Essent Group Ltd.(a)		5,754		213,704
Housing Development Finance Corp., Ltd.		20,140		502,026
				715,730
				28,323,157
HEALTH CARE–7.9%
BIOTECHNOLOGY–0.7%
Biogen, Inc.(a)		4,582		1,243,372
China Biologic Products, Inc.(a)(b)		1,190		134,589
Gilead Sciences, Inc.		8,239		583,156
Grifols SA (ADR)		9,540		201,580
				2,162,697
HEALTH CARE EQUIPMENT & SUPPLIES–2.2%
Align Technology, Inc.(a)		2,725		409,077
Baxter International, Inc.		2,268		137,305
Danaher Corp.		11,219		946,771
Edwards Lifesciences Corp.(a)		18,245		2,157,289
Essilor International SA		6,500		826,882
Intuitive Surgical, Inc.(a)		2,124		1,986,726
Sartorius AG (Preference Shares)		1,296		125,318
				6,589,368
HEALTH CARE PROVIDERS & SERVICES–1.8%
Aetna, Inc.		4,027		611,419
Cigna Corp.		4,461		746,727
Express Scripts Holding Co.(a)		2,730		174,283
McKesson Corp.		3,979		654,705
Quest Diagnostics, Inc.		3,584		398,398
UnitedHealth Group, Inc.		13,241		2,455,146
VCA, Inc.(a)		3,160		291,700
				5,332,378
HEALTH CARE TECHNOLOGY–0.3%
Cerner Corp.(a)		12,740		846,828
LIFE SCIENCES TOOLS & SERVICES–0.5%
Eurofins Scientific SE		1,706		962,533
Mettler-Toledo International, Inc.(a)		739		434,931
Thermo Fisher Scientific, Inc.		1,098	$	191,568
				1,589,032
PHARMACEUTICALS–2.4%
Johnson & Johnson		11,556		1,528,743
Mallinckrodt PLC(a)		14,062		630,118
Merck & Co., Inc.		6,294		403,382
Novartis AG (REG)		2,630		219,675
Novo Nordisk A/S–Class B		5,860		251,788
Pfizer, Inc.		7,360		247,222
Roche Holding AG		2,950		753,769
Sanofi		5,500		527,010
Shire PLC		10,300		567,931
Teva Pharmaceutical Industries Ltd.		1,680		55,391
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		28,989		963,015
Zoetis, Inc.		19,210		1,198,320
				7,346,364
				23,866,667
CONSUMER DISCRETIONARY–6.8%
AUTO COMPONENTS–0.8%
Bridgestone Corp.		2,800		121,048
Cie Generale des Etablissements Michelin–Class B		1,010		134,425
Faurecia		5,420		274,854
Hankook Tire Co., Ltd.		1,660		92,274
Lear Corp.		3,221		457,640
Magna International, Inc.–Class A		18,910		876,100
Sumitomo Electric Industries Ltd.		11,500		177,910
Valeo SA		4,130		277,862
				2,412,113
AUTOMOBILES–0.5%
General Motors Co.		9,402		328,412
Honda Motor Co., Ltd.		14,500		397,272
Peugeot SA		16,800		334,818
Toyota Motor Corp.		10,000		525,634
				1,586,136
DIVERSIFIED CONSUMER SERVICES–0.0%
Tarena International, Inc. (ADR)		4,100		73,431
HOTELS, RESTAURANTS & LEISURE–0.6%
Carnival Corp.		2,091		137,107
Merlin Entertainments PLC(c)		20,239		126,693
Royal Caribbean Cruises Ltd.		863		94,265
Sodexo SA		2,771		358,131
Starbucks Corp.		18,150		1,058,327
				1,774,523

7

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

Company	Shares		U.S. $ Value
HOUSEHOLD DURABLES–0.1%
Panasonic Corp.		21,900	$	298,393
INTERNET & DIRECT MARKETING RETAIL–0.2%
Priceline Group, Inc. (The)(a)		280		523,746
MEDIA–1.5%
Comcast Corp.–Class A		52,104		2,027,888
CTS Eventim AG & Co. KGaA		13,588		601,672
Regal Entertainment Group–Class A(b)		14,456		295,770
Scripps Networks Interactive, Inc.–Class A		6,562		448,250
Walt Disney Co. (The)		10,348		1,099,475
				4,473,055
MULTILINE RETAIL–0.3%
Dollar Tree, Inc.(a)		11,881		830,720
Target Corp.		3,136		163,981
				994,701
SPECIALTY RETAIL–1.8%
ABC-Mart, Inc.		7,400		436,098
Best Buy Co., Inc.		1,420		81,409
Burlington Stores, Inc.(a)		3,662		336,867
Home Depot, Inc. (The)		15,021		2,304,221
Michaels Cos., Inc. (The)(a)		24,025		444,943
O’Reilly Automotive, Inc.(a)		1,010		220,927
TJX Cos., Inc. (The)		15,868		1,145,194
Ulta Salon Cosmetics & Fragrance, Inc.(a)		1,900		545,946
				5,515,605
TEXTILES, APPAREL & LUXURY GOODS–1.0%
HUGO BOSS AG		2,740		192,080
Kering		490		166,851
NIKE, Inc.–Class B		34,312		2,024,408
Samsonite International SA		103,800		433,655
				2,816,994
				20,468,697
CONSUMER STAPLES–4.8%
BEVERAGES–1.1%
Asahi Group Holdings Ltd.		2,500		94,151
Constellation Brands, Inc.–Class A		4,630		896,970
Monster Beverage Corp.(a)		28,131		1,397,548
PepsiCo, Inc.		6,097		704,142
Pernod Ricard SA		1,700		227,642
				3,320,453
FOOD & STAPLES RETAILING–0.7%
Costco Wholesale Corp.		8,690		1,389,791
Sugi Holdings Co., Ltd.		2,800		150,040
Wal-Mart Stores, Inc.		7,088		536,420
				2,076,251
FOOD PRODUCTS–0.3%
Archer-Daniels-Midland Co.		4,072	$	168,499
BRF SA		6,100		72,178
Orkla ASA		22,760		231,333
Tyson Foods, Inc.–Class A		5,154		322,795
WH Group Ltd.(c)		185,500		187,313
				982,118
HOUSEHOLD PRODUCTS–0.7%
Colgate-Palmolive Co.		3,537		262,198
Henkel AG & Co. KGaA (Preference Shares)		2,200		303,366
Procter & Gamble Co. (The)		11,786		1,027,150
Reckitt Benckiser Group PLC		4,120		417,657
				2,010,371
PERSONAL PRODUCTS–0.3%
Unilever PLC		17,668		956,155
TOBACCO–1.7%
Altria Group, Inc.		8,170		608,420
British American Tobacco PLC		24,129		1,644,219
Imperial Brands PLC		4,360		195,926
Japan Tobacco, Inc.		31,600		1,110,679
Philip Morris International, Inc.		11,740		1,378,863
				4,938,107
				14,283,455
INDUSTRIALS–4.1%
AEROSPACE & DEFENSE–0.8%
Airbus SE		4,730		390,346
BAE Systems PLC		34,190		282,248
Hexcel Corp.		4,241		223,882
L3 Technologies, Inc.		383		63,992
Raytheon Co.		4,571		738,125
Saab AB–Class B		3,900		192,747
United Technologies Corp.		4,091		499,552
				2,390,892
AIRLINES–0.6%
International Consolidated Airlines Group SA		39,730		315,845
Japan Airlines Co., Ltd.		11,200		346,927
JetBlue Airways Corp.(a)		22,157		505,844
Qantas Airways Ltd.		92,454		406,386
United Continental Holdings, Inc.(a)		2,002		150,651
				1,725,653
BUILDING PRODUCTS–0.4%
Allegion PLC		7,360		597,043
AO Smith Corp.		9,630		542,458
				1,139,501

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMERCIAL SERVICES & SUPPLIES–0.1%
Babcock International Group PLC		10,755	$	123,333
IWG PLC		40,670		171,460
				294,793
CONSTRUCTION & ENGINEERING–0.1%
Quanta Services, Inc.(a)		5,685		187,150
ELECTRICAL EQUIPMENT–0.3%
Eaton Corp. PLC		10,095		785,694
Philips Lighting NV(c)		2,500		92,343
TKH Group NV		2,610		144,880
				1,022,917
INDUSTRIAL CONGLOMERATES–0.4%
General Electric Co.		8,832		238,552
Roper Technologies, Inc.		4,465		1,033,782
				1,272,334
MACHINERY–0.8%
Cummins, Inc.		2,636		427,612
FANUC Corp.		1,600		309,673
IDEX Corp.		3,120		352,591
IHI Corp.(a)		82,000		280,225
Ingersoll-Rand PLC		4,317		394,531
Oshkosh Corp.		6,805		468,728
WABCO Holdings, Inc.(a)		1,960		249,920
				2,483,280
PROFESSIONAL SERVICES–0.1%
Teleperformance		2,899		371,715
ROAD & RAIL–0.2%
Union Pacific Corp.		4,830		526,035
TRADING COMPANIES & DISTRIBUTORS–0.3%
BOC Aviation Ltd.(c)		37,400		197,737
Brenntag AG		8,430		488,890
United Rentals, Inc.(a)		3,291		370,929
				1,057,556
				12,471,826
ENERGY–3.1%
ENERGY EQUIPMENT & SERVICES–0.1%
RPC, Inc.(b)		21,831		441,204
OIL, GAS & CONSUMABLE FUELS–3.0%
Canadian Natural Resources Ltd.		19,975		576,079
Canadian Natural Resources Ltd. (Toronto)		5,860		169,094
Chevron Corp.		6,492		677,310
Devon Energy Corp.		15,035		480,669
EOG Resources, Inc.		11,256	$	1,018,893
Exxon Mobil Corp.		14,684		1,185,439
Hess Corp.		10,872		476,955
JXTG Holdings, Inc.		77,300		338,227
LUKOIL PJSC (Sponsored ADR)		1,180		57,538
Marathon Oil Corp.		4,332		51,334
Marathon Petroleum Corp.		14,575		762,710
Novatek PJSC (Sponsored GDR)(c)		1,040		115,992
QEP Resources, Inc.(a)		26,098		263,590
Royal Dutch Shell PLC–Class A		68,405		1,818,881
TOTAL SA		12,950		642,928
Valero Energy Corp.		2,806		189,293
YPF SA (Sponsored ADR)		5,353		117,231
				8,942,163
				9,383,367
MATERIALS–2.0%
CHEMICALS–1.0%
Air Water, Inc.		9,800		180,866
Arkema SA		2,756		294,318
CF Industries Holdings, Inc.(b)		18,961		530,150
Eastman Chemical Co.		4,166		349,902
Ecolab, Inc.		4,230		561,532
Incitec Pivot Ltd.		71,140		186,598
Johnson Matthey PLC		4,396		164,527
Koninklijke DSM NV		1,978		143,865
LyondellBasell Industries NV–Class A		3,895		328,699
Mosaic Co. (The)		1,842		42,053
Nippon Shokubai Co., Ltd.		3,700		238,995
				3,021,505
CONSTRUCTION MATERIALS–0.3%
Anhui Conch Cement Co., Ltd.–Class H		52,000		180,718
Buzzi Unicem SpA		5,570		138,888
Fletcher Building Ltd.		25,910		151,726
Grupo Cementos de Chihuahua SAB de CV(a)		39,050		198,082
HeidelbergCement AG		1,720		166,735
				836,149
CONTAINERS & PACKAGING–0.0%
WestRock Co.		1,282		72,638
METALS & MINING–0.6%
BHP Billiton PLC		25,850		396,040
BlueScope Steel Ltd.		10,560		106,910
Boliden AB		6,450		176,310
Gerdau SA (Preference Shares)		40,300		125,052
Glencore PLC(a)		183,960		689,339
MMC Norilsk Nickel PJSC (ADR) (London)		7,526		103,683

9

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

Company			Shares		U.S. $ Value
Newmont Mining Corp.				3,210	$	103,972
Sumitomo Metal Mining Co., Ltd.				11,000		147,027
						1,848,333
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC				7,454		195,457
						5,974,082
TELECOMMUNICATION SERVICES–1.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.8%
AT&T, Inc.				20,559		775,691
BT Group PLC				153,050		588,514
China Unicom Hong Kong Ltd.(a)				130,000		192,968
Nippon Telegraph & Telephone Corp.				15,000		708,061
TDC A/S				32,900		191,327
						2,456,561
WIRELESS TELECOMMUNICATION SERVICES–0.7%
SoftBank Group Corp.				11,500		934,836
T-Mobile US, Inc.(a)				9,989		605,533
Vodafone Group PLC				165,413		469,765
						2,010,134
						4,466,695
UTILITIES–1.3%
ELECTRIC UTILITIES–0.9%
American Electric Power Co., Inc.				10,829		752,291
Edison International				7,026		549,363
EDP–Energias de Portugal SA				47,160		154,271
Enel SpA				35,141		188,478
Eversource Energy				1,154		70,059
PG&E Corp.				6,743		447,533
Portland General Electric Co.				11,183		510,951
						2,672,946
MULTI-UTILITIES–0.4%
Ameren Corp.				1,182		64,620
CMS Energy Corp.				1,661		76,821
DTE Energy Co.				1,111		117,533
NiSource, Inc.				22,229		563,727
Public Service Enterprise Group, Inc.				3,500		150,535
WEC Energy Group, Inc.				1,887		115,824
						1,089,060
WATER UTILITIES–0.0%
Pennon Group PLC				10,440		112,198
						3,874,204
TRANSPORTATION–0.2%
AIRPORT SERVICES–0.0%
Sydney Airport				29,160	$	158,843
HIGHWAYS & RAILTRACKS–0.1%
Transurban Group				31,380		285,790
RAILROADS–0.1%
East Japan Railway Co.				1,800		172,433
						617,066
BANKS–0.1%
THRIFTS & MORTGAGE FINANCE–0.1%
Aareal Bank AG				5,360		212,820
Total Common Stocks (cost $149,770,512)						190,287,795
	Principal Amount (000)
MORTGAGE PASS-THROUGHS–7.8%
AGENCY FIXED RATE 30-YEAR–7.0%
Federal Home Loan Mortgage Corp. Gold 4.00%, 2/01/46		U.S.$		526		556,504
Series 2005 5.50%, 1/01/35				195		217,401
Series 2007 5.50%, 7/01/35				20		22,166
Series 2017 4.00%, 7/01/44				417		440,492
Federal National Mortgage Association 3.00%, 5/01/45				1,257		1,258,855
3.50%, 7/01/47, TBA				4,395		4,513,116
4.00%, 12/01/40–10/01/43				1,329		1,407,476
4.00%, 7/01/47, TBA				3,180		3,342,230
4.50%, 7/25/47, TBA				4,643		4,979,617
5.00%, 12/01/39				112		122,525
Series 2004 5.50%, 2/01/34–11/01/34				73		81,219
Series 2007 5.50%, 1/01/37–8/01/37				273		303,147
Series 2008 5.50%, 8/01/37				129		143,669

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Government National Mortgage Association 3.00%, 12/20/46		U.S.$	500	$	506,019
3.50%, 7/01/47, TBA			3,040		3,148,300
					21,042,736
AGENCY FIXED RATE 15-YEAR–0.8%
Federal National Mortgage Association 2.50%, 12/01/31–1/01/32			1,605		1,614,962
Series 2016 2.50%, 11/01/31			789		793,665
					2,408,627
Total Mortgage Pass-Throughs (cost $23,423,996)					23,451,363
CORPORATES–INVESTMENT GRADE–7.8%
INDUSTRIAL–4.3%
BASIC–0.4%
Dow Chemical Co. (The) 4.125%, 11/15/21			165		175,420
Eastman Chemical Co. 3.80%, 3/15/25			84		86,400
Glencore Funding LLC 4.125%, 5/30/23(c)			126		129,296
Minsur SA 6.25%, 2/07/24(c)			168		180,390
Mosaic Co. (The) 5.625%, 11/15/43			96		97,981
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(c)			237		236,574
Vale Overseas Ltd. 6.875%, 11/21/36			145		155,513
Yamana Gold, Inc. 4.95%, 7/15/24			142		143,379
					1,204,953
CAPITAL GOODS–0.1%
Embraer Netherlands Finance BV 5.40%, 2/01/27			160		166,364
General Electric Co. Series D 5.00%, 1/21/21(d)			68		72,111
					238,475
COMMUNICATIONS–MEDIA–0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			165		178,251
Comcast Corp. 5.15%, 3/01/20		U.S.$	451	$	488,753
Cox Communications, Inc. 2.95%, 6/30/23(c)			91		88,673
Discovery Communications LLC 3.45%, 3/15/25			104		100,796
Time Warner Cable LLC 4.125%, 2/15/21			165		172,923
4.50%, 9/15/42			85		81,126
Viacom, Inc. 4.375%, 3/15/43			23		20,445
					1,130,967
COMMUNICATIONS–TELECOMMUNICATIONS–0.8%
AT&T, Inc. 3.40%, 5/15/25			575		564,322
3.80%, 3/15/22			75		77,704
4.125%, 2/17/26			345		353,556
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	46		38,128
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 3.36%, 9/20/21(c)		U.S.$	225		226,980
Verizon Communications, Inc. 2.625%, 8/15/26			295		272,226
3.50%, 11/01/24			1,048		1,057,788
					2,590,704
CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
Ford Motor Credit Co. LLC 5.875%, 8/02/21			915		1,017,983
General Motors Co. 3.50%, 10/02/18			130		132,240
General Motors Financial Co., Inc. 4.00%, 1/15/25			41		41,235
4.30%, 7/13/25			50		51,070
					1,242,528
CONSUMER NON-CYCLICAL–0.6%
Becton Dickinson and Co. 3.734%, 12/15/24			66		67,109
Biogen, Inc. 4.05%, 9/15/25			251		265,390
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			155		173,135
Grupo Bimbo SAB de CV 3.875%, 6/27/24(c)			339		349,295
Laboratory Corp. of America Holdings 3.60%, 2/01/25			100		101,359

11

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

	Principal Amount (000)			U.S. $ Value
Mylan NV 3.95%, 6/15/26		U.S.$	68	$	68,968
Sigma Alimentos SA de CV 4.125%, 5/02/26(c)			200		202,250
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23			211		205,461
3.15%, 10/01/26			146		138,517
Tyson Foods, Inc. 2.65%, 8/15/19			64		64,806
3.95%, 8/15/24			206		215,956
					1,852,246
ENERGY–1.0%
Cenovus Energy, Inc. 3.00%, 8/15/22			17		16,296
5.70%, 10/15/19			59		62,267
Ecopetrol SA 5.875%, 5/28/45			94		86,292
Encana Corp. 3.90%, 11/15/21			140		142,878
Enterprise Products Operating LLC 3.70%, 2/15/26			278		282,887
5.20%, 9/01/20			185		200,788
Hess Corp. 4.30%, 4/01/27			199		194,879
Kinder Morgan Energy Partners LP 2.65%, 2/01/19			302		304,201
Kinder Morgan, Inc./DE 5.00%, 2/15/21(c)			250		267,815
Marathon Petroleum Corp. 5.125%, 3/01/21			163		176,389
Nabors Industries, Inc. 5.50%, 1/15/23(c)			212		200,775
Noble Energy, Inc. 3.90%, 11/15/24			170		174,128
8.25%, 3/01/19			374		409,616
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			232		226,212
Sabine Pass Liquefaction LLC 5.00%, 3/15/27			146		155,395
TransCanada PipeLines Ltd. 3.392% (LIBOR 3 Month + 2.21%), 5/15/67(e)			120		114,128
Williams Partners LP 4.125%, 11/15/20			155		161,784
					3,176,730
SERVICES–0.1%
S&P Global, Inc. 4.40%, 2/15/26		U.S.$	226	$	242,720
Total System Services, Inc. 3.75%, 6/01/23			45		46,689
					289,409
TECHNOLOGY–0.4%
Agilent Technologies, Inc. 5.00%, 7/15/20			71		76,253
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24(c)			53		54,350
3.875%, 1/15/27(c)			117		120,132
Dell International LLC/EMC Corp. 6.02%, 6/15/26(c)			50		55,189
Fidelity National Information Services, Inc. 5.00%, 10/15/25			3	��	3,324
HP, Inc. 4.65%, 12/09/21			114		123,015
KLA-Tencor Corp. 4.65%, 11/01/24			225		242,816
Lam Research Corp. 2.80%, 6/15/21			71		72,005
Motorola Solutions, Inc. 7.50%, 5/15/25			33		39,340
Seagate HDD Cayman 4.75%, 1/01/25			127		127,933
Western Digital Corp. 7.375%, 4/01/23(c)			156		171,210
					1,085,567
TRANSPORTATION–SERVICES–0.1%
Adani Ports & Special Economic Zone Ltd. 3.95%, 1/19/22(c)			200		204,329
					13,015,908
FINANCIAL INSTITUTIONS–3.3%
BANKING–2.8%
Banco Santander SA 3.50%, 4/11/22			200		204,582
Bank of America Corp. 2.881%, 4/24/23			265		265,723
3.824%, 1/20/28			270		274,892
Barclays Bank PLC Series E 6.625%, 3/30/22(c)		EUR	84		119,028
Barclays PLC 3.65%, 3/16/25		U.S.$	270		268,961

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
BNP Paribas SA 3.80%, 1/10/24(c)		U.S.$	215	$	223,447
Citigroup, Inc. 3.875%, 3/26/25			235		236,582
Compass Bank 2.875%, 6/29/22			265		263,876
5.50%, 4/01/20			314		333,920
Cooperatieve Rabobank UA 4.375%, 8/04/25			320		335,325
Credit Agricole SA/London 4.125%, 1/10/27(c)			250		261,235
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23			385		396,419
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			208		205,223
3.75%, 5/22/25			186		190,085
5.75%, 1/24/22			335		377,120
Series D 6.00%, 6/15/20			217		239,453
JPMorgan Chase & Co. 3.22%, 3/01/25			265		265,739
Lloyds Banking Group PLC 4.65%, 3/24/26			200		208,368
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26			272		284,088
Morgan Stanley 5.625%, 9/23/19			168		180,457
Series G 5.50%, 7/24/20			189		206,250
Nationwide Building Society 4.00%, 9/14/26(c)			290		287,071
6.25%, 2/25/20(c)			465		512,398
PNC Bank NA 3.80%, 7/25/23			685		720,647
Santander Issuances SAU 3.25%, 4/04/26(c)		EUR	200		243,666
Santander UK Group Holdings PLC 2.875%, 8/05/21		U.S.$	226		226,294
Santander UK PLC 5.00%, 11/07/23(c)			200		214,304
Sumitomo Mitsui Banking Corp. 1.966%, 1/11/19			265		264,881
UBS Group Funding Switzerland AG 4.125%, 9/24/25(c)			305		319,295
US Bancorp Series J 5.30%, 4/15/27(d)			116		123,454
Wells Fargo & Co. 3.069%, 1/24/23			212		214,616
					8,467,399
INSURANCE–0.2%
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20		U.S.$	38	$	41,178
Lincoln National Corp. 8.75%, 7/01/19			31		34,876
MetLife, Inc. 10.75%, 8/01/39			70		116,551
XLIT Ltd. 3.25%, 6/29/47		EUR	165		186,431
6.375%, 11/15/24		U.S.$	157		183,880
					562,916
REITS–0.3%
American Tower Corp. 5.05%, 9/01/20			380		408,975
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			10		10,188
Trust F/1401 5.25%, 1/30/26(c)			200		207,491
Welltower, Inc. 4.00%, 6/01/25			238		246,430
					873,084
					9,903,399
UTILITY–0.2%
ELECTRIC–0.2%
Exelon Corp. 5.15%, 12/01/20			89		95,670
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/24(c)			320		344,800
Pacific Gas & Electric Co. 6.05%, 3/01/34			38		49,034
					489,504
Total Corporates–Investment Grade (cost $22,661,093)					23,408,811
GOVERNMENTS–TREASURIES–6.4%
UNITED STATES–6.4%
U.S. Treasury Bonds 2.75%, 8/15/42			280		276,981
2.875%, 11/15/46			215		216,176
3.00%, 5/15/45–5/15/47			738		761,004
3.125%, 2/15/43–8/15/44			575		607,584
3.375%, 5/15/44			234		258,533
4.375%, 2/15/38			1,027		1,308,972
4.75%, 2/15/37			110		146,541
6.25%, 5/15/30			149		212,110
U.S. Treasury Notes 0.625%, 9/30/17			3,590		3,586,073
1.125%, 2/28/19			6,390		6,366,037

13

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

	Principal Amount (000)			U.S. $ Value
1.25%, 4/30/19–5/31/19		U.S.$	2,560	$	2,554,000
1.75%, 11/30/21			1,335		1,331,454
2.00%, 11/15/26			360		351,056
2.25%, 11/15/24			305		306,668
2.375%, 8/15/24			1,081		1,097,959
Total Governments–Treasuries (cost $19,349,200)					19,381,148
ASSET-BACKED SECURITIES–3.5%
AUTOS–FIXED RATE–2.0%
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			454		454,055
Americredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20			185		184,706
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			115		115,360
Series 2015-2, Class A3 1.31%, 8/15/19			75		74,661
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19			60		59,962
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(c)			152		151,834
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(c)			48		47,494
CPS Auto Trust Series 2017-A, Class A 1.68%, 8/17/20(c)			105		104,481
Drive Auto Receivables Trust Series 2016-CA, Class A3 1.67%, 11/15/19(c)			161		160,999
Series 2017-AA, Class A3 1.77%, 1/15/20(c)			235		234,772
Series 2017-BA, Class A1 1.20%, 4/16/18(c)			142		141,817
Series 2017-BA, Class A3 1.74%, 6/17/19(c)		U.S.$	215	$	215,045
Enterprise Fleet Financing LLC Series 2014-2, Class A2 1.05%, 3/20/20(c)			23		23,284
Series 2015-1, Class A2 1.30%, 9/20/20(c)			125		124,792
Exeter Automobile Receivables Trust Series 2016-1A, Class D 8.20%, 2/15/23(c)			140		149,264
Series 2016-3A, Class A 1.84%, 11/16/20(c)			71		70,619
Series 2017-2A, Class A 2.11%, 6/15/21(c)			167		167,360
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21			268		267,901
First Investors Auto Owner Trust Series 2016-2A, Class A1 1.53%, 11/16/20(c)			122		121,283
Flagship Credit Auto Trust Series 2016-3, Class A1 1.61%, 12/15/19(c)			154		153,338
Series 2016-4, Class A2 1.96%, 2/16/21(c)			110		109,727
Series 2016-4, Class D 3.89%, 11/15/22(c)			100		100,712
Series 2017-2, Class A 1.85%, 7/15/21(c)			215		215,042
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			322		321,115
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18			365		365,344
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(c)			221		221,279

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2016-1, Class A1 1.96%, 5/17/21(c)		U.S.$	280	$	280,584
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			99		98,593
Hertz Vehicle Financing II LP Series 2015-1A, Class A 2.73%, 3/25/21(c)			215		213,781
Series 2015-2A, Class A 2.02%, 9/25/19(c)			180		179,186
Series 2015-3A, Class A 2.67%, 9/25/21(c)			265		263,546
Hertz Vehicle Financing LLC Series 2013-1A, Class B2 2.48%, 8/25/19(c)			192		190,406
Series 2016-1A, Class A 2.32%, 3/25/20(c)			145		144,497
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40%, 11/15/18(c)			137		137,395
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18			177		176,739
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18			60		60,241
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(c)			9		9,277
Series 2016-2A, Class A2 1.57%, 6/17/19(c)			93		92,691
					6,203,182
OTHER ABS–FIXED RATE–0.5%
Ascentium Equipment Receivables Trust Series 2016-1A, Class A2 1.75%, 11/13/18(c)			41		40,874
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21		U.S.$	210	$	210,246
Series 2015-A, Class A4 1.85%, 4/15/21			227		227,136
Dell Equipment Finance Trust Series 2015-1, Class A3 1.30%, 3/23/20(c)			8		8,249
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(c)			49		49,313
Series 2017-1A, Class A 2.827%, 3/15/24(c)			120		120,496
Series 2017-2A, Class A 2.39%, 7/15/24(c)			150		150,000
SBA Tower Trust 3.156%, 10/15/20(c)			251		255,904
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(c)			88		88,817
Series 2016-3, Class A 3.05%, 12/26/25(c)			124		124,769
Series 2017-2, Class A 3.28%, 2/25/26(c)			148		150,216
Series 2017-3, Class A 2.77%, 5/25/26(c)			155		156,027
					1,582,047
AUTOS–FLOATING RATE–0.5%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.659% (LIBOR 1 Month + 0.50%), 7/15/20(c)(e)			378		379,236
NCF Dealer Floorplan Master Trust Series 2014-1A, Class A 2.712% (LIBOR 1 Month + 1.50%), 10/20/20(c)(e)			320		320,000
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 1.562% (LIBOR 1 Month + 0.35%), 7/22/19(c)(e)			120		120,007

15

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

	Principal Amount (000)			U.S. $ Value
Wells Fargo Dealer Floorplan Master Note Trust Series 2014-1, Class A 1.592% (LIBOR 1 Month + 0.38%), 7/20/19(e)		U.S.$	203	$	203,023
Series 2015-1, Class A 1.712% (LIBOR 1 Month + 0.50%), 1/20/20(e)			384		384,700
					1,406,966
CREDIT CARDS–FIXED RATE–0.3%
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41%, 7/15/22			326		330,087
Series 2015-2, Class A 1.56%, 3/15/21			214		214,065
World Financial Network Credit Card Master Trust Series 2013-A, Class A 1.61%, 12/15/21			246		246,021
					790,173
CREDIT CARDS–FLOATING RATE–0.2%
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.509% (LIBOR 1 Month + 0.35%), 8/17/20(e)			240		240,456
World Financial Network Credit Card Master Trust Series 2015-A, Class A 1.639% (LIBOR 1 Month + 0.48%), 2/15/22(e)			256		256,649
					497,105
HOME EQUITY LOANS–FIXED RATE–0.0%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33			56		56,584
Total Asset-Backed Securities (cost $10,498,886)					10,536,057
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.5%
NON-AGENCY FIXED RATE CMBS–2.1%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51		U.S.$	150	$	151,311
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41			2		1,912
BHMS Commercial Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(c)			335		339,191
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(c)			495		512,010
Citigroup Commercial Mortgage Trust Series 2012-GC8, Class D 5.014%, 9/10/45(c)			169		155,693
Series 2015-GC27, Class A5 3.137%, 2/10/48			246		247,263
Commercial Mortgage Loan Trust Series 2008-LS1, Class A1A 6.335%, 12/10/49			746		749,696
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(c)			156		153,985
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48			214		222,382
Series 2015-C4, Class A4 3.808%, 11/15/48			260		271,728
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(c)			443		448,395

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 4/10/31(c)		U.S.$	276	$	275,316
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-LN2, Class A1A 4.838%, 7/15/41(c)			107		106,642
Series 2006-LDP9, Class AM 5.372%, 5/15/47			81		81,207
Series 2007-CB19, Class AM 5.977%, 2/12/49			25		25,467
Series 2007-LD12, Class AM 6.264%, 2/15/51			251		254,626
Series 2012-C6, Class E 5.299%, 5/15/45(c)			119		107,102
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class A3 3.801%, 8/15/48			235		246,267
Series 2015-C32, Class C 4.818%, 11/15/48			195		187,549
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			75		65,182
LSTAR Commercial Mortgage Trust
Series 2014-2, Class A2 2.767%, 1/20/41(c)			110		110,217
Series 2015-3, Class A2 2.729%, 4/20/48(c)			236		237,128
Series 2016-4, Class A2 2.579%, 3/10/49(c)			161		156,806
Morgan Stanley Capital I Trust Series 2005-IQ9, Class D 5.00%, 7/15/56			112		111,999
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/45			168		169,309
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45		U.S.$	7	$	7,170
Wells Fargo Commercial Mortgage Trust
Series 2015-SG1, Class C 4.619%, 9/15/48			197		189,918
Series 2016-NXS6, Class C 4.453%, 11/15/49			180		179,174
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5 3.337%, 6/15/46			260		268,358
Series 2014-C20, Class A2 3.036%, 5/15/47			206		210,142
					6,243,145
NON-AGENCY FLOATING RATE CMBS–0.4%
CGBAM Commercial Mortgage Trust
Series 2016-IMC, Class A 3.072% (LIBOR 1 Month + 1.90%), 11/15/21(c)(e)			112		112,470
Series 2016-IMC, Class C 5.122% (LIBOR 1 Month + 3.95%), 11/15/21(c)(e)			113		113,457
CSMC Mortgage-Backed Trust Series 2016-MFF, Class D 5.367% (LIBOR 1 Month + 4.60%), 11/15/33(c)(e)			110		110,619
H/2 Asset Funding NRE Series 2015-1A 2.866% (LIBOR 1 Month + 0.92%), 6/24/49(e)(f)			133		132,991
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 2.859% (LIBOR 1 Month + 1.70%), 7/15/36(c)(e)			304		304,762
Morgan Stanley Capital I Trust
Series 2015-XLF2, Class AFSA 2.997% (LIBOR 1 Month + 1.87%), 8/15/26(c)(e)			105		105,179

17

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

	Principal Amount (000)			U.S. $ Value
Series 2015-XLF2, Class SNMA 3.077% (LIBOR 1 Month + 1.95%), 11/15/26(c)(e)		U.S.$	119	$	118,075
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 2.222% (LIBOR 1 Month + 1.05%), 4/15/32(c)(e)			18		17,619
Starwood Retail Property Trust Series 2014-STAR, Class A 2.347% (LIBOR 1 Month + 1.22%), 11/15/27(c)(e)			378		374,067
					1,389,239
Total Commercial Mortgage-Backed Securities (cost $7,772,107)					7,632,384
UNITED STATES–1.7%
U.S. Treasury Inflation Index 0.125%, 4/15/19–4/15/20 (TIPS)			2,248		2,248,710
0.25%, 1/15/25 (TIPS)			1,152		1,131,466
0.375%, 7/15/25 (TIPS)			1,619		1,606,764
					4,986,940
JAPAN–0.3%
Japanese Government CPI Linked Bond Series 2022 0.10%, 3/10/27		JPY	110,743		1,033,094
Total Inflation-Linked Securities (cost $6,110,980)					6,020,034
COLLATERALIZED MORTGAGE OBLIGATIONS–1.8%
RISK SHARE FLOATING RATE–1.3%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 7.716% (LIBOR 1 Month + 6.50%), 4/25/26(e)(f)		U.S.$	170		177,125
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 5.216% (LIBOR 1 Month + 4.00%), 8/25/24(e)		U.S.$	330	$	358,537
Series 2014-DN4, Class M3 5.766% (LIBOR 1 Month + 4.55%), 10/25/24(e)			248		272,949
Series 2014-HQ3, Class M3 5.966% (LIBOR 1 Month + 4.75%), 10/25/24(e)			250		277,120
Series 2016-DNA1, Class M3 6.766% (LIBOR 1 Month + 5.55%), 7/25/28(e)			250		293,934
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M1 2.416% (LIBOR 1 Month + 1.20%), 7/25/24(e)			17		16,916
Series 2014-C04, Class 1M2 6.116% (LIBOR 1 Month + 4.90%), 11/25/24(e)			180		205,228
Series 2014-C04, Class 2M2 6.216% (LIBOR 1 Month + 5.00%), 11/25/24(e)			67		75,692
Series 2015-C01, Class 1M2 5.516% (LIBOR 1 Month + 4.30%), 2/25/25(e)			134		144,795
Series 2015-C01, Class 2M2 5.766% (LIBOR 1 Month + 4.55%), 2/25/25(e)			133		143,180
Series 2015-C02, Class 1M2 5.216% (LIBOR 1 Month + 4.00%), 5/25/25(e)			177		191,389

18

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2015-C02, Class 2M2 5.216% (LIBOR 1 Month + 4.00%), 5/25/25(e)	U.S.$	173	$	183,884
Series 2015-C03, Class 1M2 6.216% (LIBOR 1 Month + 5.00%), 7/25/25(e)		87		96,598
Series 2015-C03, Class 2M2 6.216% (LIBOR 1 Month + 5.00%), 7/25/25(e)		244		270,620
Series 2015-C04, Class 1M2 6.916% (LIBOR 1 Month + 5.70%), 4/25/28(e)		74		84,392
Series 2015-C04, Class 2M2 6.766% (LIBOR 1 Month + 5.55%), 4/25/28(e)		117		131,715
Series 2016-C01, Class 1M2 7.966% (LIBOR 1 Month + 6.75%), 8/25/28(e)		204		247,389
Series 2016-C01, Class 2M2 8.166% (LIBOR 1 Month + 6.95%), 8/25/28(e)		159		190,656
Series 2016-C03, Class 2M2 7.116% (LIBOR 1 Month + 5.90%), 10/25/28(e)		145		168,861
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.466% (LIBOR 1 Month + 4.25%), 11/25/24(e)(f)		35		38,636
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.466% (LIBOR 1 Month + 5.25%), 11/25/25(e)(f)		144		156,533
Series 2015-WF1, Class 2M2 6.716% (LIBOR 1 Month + 5.50%), 11/25/25(e)(f)	U.S.$	41	$	46,286
				3,772,435
NON-AGENCY FIXED RATE–0.4%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35		34		32,699
Series 2005-57CB, Class 4A3 5.50%, 12/25/35		77		71,076
Series 2006-23CB, Class 1A7 6.00%, 8/25/36		57		55,218
Series 2006-24CB, Class A16 5.75%, 6/25/36		142		117,432
Series 2006-28CB, Class A14 6.25%, 10/25/36		99		86,835
Series 2006-J1, Class 1A13 5.50%, 2/25/36		82		74,152
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37		46		41,840
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 3.234%, 5/25/35		17		16,510
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36		71		59,741
Series 2006-13, Class 1A19 6.25%, 9/25/36		40		34,507
Credit Suisse Mortgage Trust Series 2010-6R, Class 3A2 5.875%, 1/26/38(c)		147		120,618
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36		143		118,297

19

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

	Principal Amount (000)		U.S. $ Value
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37	U.S.$	63	$	55,056
RBSSP Resecuritization Trust Series 2009-7, Class 10A3 6.00%, 8/26/37(c)		203		176,424
Series 2010-9, Class 7A6 6.00%, 5/26/37(c)(g)		183		144,702
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37		41		40,714
				1,245,821
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 1.406% (LIBOR 1 Month + 0.19%), 12/25/36(e)		319		193,057
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.466% (LIBOR 1 Month + 0.25%), 3/25/35(e)		120		105,252
				298,309
AGENCY FLOATING RATE–0.0%
Federal National Mortgage Association REMICs Series 2011-131, Class ST 5.324% (6.54% –LIBOR 1 Month), 12/25/41(e)(h)		386		84,429
Total Collateralized Mortgage Obligations (cost $5,109,587)				5,400,994
CORPORATES– NON-INVESTMENT GRADE–1.1%
INDUSTRIAL–0.7%
BASIC–0.2%
Anglo American Capital PLC 3.75%, 4/10/22(c)		200		201,518
NOVA Chemicals Corp. 5.25%, 8/01/23(c)	U.S.$	125	$	128,510
SPCM SA 4.875%, 9/15/25(c)		200		203,998
				534,026
COMMUNICATIONS– MEDIA–0.1%
CSC Holdings LLC 6.75%, 11/15/21		45		49,816
SFR Group SA 5.375%, 5/15/22(c)	EUR	195		232,303
				282,119
COMMUNICATIONS– TELECOMMUNICATIONS–0.1%
CenturyLink, Inc. Series Y 7.50%, 4/01/24	U.S.$	75		82,247
Sprint Capital Corp. 6.90%, 5/01/19		370		395,042
				477,289
CONSUMER CYCLICAL–AUTOMOTIVE–0.1%
Allison Transmission, Inc. 5.00%, 10/01/24(c)		170		174,558
CONSUMER CYCLICAL– OTHER–0.1%
International Game Technology PLC 6.25%, 2/15/22(c)		200		218,618
KB Home 4.75%, 5/15/19		107		110,283
				328,901
CONSUMER CYCLICAL–RETAILERS–0.0%
Hanesbrands, Inc. 4.625%, 5/15/24(c)		70		71,154
CONSUMER NON- CYCLICAL–0.1%
Lamb Weston Holdings, Inc. 4.625%, 11/01/24(c)		29		29,809
4.875%, 11/01/26(c)		29		30,030
Valeant Pharmaceuticals International, Inc. 6.125%, 4/15/25(c)		135		114,457
				174,296
ENERGY–0.0%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43		111		72,064
SM Energy Co. 6.50%, 1/01/23		14		13,367
				85,431

20

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
TECHNOLOGY–0.0%
Dell International LLC/EMC Corp. 7.125%, 6/15/24(c)	U.S.$	61	$	67,075
TRANSPORTATION– SERVICES–0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(c)		94		88,897
				2,283,746
FINANCIAL INSTITUTIONS–0.4%
BANKING–0.3%
Bank of America Corp. Series Z 6.50%, 10/23/24(d)		79		87,995
Barclays Bank PLC 6.86%, 6/15/32(c)(d)		44		51,301
Intesa Sanpaolo SpA Series E 3.928%, 9/15/26(c)	EUR	190		229,448
Royal Bank of Scotland Group PLC 8.625%, 8/15/21(d)	U.S.$	200		217,924
Series U 7.64%, 9/30/17(d)		200		191,774
Standard Chartered PLC 2.68% (LIBOR 3 Month + 1.51%), 1/30/27(c)(d)(e)		200		170,092
				948,534
FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21		170		182,648
				1,131,182
Total Corporates–Non-Investment Grade (cost $3,428,488)				3,414,928
EMERGING MARKETS–TREASURIES–0.4%
BRAZIL–0.4%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21–1/01/27 (cost $1,013,149)	BRL	3,765		1,124,584
Total Emerging Markets–Treasuries (cost $1,013,149)				1,124,584
QUASI-SOVEREIGNS–0.2%
QUASI-SOVEREIGN BONDS–0.2%
CHILE–0.1%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(c)	U.S.$	340		368,900
MEXICO–0.1%
Petroleos Mexicanos 4.625%, 9/21/23	U.S.$	226	$	228,712
Total Quasi-Sovereigns (cost $564,178)				597,612
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%
CALIFORNIA–0.2%
State of California Series 2010 7.625%, 3/01/40 (cost $350,352)		345		527,074
EMERGING MARKETS–CORPORATE BONDS–0.1%
INDUSTRIAL–0.1%
CAPITAL GOODS–0.0%
Odebrecht Finance Ltd. 5.25%, 6/27/29(c)		217		78,120
CONSUMER NON-CYCLICAL–0.1%
Minerva Luxembourg SA 6.50%, 9/20/26(c)		200		194,750
ENERGY–0.0%
Petrobras Global Finance BV 6.125%, 1/17/22		123		126,849
Total Emerging Markets–Corporate Bonds (cost $538,296)				399,719
GOVERNMENTS–SOVEREIGN BONDS–0.1%
QATAR–0.1%
Qatar Government International Bond 2.375%, 6/02/21(c) (cost $277,608)		280		273,000
SHORT-TERM INVESTMENTS–7.5%
AGENCY DISCOUNT NOTE–3.1%
Federal Home Loan Bank Discount Notes Zero Coupon 7/05/17–11/10/17 (cost $9,232,281)		9,250		9,232,281
GOVERNMENTS– TREASURIES–2.3%
JAPAN–2.3%
Japan Treasury Discount Bill Series 673 Zero Coupon, 7/03/17	JPY	400,000		3,556,346
Series 687 Zero Coupon, 12/11/17		396,000		3,522,783
Total Governments– Treasuries (cost $7,214,118)				7,079,129

21

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

	Principal Amount (000)			U.S. $ Value
TIME DEPOSIT–2.1%
State Street Time Deposit 0.09%, 7/03/17 (cost $6,240,372)		U.S.$	6,240	$	6,240,372
Total Short-Term Investments (cost $22,686,771)					22,551,782
Total Investments Before Security Lending Collateral for Securities Loaned–104.6% (cost $273,555,203)					315,007,285
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(i)(j) (cost $1,855,579)			1,855,579	$	1,855,579
TOTAL INVESTMENTS–105.2% (cost $275,410,782)					316,862,864
Other assets less liabilities–(5.2)%					(15,783,261	)
NET ASSETS–100.0%				$	301,079,603

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		35		September 2017	$	7,572,948	$	7,563,828	$	(9,120	)
U.S. T-Note 5 Yr (CBT) Futures		72		September 2017		8,506,462		8,484,188		(22,274	)
U.S. T-Note 10 Yr (CBT) Futures		75		September 2017		9,433,233		9,414,844		(18,389	)
U.S. Ultra Bond (CBT) Futures		48		September 2017		7,804,885		7,962,000		157,115
Sold Contracts
10 Yr Mini Japan Government Bond Futures		8		September 2017		1,069,735		1,068,540		1,195
Euro-BOBL Futures		70		September 2017		10,630,831		10,529,478		101,353
									$	209,880

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	465,000	USD	4,191	7/14/17	$	55,039
Bank of America, NA	RUB	9,206	USD	152	9/13/17		(1,891	)
Bank of America, NA	USD	82	RUB	4,815	9/13/17		(1,771	)
Barclays Bank PLC	CNY	7,502	USD	1,078	8/16/17		(25,868	)
Barclays Bank PLC	INR	16,739	USD	257	8/16/17		(502	)
Barclays Bank PLC	TWD	1,783	USD	59	8/16/17		555
Barclays Bank PLC	USD	79	KRW	90,320	8/16/17		(273	)
BNP Paribas SA	CNY	390	USD	56	8/16/17		(1,463	)
BNP Paribas SA	KRW	283,929	USD	254	8/16/17		5,593
Brown Brothers Harriman & Co.	USD	138	SEK	1,212	8/16/17		5,880

22

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank, NA	BRL	4,442	USD	1,343		7/05/17	$	1,905
Citibank, NA	USD	1,334	BRL	4,442		7/05/17		6,885
Citibank, NA	BRL	4,442	USD	1,326		8/02/17		(6,901	)
Citibank, NA	GBP	1,421	USD	1,840		8/16/17		(13,138	)
Citibank, NA	KRW	675,451	USD	595		8/16/17		4,627
Citibank, NA	TWD	2,456	USD	81		8/16/17		608
Citibank, NA	USD	663	GBP	512		8/16/17		4,734
Citibank, NA	USD	656	SEK	5,790		8/16/17		32,738
Citibank, NA	CLP	49,836	USD	75		9/15/17		(76	)
Credit Suisse International	USD	256	INR	16,739		8/16/17		1,586
Deutsche Bank AG	BRL	3,936	USD	1,189		7/05/17		610
Deutsche Bank AG	USD	1,190	BRL	3,936		7/05/17		(1,688	)
Goldman Sachs Bank USA	BRL	506	USD	153		7/05/17		643
Goldman Sachs Bank USA	USD	153	BRL	506		7/05/17		(217	)
Goldman Sachs Bank USA	CAD	1,170	USD	854		8/16/17		(48,821	)
Goldman Sachs Bank USA	USD	1,775	AUD	2,421		8/16/17		85,167
JPMorgan Chase Bank, NA	USD	65	KRW	73,232		8/16/17		(1,373	)
Morgan Stanley & Co., Inc.	JPY	460,000	USD	4,212		7/14/17		120,382
Morgan Stanley & Co., Inc.	USD	1,082	JPY	123,023		8/16/17		13,524
Royal Bank of Scotland PLC	EUR	733	USD	781		7/13/17		(57,421	)
State Street Bank & Trust Co.	EUR	208	USD	238		7/13/17		441
State Street Bank & Trust Co.	EUR	163	USD	185		7/13/17		(1,695	)
State Street Bank & Trust Co.	USD	159	EUR	143		7/13/17		4,684
State Street Bank & Trust Co.	AUD	876	USD	652		8/16/17		(21,213	)
State Street Bank & Trust Co.	CAD	622	USD	457		8/16/17		(22,669)
State Street Bank & Trust Co.	CHF	506	USD	508		8/16/17		(21,548	)
State Street Bank & Trust Co.	EUR	662	USD	721		8/16/17		(36,396	)
State Street Bank & Trust Co.	GBP	254	USD	322		8/16/17		(9,449	)
State Street Bank & Trust Co.	HKD	7,773	USD	1,000		8/16/17		3,383
State Street Bank & Trust Co.	ILS	736	USD	206		8/16/17		(5,051	)
State Street Bank & Trust Co.	JPY	66,088	USD	599		8/16/17		10,611
State Street Bank & Trust Co.	JPY	20,577	USD	183		8/16/17		(86	)
State Street Bank & Trust Co.	NOK	4,555	USD	529		8/16/17		(17,527	)
State Street Bank & Trust Co.	TRY	271	USD	75		8/16/17		(738	)
State Street Bank & Trust Co.	USD	428	AUD	565		8/16/17		6,067
State Street Bank & Trust Co.	USD	1,224	CHF	1,212		8/16/17		43,123
State Street Bank & Trust Co.	USD	1,524	EUR	1,363		8/16/17		36,234
State Street Bank & Trust Co.	USD	477	GBP	369		8/16/17		4,375
State Street Bank & Trust Co.	USD	315	HKD	2,457		8/16/17		(375	)
State Street Bank & Trust Co.	USD	229	JPY	24,841		8/16/17		(7,298	)
State Street Bank & Trust Co.	USD	322	NOK	2,752		8/16/17		8,151
State Street Bank & Trust Co.	USD	184	SEK	1,616		8/16/17		8,262
State Street Bank & Trust Co.	USD	186	TRY	680		8/16/17		5,313
State Street Bank & Trust Co.	USD	64	ZAR	858		8/16/17		1,128
State Street Bank & Trust Co.	CAD	102	USD	76		9/15/17		(2,789	)
State Street Bank & Trust Co.	EUR	573	USD	634		9/15/17		(22,564	)
State Street Bank & Trust Co.	GBP	73	USD	93		9/15/17		(2,078	)
State Street Bank & Trust Co.	MXN	1,309	USD	72		9/15/17		706
State Street Bank & Trust Co.	MXN	921	USD	50		9/15/17		(504	)
State Street Bank & Trust Co.	NOK	1,975	USD	233		9/15/17		(3,458	)

23

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.		NZD	120		USD	86		9/15/17	$	(1,684	)
State Street Bank & Trust Co.		USD	148		AUD	195		9/15/17		2,138
State Street Bank & Trust Co.		USD	150		CAD	199		9/15/17		3,342
State Street Bank & Trust Co.		USD	281		CHF	270		9/15/17		1,947
State Street Bank & Trust Co.		USD	459		GBP	354		9/15/17		3,193
State Street Bank & Trust Co.		USD	130		SEK	1,129		9/15/17		4,450
State Street Bank & Trust Co.		USD	61		SGD	84		9/15/17		377
									$	149,876

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		(5.00	)%		3.39	%	$	160	$	(11,316	)	$	(1,668	)

* 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)	MXN	4,254		6/22/20	4 Week TIIE	6.770%	$	160
Morgan Stanley & Co., LLC/(CME Group)	$	825		8/31/21	1.256%	3 Month LIBOR		17,695
Morgan Stanley & Co., LLC/(CME Group)	JPY	522,170		3/31/22	0.099%	6 Month LIBOR		11
Morgan Stanley & Co., LLC/(CME Group)	SEK	9,070		3/31/22	3 Month STIBOR	0.341%		(1,137	)
Morgan Stanley & Co., LLC/(CME Group)	NZD	3,670		3/31/22	3 Month BKBM	2.936%		31,429
Morgan Stanley & Co., LLC/(CME Group)	$	430		6/09/25	2.488%	3 Month LIBOR		(10,308	)
Morgan Stanley & Co., LLC/(CME Group)		1,560		11/10/25	2.256%	3 Month LIBOR		(9,243	)
Morgan Stanley & Co., LLC/(CME Group)		142		6/28/26	1.460%	3 Month LIBOR		9,158
Morgan Stanley & Co., LLC/(CME Group)		370		12/21/26	3 Month LIBOR	2.497%		7,599
Morgan Stanley & Co., LLC/(CME Group)		1,200		4/26/27	2.287%	3 Month LIBOR		(3,023	)
Morgan Stanley & Co., LLC/(CME Group)	MXN	1,550		6/14/27	7.090%	4 Week TIIE		446

24

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)	$	295		11/08/26	1.657%		3 Month LIBOR	$	14,467
Morgan Stanley & Co., LLC/(LCH Group)		370		11/09/26	1.672%		3 Month LIBOR		17,682
								$	74,936

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)%		0.72	%	$	172	$	(14,663	)	$	(4,152	)	$	(10,511	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		0.72			198		(16,879	)		(4,956	)		(11,923	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		0.69			620		8,434			7,974			460
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		0.69			226		3,081			3,108			(27	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			55		(6,405	)		(7,893	)		1,488
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			60		(6,968	)		(8,411	)		1,443
Credit Suisse International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			48		(5,574	)		(3,508	)		(2,066	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			165		(19,162	)		(11,283	)		(7,879	)
Deutsche Bank AG
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			48		(5,583	)		(6,394	)		811
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			53		(6,155	)		(6,408	)		253
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			52		(6,039	)		(6,285	)		246
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(991	)		62
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			79		(9,174	)		(8,996	)		(178	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			9		(1,045	)		(546	)		(499	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			156		(18,116	)		(13,563	)		(4,553	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			232		(26,943	)		(17,187	)		(9,756	)
Goldman Sachs International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			172		(20,046	)		(24,104	)		4,058
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			78		(9,058	)		(11,221	)		2,163
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			15		(1,742	)		(1,712	)		(30	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			4		(465	)		(379	)		(86	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(835	)		(94	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(772	)		(157	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			53		(6,155	)		(5,969	)		(186	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			47		(5,458	)		(4,293	)		(1,165	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			64		(7,433	)		(4,485	)		(2,948	)

25

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

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00	%		5.74	%	$	170	$	(19,742)		$	(13,737)		$	(6,005)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			230		(26,711	)		(19,355	)		(7,356	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			272		(31,588	)		(14,061	)		(17,527	)
									$	(262,376	)	$	(190,414	)	$	(71,962	)

* Termination date

(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. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2017, the aggregate market value of these securities amounted to $19,710,806 or 6.5% of net assets.

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

(e) Floating Rate Security. Stated interest/floor rate was in effect at June 30, 2017.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.18% of net assets as of June 30, 2017, 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 7.716%, 4/25/26		4/29/16	$	170,300	$	177,125		0.06	%
H/2 Asset Funding NRE Series 2015-1A 2.866%, 6/24/49		6/19/15		132,991		132,991		0.04	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.466%, 11/25/24		11/06/15		34,997		38,636		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.466%, 11/25/25		9/28/15		143,919		156,533		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 6.716%, 11/25/25		9/28/15		40,583		46,286		0.02	%

(g) Variable rate coupon, rate shown as of June 30, 2017.

(h) Inverse interest only security.

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

(j) 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

CLP—Chilean Peso

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

26

AB Variable Products Series Fund

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

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BA—Banker’s Acceptance

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American CommercialMortgage-Backed Index

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

CMBS—Commercial Mortgage-Backed Securities

CME—Chicago Mercantile Exchange

CPI—Consumer Price Index

GDR—Global Depositary Receipt

INTRCONX—Inter-Continental Exchange

LCH—London Clearing House

LIBOR—London Interbank Offered Rates

PJSC—Public Joint Stock Company

REG—Registered Shares

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIIE—Banco de México Equilibrium Interbank Interest Rate

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

27

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $273,555,203)	$	315,007,285	(a)
Affiliated issuers (cost $1,855,579—investment of cash collateral for securities loaned)		1,855,579
Cash collateral due from broker		612,145
Foreign currencies, at value (cost $409,500)		412,183
Receivable for investment securities sold and foreign currency transactions		2,061,573
Interest and dividends receivable		954,948
Unrealized appreciation on forward currency exchange contracts		488,401
Upfront premiums paid on credit default swaps		11,082
Unrealized appreciation on credit default swaps		10,984
Receivable for capital stock sold		60
Total assets		321,414,240
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		17,135,866
Payable for collateral received on securities loaned		1,855,579
Unrealized depreciation on forward currency exchange contracts		338,525
Upfront premiums received on credit default swaps		201,496
Payable for capital stock redeemed		181,965
Advisory fee payable		146,824
Unrealized depreciation on credit default swaps		82,946
Payable for variation margin on exchange-traded derivatives		64,320
Distribution fee payable		60,172
Administrative fee payable		12,658
Payable for newly entered credit default swaps		3,092
Transfer Agent fee payable		81
Accrued expenses		251,113
Total liabilities		20,334,637
NET ASSETS	$	301,079,603
COMPOSITION OF NET ASSETS
Capital stock, at par	$	26,687
Additional paid-in capital		241,869,474
Undistributed net investment income		7,838,092
Accumulated net realized gain on investment and foreign currency transactions		9,530,638
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		41,814,712
	$	301,079,603

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	29,757,745		2,608,503	$	11.41
B	$	271,321,858		24,078,040	$	11.27

(a) Includes securities on loan with a value of $1,834,493 (see Note E).

See notes to financial statements.

28

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $134,306)	$	2,355,977
Affiliated issuers		1,742
Interest		1,633,271
Other income		1,123
		3,992,113
EXPENSES
Advisory fee (see Note B)		840,660
Distribution fee—Class B		344,161
Transfer agency—Class A		320
Transfer agency—Class B		2,902
Custodian		128,781
Audit and tax		42,137
Administrative		25,090
Printing		22,297
Legal		19,610
Directors’ fees		13,281
Miscellaneous		8,103
Total expenses		1,447,342
Less: expenses waived and reimbursed by the Adviser (see Note E)		(457	)
Net expenses		1,446,885
Net investment income		2,545,228
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		9,121,697
Futures		308,200
Swaptions written		17,827
Swaps		(150,627	)
Foreign currency transactions		(608,766	)
Net change in unrealized appreciation/depreciation of:
Investments		11,923,909
Futures		336,621
Swaptions written		(9,703	)
Swaps		33,083
Foreign currency denominated assets and liabilities		293,624
Net gain on investment and foreign currency transactions		21,265,865
Contributions from Affiliates (see Note B)		521
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	23,811,614

See notes to financial statements.

29

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,545,228		$	4,823,445
Net realized gain on investment and foreign currency transactions		8,688,331			3,164,927
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		12,577,534			5,683,604
Contributions from Affiliates (see Note B)		521			30
Net increase in net assets from operations		23,811,614			13,672,006
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(652,050	)
Class B		–0	–		(5,122,504	)
Net realized gain on investment transactions
Class A		–0	–		(2,087,516	)
Class B		–0	–		(18,962,700	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(25,597,192	)		(15,624,524	)
Total decrease		(1,785,578	)		(28,777,288	)
NET ASSETS
Beginning of period		302,865,181			331,642,469
End of period (including undistributed net investment income of $7,838,092 and $5,292,864, respectively)	$	301,079,603		$	302,865,181

See notes to financial statements.

30

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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.

31

BALANCED WEALTH STRATEGY 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.

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

32

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	31,229,188		$	5,308,406		$	–0	–	$	36,537,594
Real Estate		19,303,833			10,504,332			–0	–		29,808,165
Financials		17,952,957			10,370,200			–0	–		28,323,157
Health Care		19,576,370			4,290,297			–0	–		23,866,667
Consumer Discretionary		15,519,027			4,949,670			–0	–		20,468,697
Consumer Staples		8,764,974			5,518,481			–0	–		14,283,455
Industrials		8,357,071			4,114,755			–0	–		12,471,826
Energy		6,432,830			2,950,537			–0	–		9,383,367
Materials		2,332,799			3,641,283			–0	–		5,974,082
Telecommunication Services		1,381,224			3,085,471			–0	–		4,466,695
Utilities		3,419,257			454,947			–0	–		3,874,204
Transportation		–0	–		617,066			–0	–		617,066
Banks		–0	–		212,820			–0	–		212,820
Mortgage Pass-Throughs		–0	–		23,451,363			–0	–		23,451,363
Corporates—Investment Grade		–0	–		23,408,811			–0	–		23,408,811
Governments—Treasuries		–0	–		19,381,148			–0	–		19,381,148
Asset-Backed Securities		–0	–		9,383,931			1,152,126			10,536,057
Commercial Mortgage-Backed Securities		–0	–		5,014,481			2,617,903			7,632,384
Inflation-Linked Securities		–0	–		6,020,034			–0	–		6,020,034
Collateralized Mortgage Obligations		–0	–		5,400,994			–0	–		5,400,994
Corporates—Non-Investment Grade		–0	–		3,414,928			–0	–		3,414,928
Emerging Markets—Treasuries		–0	–		1,124,584			–0	–		1,124,584
Quasi-Sovereigns		–0	–		597,612			–0	–		597,612
Local Governments—US Municipal Bonds		–0	–		527,074			–0	–		527,074
Emerging Markets—Corporate Bonds		–0	–		399,719			–0	–		399,719
Governments—Sovereign Bonds		–0	–		273,000			–0	–		273,000
Short-Term Investments:
Agency Discount Notes		–0	–		9,232,281			–0	–		9,232,281
Governments—Treasuries		–0	–		7,079,129			–0	–		7,079,129
Time Deposits		–0	–		6,240,372			–0	–		6,240,372
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,855,579			–0	–		–0	–		1,855,579
Total Investments in Securities		136,125,109			176,967,726			3,770,029			316,862,864

33

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

Level 1

Level 2

Level 3

Total

Other Financial Instruments(a):

Assets:

Futures

$

259,663

$

–0

–

$

–0

–

$

259,663

(b)

Forward Currency Exchange Contracts

–0

–

488,401

–0

–

488,401

Centrally Cleared Interest Rate Swaps

–0

–

98,647

–0

–

98,647

(b)

Credit Default Swaps

–0

–

10,984

–0

–

10,984

Liabilities:

Futures

(49,783

)

–0

–

–0

–

(49,783

)(b)

Forward Currency Exchange Contracts

–0

–

(338,525

)

–0

–

(338,525

)

Centrally Cleared Credit Default Swaps

–0

–

(1,668

)

–0

–

(1,668

)(b)

Centrally Cleared Interest Rate Swaps

–0

–

(23,711

)

–0

–

(23,711

)(b)

Credit Default Swaps

–0

–

(82,946

)

–0

–

(82,946

)

Total(c)

$

136,334,989

$

177,118,908

$

3,770,029

$

317,223,926

(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 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 12/31/16	$	9,230		$	4,024,522		$	828,021
Accrued discounts/(premiums)		–0	–		(2,191	)		267
Realized gain (loss)		(36,058	)		(92,599	)		4,726
Change in unrealized appreciation/depreciation		150,967			72,341			8,243
Purchases		–0	–		–0	–		619,715
Sales		(124,139	)		(1,384,170	)		(308,846	)
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–		–0	–
Balance as of 6/30/17	$	–0	–	$	2,617,903		$	1,152,126
Net change in unrealized appreciation/depreciation from investments held as of 6/30/17(a)	$	–0	–	$	28,028		$	8,803
	Total
Balance as of 12/31/16	$	4,861,773
Accrued discounts/(premiums)		(1,924	)
Realized gain (loss)		(123,931	)
Change in unrealized appreciation/depreciation		231,551
Purchases		619,715
Sales		(1,817,155	)
Transfers in to Level 3		–0	–
Transfers out of Level 3		–0	–
Balance as of 6/30/17	$	3,770,029
Net change in unrealized appreciation/depreciation from investments held as of 6/30/17(a)	$	36,831

(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.

34

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.

35

BALANCED WEALTH STRATEGY 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.

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 six months ended June 30, 2017, there were no expenses waived by the Adviser.

During the six months ended June 30, 2017 and the year ended December 31, 2016, the Adviser reimbursed the Portfolio $521 and $30, respectively, 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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,090.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $53,411, 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 $563 for the six months ended June 30, 2017.

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.

36

AB Variable Products Series Fund

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	60,088,672	$	88,217,347
U.S. government securities		98,219,774		92,336,445

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding futures, swaps and foreign currency transactions) are as follows:

Gross unrealized appreciation	$	45,377,197
Gross unrealized depreciation		(3,925,115	)
Net unrealized appreciation	$	41,452,082

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 six months ended June 30, 2017, 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

37

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

commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on 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 six months ended June 30, 2017, 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, 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 six months ended June 30, 2017, the Portfolio held purchased options for hedging and non-hedging purposes.

During the six months ended June 30, 2017, the Portfolio held written swaptions for hedging and non-hedging purposes.

38

AB Variable Products Series Fund

For the six months ended June 30, 2017, the Portfolio had the following transactions in written options:

	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/16	$	5,320,000		$	20,392
Swaptions written		8,270,000			8,264
Swaptions assigned		–0	–		–0	–
Swaptions expired		–0	–		–0	–
Swaptions bought back		(13,590,000	)		(28,656	)
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 6/30/17	$	–0	–	$	–0	–

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk or currency. 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 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

39

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

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 six months ended June 30, 2017, 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 June 30, 2017, 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

40

AB Variable Products Series Fund

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 six months ended June 30, 2017, 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 six months ended June 30, 2017, 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	$	358,310	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	73,494	*
Credit contracts					Receivable/Payable for variation margin on exchange-traded derivatives		1,668	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		488,401		Unrealized depreciation on forward currency exchange contracts		338,525
Credit contracts	Unrealized appreciation on credit default swaps		10,984		Unrealized depreciation on credit default swaps		82,946
Total		$	857,695			$	496,633

* 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.

41

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	308,200		$	336,621
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(287,017	)		192,839
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(9,796	)		(1,305	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		17,827			(9,703	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(71,429	)		27,287
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(79,198	)		5,796
Total		$	(121,413	)	$	551,535

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Futures:
Average original value of buy contracts	$	35,501,984
Average original value of sale contracts	$	7,103,010
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	15,458,996
Average principal amount of sale contracts	$	26,911,423
Purchased Options:
Average monthly cost	$	9,771	(a)
Interest Rate Swaps:
Average notional amount	$	2,822,152
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	31,348,313
Credit Default Swaps:
Average notional amount of buy contracts	$	384,857
Average notional amount of sale contracts	$	2,344,857
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	2,240,941

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

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

42

AB Variable Products Series Fund

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 June 30, 2017:

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

$

55,039

$

(3,662

)

$

–0

–

$

–0

–

$

51,377

Barclays Bank PLC

555

(555

)

–0

–

–0

–

–0

–

BNP Paribas SA

5,593

(1,463

)

–0

–

–0

–

4,130

Brown Brothers Harriman & Co.

5,880

–0

–

–0

–

–0

–

5,880

Citibank, NA

51,497

(51,497

)

–0

–

–0

–

–0

–

Credit Suisse International

10,020

(10,020

)

–0

–

–0

–

–0

–

Deutsche Bank AG

610

(610

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

88,891

(52,119

)

–0

–

–0

–

36,772

Morgan Stanley & Co., Inc.

133,906

–0

–

–0

–

–0

–

133,906

State Street Bank & Trust Co.

147,925

(147,925

)

–0

–

–0

–

–0

–

Total

$

499,916

$

(267,851

)

$

–0

–

$

–0

–

$

232,065

^

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:

Goldman Sachs & Co.**

$

63,652

$

–0

–

$

(63,652

)

$

–0

–

$

–0

–

Morgan Stanley & Co., LLC**

668

–0

–

(668

)

–0

–

–0

–

Total

$

64,320

$

–0

–

$

(64,320

)

$

–0

–

$

–0

–

OTC Derivatives:

Bank of America, NA

$

3,662

$

(3,662

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

26,643

(555

)

–0

–

–0

–

26,088

BNP Paribas SA

1,463

(1,463

)

–0

–

–0

–

–0

–

Citibank, NA

51,657

(51,497

)

–0

–

–0

–

160

Citigroup Global Markets, Inc.

13,373

–0

–

–0

–

–0

–

13,373

Credit Suisse International

24,736

(10,020

)

–0

–

–0

–

14,716

Deutsche Bank AG

75,672

(610

)

–0

–

–0

–

75,062

Goldman Sachs Bank USA/Goldman Sachs International

179,294

(52,119

)

–0

–

–0

–

127,175

JPMorgan Chase Bank, NA

1,373

–0

–

–0

–

–0

–

1,373

Royal Bank of Scotland PLC

57,421

–0

–

–0

–

–0

–

57,421

State Street Bank & Trust Co.

177,122

(147,925

)

–0

–

–0

–

29,197

Total

$

612,416

$

(267,851

)

$

–0

–

$

–0

–

$

344,565

^

* 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 June 30, 2017.

^ 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

43

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

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 six months ended June 30, 2017, the Portfolio earned drop income of $85,720 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 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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $1,834,493 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,855,579. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $1,742 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $457. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	655	$	9,783	$	8,582	$	1,856

44

AB Variable Products Series Fund

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		8,000			129,847		$	88,962		$	1,429,054
Shares issued in reinvestment of dividends and distributions		–0	–		256,995			–0	–		2,739,565
Shares redeemed		(258,497	)		(568,590	)		(2,867,567	)		(6,140,574	)
Net decrease		(250,497	)		(181,748	)	$	(2,778,605	)	$	(1,971,955	)
Class B
Shares sold		410,622			2,276,658		$	4,484,017		$	24,482,089
Shares issued in reinvestment of dividends and distributions		–0	–		2,282,958			–0	–		24,085,204
Shares redeemed		(2,497,300	)		(5,822,726	)		(27,302,604	)		(62,219,862	)
Net decrease		(2,086,678	)		(1,263,110	)	$	(22,818,587	)	$	(13,652,569	)

At June 30, 2017, certain shareholders of the Portfolio owned 62% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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.

45

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

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 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.

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement disclosures.

46

AB Variable Products Series Fund

NOTE K: Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE L: 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

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.54			$10.99			$12.16			$13.77			$12.12			$10.90
Income From Investment Operations
Net investment income (a)		.10	(b)		.19	(b)‡		.20			.26			.23			.22
Net realized and unrealized gain on investment and foreign currency transactions		.77			.34			.02	†		.71			1.74			1.25
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		.00	(c)		–0	–		–0	–
Net increase in net asset value from operations		.87			.53			.22			.97			1.97			1.47
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.27	)		(.39	)		(.32	)		(.25	)
Distributions from net realized gain on investment transactions		–0	–		(.74	)		(1.12	)		(2.19	)		–0	–		–0	–
Total dividends and distributions		–0	–		(.98	)		(1.39	)		(2.58	)		(.32	)		(.25	)
Net asset value, end of period		$11.41			$10.54			$10.99			$12.16			$13.77			$12.12
Total Return
Total investment return based on net asset value (d)		8.25	%*		4.69	%‡		1.65	%*		7.37	%*		16.49	%		13.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$29,758			$30,132			$33,409			$36,882			$41,222			$41,801
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.72	%^		.73	%		.70	%		.71	%		.65	%		.65	%
Expenses, before waivers/reimbursements		.72	%^		.73	%		.70	%		.71	%		.65	%		.65	%
Net investment income		1.89	%(b)^		1.74	%(b)‡		1.71	%		1.96	%		1.76	%		1.91	%
Portfolio turnover rate **		54	%		106	%		132	%		114	%		117	%		90	%

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.42			$10.87			$12.05			$13.65			$12.01			$10.80
Income From Investment Operations
Net investment income (a)		.09	(b)		.16	(b)‡		.17			.22			.19			.19
Net realized and unrealized gain on investment and foreign currency transactions		.76			.33			.01	†		.71			1.74			1.24
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		.00	(c)		–0	–		–0	–
Net increase in net asset value from operations		.85			.49			.18			.93			1.93			1.43
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.20	)		(.24	)		(.34	)		(.29	)		(.22	)
Distributions from net realized gain on investment and foreign currency transactions		–0	–		(.74	)		(1.12	)		(2.19	)		–0	–		–0	–
Total dividends and distributions		–0	–		(.94	)		(1.36	)		(2.53	)		(.29	)		(.22	)
Net asset value, end of period		$11.27			$10.42			$10.87			$12.05			$13.65			$12.01
Total Return
Total investment return based on net asset value (d)		8.16	%*		4.44	%‡		1.29	%*		7.11	%*		16.27	%		13.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$271,322			$272,733			$298,233			$328,363			$351,355			$508,141
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.97	%^		.98	%		.95	%		.96	%		.90	%		.90	%
Expenses, before waivers/reimbursements		.97	%^		.98	%		.95	%		.96	%		.90	%		.90	%
Net investment income		1.64	%(b)^		1.49	%(b)‡		1.46	%		1.71	%		1.49	%		1.67	%
Portfolio turnover rate**		54	%		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 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 six months ended June 30, 2017 and years ended December 31, 2015 and December 31, 2014 by 0.02%, 0.03% and 0.01%, respectively.

^ Annualized.

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

See notes to financial statements.

49

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.

50

BALANCED WEALTH STRATEGY 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 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.

51

VPS-BW-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,076.50	$	4.12		0.80	%	$	4.32		0.84	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.83	$	4.01		0.80	%	$	4.21		0.84	%
Class B
Actual	$	1,000	$	1,074.40	$	5.40		1.05	%	$	5.61		1.09	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.59	$	5.26		1.05	%	$	5.46		1.09	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	171,876,961		29.6	%
iShares Core MSCI Emerging Markets ETF		33,597,006		5.8
SPDR S&P MidCap 400 ETF Trust		12,917,605		2.2
Vanguard REIT ETF		12,833,816		2.2
Vanguard Global ex-U.S. Real Estate ETF		8,488,294		1.5
iShares International Developed Real Estate ETF		8,355,263		1.4
Vanguard Small-Cap ETF		7,027,885		1.2
Apple, Inc.		5,370,362		0.9
Alphabet, Inc.—Class A & Class C		3,844,983		0.7
Microsoft Corp.		3,751,171		0.6
	$	268,063,346		46.1	%

PORTFOLIO BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

ASSET CLASSES	CURRENT ALLOCATION
Equities
U.S. Large Cap		20.9	%
International Large Cap		26.7
U.S. Mid-Cap		2.7
U.S. Small-Cap		2.7
Emerging Market Equities		5.8
Real Estate Equities		5.1
Sub-total		63.9
Fixed Income
U.S. Bonds		35.1
International Bonds		1.0
Sub-total		36.1
Total		100.0	%

(1) Long-term investments.

(2) All data are as of June 30, 2017. 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.

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
SECURITY TYPE BREAKDOWN(3)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	293,938,903		50.9	%
Governments—Treasuries		171,876,961		29.8
Investment Companies		85,859,767		14.9
Rights		2,031		0.0
Short-Term Investments		25,600,289		4.4
Total Investments	$	577,277,951		100.0	%

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

3

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–50.6%
FINANCIALS–9.1%
BANKS–4.9%
Aozora Bank Ltd.		20,000	$	76,358
Australia & New Zealand Banking Group Ltd.		31,095		686,319
Banco Bilbao Vizcaya Argentaria SA		70,114		584,046
Banco de Sabadell SA		50,635		103,020
Banco Espirito Santo SA (REG)(a)(b)(c)		10,016		–0	–
Banco Santander SA		155,611		1,033,237
Bank Hapoalim BM		14,749		99,455
Bank Leumi Le-Israel BM		12,645		61,436
Bank of America Corp.		71,245		1,728,404
Bank of East Asia Ltd. (The)		21,000		90,257
Bank of Ireland(a)		348,125		91,452
Bank of Kyoto Ltd. (The)		2,000		18,952
Bank of Queensland Ltd.		7,933		69,796
Bankia SA		10,963		53,025
Bankinter SA		7,353		67,831
Barclays PLC		180,209		476,612
BB&T Corp.		5,650		256,566
Bendigo & Adelaide Bank Ltd.		8,603		73,234
BNP Paribas SA		13,908		1,001,274
BOC Hong Kong Holdings Ltd.		39,500		189,036
CaixaBank SA		42,465		202,999
Chiba Bank Ltd. (The)		11,000		80,052
Citigroup, Inc.		20,279		1,356,259
Citizens Financial Group, Inc.		3,619		129,126
Comerica, Inc.		1,200		87,888
Commerzbank AG(a)		15,814		188,834
Commonwealth Bank of Australia		18,280		1,162,905
Concordia Financial Group Ltd.		11,221		56,872
Credit Agricole SA		10,706		172,456
Danske Bank A/S		7,940		305,476
DBS Group Holdings Ltd.		17,000		255,863
DNB ASA		9,303		158,381
Erste Group Bank AG(a)		3,207		122,843
Fifth Third Bancorp		5,340		138,626
Fukuoka Financial Group, Inc.		9,000		42,941
Hachijuni Bank Ltd. (The)		4,000		25,486
Hang Seng Bank Ltd.		8,100		169,453
Hiroshima Bank Ltd. (The)		5,000		22,257
HSBC Holdings PLC		213,771		1,984,215
Huntington Bancshares, Inc./OH		7,565		102,279
ING Groep NV		36,740		634,234
Intesa Sanpaolo SpA		120,775		384,162
Japan Post Bank Co., Ltd.		3,855		49,487
JPMorgan Chase & Co.		25,215		2,304,651
KBC Group NV		3,064		232,309
KeyCorp		7,525		141,018
Kyushu Financial Group, Inc.		3,564		22,583
Lloyds Banking Group PLC		769,079		662,774
M&T Bank Corp.		1,115		180,574
Mebuki Financial Group, Inc.		16,800		62,727
Mediobanca SpA		12,965		128,263
Mitsubishi UFJ Financial Group, Inc.		135,900	$	916,651
Mizrahi Tefahot Bank Ltd.		1,057		19,219
Mizuho Financial Group, Inc.		253,500		464,786
National Australia Bank Ltd.		28,193		641,347
Natixis SA		21,759		146,062
Nordea Bank AB		28,914		368,261
Oversea-Chinese Banking Corp., Ltd.		29,000		227,167
People’s United Financial, Inc.		2,165		38,234
PNC Financial Services Group, Inc. (The)		3,430		428,304
Raiffeisen Bank International AG(a)		1,307		32,991
Regions Financial Corp.		8,725		127,734
Resona Holdings, Inc.		21,000		116,000
Royal Bank of Scotland Group PLC(a)		47,824		154,313
Seven Bank Ltd.		16,218		58,149
Shinsei Bank Ltd.		37,000		64,815
Shizuoka Bank Ltd. (The)		4,000		36,277
Skandinaviska Enskilda Banken AB–Class A		16,190		196,006
Societe Generale SA		9,446		509,382
Standard Chartered PLC(a)		34,982		354,305
Sumitomo Mitsui Financial Group, Inc.		14,300		558,336
Sumitomo Mitsui Trust Holdings, Inc.		3,200		114,942
SunTrust Banks, Inc.		3,490		197,953
Suruga Bank Ltd.		1,000		24,320
Svenska Handelsbanken AB–Class A		14,254		204,148
Swedbank AB–Class A		8,621		210,403
UniCredit SpA(a)		17,373		325,418
United Overseas Bank Ltd.		12,000		201,464
US Bancorp		11,215		582,283
Wells Fargo & Co.		31,675		1,755,112
Westpac Banking Corp.		35,553		832,436
Zions Bancorporation		1,430		62,791
				28,297,912
CAPITAL MARKETS–1.3%
3i Group PLC		9,721		114,295
Aberdeen Asset Management PLC		7,603		29,934
Affiliated Managers Group, Inc.		407		67,505
Ameriprise Financial, Inc.		1,145		145,747
ASX Ltd.		1,453		59,865
Bank of New York Mellon Corp. (The)		7,415		378,313
BlackRock, Inc.–Class A		877		370,454
CBOE Holdings, Inc.		646		59,044
Charles Schwab Corp. (The)		8,390		360,434
CME Group, Inc.–Class A		2,350		294,314
Credit Suisse Group AG (REG)(a)		25,000		363,775
Daiwa Securities Group, Inc.		16,000		95,275

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Deutsche Bank AG (REG)		19,693	$	350,137
Deutsche Boerse AG		2,077		219,394
E*TRADE Financial Corp.(a)		1,870		71,116
Franklin Resources, Inc.		2,420		108,392
Goldman Sachs Group, Inc. (The)		2,638		585,372
Hargreaves Lansdown PLC		2,483		42,105
Hong Kong Exchanges & Clearing Ltd.		10,900		281,595
Intercontinental Exchange, Inc.		4,330		285,434
Invesco Ltd.		2,830		99,588
Investec PLC		5,877		43,913
Japan Exchange Group, Inc.		4,965		90,278
Julius Baer Group Ltd.(a)		2,130		112,541
London Stock Exchange Group PLC		3,987		189,651
Macquarie Group Ltd.		2,915		198,231
Moody’s Corp.		1,145		139,324
Morgan Stanley		10,270		457,631
Nasdaq, Inc.		760		54,332
Nomura Holdings, Inc.		38,855		234,313
Northern Trust Corp.		1,460		141,927
Partners Group Holding AG		158		98,104
Raymond James Financial, Inc.		909		72,920
S&P Global, Inc.		1,860		271,541
Schroders PLC		1,291		52,203
Singapore Exchange Ltd.		21,000		111,919
State Street Corp.		2,535		227,466
T. Rowe Price Group, Inc.		1,725		128,012
UBS Group AG(a)		38,983		662,940
				7,669,334
CONSUMER FINANCE–0.2%
Acom Co., Ltd.(a)		6,200		28,379
American Express Co.		5,410		455,738
Capital One Financial Corp.		3,513		290,244
Credit Saison Co., Ltd.		3,500		68,533
Discover Financial Services		2,810		174,754
Navient Corp.		2,200		36,630
Provident Financial PLC		1,401		44,435
Synchrony Financial		5,518		164,547
				1,263,260
DIVERSIFIED FINANCIAL SERVICES–0.7%
AMP Ltd.		28,155		112,345
Berkshire Hathaway, Inc.–Class B(a)		13,294		2,251,605
Challenger Ltd./Australia		12,809		131,362
Eurazeo SA		1,370		102,788
EXOR NV		3,679		199,633
First Pacific Co., Ltd./Hong Kong		86,660		63,909
Groupe Bruxelles Lambert SA		768		73,922
IHS Markit Ltd.(a)		2,261		99,574
Industrivarden AB–Class C		4,979		119,445
Investor AB–Class B		4,336		209,197
Kinnevik AB		4,676		143,353
Leucadia National Corp.		2,255		58,991
Mitsubishi UFJ Lease & Finance Co., Ltd.		10,370	$	56,895
ORIX Corp.		14,110		219,549
Pargesa Holding SA		346		26,364
Wendel SA		844		124,836
				3,993,768
INSURANCE–2.0%
Admiral Group PLC		2,010		52,451
Aegon NV		11,109		56,855
Aflac, Inc.		2,855		221,776
Ageas		1,646		66,286
AIA Group Ltd.		128,423		939,589
Allianz SE (REG)		4,871		961,253
Allstate Corp. (The)		2,600		229,944
American International Group, Inc.		7,093		443,454
Aon PLC		1,865		247,952
Arthur J Gallagher & Co.		1,202		68,815
Assicurazioni Generali SpA		11,115		183,466
Assurant, Inc.		410		42,513
Aviva PLC		43,251		296,674
Baloise Holding AG (REG)		926		143,437
Chubb Ltd.		3,232		469,868
Cincinnati Financial Corp.		1,060		76,797
CNP Assurances		4,544		101,995
Dai-ichi Life Holdings, Inc.		10,264		186,306
Direct Line Insurance Group PLC		13,089		60,609
Everest Re Group Ltd.		294		74,849
Gjensidige Forsikring ASA		3,690		62,988
Hannover Rueck SE (REG)		795		95,490
Hartford Financial Services Group, Inc. (The)		2,675		140,625
Insurance Australia Group Ltd.		23,145		120,624
Japan Post Holdings Co., Ltd.		3,000		37,318
Legal & General Group PLC		63,405		213,358
Lincoln National Corp.		1,590		107,452
Loews Corp.		1,890		88,471
Mapfre SA		16,735		58,576
Marsh & McLennan Cos., Inc.		3,590		279,876
Medibank Pvt Ltd.		39,307		84,633
MetLife, Inc.		7,670		421,390
MS&AD Insurance Group Holdings, Inc.		4,800		161,898
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		321,336
NN Group NV		7,137		253,242
Old Mutual PLC		61,153		154,281
Principal Financial Group, Inc.		1,840		117,889
Progressive Corp. (The)		4,045		178,344
Prudential Financial, Inc.		3,065		331,449
Prudential PLC		27,421		629,415
QBE Insurance Group Ltd.		13,053		118,475
RSA Insurance Group PLC		10,859		87,109
Sampo Oyj–Class A		4,765		244,471
SCOR SE		3,333		132,413

5

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

Company	Shares		U.S. $ Value
Sompo Holdings, Inc.		4,000	$	155,259
Sony Financial Holdings, Inc.		4,130		70,631
St James’s Place PLC		4,994		76,975
Standard Life PLC		22,799		118,555
Suncorp Group Ltd.		12,247		139,493
Swiss Life Holding AG(a)		342		115,689
Swiss Re AG		3,176		291,057
T&D Holdings, Inc.		5,500		84,107
Tokio Marine Holdings, Inc.		7,300		303,777
Torchmark Corp.		752		57,528
Travelers Cos., Inc. (The)		2,030		256,856
Tryg A/S		2,469		53,995
UnipolSai Assicurazioni SpA		4,035		8,852
Unum Group		1,620		75,541
Willis Towers Watson PLC		887		129,023
XL Group Ltd.		1,910		83,658
Zurich Insurance Group AG		1,604		468,126
				11,855,134
				53,079,408
INFORMATION TECHNOLOGY–7.1%
COMMUNICATIONS EQUIPMENT–0.4%
Cisco Systems, Inc.		35,090		1,098,317
F5 Networks, Inc.(a)		480		60,989
Harris Corp.		845		92,173
Juniper Networks, Inc.		2,640		73,603
Motorola Solutions, Inc.		1,145		99,317
Nokia Oyj		62,192		381,344
Telefonaktiebolaget LM Ericsson–Class B		28,969		208,291
				2,014,034
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Alps Electric Co., Ltd.		2,053		59,636
Amphenol Corp.–Class A		2,150		158,713
Corning, Inc.		7,205		216,510
FLIR Systems, Inc.		910		31,541
Hamamatsu Photonics KK		1,600		49,307
Hexagon AB–Class B		4,263		202,534
Hirose Electric Co., Ltd.		300		42,931
Hitachi High-Technologies Corp.		1,881		73,252
Hitachi Ltd.		52,000		320,616
Ingenico Group SA		930		84,339
Keyence Corp.		1,000		440,228
Kyocera Corp.		3,100		180,174
Murata Manufacturing Co., Ltd.		2,000		305,332
Nippon Electric Glass Co., Ltd.		930		33,917
Omron Corp.		1,800		78,353
Shimadzu Corp.		2,000		38,110
TDK Corp.		1,200		79,322
TE Connectivity Ltd.		2,460		193,553
Yaskawa Electric Corp.		2,000		42,584
Yokogawa Electric Corp.		4,500		72,420
				2,703,372
INTERNET SOFTWARE & SERVICES–1.2%
Akamai Technologies, Inc.(a)		1,205	$	60,021
Alphabet, Inc.–Class A(a)		2,089		1,942,102
Alphabet, Inc.–Class C(a)		2,094		1,902,881
eBay, Inc.(a)		7,285		254,392
Facebook, Inc.–Class A(a)		16,237		2,451,462
Kakaku.com, Inc.		3,799		54,610
Mixi, Inc.		827		46,022
United Internet AG		2,321		127,734
VeriSign, Inc.(a)(d)		625		58,100
Yahoo Japan Corp.		13,553		58,918
				6,956,242
IT SERVICES–1.1%
Accenture PLC–Class A		4,335		536,153
Alliance Data Systems Corp.		430		110,377
Amadeus IT Group SA–Class A		4,677		279,571
Atos SE		677		94,990
Automatic Data Processing, Inc.		3,170		324,798
Capgemini SE		1,557		160,842
Cognizant Technology Solutions Corp.–Class A		4,230		280,872
Computershare Ltd.		3,663		39,809
CSRA, Inc.		990		31,433
DXC Technology Co.		2,018		154,821
Fidelity National Information Services, Inc.		2,270		193,858
Fiserv, Inc.(a)		1,550		189,627
Fujitsu Ltd.		18,000		133,133
Gartner, Inc.(a)		640		79,046
Global Payments, Inc.		1,059		95,649
International Business Machines Corp.		6,076		934,671
Mastercard, Inc.–Class A		6,710		814,930
Nomura Research Institute Ltd.		1,300		51,358
NTT Data Corp.		6,010		67,051
Obic Co., Ltd.		730		44,950
Otsuka Corp.		600		37,322
Paychex, Inc.		2,245		127,830
PayPal Holdings, Inc.(a)		7,835		420,504
Total System Services, Inc.		1,110		64,658
Visa, Inc.–Class A		13,150		1,233,207
Western Union Co. (The)–Class W		3,380		64,389
Worldpay Group PLC(e)		19,184		78,662
				6,644,511
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.1%
Advanced Micro Devices, Inc.(a)(d)		5,483		68,428
Analog Devices, Inc.		2,510		195,278
Applied Materials, Inc.		7,535		311,271
ASM Pacific Technology Ltd.		900		12,143
ASML Holding NV		3,784		493,254
Broadcom Ltd.		2,775		646,714
Disco Corp.		309		49,561

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Infineon Technologies AG		10,766	$	228,676
Intel Corp.		33,040		1,114,769
KLA-Tencor Corp.		1,060		97,001
Lam Research Corp.		1,129		159,674
Microchip Technology, Inc.		1,495		115,384
Micron Technology, Inc.(a)		7,220		215,589
NVIDIA Corp.		3,735		539,932
NXP Semiconductors NV(a)		3,724		407,592
Qorvo, Inc.(a)		868		54,962
QUALCOMM, Inc.		10,270		567,109
Rohm Co., Ltd.		1,300		100,232
Skyworks Solutions, Inc.		1,324		127,038
STMicroelectronics NV		12,251		176,163
Texas Instruments, Inc.		6,975		536,587
Tokyo Electron Ltd.		1,689		228,341
Xilinx, Inc.		1,735		111,595
				6,557,293
SOFTWARE–1.6%
Activision Blizzard, Inc.		4,755		273,745
Adobe Systems, Inc.(a)		3,460		489,383
ANSYS, Inc.(a)		612		74,468
Autodesk, Inc.(a)		1,375		138,628
CA, Inc.		2,185		75,317
Check Point Software Technologies Ltd.(a)		1,404		153,148
Citrix Systems, Inc.(a)		1,080		85,946
Dassault Systemes SE		924		82,874
Electronic Arts, Inc.(a)		2,085		220,426
Gemalto NV		323		19,373
Intuit, Inc.		1,700		225,777
Konami Holdings Corp.		1,300		72,365
LINE Corp.(a)		873		30,307
Microsoft Corp.		54,420		3,751,171
Mobileye NV(a)		2,148		134,894
Nexon Co., Ltd.(a)		2,595		51,474
Nice Ltd.		596		46,957
Nintendo Co., Ltd.		1,200		401,750
Oracle Corp.		21,000		1,052,940
Oracle Corp. Japan		500		32,524
Red Hat, Inc.(a)		1,240		118,730
Sage Group PLC (The)		12,240		109,682
salesforce.com, Inc.(a)		4,484		388,314
SAP SE		10,475		1,096,432
Symantec Corp.		4,255		120,204
Synopsys, Inc.(a)		1,072		78,181
Trend Micro, Inc./Japan		1,600		82,693
				9,407,703
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.2%
Apple, Inc.		37,289		5,370,362
Brother Industries Ltd.		2,200		50,959
Canon, Inc.		11,400		387,775
FUJIFILM Holdings Corp.		4,200		151,441
Hewlett Packard Enterprise Co.		11,560		191,780
HP, Inc.		11,910		208,187
Konica Minolta, Inc.		6,000		50,057
NEC Corp.		25,000	$	66,460
NetApp, Inc.		1,940		77,697
Ricoh Co., Ltd.		6,000		53,152
Seagate Technology PLC(d)		2,050		79,437
Seiko Epson Corp.		2,700		60,243
Western Digital Corp.		1,963		173,922
Xerox Corp.		1,486		42,693
				6,964,165
				41,247,320
HEALTH CARE–6.4%
BIOTECHNOLOGY–0.9%
AbbVie, Inc.		11,366		824,149
Alexion Pharmaceuticals, Inc.(a)		1,580		192,239
Amgen, Inc.		5,253		904,724
Biogen, Inc.(a)		1,565		424,678
Celgene Corp.(a)		5,430		705,194
CSL Ltd.		4,876		517,488
Genmab A/S(a)		540		115,139
Gilead Sciences, Inc.		9,215		652,238
Grifols SA		2,839		79,154
Incyte Corp.(a)		1,240		156,128
Regeneron Pharmaceuticals, Inc.(a)		540		265,216
Vertex Pharmaceuticals, Inc.(a)		1,707		219,981
				5,056,328
HEALTH CARE EQUIPMENT & SUPPLIES–1.0%
Abbott Laboratories		11,976		582,153
Align Technology, Inc.(a)		540		81,065
Baxter International, Inc.		3,380		204,625
Becton Dickinson and Co.		1,487		290,129
Boston Scientific Corp.(a)		9,460		262,231
Cochlear Ltd.		405		48,372
Coloplast A/S–Class B		1,154		96,457
ConvaTec Group PLC(a)(e)		12,601		52,388
Cooper Cos., Inc. (The)		361		86,431
CR Bard, Inc.		515		162,797
CYBERDYNE, Inc.(a)		3,189		42,495
Danaher Corp.		4,240		357,814
DENTSPLY SIRONA, Inc.		1,596		103,485
Edwards Lifesciences Corp.(a)		1,490		176,178
Essilor International SA		2,369		301,367
Getinge AB–Class B		2,013		39,427
Hologic, Inc.(a)		1,920		87,130
Hoya Corp.		3,900		203,039
IDEXX Laboratories, Inc.(a)		633		102,179
Intuitive Surgical, Inc.(a)		305		285,288
Medtronic PLC		9,659		857,236
Olympus Corp.		2,800		102,587
Smith & Nephew PLC		9,779		168,868
Sonova Holding AG (REG)		666		108,340
Straumann Holding AG		132		75,170
Stryker Corp.		2,175		301,846
Sysmex Corp.		1,500		89,780
Terumo Corp.		3,300		130,215
Varian Medical Systems, Inc.(a)		645		66,558

7

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

Company	Shares		U.S. $ Value
William Demant Holding A/S(a)		2,050	$	53,042
Zimmer Biomet Holdings, Inc.		1,385		177,834
				5,696,526
HEALTH CARE PROVIDERS & SERVICES–0.9%
Aetna, Inc.		2,467		374,565
Alfresa Holdings Corp.		2,700		52,199
AmerisourceBergen Corp.–Class A		1,235		116,745
Anthem, Inc.		1,850		348,040
Cardinal Health, Inc.		2,195		171,034
Centene Corp.(a)		1,187		94,818
Cigna Corp.		1,815		303,813
DaVita, Inc.(a)		1,150		74,474
Envision Healthcare Corp.(a)		823		51,577
Express Scripts Holding Co.(a)		4,389		280,194
Fresenius Medical Care AG & Co. KGaA		2,085		201,195
Fresenius SE & Co. KGaA		4,696		403,165
HCA Healthcare, Inc.(a)		2,050		178,760
Healthscope Ltd.		34,249		58,206
Henry Schein, Inc.(a)		570		104,321
Humana, Inc.		1,065		256,260
Laboratory Corp. of America Holdings(a)		725		111,752
McKesson Corp.		1,565		257,505
Mediclinic International PLC		3,929		38,005
Medipal Holdings Corp.		3,900		72,314
Miraca Holdings, Inc.		1,000		45,039
Patterson Cos., Inc.		560		26,292
Quest Diagnostics, Inc.		950		105,602
Ramsay Health Care Ltd.		1,156		65,409
Ryman Healthcare Ltd.		3,027		18,389
Sonic Healthcare Ltd.		5,598		104,228
Suzuken Co., Ltd./Aichi Japan		1,200		39,946
UnitedHealth Group, Inc.		6,635		1,230,262
Universal Health Services, Inc.–Class B		650		79,352
				5,263,461
HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.(a)		2,080		138,257
M3, Inc.		2,070		57,104
				195,361
LIFE SCIENCES TOOLS & SERVICES–0.2%
Agilent Technologies, Inc.		2,245		133,151
Illumina, Inc.(a)		1,011		175,429
Lonza Group AG (REG)(a)		779		168,744
Mettler-Toledo International, Inc.(a)		220		129,479
PerkinElmer, Inc.		755		51,445
QIAGEN NV(a)		2,703		89,939
Thermo Fisher Scientific, Inc.		2,785		485,899
Waters Corp.(a)		545		100,193
				1,334,279
PHARMACEUTICALS–3.4%
Allergan PLC		2,400	$	583,416
Astellas Pharma, Inc.		22,500		275,776
AstraZeneca PLC		13,478		902,804
Bayer AG (REG)		8,814		1,142,383
Bristol-Myers Squibb Co.		11,665		649,974
Chugai Pharmaceutical Co., Ltd.		2,100		78,678
Daiichi Sankyo Co., Ltd.		5,700		134,537
Eisai Co., Ltd.		2,400		132,786
Eli Lilly & Co.		6,765		556,760
GlaxoSmithKline PLC		52,848		1,124,989
Hikma Pharmaceuticals PLC		1,367		26,180
Hisamitsu Pharmaceutical Co., Inc.		1,000		47,944
Ipsen SA		880		120,417
Johnson & Johnson		19,105		2,527,400
Kyowa Hakko Kirin Co., Ltd.		2,000		37,198
Mallinckrodt PLC(a)		724		32,442
Merck & Co., Inc.		19,305		1,237,257
Merck KGaA		1,230		148,828
Mitsubishi Tanabe Pharma Corp.		3,000		69,396
Mylan NV(a)		2,555		99,185
Novartis AG (REG)		23,800		1,987,933
Novo Nordisk A/S–Class B		20,377		875,544
Ono Pharmaceutical Co., Ltd.		3,900		85,064
Orion Oyj–Class B		974		62,220
Otsuka Holdings Co., Ltd.		3,717		158,698
Perrigo Co. PLC		1,022		77,181
Pfizer, Inc.		42,336		1,422,066
Recordati SpA		2,055		83,370
Roche Holding AG		7,488		1,913,295
Sanofi		12,344		1,182,801
Santen Pharmaceutical Co., Ltd.		2,500		33,958
Shionogi & Co., Ltd.		2,800		156,122
Shire PLC		9,881		544,828
Sumitomo Dainippon Pharma Co., Ltd.		2,900		39,585
Taisho Pharmaceutical Holdings Co., Ltd.		567		43,202
Takeda Pharmaceutical Co., Ltd.		7,600		385,844
Taro Pharmaceutical Industries Ltd.(a)		133		14,904
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,825		326,387
UCB SA		1,203		82,738
Vifor Pharma AG		210		23,196
Zoetis, Inc.		3,446		214,962
				19,642,248
				37,188,203
INDUSTRIALS–6.3%
AEROSPACE & DEFENSE–0.9%
Airbus SE		5,607		462,720
Arconic, Inc.		2,756		62,423
BAE Systems PLC		33,818		279,177
Boeing Co. (The)		4,060		802,865

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Cobham PLC		16,316	$	27,541
Dassault Aviation SA		41		57,298
Elbit Systems Ltd.		250		30,839
General Dynamics Corp.		2,010		398,181
L3 Technologies, Inc.		525		87,717
Leonardo SpA		5,271		87,761
Lockheed Martin Corp.		1,800		499,698
Meggitt PLC		10,854		67,444
Northrop Grumman Corp.		1,240		318,320
Raytheon Co.		2,050		331,034
Rockwell Collins, Inc.		900		94,572
Rolls-Royce Holdings PLC(a)		19,591		227,229
Safran SA		2,977		273,009
Singapore Technologies Engineering Ltd.		43,000		114,877
Textron, Inc.		1,855		87,370
Thales SA		694		74,691
TransDigm Group, Inc.		363		97,600
United Technologies Corp.		5,425		662,447
Zodiac Aerospace		4,945		134,348
				5,279,161
AIR FREIGHT & LOGISTICS–0.3%
Bollore SA		25,929		117,894
CH Robinson Worldwide, Inc.		965		66,276
Deutsche Post AG (REG)		9,235		346,666
Expeditors International of Washington, Inc.		1,220		68,906
FedEx Corp.		1,715		372,721
Kuehne & Nagel International AG (REG)		477		79,746
Royal Mail PLC		8,567		46,996
United Parcel Service, Inc.–Class B		4,855		536,914
Yamato Holdings Co., Ltd.		3,400		69,073
				1,705,192
AIRLINES–0.2%
Alaska Air Group, Inc.		843		75,668
American Airlines Group, Inc.		3,682		185,278
ANA Holdings, Inc.		10,075		35,081
Delta Air Lines, Inc.		5,202		279,555
Deutsche Lufthansa AG (REG)		3,330		75,889
easyJet PLC		2,320		41,099
International Consolidated Airlines Group SA		10,420		82,790
Japan Airlines Co., Ltd.		900		27,878
Qantas Airways Ltd.		24,972		109,766
Singapore Airlines Ltd.		14,000		102,889
Southwest Airlines Co.		4,305		267,513
United Continental Holdings, Inc.(a)		2,022		152,156
				1,435,562
BUILDING PRODUCTS–0.3%
Allegion PLC		635		51,511
Asahi Glass Co., Ltd.		2,000		84,466
Assa Abloy AB–Class B		9,541		210,297
Cie de Saint-Gobain		4,539	$	242,405
Daikin Industries Ltd.		2,500		256,480
Fortune Brands Home & Security, Inc.		1,071		69,872
Geberit AG (REG)		360		168,106
Johnson Controls International PLC		5,892		255,477
LIXIL Group Corp.		2,500		62,663
Masco Corp.		2,305		88,074
TOTO Ltd.		1,000		38,315
				1,527,666
COMMERCIAL SERVICES & SUPPLIES–0.2%
Babcock International Group PLC		2,400		27,522
Brambles Ltd.		15,030		112,388
Cintas Corp.		585		73,733
Dai Nippon Printing Co., Ltd.		5,000		55,700
Edenred		818		21,338
G4S PLC		17,154		72,955
ISS A/S		1,785		70,117
Park24 Co., Ltd.		1,300		33,080
Republic Services, Inc.–Class A		1,600		101,968
Secom Co., Ltd.		2,000		152,170
Societe BIC SA		891		105,798
Sohgo Security Services Co., Ltd.		1,000		45,140
Stericycle, Inc.(a)		610		46,555
Toppan Printing Co., Ltd.		5,000		54,980
Waste Management, Inc.		2,845		208,681
				1,182,125
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		2,540		98,206
Bouygues SA		1,739		73,264
CIMIC Group Ltd.		2,988		89,156
Eiffage SA		1,102		100,107
Ferrovial SA		4,609		102,381
Fluor Corp.		965		44,178
HOCHTIEF AG		422		77,470
Jacobs Engineering Group, Inc.		815		44,328
JGC Corp.		4,000		65,157
Kajima Corp.		7,000		59,161
Obayashi Corp.		6,000		70,693
Quanta Services, Inc.(a)		1,015		33,414
Shimizu Corp.		4,000		42,503
Skanska AB–Class B		8,587		203,906
Taisei Corp.		10,000		91,465
Vinci SA		4,768		406,717
				1,602,106
ELECTRICAL EQUIPMENT–0.5%
ABB Ltd. (REG)		20,970		520,499
Acuity Brands, Inc.		323		65,659
AMETEK, Inc.		1,599		96,851

9

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

Company	Shares		U.S. $ Value
Eaton Corp. PLC		3,144	$	244,698
Emerson Electric Co.		4,450		265,309
Fuji Electric Co., Ltd.		14,000		74,050
Gamesa Corp Technologica SA		2,566		54,901
Legrand SA		2,541		177,569
Mabuchi Motor Co., Ltd.		800		39,986
Mitsubishi Electric Corp.		21,000		303,715
Nidec Corp.		2,567		263,733
OSRAM Licht AG		678		54,119
Prysmian SpA		1,074		31,676
Rockwell Automation, Inc.		930		150,623
Schneider Electric SE (Paris)(a)		5,314		408,378
Vestas Wind Systems A/S		2,133		197,019
				2,948,785
INDUSTRIAL CONGLOMERATES–1.0%
3M Co.		4,255		885,848
CK Hutchison Holdings Ltd.		25,840		324,280
DCC PLC		843		76,771
General Electric Co.		62,559		1,689,719
Honeywell International, Inc.		5,305		707,103
Jardine Matheson Holdings Ltd.		2,300		147,651
Jardine Strategic Holdings Ltd.		2,005		83,583
Keihan Holdings Co., Ltd.		5,000		31,818
Keppel Corp., Ltd.		13,000		59,367
Koninklijke Philips NV		7,299		259,835
NWS Holdings Ltd.		37,000		72,767
Roper Technologies, Inc.		725		167,859
Seibu Holdings, Inc.		3,142		58,217
Siemens AG (REG)		8,153		1,121,477
Smiths Group PLC		3,761		78,198
Toshiba Corp.(a)		38,000		92,052
				5,856,545
MACHINERY–1.1%
Alfa Laval AB		3,611		73,908
Alstom SA(a)		3,502		122,309
Amada Holdings Co., Ltd.		3,000		34,799
ANDRITZ AG		693		41,811
Atlas Copco AB–Class A		6,392		245,784
Atlas Copco AB–Class B		3,579		123,707
Caterpillar, Inc.		4,085		438,974
CNH Industrial NV		22,634		256,686
Cummins, Inc.		1,100		178,442
Deere & Co.		2,035		251,506
Dover Corp.		1,085		87,039
FANUC Corp.		2,100		406,446
Flowserve Corp.		910		42,251
Fortive Corp.		2,070		131,135
GEA Group AG		1,741		71,487
Hino Motors Ltd.		6,000		66,993
Hitachi Construction Machinery Co., Ltd.		3,000		75,468
Hoshizaki Corp.		400		36,292
IHI Corp.(a)		26,000		88,852
Illinois Tool Works, Inc.		2,225		318,731
IMI PLC		4,517		70,353
Ingersoll-Rand PLC		1,805		164,959
JTEKT Corp.		4,300	$	63,276
Kawasaki Heavy Industries Ltd.		9,000		26,790
Komatsu Ltd.		9,800		251,541
Kone Oyj–Class B		3,593		182,794
Kubota Corp.		10,000		169,028
Kurita Water Industries Ltd.		1,200		32,825
Makita Corp.		2,200		81,475
MAN SE		1,273		136,522
Metso Oyj		1,073		37,231
MINEBEA MITSUMI, Inc.		7,000		113,204
Mitsubishi Heavy Industries Ltd.		31,000		127,632
Nabtesco Corp.		1,000		29,164
NGK Insulators Ltd.		2,000		40,096
NSK Ltd.		4,719		59,383
PACCAR, Inc.		2,410		159,156
Parker-Hannifin Corp.		945		151,030
Pentair PLC		1,160		77,186
Sandvik AB		12,165		191,529
Schindler Holding AG		413		87,561
Schindler Holding AG (REG)		575		119,519
SKF AB–Class B		4,700		95,440
SMC Corp./Japan		600		183,415
Snap-on, Inc.		420		66,360
Stanley Black & Decker, Inc.		1,065		149,878
Sumitomo Heavy Industries Ltd.		6,000		39,814
THK Co., Ltd.		3,100		88,348
Volvo AB–Class B		14,676		250,279
Wartsila Oyj Abp		1,408		83,265
Weir Group PLC (The)		2,037		45,975
Xylem, Inc./NY		1,235		68,456
				6,536,104
MARINE–0.1%
AP Moller–Maersk A/S–Class A		70		133,566
AP Moller–Maersk A/S–Class B		68		136,919
Mitsui OSK Lines Ltd.		12,000		35,435
Nippon Yusen KK(a)		31,000		57,954
				363,874
PROFESSIONAL SERVICES–0.4%
Adecco Group AG (REG)		1,673		127,453
Bureau Veritas SA		3,094		68,487
Capita PLC		6,326		57,007
Equifax, Inc.		855		117,494
Experian PLC		10,230		209,948
Intertek Group PLC		1,536		84,380
Nielsen Holdings PLC		2,316		89,536
Randstad Holding NV		1,613		94,040
Recruit Holdings Co., Ltd.		11,748		202,182
RELX NV		15,125		311,829
RELX PLC		11,663		252,119
Robert Half International, Inc.		885		42,418
SGS SA (REG)		52		126,084
Verisk Analytics, Inc.–Class A(a)		1,100		92,807
Wolters Kluwer NV		5,568		235,487
				2,111,271

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		22,082	$	90,954
Central Japan Railway Co.		1,537		251,018
CSX Corp.		6,560		357,914
DSV A/S		1,630		100,121
East Japan Railway Co.		3,600		344,866
Hankyu Hanshin Holdings, Inc.		2,200		79,256
JB Hunt Transport Services, Inc.		603		55,102
Kansas City Southern		770		80,580
Keikyu Corp.		4,000		48,241
Keio Corp.		6,000		50,293
Keisei Electric Railway Co., Ltd.		1,000		26,763
Kintetsu Group Holdings Co., Ltd.		17,000		65,587
Kyushu Railway Co.		1,722		55,852
MTR Corp., Ltd.		15,500		87,224
Nagoya Railroad Co., Ltd.		9,000		41,995
Nippon Express Co., Ltd.		12,000		75,302
Norfolk Southern Corp.		2,040		248,268
Odakyu Electric Railway Co., Ltd.		3,000		60,632
Tobu Railway Co., Ltd.		6,000		32,781
Tokyu Corp.		10,000		76,416
Union Pacific Corp.		5,800		631,678
West Japan Railway Co.		1,568		110,945
				2,971,788
TRADING COMPANIES & DISTRIBUTORS–0.3%
AerCap Holdings NV(a)		1,608		74,660
Ashtead Group PLC		4,791		99,138
Brenntag AG		1,471		85,309
Bunzl PLC		3,191		95,131
Fastenal Co.		1,980		86,190
ITOCHU Corp.		16,000		238,223
Marubeni Corp.		16,000		103,659
MISUMI Group, Inc.		2,900		66,467
Mitsubishi Corp.		16,100		338,438
Mitsui & Co., Ltd.		18,200		260,548
Sumitomo Corp.		11,300		147,354
Toyota Tsusho Corp.		2,300		69,151
Travis Perkins PLC		2,972		56,340
United Rentals, Inc.(a)		600		67,626
Wolseley PLC		3,100		190,271
WW Grainger, Inc.		380		68,601
				2,047,106
TRANSPORTATION INFRASTRUCTURE–0.2%
Abertis Infraestructuras SA		6,861		127,179
Aena SA(e)		643		125,561
Aeroports de Paris		1,000		161,193
Atlantia SpA		176		4,951
Auckland International Airport Ltd.		10,521		54,974
Groupe Eurotunnel SE (REG)		6,892		73,534
Hutchison Port Holdings Trust–Class U		43,553		18,712
Japan Airport Terminal Co., Ltd.		1,200	$	46,068
Kamigumi Co., Ltd.		3,000		31,536
Sydney Airport		15,829		86,225
Transurban Group		19,376		176,465
				906,398
				36,473,683
CONSUMER DISCRETIONARY–6.2%
AUTO COMPONENTS–0.4%
Aisin Seiki Co., Ltd.		1,800		92,532
BorgWarner, Inc.		1,380		58,457
Bridgestone Corp.		6,900		298,298
Cie Generale des Etablissements Michelin–Class B		1,732		230,519
Continental AG		1,047		226,497
Delphi Automotive PLC		1,891		165,746
Denso Corp.		5,200		220,678
GKN PLC		16,316		69,303
Goodyear Tire & Rubber Co. (The)		1,810		63,278
Koito Manufacturing Co., Ltd.		1,000		51,710
NGK Spark Plug Co., Ltd.		3,000		64,261
NOK Corp.		2,800		59,443
Nokian Renkaat Oyj		1,090		45,119
Stanley Electric Co., Ltd.		1,600		48,488
Sumitomo Electric Industries Ltd.		7,200		111,387
Sumitomo Rubber Industries Ltd.		4,100		69,436
Toyota Industries Corp.		1,600		84,624
Valeo SA		2,277		153,194
Yokohama Rubber Co., Ltd. (The)		1,000		20,159
				2,133,129
AUTOMOBILES–1.0%
Bayerische Motoren Werke AG		3,152		293,159
Daimler AG (REG)		10,262		744,289
Ferrari NV		1,527		131,400
Fiat Chrysler Automobiles NV(a)		14,140		149,383
Ford Motor Co.		27,220		304,592
General Motors Co.		9,916		346,366
Harley-Davidson, Inc.		1,250		67,525
Honda Motor Co., Ltd.		18,521		507,439
Isuzu Motors Ltd.		5,500		68,296
Mazda Motor Corp.		5,200		73,054
Mitsubishi Motors Corp.		11,400		75,390
Nissan Motor Co., Ltd.		26,300		262,604
Peugeot SA		7,475		148,974
Porsche Automobil Holding SE (Preference Shares)		1,458		82,043
Renault SA		1,830		165,570
Subaru Corp.		6,000		203,448
Suzuki Motor Corp.		3,500		166,733
Toyota Motor Corp.		28,500		1,498,059
Volkswagen AG		630		97,849

11

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

Company	Shares		U.S. $ Value
Volkswagen AG (Preference Shares)		1,767	$	269,919
Yamaha Motor Co., Ltd.		2,700		70,063
				5,726,155
DISTRIBUTORS–0.0%
Genuine Parts Co.		1,060		98,326
Jardine Cycle & Carriage Ltd.		2,000		64,393
LKQ Corp.(a)		2,114		69,656
				232,375
DIVERSIFIED CONSUMER SERVICES–0.0%
Benesse Holdings, Inc.		300		11,341
H&R Block, Inc.		1,520		46,983
				58,324
HOTELS, RESTAURANTS & LEISURE–0.9%
Accor SA		2,705		126,889
Aristocrat Leisure Ltd.		4,876		84,535
Carnival Corp.		2,985		195,726
Carnival PLC		2,273		150,299
Chipotle Mexican Grill, Inc.–Class A(a)(d)		244		101,528
Compass Group PLC		16,837		355,378
Crown Resorts Ltd.		9,430		89,000
Darden Restaurants, Inc.		870		78,683
Domino’s Pizza Enterprises Ltd.		823		32,933
Galaxy Entertainment Group Ltd.		20,155		122,327
Genting Singapore PLC		92,000		72,484
Hilton Worldwide Holdings, Inc.		1,466		90,672
InterContinental Hotels Group PLC		2,053		114,010
Marriott International, Inc./MD–Class A		2,231		223,792
McDonald’s Corp.		5,980		915,897
McDonald’s Holdings Co. Japan Ltd.		2,200		84,395
Melco Resorts & Entertainment Ltd. (ADR)		2,651		59,515
Merlin Entertainments PLC(e)		6,755		42,285
Oriental Land Co., Ltd./Japan		2,100		142,328
Paddy Power Betfair PLC		1,060		113,162
Royal Caribbean Cruises Ltd.		1,177		128,564
Sands China Ltd.		39,744		181,930
Sodexo SA		1,005		129,889
Starbucks Corp.		10,220		595,928
Tatts Group Ltd.		15,121		48,575
TUI AG		6,938		101,141
Whitbread PLC		1,737		89,767
Wyndham Worldwide Corp.		750		75,307
Wynn Macau Ltd.		77,455		180,863
Wynn Resorts Ltd.		560		75,107
Yum! Brands, Inc.		2,545		187,719
				4,990,628
HOUSEHOLD DURABLES–0.4%
Auto Trader Group PLC(e)		9,529	$	47,181
Barratt Developments PLC		9,541		70,072
Berkeley Group Holdings PLC		1,236		51,973
Casio Computer Co., Ltd.		2,100		32,366
DR Horton, Inc.		2,355		81,412
Electrolux AB–Class B		2,430		79,683
Garmin Ltd.		770		39,293
Husqvarna AB–Class B		8,194		81,450
Iida Group Holdings Co., Ltd.		1,346		22,467
Leggett & Platt, Inc.		925		48,590
Lennar Corp.–Class A		1,300		69,316
Mohawk Industries, Inc.(a)		450		108,760
Newell Brands, Inc.		3,355		179,895
Nikon Corp.		3,200		51,293
Panasonic Corp.		23,500		320,194
Persimmon PLC		2,928		85,517
PulteGroup, Inc.		2,135		52,372
Rinnai Corp.		700		65,398
SEB SA		241		43,257
Sekisui Chemical Co., Ltd.		4,000		71,774
Sekisui House Ltd.		6,000		106,042
Sharp Corp./Japan(a)		15,000		55,601
Sony Corp.		13,500		514,940
Taylor Wimpey PLC		31,025		71,247
Whirlpool Corp.		550		105,391
				2,455,484
INTERNET & DIRECT MARKETING RETAIL–0.7%
Amazon.com, Inc.(a)		2,762		2,673,616
Expedia, Inc.		832		123,926
Netflix, Inc.(a)		2,982		445,541
Priceline Group, Inc. (The)(a)		347		649,071
Rakuten, Inc.		8,852		104,462
Start Today Co., Ltd.		2,592		63,879
TripAdvisor, Inc.(a)(d)		762		29,108
Zalando SE(a)(e)		2,021		92,414
				4,182,017
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,900		64,918
Hasbro, Inc.		800		89,208
Mattel, Inc.		2,335		50,273
Sankyo Co., Ltd.		300		10,191
Sega Sammy Holdings, Inc.		2,500		33,705
Shimano, Inc.		700		111,145
Yamaha Corp.		1,600		55,390
				414,830
MEDIA–1.1%
Altice NV–Class A(a)		3,528		81,283
Altice NV–Class B(a)		1,176		27,125
Axel Springer SE		2,191		131,791
CBS Corp.–Class B		2,840		181,135
Charter Communications, Inc.–Class A(a)		1,523		513,023

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Comcast Corp.–Class A		33,502	$	1,303,898
Dentsu, Inc.		2,100		100,743
Discovery Communications, Inc.–Class A(a)		1,045		26,992
Discovery Communications, Inc.–Class C(a)		1,545		38,949
DISH Network Corp.–Class A(a)		1,475		92,571
Eutelsat Communications SA		3,140		80,117
Hakuhodo DY Holdings, Inc.		2,490		33,161
Interpublic Group of Cos., Inc. (The)		2,795		68,757
ITV PLC		34,542		81,763
JCDecaux SA		189		6,197
Lagardere SCA		2,184		68,914
News Corp.–Class A		2,658		36,415
News Corp.–Class B		817		11,561
Omnicom Group, Inc.		1,660		137,614
Pearson PLC		7,821		70,420
ProSiebenSat.1 Media SE		1,328		55,709
Publicis Groupe SA		1,801		134,234
REA Group Ltd.		1,002		51,123
RTL Group SA (London)(a)		1,166		88,161
Schibsted ASA–Class B		2,252		49,813
Scripps Networks Interactive, Inc.–Class A		670		45,768
SES SA		4,651		108,958
Singapore Press Holdings Ltd.		6,000		14,078
Sky PLC		13,314		172,431
Telenet Group Holding NV(a)		459		28,915
Time Warner, Inc.		5,445		546,732
Toho Co., Ltd./Tokyo		1,000		30,840
Twenty-First Century Fox, Inc.–Class A		7,421		210,311
Twenty-First Century Fox, Inc.–Class B		3,367		93,838
Viacom, Inc.–Class B		2,410		80,904
Vivendi SA		11,072		246,545
Walt Disney Co. (The)		10,314		1,095,862
WPP PLC		13,761		289,761
				6,436,412
MULTILINE RETAIL–0.2%
Dollar General Corp.		1,820		131,204
Dollar Tree, Inc.(a)		1,638		114,529
Don Quijote Holdings Co., Ltd.		1,000		37,995
Isetan Mitsukoshi Holdings Ltd.		2,200		22,133
J Front Retailing Co., Ltd.		3,500		53,937
Kohl’s Corp.		1,230		47,564
Macy’s, Inc.		2,105		48,920
Marks & Spencer Group PLC		15,442		67,020
Marui Group Co., Ltd.		3,300		48,760
Next PLC		1,363		68,455
Nordstrom, Inc.(d)		770		36,829
Ryohin Keikaku Co., Ltd.		257		64,322
Target Corp.		4,025		210,467
				952,135
SPECIALTY RETAIL–0.8%
ABC-Mart, Inc.		500	$	29,466
Advance Auto Parts, Inc.		531		61,909
AutoNation, Inc.(a)(d)		435		18,340
AutoZone, Inc.(a)		225		128,353
Bed Bath & Beyond, Inc.		1,045		31,768
Best Buy Co., Inc.		1,900		108,927
CarMax, Inc.(a)		1,320		83,239
Dixons Carphone PLC		16,194		59,864
Fast Retailing Co., Ltd.		500		167,212
Foot Locker, Inc.		942		46,422
Gap, Inc. (The)		1,505		33,095
Hennes & Mauritz AB–Class B		9,038		225,336
Hikari Tsushin, Inc.		500		52,678
Home Depot, Inc. (The)		8,630		1,323,842
Industria de Diseno Textil SA		11,626		446,496
Kingfisher PLC		29,522		115,635
L Brands, Inc.		1,685		90,805
Lowe’s Cos., Inc.		6,090		472,158
Nitori Holdings Co., Ltd.		750		100,397
O’Reilly Automotive, Inc.(a)		690		150,931
Ross Stores, Inc.		2,750		158,757
Shimamura Co., Ltd.		200		24,518
Signet Jewelers Ltd.		508		32,126
Staples, Inc.		4,515		45,466
Tiffany & Co.		755		70,872
TJX Cos., Inc. (The)		4,570		329,817
Tractor Supply Co.		915		49,602
Ulta Salon Cosmetics & Fragrance, Inc.(a)		402		115,511
USS Co., Ltd.		4,120		82,116
Yamada Denki Co., Ltd.		10,990		54,643
				4,710,301
TEXTILES, APPAREL & LUXURY GOODS–0.6%
adidas AG		1,792		343,614
Burberry Group PLC		4,236		91,662
Christian Dior SE		581		166,129
Cie Financiere Richemont SA (REG)		5,585		462,152
Coach, Inc.		1,930		91,366
Hanesbrands, Inc.(d)		2,627		60,841
Hermes International		281		138,807
HUGO BOSS AG		1,317		92,325
Kering		721		245,509
Li & Fung Ltd.		48,000		17,458
Luxottica Group SpA		1,559		90,746
LVMH Moet Hennessy Louis Vuitton SE		2,973		743,414
Michael Kors Holdings Ltd.(a)		1,159		42,014
NIKE, Inc.–Class B		9,420		555,780
Pandora A/S		1,106		103,217
PVH Corp.		545		62,402
Ralph Lauren Corp.		390		28,782
Swatch Group AG (The)		294		108,740
Swatch Group AG (The) (REG)		1,834		133,978

13

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

Company	Shares		U.S. $ Value
Under Armour, Inc.– Class A(a)(d)		1,247	$	27,135
Under Armour, Inc.– Class C(a)(d)		1,254		25,281
VF Corp.		2,310		133,056
				3,764,408
				36,056,198
CONSUMER STAPLES–5.2%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		8,118		896,621
Asahi Group Holdings Ltd.		3,700		139,343
Brown-Forman Corp.–Class B		1,254		60,944
Carlsberg A/S–Class B		1,051		112,315
Coca-Cola Amatil Ltd.		8,031		56,989
Coca-Cola Bottlers Japan, Inc.		1,300		37,642
Coca-Cola Co. (The)		27,130		1,216,781
Coca-Cola European Partners PLC		2,055		83,263
Coca-Cola HBC AG(a)		1,928		56,701
Constellation Brands, Inc.–Class A		1,270		246,037
Diageo PLC		26,828		792,814
Dr Pepper Snapple Group, Inc.		1,270		115,710
Heineken Holding NV		1,000		91,660
Heineken NV		4,780		464,781
Kirin Holdings Co., Ltd.		9,345		190,625
Molson Coors Brewing Co.–Class B		1,300		112,242
Monster Beverage Corp.(a)		2,880		143,078
PepsiCo, Inc.		10,075		1,163,562
Pernod Ricard SA		2,021		270,626
Remy Cointreau SA		195		22,730
Suntory Beverage & Food Ltd.		1,324		61,541
Treasury Wine Estates Ltd.		6,024		60,914
				6,396,919
FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		6,200		94,300
Carrefour SA		5,903		149,239
Casino Guichard Perrachon SA		1,228		72,727
Colruyt SA		862		45,400
Costco Wholesale Corp.		3,065		490,185
CVS Health Corp.		7,430		597,818
Distribuidora Internacional de Alimentacion SA		8,219		51,290
FamilyMart UNY Holdings Co., Ltd.		800		45,813
ICA Gruppen AB		2,462		91,714
J Sainsbury PLC		18,022		59,113
Jeronimo Martins SGPS SA		2,405		46,955
Koninklijke Ahold Delhaize NV		9,852		188,047
Kroger Co. (The)		6,580		153,446
Lawson, Inc.		600		41,990
METRO AG		3,266		110,332
Seven & i Holdings Co., Ltd.		8,000		330,116
Sundrug Co., Ltd.		1,000		37,302
Sysco Corp.		3,555	$	178,923
Tesco PLC(a)		87,120		191,806
Tsuruha Holdings, Inc.		600		63,758
Wal-Mart Stores, Inc.		10,563		799,408
Walgreens Boots Alliance, Inc.		5,945		465,553
Wesfarmers Ltd.		12,002		370,082
Whole Foods Market, Inc.		2,220		93,484
Wm Morrison Supermarkets PLC		29,345		92,168
Woolworths Ltd.		14,003		274,865
				5,135,834
FOOD PRODUCTS–1.2%
Ajinomoto Co., Inc.		5,000		108,121
Archer-Daniels-Midland Co.		4,015		166,141
Associated British Foods PLC		3,965		151,730
Barry Callebaut AG (REG)(a)		91		125,263
Calbee, Inc.		1,315		51,723
Campbell Soup Co.		1,325		69,099
Chocoladefabriken Lindt & Spruengli AG (REG)		1		69,729
Conagra Brands, Inc.		2,885		103,168
Danone SA		6,291		472,187
General Mills, Inc.		4,135		229,079
Hershey Co. (The)		1,000		107,370
Hormel Foods Corp.		1,850		63,103
JM Smucker Co. (The)		795		94,072
Kellogg Co.		1,765		122,597
Kerry Group PLC–Class A		1,906		163,989
Kikkoman Corp.		1,000		31,988
Kraft Heinz Co. (The)		4,178		357,804
Marine Harvest ASA(a)		4,327		74,031
McCormick & Co., Inc./MD		825		80,446
MEIJI Holdings Co., Ltd.		1,100		89,198
Mondelez International, Inc.–Class A		10,835		467,964
Nestle SA (REG)		33,982		2,963,830
NH Foods Ltd.		1,866		56,764
Nisshin Seifun Group, Inc.		4,000		65,758
Nissin Foods Holdings Co., Ltd.		1,200		75,035
Orkla ASA		10,095		102,606
Tate & Lyle PLC		4,440		38,266
Toyo Suisan Kaisha Ltd.		1,000		38,366
Tyson Foods, Inc.–Class A		2,075		129,957
WH Group Ltd.(e)		67,807		68,469
Wilmar International Ltd.		26,000		63,241
Yakult Honsha Co., Ltd.		800		54,530
Yamazaki Baking Co., Ltd.		2,000		39,874
				6,895,498
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		1,776		92,139
Clorox Co. (The)		920		122,581
Colgate-Palmolive Co.		6,200		459,606
Essity AB(a)		4,979		136,225
Henkel AG & Co. KGaA		989		119,802
Henkel AG & Co. KGaA (Preference Shares)		1,696		233,868

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Kimberly-Clark Corp.		2,515	$	324,712
Lion Corp.		2,000		41,484
Procter & Gamble Co. (The)		18,170		1,583,515
Reckitt Benckiser Group PLC		7,158		725,628
Unicharm Corp.		3,800		95,669
				3,935,229
PERSONAL PRODUCTS–0.5%
Beiersdorf AG		1,051		110,546
Coty, Inc.–Class A		3,262		61,195
Estee Lauder Cos., Inc. (The)–Class A		1,540		147,809
Kao Corp.		5,400		321,075
Kose Corp.		500		54,835
L’Oreal SA		2,700		562,989
Pola Orbis Holdings, Inc.		1,800		47,622
Shiseido Co., Ltd.		3,600		128,331
Unilever NV		15,507		856,014
Unilever PLC		13,679		740,278
				3,030,694
TOBACCO–0.8%
Altria Group, Inc.		13,660		1,017,260
British American Tobacco PLC		20,151		1,373,147
Imperial Brands PLC		10,218		459,167
Japan Tobacco, Inc.		11,724		412,076
Philip Morris International, Inc.		10,850		1,274,333
Reynolds American, Inc.		5,748		373,850
Swedish Match AB		2,884		101,606
				5,011,439
				30,405,613
ENERGY–2.7%
ENERGY EQUIPMENT & SERVICES–0.3%
Baker Hughes, Inc.		2,960		161,350
Halliburton Co.		5,990		255,833
Helmerich & Payne, Inc.		735		39,940
National Oilwell Varco, Inc.		2,605		85,809
Petrofac Ltd.		8,198		47,138
Saipem SpA(a)		18,421		68,216
Schlumberger Ltd.		9,700		638,648
TechnipFMC PLC(a)		3,318		90,250
Tenaris SA		4,501		70,277
Transocean Ltd.(a)		2,350		19,340
				1,476,801
OIL, GAS & CONSUMABLE FUELS–2.4%
Anadarko Petroleum Corp.		3,795		172,065
Apache Corp.		2,645		126,775
BP PLC		210,515		1,215,129
Cabot Oil & Gas Corp.		3,240		81,259
Caltex Australia Ltd.		3,100		75,278
Chesapeake Energy Corp.(a)(d)		5,195		25,819
Chevron Corp.		13,180		1,375,069
Cimarex Energy Co.		677		63,645
Concho Resources, Inc.(a)		1,007		122,381
ConocoPhillips		8,620		378,935
Devon Energy Corp.		3,620	$	115,731
Enagas SA		2,159		60,591
Eni SpA		24,216		363,915
EOG Resources, Inc.		3,860		349,407
EQT Corp.		1,190		69,722
Exxon Mobil Corp.		30,310		2,446,926
Galp Energia SGPS SA		5,341		80,936
Hess Corp.		1,840		80,721
Idemitsu Kosan Co., Ltd.		1,200		34,138
Inpex Corp.		9,048		87,363
JXTG Holdings, Inc.		32,750		143,298
Kinder Morgan, Inc./DE		13,389		256,533
Koninklijke Vopak NV		502		23,262
Lundin Petroleum AB(a)		856		16,499
Marathon Oil Corp.		5,905		69,974
Marathon Petroleum Corp.		3,674		192,261
Murphy Oil Corp.		1,105		28,321
Neste Oyj		1,220		48,142
Newfield Exploration Co.(a)		1,370		38,990
Noble Energy, Inc.		3,000		84,900
Occidental Petroleum Corp.		5,350		320,305
Oil Search Ltd.		18,278		95,714
OMV AG		1,402		72,824
ONEOK, Inc.		2,718		141,771
Origin Energy Ltd.(a)		16,658		87,833
Phillips 66		3,110		257,166
Pioneer Natural Resources Co.		1,215		193,890
Range Resources Corp.		1,300		30,121
Repsol SA		13,383		205,176
Royal Dutch Shell PLC–Class A		47,104		1,251,492
Royal Dutch Shell PLC–Class B		39,919		1,071,681
Santos Ltd.(a)		18,468		42,954
Showa Shell Sekiyu KK		1,900		17,648
Snam SpA		26,833		117,103
Statoil ASA		12,989		215,385
Tesoro Corp.		825		77,220
TOTAL SA		25,086		1,245,444
Valero Energy Corp.		3,225		217,559
Williams Cos., Inc. (The)		4,755		143,981
Woodside Petroleum Ltd.		7,059		161,927
				14,195,179
				15,671,980
MATERIALS–2.7%
CHEMICALS–1.5%
Air Liquide SA		4,143		512,058
Air Products & Chemicals, Inc.		1,520		217,451
Akzo Nobel NV		3,630		315,696
Albemarle Corp.		761		80,316
Arkema SA		1,159		123,772
Asahi Kasei Corp.		12,000		129,460
BASF SE		9,789		908,507
CF Industries Holdings, Inc.(d)		1,600		44,736
Chr Hansen Holding A/S		1,460		106,181
Covestro AG(e)		1,766		128,024
Croda International PLC		1,689		85,535
Daicel Corp.		3,000		37,496
Dow Chemical Co. (The)		7,825		493,523

15

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

Company	Shares		U.S. $ Value
Eastman Chemical Co.		1,030	$	86,510
Ecolab, Inc.		1,840		244,260
EI du Pont de Nemours & Co.		6,095		491,927
EMS-Chemie Holding AG (REG)		203		149,897
Evonik Industries AG		2,574		82,383
FMC Corp.		930		67,936
Frutarom Industries Ltd.		300		20,944
Givaudan SA (REG)		88		176,334
Hitachi Chemical Co., Ltd.		3,000		89,942
Incitec Pivot Ltd.		32,013		83,969
International Flavors & Fragrances, Inc.		550		74,250
Israel Chemicals Ltd.		4,414		20,822
Johnson Matthey PLC		1,842		68,940
JSR Corp.		800		13,849
Kansai Paint Co., Ltd.		3,000		69,259
Kuraray Co., Ltd.		3,000		54,627
LANXESS AG		1,767		134,010
Linde AG		1,768		336,544
LyondellBasell Industries NV–Class A		2,399		202,452
Mitsubishi Chemical Holdings Corp.		13,000		108,313
Mitsubishi Gas Chemical Co., Inc.		2,500		53,098
Mitsui Chemicals, Inc.		8,000		42,603
Monsanto Co.		3,040		359,814
Mosaic Co. (The)		2,430		55,477
Nippon Paint Holdings Co., Ltd.		2,000		76,089
Nissan Chemical Industries Ltd.		1,000		33,137
Nitto Denko Corp.		1,600		132,130
Novozymes A/S–Class B		2,458		107,535
Orica Ltd.		7,662		121,757
PPG Industries, Inc.		1,850		203,426
Praxair, Inc.		1,990		263,774
Sherwin-Williams Co. (The)		565		198,292
Shin-Etsu Chemical Co., Ltd.		4,100		373,153
Sika AG		20		128,403
Solvay SA		927		124,414
Sumitomo Chemical Co., Ltd.		15,000		86,697
Symrise AG		1,178		83,579
Taiyo Nippon Sanso Corp.		7,000		78,955
Teijin Ltd.		3,000		57,891
Toray Industries, Inc.		14,000		117,455
Tosoh Corp.		6,298		64,909
Umicore SA		1,001		69,631
Yara International ASA		1,297		48,770
				8,640,912
CONSTRUCTION MATERIALS–0.2%
Boral Ltd.		17,642		94,194
CRH PLC		8,841		313,354
Fletcher Building Ltd.		7,055		41,313
HeidelbergCement AG		1,342		130,092
Imerys SA		448		38,996
James Hardie Industries PLC		3,449		54,356
LafargeHolcim Ltd. (REG)(a)		4,333		249,031
Martin Marietta Materials, Inc.		477		106,171
Taiheiyo Cement Corp.		5,000	$	18,285
Vulcan Materials Co.		915		115,912
				1,161,704
CONTAINERS & PACKAGING–0.1%
Amcor Ltd./Australia		11,024		137,334
Avery Dennison Corp.		585		51,697
Ball Corp.		2,420		102,148
International Paper Co.		2,865		162,188
Sealed Air Corp.		1,340		59,978
Toyo Seikan Group Holdings Ltd.		1,700		28,779
WestRock Co.		1,747		98,985
				641,109
METALS & MINING–0.8%
Anglo American PLC(a)		14,945		199,661
Antofagasta PLC		6,389		66,656
ArcelorMittal(a)		12,535		284,333
BHP Billiton Ltd.		34,230		610,112
BHP Billiton PLC		22,510		344,869
BlueScope Steel Ltd.		6,941		70,271
Boliden AB		4,189		114,506
Fortescue Metals Group Ltd.		18,067		72,324
Freeport-McMoRan, Inc.(a)		8,525		102,385
Fresnillo PLC		2,356		45,670
Glencore PLC(a)		130,406		488,661
Hitachi Metals Ltd.		5,000		69,762
JFE Holdings, Inc.		5,000		87,058
Kobe Steel Ltd.(a)		1,199		12,363
Mitsubishi Materials Corp.		2,700		81,935
Newcrest Mining Ltd.		7,017		108,902
Newmont Mining Corp.		3,695		119,681
Nippon Steel & Sumitomo Metal Corp.		8,643		195,857
Norsk Hydro ASA		16,444		91,001
Nucor Corp.		2,210		127,893
Randgold Resources Ltd.		890		78,975
Rio Tinto Ltd.		4,038		196,241
Rio Tinto PLC		13,185		558,409
South32 Ltd.		56,741		116,858
Sumitomo Metal Mining Co., Ltd.		5,000		66,830
thyssenkrupp AG		3,919		111,691
voestalpine AG		1,082		50,432
				4,473,336
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		3,496		91,672
Oji Holdings Corp.		14,000		72,485
Stora Enso Oyj–Class R		5,244		67,763
UPM-Kymmene Oyj		5,689		162,220
				394,140
				15,311,201

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
REAL ESTATE–1.7%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.1%
Alexandria Real Estate Equities, Inc.		632	$	76,137
American Tower Corp.		2,965		392,329
Apartment Investment & Management Co.–Class A		1,075		46,193
AvalonBay Communities, Inc.		945		181,601
Boston Properties, Inc.		1,100		135,322
British Land Co. PLC (The)		9,308		73,482
CapitaLand Mall Trust		14,000		20,078
Crown Castle International Corp.		2,370		237,427
Daiwa House REIT Investment Corp.		13		30,857
Dexus		13,420		97,705
Digital Realty Trust, Inc.		1,030		116,338
Equinix, Inc.		520		223,163
Equity Residential		2,540		167,208
Essex Property Trust, Inc.		478		122,975
Extra Space Storage, Inc.		883		68,874
Federal Realty Investment Trust		522		65,976
GGP, Inc.		4,044		95,277
Goodman Group		16,928		102,309
GPT Group (The)		17,105		62,913
Hammerson PLC		7,467		55,867
HCP, Inc.		2,880		92,045
Host Hotels & Resorts, Inc.		5,150		94,090
ICADE		1,592		133,555
Intu Properties PLC		9,588		33,624
Iron Mountain, Inc.		1,708		58,687
Japan Prime Realty Investment Corp.		7		24,241
Japan Real Estate Investment Corp.		12		59,640
Japan Retail Fund Investment Corp.		24		44,289
Kimco Realty Corp.		2,930		53,766
Klepierre		2,231		91,439
Land Securities Group PLC		10,386		137,123
Link REIT		21,500		163,551
Macerich Co. (The)		810		47,029
Mid-America Apartment Communities, Inc.		796		83,882
Mirvac Group		40,488		66,208
Nippon Building Fund, Inc.		13		66,344
Nippon Prologis REIT, Inc.		14		29,799
Nomura Real Estate Master Fund, Inc.		34		46,462
Prologis, Inc.		3,670		215,209
Public Storage		1,030		214,786
Realty Income Corp.		1,808		99,765
Regency Centers Corp.		1,033		64,707
Scentre Group		50,683		157,578
Segro PLC		8,541		54,438
Simon Property Group, Inc.		2,216		358,460
SL Green Realty Corp.		676	$	71,521
Stockland		23,010		77,380
UDR, Inc.		1,828		71,237
Unibail-Rodamco SE		1,361		342,940
United Urban Investment Corp.		26		37,093
Ventas, Inc.		2,441		169,601
Vicinity Centres		20,397		40,248
Vornado Realty Trust		1,185		111,271
Welltower, Inc.		2,475		185,254
Westfield Corp.		18,793		115,910
Weyerhaeuser Co.		5,198		174,133
				6,259,336
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.6%
Aeon Mall Co., Ltd.		1,700		33,587
Azrieli Group Ltd.		811		45,050
CapitaLand Ltd.		35,000		88,936
CBRE Group, Inc.–Class A(a)		2,065		75,166
Cheung Kong Property Holdings Ltd.		25,719		201,258
City Developments Ltd.		11,000		85,686
Daito Trust Construction Co., Ltd.		700		109,057
Daiwa House Industry Co., Ltd.		6,000		205,354
Deutsche Wohnen AG		3,212		123,075
Global Logistic Properties Ltd.		80,329		166,880
Hang Lung Properties Ltd.		14,000		34,988
Henderson Land Development Co., Ltd.		25,141		140,184
Hongkong Land Holdings Ltd.		14,000		103,029
Hulic Co., Ltd.		6,591		67,497
Kerry Properties Ltd.		8,500		28,861
LendLease Group		10,380		132,849
Mitsubishi Estate Co., Ltd.		13,000		243,006
Mitsui Fudosan Co., Ltd.		10,000		239,585
New World Development Co., Ltd.		82,122		104,097
Nomura Real Estate Holdings, Inc.		3,600		70,847
Sino Land Co., Ltd.		16,000		26,214
Sumitomo Realty & Development Co., Ltd.		3,843		119,011
Sun Hung Kai Properties Ltd.		15,000		220,353
Swire Pacific Ltd.–Class A		7,000		68,332
Swire Properties Ltd.		25,389		83,693
Swiss Prime Site AG (REG)(a)		976		88,738
Tokyu Fudosan Holdings Corp.		7,989		47,379
Vonovia SE		5,710		227,179
Wharf Holdings Ltd. (The)		13,000		107,571
Wheelock & Co., Ltd.		17,000		128,224
				3,415,686
				9,675,022
UTILITIES–1.6%
ELECTRIC UTILITIES–0.9%
Alliant Energy Corp.		1,588		63,790
American Electric Power Co., Inc.		3,425		237,935

17

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

Company	Shares		U.S. $ Value
AusNet Services		37,398	$	49,864
Chubu Electric Power Co., Inc.		6,100		81,122
Chugoku Electric Power Co., Inc. (The)		4,000		44,166
CK Infrastructure Holdings Ltd.		15,000		126,004
CLP Holdings Ltd.		12,500		132,179
Contact Energy Ltd.		4,696		17,928
DONG Energy A/S(e)		923		41,661
Duke Energy Corp.		4,782		399,727
Edison International		2,265		177,100
EDP–Energias de Portugal SA		25,431		83,190
Electricite de France SA		5,592		60,589
Endesa SA		3,024		69,759
Enel SpA		72,583		389,298
Entergy Corp.		1,225		94,043
Eversource Energy		2,210		134,169
Exelon Corp.		6,397		230,740
FirstEnergy Corp.		2,935		85,585
Fortum Oyj		4,228		66,353
HK Electric Investments & HK Electric Investments Ltd.–Class SS(e)		104,180		96,051
Iberdrola SA		62,572		495,846
Kansai Electric Power Co., Inc. (The)		8,491		117,086
Kyushu Electric Power Co., Inc.		4,100		49,830
Mercury NZ Ltd.		13,502		32,849
NextEra Energy, Inc.		3,245		454,722
PG&E Corp.		3,475		230,636
Pinnacle West Capital Corp.		785		66,851
Power Assets Holdings Ltd.		8,500		75,029
PPL Corp.		4,695		181,509
Red Electrica Corp. SA		5,707		119,393
Southern Co. (The)		6,810		326,063
SSE PLC		10,739		203,196
Terna Rete Elettrica Nazionale SpA		23,069		124,599
Tohoku Electric Power Co., Inc.		4,300		59,594
Tokyo Electric Power Co. Holdings, Inc.(a)		13,800		56,971
Xcel Energy, Inc.		3,520		161,498
				5,436,925
GAS UTILITIES–0.1%
APA Group		12,605		88,817
Gas Natural SDG SA		3,334		78,044
Hong Kong & China Gas Co., Ltd.		79,344		149,221
Osaka Gas Co., Ltd.		18,000		73,707
Toho Gas Co., Ltd.		6,000		43,704
Tokyo Gas Co., Ltd.		19,000		98,965
				532,458
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp./VA		4,585		50,940
Electric Power Development Co., Ltd.		1,600		39,629
Meridian Energy Ltd.		18,542	$	39,536
NRG Energy, Inc.		2,190		37,712
				167,817
MULTI-UTILITIES–0.6%
AGL Energy Ltd.		6,423		125,868
Ameren Corp.		1,660		90,752
CenterPoint Energy, Inc.		2,995		82,003
Centrica PLC		64,140		167,229
CMS Energy Corp.		1,920		88,800
Consolidated Edison, Inc.		2,130		172,147
Dominion Energy, Inc.		4,385		336,023
DTE Energy Co.		1,270		134,353
E.ON SE		19,048		179,812
Engie SA		18,347		276,925
Innogy SE(e)		2,613		102,838
National Grid PLC		36,605		453,554
NiSource, Inc.		2,205		55,919
Public Service Enterprise Group, Inc.		3,505		150,750
RWE AG(a)		5,973		119,315
SCANA Corp.		995		66,675
Sempra Energy		1,760		198,440
Suez		5,769		106,821
United Utilities Group PLC		8,008		90,521
Veolia Environnement SA		2,727		57,694
WEC Energy Group, Inc.		2,188		134,299
				3,190,738
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,221		95,177
Severn Trent PLC		2,239		63,651
				158,828
				9,486,766
TELECOMMUNICATION SERVICES–1.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
AT&T, Inc.		42,926		1,619,598
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		41,536
BT Group PLC		89,935		345,822
CenturyLink, Inc.		3,810		90,983
Deutsche Telekom AG (REG)		34,368		619,482
Elisa Oyj		1,354		52,524
HKT Trust & HKT Ltd.–Class SS		55,098		72,406
Iliad SA		332		78,461
Inmarsat PLC		6,433		64,517
Koninklijke KPN NV		28,755		92,032
Level 3 Communications, Inc.(a)		1,997		118,422
Nippon Telegraph & Telephone Corp.		7,400		349,310
Orange SA		18,911		300,967
Proximus SADP		1,568		54,879
Singapore Telecommunications Ltd.		76,000		214,639
Spark New Zealand Ltd.		17,417		48,260

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Swisscom AG (REG)		247	$	119,375
TDC A/S		10,476		60,922
Telecom Italia SpA/Milano (ordinary shares)(a)		150,129		138,895
Telecom Italia SpA/Milano (savings shares)		96,487		71,403
Telefonica Deutschland Holding AG		17,113		85,582
Telefonica SA		50,008		517,663
Telenor ASA		7,146		118,554
Telia Co. AB		24,258		111,795
Telstra Corp., Ltd.		40,732		134,584
TPG Telecom Ltd.		8,880		38,903
Verizon Communications, Inc.		28,445		1,270,354
				6,831,868
WIRELESS TELECOMMUNICATION SERVICES–0.4%
KDDI Corp.		19,550		517,051
Millicom International Cellular SA		641		37,914
NTT DOCOMO, Inc.		14,767		349,249
SoftBank Group Corp.		8,832		717,954
StarHub Ltd.		23,000		45,441
Tele2 AB–Class B		3,826		40,095
Vodafone Group PLC		283,081		803,937
				2,511,641
				9,343,509
Total Common Stocks (cost $236,440,496)				293,938,903
	Principal Amount (000)
GOVERNMENTS– TREASURIES–29.5%
UNITED STATES–29.5%
U.S. Treasury Bonds 2.25%, 8/15/46	$	5,033		4,431,751
2.50%, 2/15/45		520		485,388
2.75%, 8/15/42		920		910,081
2.875%, 5/15/43–8/15/45		5,597		5,631,428
3.00%, 5/15/45–5/15/47		1,065		1,098,407
3.125%, 11/15/41–2/15/43		2,825		2,988,206
3.50%, 2/15/39		358		404,540
3.625%, 8/15/43		3,475		3,998,422
3.75%, 8/15/41		220		257,606
3.875%, 8/15/40		280		333,244
4.25%, 5/15/39		240		300,675
4.375%, 11/15/39–5/15/41		1,258		1,605,284
4.50%, 8/15/39		220		285,003
4.75%, 2/15/37–2/15/41		2,661		3,549,120
5.375%, 2/15/31		650		873,641
6.00%, 2/15/26		2,846		3,688,238
6.25%, 8/15/23–5/15/30		724		1,009,545
6.875%, 8/15/25		590		796,684
7.25%, 8/15/22	$	775	$	975,773
7.625%, 2/15/25		55		76,261
8.00%, 11/15/21		9,123		11,492,129
U.S. Treasury Notes 1.00%, 9/30/19		995		985,827
1.125%, 2/28/21–9/30/21		2,905		2,838,642
1.25%, 11/30/18–10/31/21		24,271		24,121,407
1.375%, 12/31/18–5/31/21		12,309		12,242,118
1.50%, 5/31/19–8/15/26		6,875		6,747,697
1.625%, 6/30/20–2/15/26		14,732		14,385,217
1.75%, 3/31/22–5/15/23		6,871		6,816,434
1.875%, 11/30/21		3,207		3,214,516
2.00%, 11/15/21–11/15/26		14,375		14,327,729
2.125%, 8/15/21–5/15/25		5,862		5,873,097
2.25%, 11/15/24–2/15/27		1,881		1,875,382
2.375%, 8/15/24–5/15/27		1,437		1,453,820
2.50%, 8/15/23–5/15/24		2,242		2,299,266
2.625%, 8/15/20–11/15/20		3,700		3,817,406
2.75%, 2/28/18–11/15/23		3,189		3,276,940
3.125%, 5/15/21		394		414,123
3.375%, 11/15/19		1,890		1,974,459
3.50%, 5/15/20		910		960,050
3.625%, 2/15/20–2/15/21		13,021		13,859,670
3.75%, 11/15/18		5,038		5,201,735
Total Governments–Treasuries (cost $173,016,516)				171,876,961
	Shares
INVESTMENT COMPANIES–14.8%
FUNDS AND INVESTMENT TRUSTS–14.8%(f)
iShares Core MSCI Emerging Markets ETF		671,403		33,597,006
iShares International Developed Real Estate ETF(d)		293,373		8,355,263
SPDR S&P MidCap 400 ETF Trust		40,670		12,917,605
Vanguard Global ex-U.S. Real Estate ETF		150,903		8,488,294
Vanguard Mid-Cap ETF		18,523		2,639,898
Vanguard REIT ETF		154,197		12,833,816
Vanguard Small-Cap ETF(d)		51,851		7,027,885
Total Investment Companies (cost $80,650,449)				85,859,767
RIGHTS–0.0%
INDUSTRIALS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 7/11/17(a)(cost $2,153)		2,540		2,031

19

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

Company	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–4.4%
INVESTMENT COMPANIES–4.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(f)(g) (cost $25,600,289)		25,600,289	$	25,600,289
Total Investments Before Security Lending Collateral for Securities Loaned–99.3% (cost $515,709,903)				577,277,951
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.9%
INVESTMENT COMPANIES–0.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(f)(g) (cost $5,129,485)		5,129,485	$	5,129,485
TOTAL INVESTMENTS–100.2% (cost $520,839,388)				582,407,436
Other assets less liabilities–(0.2)%				(1,187,480	)
NET ASSETS–100.0%			$	581,219,956

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro STOXX 50 Futures		96		September 2017	$	3,883,241	$	3,761,967	$	(121,274	)
Euro-Bund Futures		25		September 2017		4,699,055		4,621,994		(77,061	)
FTSE 100 Index Futures		69		September 2017		6,667,673		6,508,764		(158,909	)
Mini MSCI EAFE Futures		9		September 2017		851,732		850,320		(1,412	)
TOPIX Index Futures		40		September 2017		5,747,898		5,731,051		(16,847	)
U.S. T-Note 5 Yr (CBT) Futures		18		September 2017		2,125,793		2,121,047		(4,746	)
U.S. T-Note 10 Yr (CBT) Futures		274		September 2017		34,484,321		34,395,563		(88,758	)
U.S. Ultra Bond (CBT) Futures		31		September 2017		5,036,827		5,142,125		105,298
Sold Contracts
Hang Seng Index Futures		13		July 2017		2,130,808		2,130,049		759
S&P 500 E Mini Futures		69		September 2017		8,346,853		8,352,105		(5,252	)
SPI 200 Futures		63		September 2017		6,814,022		6,838,368		(24,346	)
									$	(392,548	)

20

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		AUD	15,381		USD	11,609		9/15/17	$	(202,788	)
Barclays Bank PLC		CAD	1,304		USD	972		9/15/17		(34,834	)
BNP Paribas SA		GBP	1,675		USD	2,160		9/15/17		(25,722	)
Citibank, NA		NOK	7,781		USD	921		9/15/17		(12,548	)
Citibank, NA		USD	4,251		EUR	3,770		9/15/17		71,064
Citibank, NA		USD	3,887		JPY	423,564		9/15/17		(109,166	)
Credit Suisse International		CHF	5,435		USD	5,635		9/15/17		(59,048	)
Credit Suisse International		GBP	4,053		USD	5,188		9/15/17		(102,184	)
Credit Suisse International		USD	12,618		EUR	11,415		9/15/17		467,774
Credit Suisse International		USD	1,766		SEK	15,287		9/15/17		55,872
JPMorgan Chase Bank, NA		USD	4,496		JPY	498,195		9/15/17		(52,916	)
JPMorgan Chase Bank, NA		USD	2,758		SEK	23,747		9/15/17		72,525
Morgan Stanley Capital Services, Inc.		JPY	428,927		USD	3,836		9/15/17		10,364
Morgan Stanley Capital Services, Inc.		USD	3,750		CHF	3,602		9/15/17		23,901
State Street Bank & Trust Co.		CHF	3,475		USD	3,621		9/15/17		(19,254	)
									$	83,040

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
UBS AG
Russell 2000 Total Return Index		1,256		LIBOR Minus 0.40	%	$	8,538		2/15/18	$	142,036
Pay Total Return on Reference Obligation
Deutsche Bank AG
S&P 500 Total Return Index		3,575		LIBOR Plus 0.30	%		16,797		9/15/17		77,009
										$	219,045

(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 June 30, 2017, the aggregate market value of these securities amounted to $875,534 or 0.2% of net assets.

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

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

SEK—Swedish Krona

USD—United States Dollar

21

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

Glossary:

ADR—American Depositary Receipt

ASX—Australian Stock Exchange

CBOE—Chicago Board Options Exchange

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rates

MSCI—Morgan Stanley Capital International

REG—Registered Shares

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.

22

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $490,109,614)	$	551,677,662	(a)
Affiliated issuers (cost $30,729,774—including investment of cash collateral for securities loaned of $5,129,485)		30,729,774
Cash collateral due from broker		2,119,215
Foreign currencies, at value (cost $1,608,062)		1,622,668
Unaffiliated interest and dividends receivable		1,843,992
Receivable for investment securities sold		1,285,994
Unrealized appreciation on forward currency exchange contracts		701,500
Receivable for capital stock sold		324,799
Collateral due from Securities Lending Agent		281,750
Unrealized appreciation on total return swaps		219,045
Affiliated dividends receivable		15,486
Total assets		590,821,885
LIABILITIES
Due to custodian		3,979
Payable for collateral received on securities loaned		5,411,235
Payable for investment securities purchased		2,302,782
Unrealized depreciation on forward currency exchange contracts		618,460
Payable for capital stock redeemed		389,003
Advisory fee payable		354,274
Distribution fee payable		128,299
Payable for variation margin on exchange-traded derivatives		60,418
Administrative fee payable		12,674
Transfer Agent fee payable		82
Accrued expenses		320,723
Total liabilities		9,601,929
NET ASSETS	$	581,219,956
COMPOSITION OF NET ASSETS
Capital stock, at par	$	46,799
Additional paid-in capital		506,144,565
Undistributed net investment income		12,418,388
Accumulated net realized gain on investment and foreign currency transactions		1,109,669
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		61,500,535
	$	581,219,956

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	311,373		24,880	$	12.51
B	$	580,908,583		46,774,605	$	12.42

(a) Includes securities on loan with a value of $5,019,111 (see Note E).

See notes to financial statements.

23

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $280,339)	$	5,113,517
Affiliated issuers		80,305
Interest		1,477,637
Other income		41
		6,671,500
EXPENSES
Advisory fee (see Note B)		2,021,843
Distribution fee—Class B		721,698
Transfer agency—Class A		1
Transfer agency—Class B		2,354
Custodian		134,352
Audit and tax		48,521
Administrative		25,108
Legal		23,137
Printing		21,808
Directors’ fees		13,383
Miscellaneous		35,536
Total expenses		3,047,741
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(29,415	)
Net expenses		3,018,326
Net investment income		3,653,174
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		4,254,421
Futures		(1,109,667	)
Swaps		2,591,887
Foreign currency transactions		426,100
Net change in unrealized appreciation/depreciation of:
Investments		33,435,611
Futures		(509,004	)
Swaps		(1,718,459	)
Foreign currency denominated assets and liabilities		309,467
Net gain on investment and foreign currency transactions		37,680,356
Contributions from Affiliates (see Note B)		2,689
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	41,336,219

See notes to financial statements.

24

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,653,174		$	4,716,370
Net realized gain on investment and foreign currency transactions		6,162,741			2,382,396
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		31,517,615			9,384,262
Contributions from Affiliates (see Note B)		2,689			–0	–
Net increase in net assets from operations		41,336,219			16,483,028
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(3,253	)
Class B		–0	–		(3,066,140	)
Net realized gain on investment transactions
Class A		–0	–		(89	)
Class B		–0	–		(118,984	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(19,144,670	)		34,170,007
Total increase		22,191,549			47,464,569
NET ASSETS
Beginning of period		559,028,407			511,563,838
End of period (including undistributed net investment income of $12,418,388 and $8,765,214, respectively)	$	581,219,956		$	559,028,407

See notes to financial statements.

25

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Dynamic Asset Allocation Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to maximize total return consistent with 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 fifteen 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.

26

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.

27

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	21,715,609		$	31,363,799		$	–0	–(a)	$	53,079,408
Information Technology		33,144,770			8,102,550			–0	–		41,247,320
Health Care		21,804,826			15,383,377			–0	–		37,188,203
Industrials		15,064,192			21,409,491			–0	–		36,473,683
Consumer Discretionary		18,560,848			17,495,350			–0	–		36,056,198
Consumer Staples		13,585,185			16,820,428			–0	–		30,405,613
Energy		8,752,617			6,919,363			–0	–		15,671,980
Materials		4,415,515			10,895,686			–0	–		15,311,201
Real Estate		4,366,116			5,308,906			–0	–		9,675,022
Utilities		4,571,207			4,915,559			–0	–		9,486,766
Telecommunication Services		3,171,763			6,171,746			–0	–		9,343,509
Governments—Treasuries		–0	–		171,876,961			–0	–		171,876,961
Investment Companies		85,859,767			–0	–		–0	–		85,859,767
Rights		2,031			–0	–		–0	–		2,031
Short-Term Investments		25,600,289			–0	–		–0	–		25,600,289
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		5,129,485			–0	–		–0	–		5,129,485
Total Investments in Securities		265,744,220			316,663,216			–0	–		582,407,436
Other Financial Instruments(b):
Assets:
Futures		105,298			759			–0	–		106,057	(c)
Forward Currency Exchange Contracts		–0	–		701,500			–0	–		701,500
Total Return Swaps		–0	–		219,045			–0	–		219,045
Liabilities:
Futures		(177,229	)		(321,376	)		–0	–		(498,605	)(c)
Forward Currency Exchange Contracts		–0	–		(618,460	)		–0	–		(618,460	)
Total(d)	$	265,672,289		$	316,644,684		$	–0	–	$	582,316,973

(a) The Portfolio held a security 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.

28

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)			Total
Balance as of 12/31/16	$	–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 6/30/17	$	–0	–	$	–0	–
Net change in unrealized appreciation/depreciation from Investments held as of 6/30/17(b)	$	–0	–	$	–0	–

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

(b) The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation of investments 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.

29

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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 the 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, 2018 and then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2017, there were no expenses waived by the Adviser.

During the six months ended June 30, 2017, the Adviser reimbursed the Portfolio $2,689 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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,108.

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 $563 for the six months ended June 30, 2017.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. 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 pro rata share of the effective advisory fee of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the six

30

AB Variable Products Series Fund

months ended June 30, 2017, such waiver amounted to $26,658. A summary of the Portfolio’s transactions in shares of the Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)		Dividend Income (000)
$	21,929	$	84,045	$	80,374	$	25,600	$	69

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $41,449, 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 six months ended June 30, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	64,903,174	$	62,711,004
U.S. government securities		23,651,384		14,685,924

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding futures, foreign currency and swap transactions)are as follows:

Gross unrealized appreciation	$	71,198,934
Gross unrealized depreciation		(9,630,886	)
Net unrealized appreciation	$	61,568,048

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

31

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

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 six months ended June 30, 2017, 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 six months ended June 30, 2017, 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, 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

32

AB Variable Products Series Fund

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.

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 six months ended June 30, 2017, 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

33

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 June 30, 2017, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligation and same counterparty for its Sales 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 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 six months ended June 30, 2017, the Portfolio held credit default swaps for hedging and 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 six months ended June 30, 2017, 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

34

AB Variable Products Series Fund

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 six months ended June 30, 2017, 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	$	105,298	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	170,565	*
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives		759	*	Receivable/Payable for variation margin on exchange-traded derivatives		328,040	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		701,500		Unrealized depreciation on forward currency exchange contracts		618,460
Equity contracts	Unrealized appreciation on total return swaps		219,045
Total		$	1,026,602			$	1,117,065

* 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	$	703,898		$	(164,101	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(1,813,565	)		(344,903	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		229,216			279,060
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		150,796			(36,130	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		502,331			(502,331	)
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		1,938,760			(1,179,998	)
Total		$	1,711,436		$	(1,948,403	)

35

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Futures:
Average original value of buy contracts	$	60,747,803
Average original value of sale contracts	$	26,199,885
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	53,269,661
Average principal amount of sale contracts	$	64,295,579
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,469,883	(a)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	16,380,500	(b)
Average notional amount of sale contracts	$	16,380,500	(b)
Total Return Swaps:
Average notional amount	$	25,925,258

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

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

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

All 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 June 30, 2017:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Citibank, NA

$

71,064

$

(71,064

)

$

–0

–

$

–0

–

$

–0

–

Credit Suisse International

523,646

(161,232

)

–0

–

–0

–

362,414

Deutsche Bank AG

77,009

–0

–

–0

–

–0

–

77,009

JPMorgan Chase Bank, NA

72,525

(52,916

)

–0

–

–0

–

19,609

Morgan Stanley Capital Services, Inc.

34,265

–0

–

–0

–

–0

–

34,265

UBS AG

142,036

–0

–

–0

–

–0

–

142,036

Total

$

920,545

$

(285,212

)

$

–0

–

$

–0

–

$

635,333

^

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.**

$

60,418

$

–0

–

$

(60,418

)

$

–0

–

$

–0

–

Total

$

60,418

$

–0

–

$

(60,418

)

$

–0

–

$

–0

–

OTC Derivatives:

Barclays Bank PLC

$

237,622

$

–0

–

$

–0

–

$

–0

–

$

237,622

BNP Paribas SA

25,722

–0

–

–0

–

–0

–

25,722

Citibank, NA

121,714

(71,064

)

–0

–

–0

–

50,650

Credit Suisse International

161,232

(161,232

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

52,916

(52,916

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

19,254

–0

–

–0

–

–0

–

19,254

Total

$

618,460

$

(285,212

)

$

–0

–

$

–0

–

$

333,248

^

* 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 June 30, 2017.

^ 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.

36

AB Variable Products Series Fund

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $5,019,111 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $5,129,485. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $11,307 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $2,757. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	8,035	$	108,702	$	111,326	$	5,411

37

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

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		3,724			11,244		$	45,115		$	125,982
Shares issued in reinvestment of dividends and distributions		–0	–		284			–0	–		3,342
Shares redeemed		(4,896	)		(20,757	)		(59,331	)		(236,231	)
Net decrease		(1,172	)		(9,229	)	$	(14,216	)	$	(106,907	)
Class B
Shares sold		1,997,074			9,938,397		$	24,061,129		$	113,721,017
Shares issued in reinvestment of dividends and distributions		–0	–		271,768			–0	–		3,185,124
Shares redeemed		(3,570,979	)		(7,265,964	)		(43,191,583	)		(82,629,227	)
Net increase (decrease)		(1,573,905	)		2,944,201		$	(19,130,454	)	$	34,276,914

At June 30, 2017, 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.

38

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.

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

39

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

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

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement disclosures.

NOTE K: Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE L: 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.

40

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30,  2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.63			$11.33			$11.74			$11.74			$10.53			$9.75
Income From Investment Operations
Net investment income (loss) (a)		.09	(b)		.13	(b)†		.08			.08	(b)		.03	(b)		(.01	)(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.79			.27			(.19	)		.44			1.26			.81
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.88			.40			(.11	)		.52			1.29			.80
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.10	)		(.10	)		(.07	)		(.04	)		(.01	)
Distributions from net realized gain on investment transactions		–0	–		(.00	)(c)		(.20	)		(.45	)		(.04	)		(.01	)
Total dividends and distributions		–0	–		(.10	)		(.30	)		(.52	)		(.08	)		(.02	)
Net asset value, end of period		$12.51			$11.63			$11.33			$11.74			$11.74			$10.53
Total Return
Total investment return based on net asset value (d)		7.65	%		3.59	%†		(1.09	)%		4.45	%		12.31	%		8.22	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$311			$303			$400			$350			$269			$27
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.80	%^		.79	%		.83	%		.85	%		.85	%		.85	%
Expenses, before waivers/reimbursements (e)		.81	%^		.81	%		.83	%		.85	%		.89	%		1.22	%
Net investment income (loss)		1.51	%(b)^		1.11	%(b)†		.67	%		.69	%(b)		.31	%(b)		(.14	)%(b)
Portfolio turnover rate		14	%		64	%		93	%		53	%		52	%		51	%

See footnote summary on page 43.

41

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

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.56			$11.26			$11.68			$11.68			$10.49			$9.74
Income From Investment Operations
Net investment income (a)		.08	(b)		.10	(b)†		.05			.05	(b)		.01	(b)		.01	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.78			.27			(.19	)		.45			1.25			.76
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.86			.37			(.14	)		.50			1.26			.77
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.07	)		(.08	)		(.05	)		(.03	)		(.01	)
Distributions from net realized gain on investment transactions		–0	–		(.00	)(c)		(.20	)		(.45	)		(.04	)		(.01	)
Total dividends and distributions		–0	–		(.07	)		(.28	)		(.50	)		(.07	)		(.02	)
Net asset value, end of period		$12.42			$11.56			$11.26			$11.68			$11.68			$10.49
Total Return
Total investment return based on net asset value (d)		7.44	%		3.37	%†		(1.30	)%		4.21	%		12.04	%		7.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$580,909			$558,725			$511,164			$481,600			$387,519			$220,663
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		1.05	%^		1.05	%		1.08	%		1.10	%		1.10	%		1.10	%
Expenses, before waivers/reimbursements (e)		1.06	%^		1.07	%		1.08	%		1.10	%		1.14	%		1.29	%
Net investment income		1.26	%(b)^		.89	%(b)†		.43	%		.44	%(b)		.05	%(b)		.12	%(b)
Portfolio turnover rate		14	%		64	%		93	%		53	%		52	%		51	%

See footnote summary on page 43.

42

AB Variable Products Series Fund

(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) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2017 and year ended December 31, 2016, such waiver amounted to .01% and .02%, respectively, annualized for the Portfolio.

† For the year ended December 31, 2016 the amount includes a 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%

^ Annualized.

See notes to financial statements.

43

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.

44

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

45

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.

46

VPS-DAA-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,018.60	$	1.90		0.38	%	$	3.20		0.64	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.91	$	1.91		0.38	%	$	3.21		0.64	%
Class B
Actual	$	1,000	$	1,006.50	$	3.13		0.63	%	$	4.43		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.67	$	3.16		0.63	%	$	4.46		0.89	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

GLOBAL BOND PORTFOLIO
SECURITY TYPE BREAKDOWN(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	5,384,873		48.0	%
Governments—Treasuries		3,602,863		32.1
Inflation-Linked Securities		536,089		4.8
Corporates—Investment Grade		397,270		3.5
Governments—Sovereign Agencies		284,272		2.5
Mortgage Pass-Throughs		193,229		1.7
Collateralized Mortgage Obligations		135,616		1.2
Emerging Markets—Treasuries		122,558		1.1
Corporates—Non-Investment Grade		51,286		0.5
Commercial Mortgage-Backed Securities		20,479		0.2
Local Governments—Provincial Bonds		19,442		0.2
Quasi-Sovereigns		15,802		0.1
Emerging Markets—Corporate Bonds		15,026		0.1
Emerging Markets—Sovereigns		6,144		0.1
Short-Term Investments		435,737		3.9
Total Investments	$	11,220,686		100.0	%

COUNTRY BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	7,663,475		68.3	%
Canada		691,872		6.2
Italy		584,436		5.2
United Kingdom		448,863		4.0
Spain		191,155		1.7
Belgium		184,538		1.6
Brazil		151,741		1.4
Mexico		146,383		1.3
Sweden		119,636		1.1
France		118,106		1.1
Australia		106,568		0.9
Germany		94,703		0.8
New Zealand		69,610		0.6
Other		213,863		1.9
Short-Term Investments		435,737		3.9
Total Investments	$	11,220,686		100.0	%

(1) 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).

(2) All data are as of June 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.6% or less in the following countries: Argentina, Israel, Malaysia, Russia, South Africa and Switzerland.

2

GLOBAL BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES–49.2%
FUNDS AND INVESTMENT TRUSTS–49.2%
AB Global Bond Fund, Inc.–Class Z(a) (cost $5,398,327)			638,775	$	5,384,873
	Principal Amount (000)
GOVERNMENTS–TREASURIES–32.9%
AUSTRALIA–1.0%
Australia Government Bond Series 128 5.75%, 7/15/22(b)		AUD	75		67,416
Series 142 4.25%, 4/21/26(b)			45		39,152
					106,568
BELGIUM–1.7%
Kingdom of Belgium Government Bond Series 71 3.75%, 6/22/45(b)		EUR	27		44,917
Series 72 2.60%, 6/22/24(b)			53		70,003
Series 81 0.80%, 6/22/27(b)			61		69,618
					184,538
CANADA–3.4%
Canadian Government Bond 1.25%, 8/01/17		CAD	360		277,740
2.50%, 6/01/24			105		85,900
2.75%, 12/01/48			15		13,186
					376,826
FRANCE–1.1%
French Republic Government Bond OAT 2.50%, 5/25/30(b)		EUR	35		46,762
3.50%, 4/25/26(b)			50		71,344
					118,106
GERMANY–0.9%
Bundesrepublik Deutschland 2.50%, 7/04/44–8/15/46(b)			64		94,703
ITALY–5.3%
Italy Buoni Poliennali Del Tesoro 1.35%, 4/15/22			75		87,613
3.45%, 3/01/48(b)			13		15,117
3.75%, 5/01/21			262		336,278
4.50%, 8/01/18			45		54,092
5.50%, 11/01/22			65		91,336
					584,436
	Principal Amount (000)			U.S. $ Value
MALAYSIA–0.2%
Malaysia Government Bond Series 0511 3.58%, 9/28/18		MYR	120	$	28,043
MEXICO–1.2%
Mexican Bonos Series M 6.50%, 6/10/21		MXN	1,045		57,406
8.00%, 6/11/20			1,280		73,175
					130,581
NEW ZEALAND–0.5%
New Zealand Government Bond Series 423 5.50%, 4/15/23(b)		NZD	65		54,785
RUSSIA–0.3%
Russian Federal Bond–OFZ Series 6214 6.40%, 5/27/20		RUB	1,850		30,198
SOUTH AFRICA–0.6%
Republic of South Africa Government Bond Series 2048 8.75%, 2/28/48		ZAR	724		49,398
Series R186 10.50%, 12/21/26			189		16,019
					65,417
SPAIN–1.7%
Spain Government Bond 1.30%, 10/31/26(b)		EUR	54		61,070
1.95%, 7/30/30(b)			13		14,876
2.15%, 10/31/25(b)			20		24,447
2.90%, 10/31/46(b)			4		4,622
4.10%, 7/30/18(b)			45		53,847
4.20%, 1/31/37(b)			21		30,633
5.15%, 10/31/44(b)			1		1,660
					191,155
SWEDEN–1.1%
Sweden Government Bond Series 1054 3.50%, 6/01/22		SEK	860		119,636
UNITED KINGDOM–4.1%
United Kingdom Gilt 1.50%, 7/22/26(b)		GBP	45		60,172
1.75%, 9/07/22(b)			20		27,476
2.00%, 7/22/20–9/07/25(b)			115		159,468
2.25%, 9/07/23(b)			78		110,272
3.25%, 1/22/44(b)			55		91,475
					448,863

3

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

	Principal Amount (000)			U.S. $ Value
UNITED STATES–9.8%
U.S. Treasury Bonds 2.875%, 5/15/43–11/15/46		U.S.$	109	$	109,824
3.00%, 11/15/44–2/15/47			125		128,900
3.625%, 8/15/43			90		103,556
6.25%, 5/15/30			90		128,292
U.S. Treasury Notes 1.375%, 4/30/20			75		74,672
1.625%, 2/15/26–5/15/26			130		123,311
2.00%, 2/15/25–11/15/26			98		96,043
2.25%, 11/15/25–2/15/27			280		279,027
2.375%, 8/15/24			25		25,383
					1,069,008
Total Governments–Treasuries (cost $3,580,847)					3,602,863
INFLATION-LINKED SECURITIES–4.9%
BRAZIL–0.5%
Brazil Notas do Tesouro Nacional Series B 6.00%, 8/15/50–5/15/55		BRL	56		53,033
NEW ZEALAND–0.1%
New Zealand Government Bond Series 0925 2.00%, 9/20/25(b)		NZD	20		14,825
UNITED STATES–4.3%
U.S. Treasury Inflation Index 0.125%, 4/15/19–4/15/20 (TIPS)		U.S.$	443		442,884
0.25%, 1/15/25 (TIPS)			26		25,347
					468,231
Total Inflation-Linked Securities (cost $538,054)					536,089
CORPORATES–INVESTMENT GRADE–3.6%
INDUSTRIAL–2.9%
BASIC–0.2%
Fibria Overseas Finance Ltd. 5.50%, 1/17/27			2		2,043
Glencore Funding LLC 4.00%, 4/16/25(b)			5		4,996
4.125%, 5/30/23(b)			5		5,131
4.625%, 4/29/24(b)			4		4,178
Mosaic Co. (The) 5.625%, 11/15/43			5		5,103
					21,451
CAPITAL GOODS–0.0%
General Electric Co. Series D 5.00%, 1/21/21(c)			5		5,302
COMMUNICATIONS–MEDIA–0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579%, 7/23/20	U.S.$		5	$	5,168
4.908%, 7/23/25			15		16,205
Cox Communications, Inc. 2.95%, 6/30/23(b)			8		7,795
					29,168
COMMUNICATIONS– TELECOMMUNICATIONS–0.3%
AT&T, Inc. 3.40%, 5/15/25			3		2,944
3.60%, 2/17/23			7		7,149
4.125%, 2/17/26			12		12,298
Verizon Communications, Inc. 2.625%, 8/15/26			10		9,228
3.50%, 11/01/24			5		5,047
					36,666
CONSUMER NON–CYCLICAL–0.7%
AbbVie, Inc. 2.50%, 5/14/20			4		4,044
3.60%, 5/14/25			10		10,227
Mylan NV 3.15%, 6/15/21			11		11,191
3.95%, 6/15/26			5		5,071
Reynolds American, Inc. 4.45%, 6/12/25			10		10,725
5.85%, 8/15/45			3		3,672
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23			15		14,606
3.15%, 10/01/26			15		14,231
					73,767
ENERGY–0.5%
Energy Transfer LP 4.65%, 6/01/21			5		5,273
EnLink Midstream Partners LP 4.15%, 6/01/25			13		12,906
Enterprise Products Operating LLC 3.70%, 2/15/26			10		10,176
Hess Corp. 4.30%, 4/01/27			12		11,751
Nabors Industries, Inc. 5.50%, 1/15/23(b)			3		2,841
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			12		11,701
					54,648

4

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
SERVICES–0.1%
S&P Global, Inc. 4.40%, 2/15/26		U.S.$	15	$	16,110
TECHNOLOGY–0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.625%, 1/15/24(b)			5		5,127
3.875%, 1/15/27(b)			5		5,134
Dell International LLC/EMC Corp. 4.42%, 6/15/21(b)			10		10,539
5.45%, 6/15/23(b)			10		10,881
6.02%, 6/15/26(b)			5		5,519
Fidelity National Information Services, Inc. 5.00%, 10/15/25			3		3,324
HP, Inc. 4.65%, 12/09/21			10		10,791
KLA-Tencor Corp. 4.65%, 11/01/24			15		16,188
Seagate HDD Cayman 4.875%, 3/01/24(b)			5		5,099
Western Digital Corp. 7.375%, 4/01/23(b)			10		10,975
					83,577
					320,689
FINANCIAL INSTITUTIONS–0.7%
BANKING–0.7%
Bank of America Corp. 3.824%, 1/20/28			15		15,272
3.875%, 8/01/25			20		20,655
Goldman Sachs Group, Inc. (The) 3.85%, 7/08/24–1/26/27			13		13,431
Series E 1.625%, 7/27/26(b)		EUR	5		5,649
JPMorgan Chase & Co. 3.782%, 2/01/28		U.S.$	16		16,366
					71,373
REITS–0.0%
VEREIT Operating Partnership LP 4.125%, 6/01/21			5		5,208
					76,581
Total Corporates–Investment Grade (cost $388,509)					397,270
GOVERNMENTS–SOVEREIGN AGENCIES–2.6%
CANADA–2.6%
Canada Housing Trust No. 1 1.70%, 12/15/17(b)		CAD	60		46,437
3.80%, 6/15/21(b)			285		237,835
Total Governments–Sovereign Agencies (cost $292,947)					284,272
MORTGAGE PASS-THROUGHS–1.8%
AGENCY FIXED RATE 30-YEAR–1.7%
Federal National Mortgage Association 4.00%, 7/01/47, TBA		U.S.$	119	$	125,419
3.50%, 7/01/47, TBA			55		56,478
					181,897
OTHER AGENCY FIXED RATE PROGRAMS–0.1%
Canadian Mortgage Pools 6.125%, 12/15/24		CAD	12		11,332
Total Mortgage Pass-Throughs (cost $193,607)					193,229
COLLATERALIZED MORTGAGE OBLIGATIONS–1.2%
RISK SHARE FLOATING RATE–1.2%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 2M2 6.216% (LIBOR 1 Month + 5.00%), 11/25/24(d)		U.S.$	14		15,643
Series 2015-C01, Class 1M2 5.516% (LIBOR 1 Month + 4.30%), 2/25/25(d)			9		9,342
Series 2015-C01, Class 2M2 5.766% (LIBOR 1 Month + 4.55%), 2/25/25(d)			15		16,044
Series 2015-C02, Class 2M2 5.216% (LIBOR 1 Month + 4.00%), 5/25/25(d)			23		24,849
Series 2015-C03, Class 2M2 6.216% (LIBOR 1 Month + 5.00%), 7/25/25(d)			10		11,091
Series 2016-C01, Class 1M2 7.966% (LIBOR 1 Month + 6.75%), 8/25/28(d)			13		15,122
Series 2016-C01, Class 2M2 8.166% (LIBOR 1 Month + 6.95%), 8/25/28(d)			13		14,997
Series 2016-C02, Class 1M2 7.216% (LIBOR 1 Month + 6.00%), 9/25/28(d)			15		17,554

5

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

	Principal Amount (000)			U.S. $ Value
Series 2016-C04, Class 1M2 5.466% (LIBOR 1 Month + 4.25%), 1/25/29(d)		U.S.$	10	$	10,974
Total Collateralized Mortgage Obligations (cost $126,918)					135,616
EMERGING MARKETS–TREASURIES–1.1%
ARGENTINA–0.4%
Argentine Bonos del Tesoro 15.50%, 10/17/26		ARS	235		15,712
16.00%, 10/17/23			389		25,207
					40,919
BRAZIL–0.7%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21		BRL	270		81,639
Total Emerging Markets–Treasuries (cost $125,045)					122,558
CORPORATES–NON-INVESTMENT GRADE–0.5%
INDUSTRIAL–0.4%
BASIC–0.1%
CF Industries, Inc. 4.95%, 6/01/43		U.S.$	7		6,044
COMMUNICATIONS–TELECOMMUNICATIONS–0.1%
CenturyLink, Inc. Series S 6.45%, 6/15/21			8		8,665
Series Y 7.50%, 4/01/24			5		5,483
Uniti Group, Inc./CSL Capital LLC 6.00%, 4/15/23(b)			2		2,080
					16,228
CONSUMER NON-CYCLICAL–0.1%
Valeant Pharmaceuticals International, Inc. 5.875%, 5/15/23(b)			5		4,287
6.125%, 4/15/25(b)			4		3,391
					7,678
ENERGY–0.1%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			10		6,492
TRANSPORTATION–SERVICES–0.0%
Hertz Corp. (The) 5.50%, 10/15/24(b)		U.S.$	5	$	4,100
					40,542
FINANCIAL INSTITUTIONS–0.1%
FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21			10		10,744
Total Corporates–Non-Investment Grade (cost $51,715)					51,286
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.2%
NON-AGENCY FIXED RATE CMBS–0.2%
JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.818%, 11/15/48			10		9,633
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			12		10,846
Total Commercial Mortgage-Backed Securities (cost $22,165)					20,479
LOCAL GOVERNMENTS–PROVINCIAL BONDS–0.2%
CANADA–0.2%
Province of Ontario Canada 2.40%, 6/02/26		CAD	15		11,570
2.60%, 6/02/25			10		7,872
Total Local Governments–Provincial Bonds (cost $18,770)					19,442
QUASI-SOVEREIGNS–0.1%
QUASI-SOVEREIGN BONDS–0.1%
MEXICO–0.1%
Petroleos Mexicanos 5.375%, 3/13/22(b) (cost $14,925)		U.S.$	15		15,802
EMERGING MARKETS–CORPORATE BONDS–0.1%
INDUSTRIAL–0.1%
ENERGY–0.1%
Petrobras Global Finance BV 6.125%, 1/17/22			9		9,282
8.75%, 5/23/26			5		5,744
Total Emerging Markets–Corporate Bonds (cost $13,925)					15,026

6

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
EMERGING MARKETS–SOVEREIGNS–0.1%
ARGENTINA–0.1%
Argentine Republic Government International Bond 5.625%, 1/26/22 (cost $6,000)	U.S.$	6	$	6,144
	Shares		U.S. $ Value
SHORT-TERM INVESTMENTS–4.0%
INVESTMENT COMPANIES–4.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio– Class AB, 0.79%(a)(e) (cost $435,737)		435,737	$	435,737
TOTAL INVESTMENTS–102.5% (cost $11,207,491)				11,220,686
Other assets less liabilities–(2.5)%				(269,097	)
NET ASSETS–100.0%			$	10,951,589

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		7		September 2017	$	935,951	$	934,972	$	(979	)
Sold Contracts
Euro-BOBL Futures		1		September 2017		151,916		150,421		1,495
Euro-Schatz Futures		1		September 2017		128,079		127,749		330
U.S. T-Note 5 Yr (CBT) Futures		2		September 2017		236,716		235,672		1,044
U.S. T-Note 10 Yr (CBT) Futures		1		September 2017		134,842		134,813		29
									$	1,919

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	585		USD	177		7/05/17	$	730
Bank of America, NA		USD	91		BRL	305		7/05/17		638
Bank of America, NA		USD	85		BRL	280		7/05/17		(120	)
Bank of America, NA		TWD	2,536		USD	84		7/28/17		290
Bank of America, NA		BRL	305		USD	91		8/02/17		(638	)
Bank of America, NA		USD	110		INR	7,094		8/21/17		(441	)
Bank of America, NA		INR	3,468		USD	53		8/22/17		69
Bank of America, NA		CAD	944		USD	712		8/24/17		(16,200	)
Barclays Bank PLC		GBP	395		USD	512		7/21/17		(3,537	)
Barclays Bank PLC		KRW	124,657		USD	110		7/27/17		1,453

7

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

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	55		CNY	378		8/16/17	$	230
Barclays Bank PLC		INR	3,594		USD	55		8/22/17		54
BNP Paribas SA		CNY	378		USD	55		7/18/17		(387	)
Credit Suisse International		BRL	25		USD	8		7/05/17		41
Credit Suisse International		USD	8		BRL	25		7/05/17		(11	)
Credit Suisse International		EUR	1,009		USD	1,074		7/13/17		(78,644	)
Credit Suisse International		TRY	96		USD	27		8/18/17		(82	)
Credit Suisse International		RUB	1,869		USD	32		9/13/17		700
State Street Bank & Trust Co.		AUD	315		USD	238		7/10/17		(4,286	)
State Street Bank & Trust Co.		CAD	33		NZD	35		7/10/17		238
State Street Bank & Trust Co.		NZD	136		USD	95		7/10/17		(4,992	)
State Street Bank & Trust Co.		ZAR	721		USD	54		7/11/17		(1,058	)
State Street Bank & Trust Co.		EUR	55		SEK	532		7/13/17		667
State Street Bank & Trust Co.		EUR	44		USD	49		7/13/17		(1,875	)
State Street Bank & Trust Co.		GBP	83		EUR	95		7/13/17		539
State Street Bank & Trust Co.		USD	54		EUR	49		7/13/17		2,219
State Street Bank & Trust Co.		JPY	1,793		USD	16		7/14/17		(205	)
State Street Bank & Trust Co.		SEK	1,518		USD	171		7/14/17		(8,945	)
State Street Bank & Trust Co.		USD	49		GBP	39		7/21/17		1,266
State Street Bank & Trust Co.		MXN	2,408		USD	133		8/03/17		1,188
State Street Bank & Trust Co.		USD	27		TRY	97		8/18/17		222
State Street Bank & Trust Co.		USD	55		CAD	73		8/24/17		1,139
									$	(109,738	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			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	%		3.10	%	$	199	$	15,275	$	9,515
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00			3.39			9		636		60
CDX-NAIG Series 28, 5 Year Index, 6/20/22*		1.00			0.61			1,100		20,729		4,159
									$	36,640	$	13,734

* Termination date

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA
CDX-EM Series 23, 5 Year Index, 6/20/20*		1.00	%		2.11	%	$	147	$	(4,532	)	$	(7,477	)	$	2,945

8

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00	%		9.74	%	$	6	$	(1,071	)	$	(99	)	$	(972	)
CDX-CMBX.NA.BBB Series 7, 1/17/47*		3.00			4.73			100		(8,605	)		(593	)		(8,012)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			9.74			6		(1,097	)		(102	)		(995	)
Goldman Sachs International
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			9.74			11		(2,012	)		(200	)		(1,812	)
CDX-CMBX.NA.BB Series 6, 5/11/63*		5.00			9.74			12		(2,194	)		(192	)		(2,002	)
									$	(19,511	)	$	(8,663	)	$	(10,848	)

* Termination date

(a) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, 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 June 30, 2017, the aggregate market value of these securities amounted to $1,626,456 or 14.9% 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 June 30, 2017.

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

Currency Abbreviations:

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NZD—New Zealand Dollar

RUB—Russian Ruble

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

BOBL—Bundesobligationen

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

INTRCONX—Inter-Continental Exchange

LIBOR—London Interbank Offered Rate

OAT—Obligations Assimilables du Trésor

REIT—Real Estate Investment Trust

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

9

GLOBAL BOND PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $5,373,427)	$	5,400,076
Affiliated issuers (cost $5,834,064)		5,820,610
Cash		596
Cash collateral due from broker		37,805
Foreign currencies, at value (cost $38,131)		38,479
Unaffiliated interest and dividends receivable		39,265
Receivable due from Adviser		15,908
Affiliated dividends receivable		13,588
Unrealized appreciation on forward currency exchange contracts		11,683
Receivable for investment securities sold		3,611
Unrealized appreciation on credit default swaps		2,945
Receivable for variation margin on exchange-traded derivatives		1,142
Total assets		11,385,708
LIABILITIES
Payable for investment securities purchased		198,359
Unrealized depreciation on forward currency exchange contracts		121,421
Custody fee payable		45,122
Audit and tax fee payable		24,194
Unrealized depreciation on credit default swaps		13,793
Upfront premiums received on credit default swaps		8,663
Payable for variation margin on exchange-traded derivatives		535
Transfer Agent fee payable		85
Distribution fee payable		59
Payable for capital stock redeemed		8
Accrued expenses		21,880
Total liabilities		434,119
NET ASSETS	$	10,951,589
COMPOSITION OF NET ASSETS
Capital stock, at par	$	1,053
Additional paid-in capital		10,539,337
Undistributed net investment income		447,034
Accumulated net realized gain on investment transactions and foreign currency transactions		55,790
Net unrealized depreciation on investments and foreign currency denominated assets and liabilities		(91,625	)
	$	10,951,589

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	10,682,605		1,026,986	$	10.40
B	$	268,984		25,976.26	$	10.35

See notes to financial statements.

10

GLOBAL BOND PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends—Affiliated issuers	$	69,446
Interest		58,748
		128,194
EXPENSES
Advisory fee (see Note B)		26,950
Distribution fee—Class B		208
Transfer agency—Class A		1,928
Transfer agency—Class B		33
Custodian		49,925
Administrative		26,055
Audit and tax		23,228
Legal		13,513
Directors’ fees		13,375
Printing		7,444
Miscellaneous		1,179
Total expenses		163,838
Less: expenses waived and reimbursed by the Adviser (see Note B)		(143,214	)
Net expenses		20,624
Net investment income		107,570
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		15,695
Futures		1,682
Swaps		21,436
Foreign currency transactions		(22,923	)
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		50,683
Investments		190,090
Futures		1,989
Swaps		(3,541	)
Foreign currency denominated assets and liabilities		(161,757	)
Net gain on investment and foreign currency transactions		93,354
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	200,924

See notes to financial statements.

11

GLOBAL BOND PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	107,570		$	227,070
Net realized gain on investment transactions and foreign currency transactions		15,890			150,441
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		77,464			163,823
Net increase in net assets from operations		200,924			541,334
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(291,608	)
Class B		–0	–		(383	)
CAPITAL STOCK TRANSACTIONS
Net increase		249,115			294,472
Total increase		450,039			543,815
NET ASSETS
Beginning of period		10,501,550			9,957,735
End of period (including undistributed net investment income of $447,034 and $339,464, respectively)	$	10,951,589		$	10,501,550

See notes to financial statements.

12

GLOBAL BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. As of June 30, 2017 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

13

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

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

14

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

5,384,873

$

–0

–

$

–0

–

$

5,384,873

Governments—Treasuries

–0

–

3,602,863

–0

–

3,602,863

Inflation-Linked Securities

–0

–

536,089

–0

–

536,089

Corporates—Investment Grade

–0

–

397,270

–0

–

397,270

Governments—Sovereign Agencies

–0

–

284,272

–0

–

284,272

Mortgage Pass-Throughs

–0

–

193,229

–0

–

193,229

Collateralized Mortgage Obligations

–0

–

135,616

–0

–

135,616

Emerging Markets—Treasuries

–0

–

122,558

–0

–

122,558

Corporates—Non-Investment Grade

–0

–

51,286

–0

–

51,286

Commercial Mortgage-Backed Securities

–0

–

–0

–

20,479

20,479

Local Governments—Provincial Bonds

–0

–

19,442

–0

–

19,442

Quasi-Sovereigns

–0

–

15,802

–0

–

15,802

Emerging Markets—Corporate Bonds

–0

–

15,026

–0

–

15,026

Emerging Markets—Sovereigns

–0

–

6,144

–0

–

6,144

Short-Term Investments

435,737

–0

–

–0

–

435,737

Total Investments in Securities

5,820,610

5,379,597

20,479

11,220,686

Other Financial Instruments(a):

Assets:

Futures

2,898

–0

–

–0

–

2,898

(b)

Forward Currency Exchange Contracts

–0

–

11,683

–0

–

11,683

Centrally Cleared Credit Default Swaps

–0

–

13,734

–0

–

13,734

(b)

Credit Default Swaps

–0

–

2,945

–0

–

2,945

Liabilities:

Futures

(979

)

–0

–

–0

–

(979

)(b)

Forward Currency Exchange Contracts

–0

–

(121,421

)

–0

–

(121,421

)

Credit Default Swaps

–0

–

(13,793

)

–0

–

(13,793

)

Total(c)

$

5,822,529

$

5,272,745

$

20,479

$

11,115,753

(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.

15

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 12/31/16	$	21,371		$	21,371
Accrued discounts/(premiums)		2			2
Realized gain (loss)		(44	)		(44	)
Change in unrealized appreciation/depreciation		363			363
Purchases/Payups		–0	–		–0	–
Sales/Paydowns		(1,213	)		(1,213	)
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 6/30/17	$	20,479		$	20,479
Net change in unrealized appreciation/depreciation from investments held as of 6/30/17(a)	$	363		$	363

(a) The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation of investments 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.

16

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.

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 six months ended June 30, 2017, the reimbursements/waivers amounted to $103,078. The Expense Caps may not be terminated by the Adviser before May 1, 2018.

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, 2018 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 six months ended June 30, 2017, such waiver amounted to $14,081.

17

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 six months ended June 30, 2017 is as follows:

AB Global Bond Fund, Inc.
												Distributions
Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 6/30/17 (000)		Income (000)		Realized Gains (000)
$	5,267	$	67	$	0	$	0	$	51	$	5,385	$	68	$	0

AB Government Money Market
Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)		Dividend Income (000)
$	301	$	1,421	$	1,286	$	436	$	1

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2017, the Adviser voluntarily agreed to waive such fees amounting to $26,055.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $0, 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 six months ended June 30, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	1,455,581	$	1,252,058
U.S. government securities		1,244,445		823,816

18

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:

Gross unrealized appreciation	$	107,350
Gross unrealized depreciation		(94,155	)
Net unrealized appreciation	$	13,195

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 six months ended June 30, 2017, 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 six months ended June 30, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

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

• 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 in “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 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

20

AB Variable Products Series Fund

(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 June 30, 2017, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligation and counterparty 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 six months ended June 30, 2017, the Portfolio held credit default swaps for 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.

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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 six months ended June 30, 2017, 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	$	2,898	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	979	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		13,734	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		11,683		Unrealized depreciation on forward currency exchange contracts		121,421
Credit contracts	Unrealized appreciation on credit default swaps		2,945		Unrealized depreciation on credit default swaps		13,793
Total		$	31,260			$	136,193

* 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	$	1,682		$	1,989
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(15,291	)		(162,241	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		21,436			(3,541	)
Total		$	7,827		$	(163,793	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:
Futures:
Average original value of buy contracts	$	916,116
Average original value of sale contracts	$	237,166
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	643,999
Average principal amount of sale contracts	$	3,582,080

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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	$	1,308,539

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 June 30, 2017:

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*	$	1,142	$	(535	)	$	–0	–	$	–0	–	$	607
Total	$	1,142	$	(535	)	$	–0	–	$	–0	–	$	607
OTC Derivatives:
Bank of America, NA	$	1,727	$	(1,727	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		1,737		(1,737	)		–0	–		–0	–		–0	–
Credit Suisse International		741		(741	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		7,478		(7,478	)		–0	–		–0	–		–0	–
Total	$	11,683	$	(11,683	)	$	–0	–	$	–0	–	$	–0	–
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*	$	535	$	(535	)	$	–0	–	$	–0	–	$	–0	–
Total	$	535	$	(535	)	$	–0	–	$	–0	–	$	–0	–
OTC Derivatives:
Bank of America, NA	$	21,931	$	(1,727	)	$	–0	–	$	–0	–	$	20,204
Barclays Bank PLC		13,213		(1,737	)		–0	–		–0	–		11,476
BNP Paribas SA		387		–0	–		–0	–		–0	–		387
Citigroup Global Markets, Inc.		1,097		–0	–		–0	–		–0	–		1,097
Credit Suisse International		78,737		(741	)		–0	–		–0	–		77,996
Goldman Sachs International		4,206		–0	–		–0	–		–0	–		4,206
State Street Bank & Trust Co.		21,361		(7,478	)		–0	–		–0	–		13,883
Total	$	140,932	$	(11,683	)	$	–0	–	$	–0	–	$	129,249	^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2017.

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

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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 six months ended June 30, 2017, 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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares issued in reinvestment of dividends		–0	–		27,986		$	–0	–	$	291,608
Net increase		–0	–		27,986		$	–0	–	$	291,608
Class B
Shares sold		24,655			248		$	250,000		$	2,514
Shares issued in reinvestment of dividends		–0	–		37			–0	–		383
Shares redeemed		(86	)		(3	)		(885	)		(33	)
Net increase		24,569			282		$	249,115		$	2,864

At June 30, 2017, the Adviser owns approximately 98% 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.

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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.

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.

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 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’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 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.

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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 six months ended June 30, 2017.

NOTE H: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement disclosures.

NOTE J: Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

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.

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GLOBAL BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			April 29, 2015(a) to December 31, 2015
Net asset value, beginning of period		$10.21			$9.96			$10.00
Income From Investment Operations
Net investment income (b)(c)		.10			.22			.18
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.09			.32			(.22	)
Net increase (decrease) in net asset value from operations		.19			.54			(.04	)
Less: Dividends
Dividends from net investment income		–0	–		(.29	)		–0	–
Net asset value, end of period		$10.40			$10.21			$9.96
Total Return
Total investment return based on net asset value (d)		1.86	%		5.38	%		(.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,683			$10,488			$9,947
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.38	%^		.38	%		.38	%^
Expenses, before waivers/reimbursements (e)		3.04	%^		3.15	%		3.63	%^
Net investment income (c)		2.00	%^		2.18	%		2.74	%^
Portfolio turnover rate		20	%		38	%		62	%

See footnote summary on page 28.

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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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			April 29, 2015(a) to December 31, 2015
Net asset value, beginning of period		$10.18			$9.94			$10.00
Income From Investment Operations
Net investment income (b)(c)		.09			.20			.17
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.08			.32			(.23	)
Net increase (decrease) in net asset value from operations		.17			.52			(.06	)
Less: Dividends
Dividends from net investment income		–0	–		(.28	)		–0	–
Net asset value, end of period		$10.35			$10.18			$9.94
Total Return
Total investment return based on net asset value (d)		1.67	%		5.17	%		(.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$269			$14			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.63	%^		.63	%		.64	%^
Expenses, before waivers/reimbursements (e)		3.28	%^		3.38	%		3.90	%^
Net investment income (c)		1.79	%^		1.94	%		2.55	%^
Portfolio turnover rate		20	%		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) In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated acquired fund fees and expenses, and for the six months ended June 30, 2017 and year ended December 31, 2016, such waiver amounted to 0.26% and 0.26%, respectively, annualized for the Portfolio.

^ Annualized.

See notes to financial statements.

28

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 contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by

29

GLOBAL BOND 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 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 reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors

30

AB Variable Products Series Fund

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.

31

VPS-GB-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,054.20	$	3.21		0.63	%	$	3.82		0.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.67	$	3.16		0.63	%	$	3.76		0.75	%
Class B
Actual	$	1,000	$	1,053.30	$	4.48		0.88	%	$	5.09		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.43	$	4.41		0.88	%	$	5.01		1.00	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

GLOBAL RISK ALLOCATION-MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	32,491,520		37.0	%
Inflation-Linked Securities		3,699,036		4.2
Options Purchased—Puts		108,767		0.1
Options Purchased—Calls		5,959		0.0
Short-Term Investments		51,551,957		58.7
Total Investments	$	87,857,239		100.0	%

COUNTRY BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	36,233,169		41.2	%
Germany		55,164		0.1
United Kingdom		9,796		0.0
Japan		7,153		0.0
Short-Term Investments		51,551,957		58.7
Total Investments	$	87,857,239		100.0	%

(1) 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).

(2) All data are as of June 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company			Shares		U.S. $ Value
INVESTMENT COMPANIES–36.1%
FUNDS AND INVESTMENT TRUSTS–36.1%(a)
iShares Core MSCI EAFE ETF				76,670	$	4,668,436
iShares Core S&P 500 ETF				23,730		5,776,120
iShares MSCI EAFE ETF				90,720		5,914,944
iShares Russell 2000 ETF				11,040		1,555,757
SPDR S&P 500 ETF Trust				35,560		8,598,408
Vanguard S&P 500 ETF				26,920		5,977,855
Total Investment Companies (cost $28,266,024)						32,491,520
			Principal Amount (000)
INFLATION-LINKED SECURITIES–4.1%
UNITED STATES–4.1%
U.S. Treasury Inflation Index 0.375%, 7/15/25 (TIPS) (cost $3,759,281)			$	3,727		3,699,036
			Contracts
OPTIONS PURCHASED–PUTS–0.1%
OPTIONS ON INDICES–0.1%
Euro STOXX 50 Index Expiration: Jul 2017, Exercise Price: EUR 3,450.00(b)(c)				820		55,164
FTSE 100 Index Expiration: Jul 2017, Exercise Price: GBP 7,250.00(b)(c)				130		9,796
Nikkei 225 Index Expiration: Jul 2017, Exercise Price: JPY 19,500.00(b)(c)				12,000		7,153
						72,113
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.0%
SPDR S&P 500 ETF Trust Expiration: Jul 2017, Exercise Price: $ 237.00(c)(d)				447		36,654
Total Options Purchased–Puts (premiums paid $100,531)						108,767
OPTIONS PURCHASED–CALLS–0.0%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.0%
SPDR S&P 500 ETF Trust Expiration: Jul 2017, Exercise Price: $ 247.00(c)(d)				198		4,257
SPDR S&P 500 ETF Trust Expiration: Jul 2017, Exercise Price: $ 248.00(c)(d)				148	$	1,702
Total Options Purchased–Calls (premiums paid $19,045)						5,959
SHORT-TERM INVESTMENTS–57.3%
INVESTMENT COMPANIES–24.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(a)(e) (cost $22,143,469)				22,143,469		22,143,469
			Principal Amount (000)
GOVERNMENTS– TREASURIES–21.7%
JAPAN–21.7%
Japan Treasury Discount Bill Series 686 Zero Coupon, 9/04/17		JPY		298,250		2,652,259
Series 689 Zero Coupon, 9/19/17				1,892,000		16,825,235
Total Governments–Treasuries (cost $19,932,092)						19,477,494
U.S. TREASURY BILLS–11.0%
U.S. Treasury Bill Zero Coupon, 7/06/17–9/28/17 (cost $9,930,994)	$			9,944		9,930,994
Total Short-Term Investments (cost $52,006,555)						51,551,957
TOTAL INVESTMENTS–97.6% (cost $84,151,436)						87,857,239
Other assets less liabilities–2.4%						2,185,803
NET ASSETS–100.0%					$	90,043,042

3

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

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		12		September 2017	$	1,209,520	$	1,192,188		$  (17,332)
10 Yr Canadian Bond Futures		4		September 2017		445,612		433,529		(12,083	)
Euro STOXX 50 Index Futures		179		September 2017		7,238,469		7,014,501		(223,968	)
Euro-BTP Futures		13		September 2017		1,981,328		2,006,551		25,223
Euro-OAT Futures		16		September 2017		2,731,130		2,713,382		(17,748	)
FTSE 100 Index Futures		22		September 2017		2,139,399		2,075,258		(64,141	)
Long Gilt Futures		4		September 2017		664,358		654,194		(10,164	)
Nikkei 225 (CME) Futures		24		September 2017		2,411,474		2,412,600		1,126
S&P 500 E Mini Futures		62		September 2017		7,527,920		7,504,790		(23,130	)
S&P TSX 60 Index Futures		11		September 2017		1,537,865		1,508,513		(29,352	)
SPI 200 Futures		7		September 2017		766,886		759,819		(7,067	)
TOPIX Index Futures		18		September 2017		2,564,445		2,578,973		14,528
U.S. T-Note 10 Yr (CBT) Futures		25		September 2017		3,143,986		3,138,281		(5,705	)
U.S. Ultra Bond (CBT) Futures		3		September 2017		487,435		497,625		10,190
Sold Contracts
Euro-Bund Futures		26		September 2017		4,886,572		4,806,874		79,698
Nikkei 225 (OSE) Futures		5		September 2017		893,500		889,976		3,524
										$  (276,401	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	2,737		EUR	2,383		9/15/17	$	(4,726	)
Barclays Bank PLC		JPY	819,684		EUR	6,567		7/18/17		213,768
Barclays Bank PLC		EUR	3,267		USD	3,653		9/15/17		(92,567	)
Citibank, NA		JPY	351,262		USD	3,168		9/15/17		35,555
Citibank, NA		USD	1,241		JPY	135,268		9/15/17		(34,863	)
HSBC Bank USA		USD	6,429		JPY	713,182		9/15/17		(68,507	)
Nomura Global Financial Products, Inc.		JPY	298,252		USD	2,699		9/06/17		40,199
State Street Bank & Trust Co.		AUD	1,080		USD	817		9/15/17		(11,965	)
State Street Bank & Trust Co.		CHF	866		USD	902		9/15/17		(4,799	)
State Street Bank & Trust Co.		EUR	2,871		USD	3,242		9/15/17		(50,010	)
State Street Bank & Trust Co.		HKD	1,141		USD	147		9/15/17		325
State Street Bank & Trust Co.		SGD	190		USD	137		9/15/17		(1,243	)
State Street Bank & Trust Co.		JPY	1,892,104		USD	17,277		9/21/17		398,113
UBS AG		GBP	1,990		USD	2,581		9/15/17		(16,416	)
UBS AG		USD	826		GBP	637		9/15/17		5,255
									$	408,119

4

AB Variable Products Series Fund

CALL OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
Nikkei 225 Index (b)		12,000		JPY      20,875.00		July 2017	$	4,442	$	(1,276	)

PUT OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
Euro STOXX 50 Index(b)		820	EUR	3,325.00		July 2017	$	11,939	$	(19,696	)
FTSE 100 Index(b)		130	GBP	7,000.00		July 2017		1,911		(3,026	)
Nikkei 225 Index(b)		12,000	JPY	18,875.00		July 2017		5,694		(2,780	)
SPDR S&P 500 ETF Trust(d)		148	$	228.00		July 2017		7,246		(3,774	)
SPDR S&P 500 ETF Trust(d)		645		230.00		July 2017		35,446		(20,318	)
							$	62,236	$	(49,594	)

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

(b) One contract relates to 1 share.

(c) Non-income producing security.

(d) One contract relates to 100 shares.

(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

SGD—Singapore Dollar

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

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

OSE—Osaka Securities Exchange

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.

5

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $62,007,967)	$	65,713,770
Affiliated issuers (cost $22,143,469)		22,143,469
Cash collateral due from broker		1,364,112
Foreign currencies, at value (cost $516,794)		513,410
Unrealized appreciation on forward currency exchange contracts		693,215
Receivable for capital stock sold		192,809
Unaffiliated dividends and interest receivable		61,918
Receivable for investment securities sold		22,684
Affiliated dividends receivable		13,164
Total assets		90,718,551
LIABILITIES
Due to custodian		15,626
Options written, at value (premiums received $66,678)		50,870
Unrealized depreciation on forward currency exchange contracts		285,096
Payable for variation margin on exchange-traded derivatives		113,610
Payable for capital stock redeemed		48,835
Advisory fee payable		26,106
Distribution fee payable		19,807
Administrative fee payable		12,899
Transfer Agent fee payable		84
Accrued expenses		102,576
Total liabilities		675,509
NET ASSETS	$	90,043,042
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,773
Additional paid-in capital		83,478,652
Undistributed net investment income		147,239
Accumulated net realized gain on investment transactions and foreign currency transactions		2,558,434
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		3,849,944
	$	90,043,042

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	11,344		1,100	$	10.31
B	$	90,031,698		8,771,478	$	10.26

See notes to financial statements.

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	383,155
Affiliated issuers		71,233
Interest		61,858
Other income		2
		516,248
EXPENSES
Advisory fee (see Note B)		256,801
Distribution fee—Class B		106,987
Transfer agency—Class B		1,911
Custodian		40,122
Administrative		25,500
Audit and tax		23,569
Legal		14,318
Directors’ fees		13,374
Printing		9,367
Miscellaneous		18,658
Total expenses		510,607
Less: expenses waived and reimbursed by the Adviser (see Notes B and E)		(132,651	)
Net expenses		377,956
Net investment income		138,292
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		80,545
Futures		2,255,802
Options written		719,035
Swaptions written		51,146
Foreign currency transactions		137,849
Net change in unrealized appreciation/depreciation of:
Investments		1,539,487
Futures		(558,867	)
Options written		(150,731	)
Swaptions written		(257	)
Foreign currency denominated assets and liabilities		104,013
Net gain on investment and foreign currency transactions		4,178,022
Contributions from Affiliates (see Note B)		146
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	4,316,460

See notes to financial statements.

7

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	138,292		$	154,316
Net realized gain on investment transactions and foreign currency transactions		3,244,377			174,910
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		933,645			2,874,799
Contributions from Affiliates (see Note B)		146			–0	–
Net increase in net assets from operations		4,316,460			3,204,025
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(36	)
Class B		–0	–		(194,179	)
CAPITAL STOCK TRANSACTIONS
Net increase		6,418,005			25,173,454
Total increase		10,734,465			28,183,264
NET ASSETS
Beginning of period		79,308,577			51,125,313
End of period (including undistributed net investment income of $147,239 and $8,947, respectively)	$	90,043,042		$	79,308,577

See notes to financial statements.

8

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Risk Allocation—Moderate Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). AB Global Risk Allocation—Moderate 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 fifteen 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.

9

GLOBAL RISK ALLOCATION—MODERATE 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.

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

10

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

32,491,520

$

–0

–

$

–0

–

$

32,491,520

Inflation-Linked Securities

–0

–

3,699,036

–0

–

3,699,036

Options Purchased—Puts

–0

–

108,767

–0

–

108,767

Options Purchased—Calls

–0

–

5,959

–0

–

5,959

Short-Term Investments:

Investment Companies

22,143,469

–0

–

–0

–

22,143,469

Governments—Treasuries

–0

–

19,477,494

–0

–

19,477,494

U.S. Treasury Bills

–0

–

9,930,994

–0

–

9,930,994

Total Investments in Securities

54,634,989

33,222,250

–0

–

87,857,239

Other Financial Instruments(a):

Assets:

Futures

116,237

18,052

–0

–

134,289

(b)

Forward Currency Exchange Contracts

–0

–

693,215

–0

–

693,215

Liabilities:

Futures

(115,514

)

(295,176

)

–0

–

(410,690

)(b)

Forward Currency Exchange Contracts

–0

–

(285,096

)

–0

–

(285,096

)

Call Options Written

–0

–

(1,276

)

–0

–

(1,276

)

Put Options Written

–0

–

(49,594

)

–0

–

(49,594

)

Total(c)

$

54,635,712

$

33,302,375

$

–0

–

$

87,938,087

(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 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

11

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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.

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

12

AB Variable Products Series Fund

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 six months ended June 30, 2017, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $82,619.

For the six months ended June 30, 2017, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $29,144 and $20,855, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2018.

A summary of the Portfolio’s transactions in shares of the AB Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)		Dividend Income (000)
$	36,333	$	21,267	$	35,457	$	22,143	$	71

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2017, the reimbursement for such services amounted to $25,500.

During the six months ended June 30, 2017, the Adviser reimbursed the Portfolio $146 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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $39,859, 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 .25% 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.

13

GLOBAL RISK ALLOCATION—MODERATE 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 six months ended June 30, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	4,652,627	$	4,727,083
U.S. government securities		2,322,781		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding futures, foreign currency, written options and swap transactions) are as follows:

Gross unrealized appreciation	$	4,258,837
Gross unrealized depreciation		(553,034	)
Net unrealized appreciation	$	3,705,803

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 six months ended June 30, 2017, 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

14

AB Variable Products Series Fund

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 six months ended June 30, 2017, 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 June 30, 2017, the maximum payments for written put options amounted to $6,495,175. 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 six months ended June 30, 2017, the Portfolio held purchased options for hedging and non-hedging purposes. During the six months ended June 30, 2017, the Portfolio held written options for hedging and non-hedging purposes.

During the six months ended June 30, 2017, the Portfolio held written swaptions for hedging and non-hedging purposes.

15

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

For the six months ended June 30, 2017, the Portfolio had the following transactions in written options:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/16		48,805		$	227,170
Options written		20,677,164			594,830
Options assigned		(12,000	)		(7,244	)
Options expired		(20,665,227	)		(721,252	)
Options bought back		(22,999	)		(26,826	)
Options exercised		–0	–		–0	–
Options written outstanding as of 6/30/17		25,743		$	66,678
	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/16	$	11,900,000		$	22,545
Swaptions written		10,400,000			28,600
Swaptions assigned		–0	–		–0	–
Swaptions expired		(22,300,000	)		(51,145	)
Swaptions bought back		–0	–		–0	–
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 6/30/17	$	–0	–	$	–0	–

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 six months ended June 30, 2017, 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	$	115,111	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	63,032	*
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives		19,178	*	Receivable/Payable for variation margin on exchange-traded derivatives		347,658	*

16

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	$	693,215	Unrealized depreciation on forward currency exchange contracts	$	285,096
Equity contracts	Investments in securities, at value		114,726
Equity contracts				Options written, at value		50,870
Total		$	942,230		$	746,656

* 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	$	104,206		$	16,007
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		2,151,596			(574,874	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(876,729	)		107,556
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		37,986			(4,717	)
Foreign exchange contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(5,317	)		0
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(607,970	)		15,941
Foreign exchange contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		107,814			0
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		611,221			(150,731	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		51,146			(257	)
Total		$	1,573,953		$	(591,075	)

17

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Futures:
Average original value of buy contracts	$	33,325,820
Average original value of sale contracts	$	4,332,512	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	12,002,991
Average principal amount of sale contracts	$	28,811,459
Purchased Options:
Average monthly cost	$	158,304

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

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

All 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 June 30, 2017:

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.*	$	42,613	$	(42,613	)	$	–0	–	$	–0	–	$	–0	–
Total	$	42,613	$	(42,613	)	$	–0	–	$	–0	–	$	–0	–
OTC Derivatives:
Barclays Bank PLC	$	213,768	$	(92,567	)	$	–0	–	$	–0	–	$	121,201
Citibank, NA		42,708		(38,919	)		–0	–		–0	–		3,789
Goldman Sachs & Co.		64,960		(22,722	)		–0	–		–0	–		42,238
Nomura Global Financial Products, Inc.		40,199		–0	–		–0	–		–0	–		40,199
State Street Bank & Trust Co.		398,438		(68,017	)		–0	–		–0	–		330,421
UBS AG		5,255		(5,255	)		–0	–		–0	–		–0	–
Total	$	765,328	$	(227,480	)	$	–0	–	$	–0	–	$	537,848	^
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.*	$	137,702	$	(42,613	)	$	(95,089	)	$	–0	–	$	–0	–
Total	$	137,702	$	(42,613	)	$	(95,089	)	$	–0	–	$	–0	–
OTC Derivatives:
Bank of America, NA	$	4,726	$	–0	–	$	–0	–	$	–0	–	$	4,726
Barclays Bank PLC		92,567		(92,567	)		–0	–		–0	–		–0	–
Citibank, NA		38,919		(38,919	)		–0	–		–0	–		–0	–
Goldman Sachs & Co.		22,722		(22,722	)		–0	–		–0	–		–0	–
HSBC Bank USA		68,507		–0	–		–0	–		–0	–		68,507
State Street Bank & Trust Co.		68,017		(68,017	)		–0	–		–0	–		–0	–
UBS AG		16,416		(5,255	)		–0	–		–0	–		11,161
Total	$	311,874	$	(227,480	)	$	–0	–	$	–0	–	$	84,394	^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2017.

** 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.

18

AB Variable Products Series Fund

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had no securities 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 $0 and $148 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $33. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	0	$	1,583	$	1,583	$	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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class B
Shares sold		1,622,912			3,808,075		$	16,333,610		$	35,747,390
Shares issued in reinvestment of dividends		–0	–		20,203			–0	–		194,152
Shares redeemed		(983,603	)		(1,139,548	)		(9,915,605	)		(10,768,088	)
Net increase		639,309			2,688,730		$	6,418,005		$	25,173,454

19

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

There were no transactions in capital shares for Class A for the six months ended June 30, 2017 and the year ended December 31, 2016.

At June 30, 2017, 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.

NOTE G: Risks Involved in Investing in the Portfolio

Allocation Risk—The allocation of investments among asset classes may have a significant effect on the Portfolio’s net asset value, or NAV, when 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.

Investment in Other Investment Companies Risk—As with other investments, investments in other investment companies, including ETFs, are subject to market and selection risk. In addition, shareholders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including management fees) and, indirectly, the expenses of the investment companies.

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 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’s NAV.

20

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement disclosures.

NOTE K: Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

21

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

NOTE L: 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.

22

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			April 28, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.78			$9.40			$10.00
Income From Investment Operations
Net investment income (b)(c)		.03			.04			.05
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.50			.37			(.65	)
Contributions from Affiliates		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.53			.41			(.60	)
Less: Dividends
Dividends from net investment income		–0	–		(.03	)		–0	–
Net asset value, end of period		$10.31			$9.78			$9.40
Total Return
Total investment return based on net asset value (e)		5.42	%		4.39	%		(6.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$11			$11			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.63	%^		.63	%		.69	%^
Expenses, before waivers/reimbursements (f)		.95	%^		1.08	%		3.21	%^
Net investment income (c)		.56	%^		.46	%		.82	%^
Portfolio turnover rate		14	%		79	%		111	%

See footnote summary on page 24.

23

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			April 28, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.75			$9.39			$10.00
Income From Investment Operations
Net investment income (b)(c)		.02			.02			.01
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.49			.37			(.62	)
Contributions from Affiliates		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.51			.39			(.61	)
Less: Dividends
Dividends from net investment income		–0	–		(.03	)		–0	–
Net asset value, end of period		$10.26			$9.75			$9.39
Total Return
Total investment return based on net asset value (e)		5.33	%		4.24	%		(6.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$90,032			$79,298			$51,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.88	%^		.88	%		.94	%^
Expenses, before waivers/reimbursements (f)		1.19	%^		1.33	%		1.62	%^
Net investment income (c)		.32	%^		.24	%		.19	%^
Portfolio turnover rate		14	%		79	%		111	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

(d) Amount is less than $.005.

(e) 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.

(f) In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated acquired fund fees and expenses and for the six months ended June 30, 2017 and years ended December 31, 2016 and December 31, 2015, respectively such waiver amounted to 0.12%, 0.12% and 0.06%, respectively, annualized for the Portfolio.

^ Annualized.

See notes to financial statements.

24

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

25

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

26

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.

27

VPS-GRA-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,214.40	$	5.60		1.02	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.74	$	5.11		1.02	%
Class B
Actual	$	1,000	$	1,212.80	$	6.97		1.27	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.50	$	6.36		1.27	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Vestas Wind Systems A/S	$	3,314,137		2.6	%
Housing Development Finance Corp., Ltd.		3,182,160		2.5
AIA Group Ltd.		3,175,300		2.4
Kingspan Group PLC		3,153,650		2.4
MSCI, Inc.—Class A		2,909,467		2.2
Ecolab, Inc.		2,844,832		2.2
Hexcel Corp.		2,838,993		2.2
Xylem, Inc./NY		2,831,919		2.2
Abbott Laboratories		2,795,075		2.2
American Water Works Co., Inc.		2,735,967		2.1
	$	29,781,500		23.0	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	27,199,132		20.8	%
Health Care		26,537,830		20.3
Financials		23,997,705		18.4
Industrials		17,984,287		13.8
Consumer Discretionary		8,290,840		6.4
Utilities		5,511,063		4.2
Consumer Staples		4,562,925		3.5
Materials		2,844,832		2.2
Telecommunication Services		1,604,060		1.2
Real Estate		1,250,643		1.0
Short-Term Investments		10,689,194		8.2
Total Investments	$	130,472,511		100.0	%

(1) Long-term investments.

(2) The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into 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.

2

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	63,122,252		48.4	%
China		8,020,835		6.2
India		7,700,961		5.9
Switzerland		6,834,294		5.2
France		4,557,189		3.5
Germany		3,754,337		2.9
Denmark		3,314,137		2.5
Indonesia		3,206,227		2.5
Hong Kong		3,175,300		2.4
Ireland		3,153,650		2.4
Sweden		3,055,208		2.3
United Kingdom		2,830,329		2.2
Japan		2,182,755		1.7
Other		4,875,843		3.7
Short-Term Investments		10,689,194		8.2
Total Investments	$	130,472,511		100.0	%

(1) All data are as of June 30, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.4% or less in the following countries: Austria, Brazil, Norway, Peru and Philippines.

3

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–92.4%
INFORMATION TECHNOLOGY–21.0%
COMMUNICATIONS EQUIPMENT–0.9%
Lumentum Holdings, Inc.(a)		20,950	$	1,195,197
INTERNET SOFTWARE & SERVICES–7.6%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		19,030		2,681,327
Alphabet, Inc.–Class C(a)		2,537		2,305,448
Facebook, Inc.–Class A(a)		17,290		2,610,444
Tencent Holdings Ltd.		64,300		2,306,759
				9,903,978
IT SERVICES–1.9%
Visa, Inc.–Class A		25,640		2,404,519
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.8%
ams AG(a)		27,880		1,809,186
Broadcom Ltd.		9,850		2,295,543
Infineon Technologies AG		73,720		1,565,854
NVIDIA Corp.		12,808		1,851,524
				7,522,107
SOFTWARE–3.0%
Microsoft Corp.		33,950		2,340,174
salesforce.com, Inc.(a)		17,812		1,542,519
				3,882,693
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.8%
Apple, Inc.		15,905		2,290,638
				27,199,132
HEALTH CARE–20.5%
BIOTECHNOLOGY–2.4%
Foundation Medicine, Inc.(a)(b)		40,531		1,611,107
Regeneron Pharmaceuticals, Inc.(a)		2,890		1,419,395
				3,030,502
HEALTH CARE EQUIPMENT & SUPPLIES–7.1%
Abbott Laboratories		57,500		2,795,075
Danaher Corp.		23,160		1,954,472
Essilor International SA		17,507		2,227,113
West Pharmaceutical Services, Inc.		24,070		2,275,097
				9,251,757
HEALTH CARE PROVIDERS & SERVICES–3.4%
Apollo Hospitals Enterprise Ltd.(a)		91,640		1,803,806
UnitedHealth Group, Inc.		14,030		2,601,442
				4,405,248
LIFE SCIENCES TOOLS & SERVICES–5.3%
Bio-Rad Laboratories, Inc.–Class A(a)		11,800	$	2,670,458
Bruker Corp.		78,810		2,272,880
ICON PLC(a)		20,010		1,956,778
				6,900,116
PHARMACEUTICALS–2.3%
Roche Holding AG		7,080		1,809,045
Vectura Group PLC(a)		782,990		1,141,162
				2,950,207
				26,537,830
FINANCIALS–18.5%
BANKS–5.6%
Bank Mandiri Persero Tbk PT		1,671,500		1,602,167
Credicorp Ltd.		7,140		1,280,845
HDFC Bank Ltd.		51,450		1,325,263
Svenska Handelsbanken AB–Class A		113,190		1,621,121
Swedbank AB–Class A		58,760		1,434,087
				7,263,483
CAPITAL MARKETS–5.6%
Charles Schwab Corp. (The)		40,580		1,743,317
MSCI, Inc.–Class A		28,250		2,909,467
Partners Group Holding AG		4,260		2,645,079
				7,297,863
CONSUMER FINANCE–1.1%
Bharat Financial Inclusion Ltd.(a)		124,820		1,389,732
INSURANCE–3.7%
AIA Group Ltd.		434,000		3,175,300
Prudential PLC		73,590		1,689,167
				4,864,467
THRIFTS & MORTGAGE FINANCE–2.5%
Housing Development Finance Corp., Ltd.		127,660		3,182,160
				23,997,705
INDUSTRIALS–13.9%
AEROSPACE & DEFENSE–2.2%
Hexcel Corp.		53,779		2,838,993
BUILDING PRODUCTS–2.4%
Kingspan Group PLC		91,870		3,153,650
COMMERCIAL SERVICES & SUPPLIES–1.0%
China Everbright International Ltd.		1,064,000		1,327,029
ELECTRICAL EQUIPMENT–4.4%
Schneider Electric SE (Paris)(a)		30,320		2,330,076
Vestas Wind Systems A/S		35,880		3,314,137
				5,644,213

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INDUSTRIAL CONGLOMERATES–1.7%
Siemens AG (REG)		15,910	$	2,188,483
MACHINERY–2.2%
Xylem, Inc./NY		51,090		2,831,919
				17,984,287
CONSUMER DISCRETIONARY–6.4%
AUTO COMPONENTS–1.8%
Delphi Automotive PLC		26,360		2,310,454
DIVERSIFIED CONSUMER SERVICES–0.7%
Bright Horizons Family Solutions, Inc.(a)		12,056		930,844
HOTELS, RESTAURANTS & LEISURE–1.3%
Starbucks Corp.		28,640		1,669,998
INTERNET & DIRECT MARKETING RETAIL–1.2%
Amazon.com, Inc.(a)		1,653		1,600,104
TEXTILES, APPAREL & LUXURY GOODS–1.4%
NIKE, Inc.–Class B		30,160		1,779,440
				8,290,840
UTILITIES–4.2%
WATER UTILITIES–4.2%
American Water Works Co., Inc.		35,099		2,735,967
AquaVenture Holdings Ltd.(a)(b)		35,076		534,207
Beijing Enterprises Water Group Ltd.(a)		2,198,000		1,705,720
Cia de Saneamento Basico do Estado de Sao Paulo		56,000		535,169
				5,511,063
CONSUMER STAPLES–3.5%
FOOD PRODUCTS–1.8%
Nestle SA (REG)		27,290		2,380,170
HOUSEHOLD PRODUCTS–1.7%
Unicharm Corp.		86,700		2,182,755
				4,562,925
MATERIALS–2.2%
CHEMICALS–2.2%
Ecolab, Inc.		21,430		2,844,832
TELECOMMUNICATION SERVICES–1.2%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
Telekomunikasi Indonesia Persero Tbk PT		4,723,500		1,604,060
REAL ESTATE–1.0%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.0%
SM Prime Holdings, Inc.		1,914,100	$	1,250,643
Total Common Stocks (cost $88,792,760)				119,783,317
WARRANTS–0.0%
INFORMATION TECHNOLOGY–0.0%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.0%
Thin Film Electronics ASA, expiring 7/14/18(a)(c)(d) (cost $0)		591,845		–0	–
	Principal Amount (000)
SHORT-TERM INVESTMENTS–8.3%
TIME DEPOSIT–8.3%
State Street Time Deposit 0.09%, 7/03/17 (cost $10,689,194)	U.S.$	10,689		10,689,194
Total Investments Before Security Lending Collateral for Securities Loaned–100.7% (cost $99,481,954)				130,472,511
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.7%
INVESTMENT COMPANIES–1.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio– Class AB, 0.79%(e)(f) (cost $2,252,022)		2,252,022		2,252,022
TOTAL INVESTMENTS–102.4% (cost $101,733,976)				132,724,533
Other assets less liabilities–(2.4)%				(3,086,139	)
NET ASSETS–100.0%			$	129,638,394

5

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIOOF 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	494		RUB	28,928		9/13/17		$	(10,641	)
Bank of America, NA		INR	252,308		USD	3,870		9/15/17			(2,674	)
Bank of America, NA		USD	1,742		GBP	1,339		9/15/17			5,725
Bank of America, NA		USD	2,098		KRW	2,362,364		9/15/17			(33,396	)
Barclays Bank PLC		CNY	28,540		USD	4,175		9/15/17			(16,136	)
Barclays Bank PLC		INR	95,324		USD	1,468		9/15/17			4,393
Barclays Bank PLC		USD	1,991		CAD	2,672		9/15/17			71,365
Barclays Bank PLC		USD	1,561		TWD	46,930		9/15/17			(17,135	)
BNP Paribas SA		USD	574		GBP	444		9/15/17			5,645
BNP Paribas SA		USD	150		TWD	4,498		9/15/17			(1,712	)
Citibank, NA		BRL	3,090		USD	928		7/05/17			(4,790	)
Citibank, NA		USD	934		BRL	3,090		7/05/17			(1,325	)
Citibank, NA		USD	922		BRL	3,090		8/02/17			4,801
Citibank, NA		USD	7,853		JPY	857,607		9/15/17			(205,071	)
Citibank, NA		USD	211		KRW	238,277		9/15/17			(2,308	)
Credit Suisse International		BRL	3,090		USD	934		7/05/17			1,325
Credit Suisse International		USD	965		BRL	3,090		7/05/17			(32,334	)
Credit Suisse International		USD	1,365		CAD	1,803		9/15/17			26,723
Deutsche Bank AG		GBP	962		USD	1,229		9/15/17	��		(26,509	)
JPMorgan Chase Bank, NA		INR	75,564		USD	1,161		9/15/17			802
Morgan Stanley & Co., Inc.		SEK	4,642		USD	535		9/15/17			(18,314	)
Royal Bank of Scotland PLC		HKD	8,879		USD	1,142		9/15/17			2,456
Royal Bank of Scotland PLC		USD	1,260		AUD	1,710		9/15/17			53,061
Royal Bank of Scotland PLC		USD	845		ZAR	11,647		9/15/17			34,430
Standard Chartered Bank		EUR	1,193		USD	1,319		9/15/17			(49,001	)
State Street Bank & Trust Co.		CHF	2,508		USD	2,614		9/15/17			(13,898	)
State Street Bank & Trust Co.		HKD	3,679		USD	474		9/15/17			1,657
State Street Bank & Trust Co.		USD	546		EUR	489		9/15/17			15,089
State Street Bank & Trust Co.		USD	471		JPY	52,386		9/15/17			(3,486	)
State Street Bank & Trust Co.		USD	488		MXN	9,452		9/15/17			27,106
State Street Bank & Trust Co.		USD	262		NOK	2,208		9/15/17			3,271
UBS AG		USD	2,375		GBP	1,831		9/15/17			15,105
										$	(165,776	)

6

AB Variable Products Series Fund

(a) Non-income producing security.

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

(c) Illiquid security.

(d) Fair valued by the Adviser.

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

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

7

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $99,481,954)	$	130,472,511	(a)
Affiliated issuers (cost $2,252,022—investment of cash collateral for securities loaned)		2,252,022
Foreign currencies, at value (cost $145,006)		148,055
Receivable for investment securities sold and foreign currency transactions		6,153,580
Unrealized appreciation on forward currency exchange contracts		272,954
Dividends and interest receivable		176,833
Receivable for capital stock sold		115,140
Total assets		139,591,095
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		6,974,953
Payable for collateral received on securities loaned		2,252,022
Unrealized depreciation on forward currency exchange contracts		438,730
Advisory fee payable		84,837
Payable for capital stock redeemed		48,163
Distribution fee payable		21,139
Administrative fee payable		12,927
Transfer Agent fee payable		81
Accrued expenses		119,849
Total liabilities		9,952,701
NET ASSETS	$	129,638,394
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,921
Additional paid-in capital		112,031,209
Undistributed net investment income		706,793
Accumulated net realized loss on investment and foreign currency transactions		(13,934,072	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		30,829,543
	$	129,638,394

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	32,864,596		1,213,856	$	27.07
B	$	96,773,798		3,707,295	$	26.10

(a) Includes securities on loan with a value of $2,145,315 (see Note E).

See notes to financial statements.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $87,348)	$	937,445
Affiliated issuers		8,843
Interest		1,813
Securities lending income		23,999
Other income		2,440
		974,540
EXPENSES
Advisory fee (see Note B)		449,467
Distribution fee—Class B		110,878
Transfer agency—Class A		975
Transfer agency—Class B		2,781
Custodian		48,106
Printing		27,205
Audit and tax		26,562
Administrative		25,031
Legal		15,684
Directors’ fees		13,383
Miscellaneous		4,784
Total expenses		724,856
Less: expenses waived and reimbursed by the Adviser (see Note E)		(2,355	)
Net expenses		722,501
Net investment income		252,039
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		4,876,003
Foreign currency transactions		122,978
Net change in unrealized appreciation/depreciation of:
Investments		17,461,407
Foreign currency denominated assets and liabilities		(95,595	)
Net gain on investment and foreign currency transactions		22,364,793
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	22,616,832

See notes to financial statements.

9

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	252,039		$	(10,710	)
Net realized gain on investment and foreign currency transactions		4,998,981			3,729,311
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		17,365,812			(4,937,260	)
Net increase (decrease) in net assets from operations		22,616,832			(1,218,659	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(61,796	)		(15,530,375	)
Total increase (decrease)		22,555,036			(16,749,034	)
NET ASSETS
Beginning of period		107,083,358			123,832,392
End of period (including undistributed net investment income of $706,793 and $454,754, respectively)	$	129,638,394		$	107,083,358

See notes to financial statements.

10

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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

11

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

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

21,517,333

$

5,681,799

$

–0

–

$

27,199,132

Health Care

20,697,866

5,839,964

–0

–

26,537,830

Financials

5,933,629

18,064,076

–0

–

23,997,705

Industrials

8,824,562

9,159,725

–0

–

17,984,287

Consumer Discretionary

8,290,840

–0

–

–0

–

8,290,840

Utilities

3,805,343

1,705,720

–0

–

5,511,063

Consumer Staples

–0

–

4,562,925

–0

–

4,562,925

Materials

2,844,832

–0

–

–0

–

2,844,832

Telecommunication Services

–0

–

1,604,060

–0

–

1,604,060

Real Estate

–0

–

1,250,643

–0

–

1,250,643

Warrants

–0

–

–0

–

–0

–(a)

–0

–

Short-Term Investments

–0

–

10,689,194

–0

–

10,689,194

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

2,252,022

–0

–

–0

–

2,252,022

Total Investments in Securities

74,166,427

58,558,106

(b)

–0

–

132,724,533

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(c):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	272,954		$	–0	–	$	272,954
Liabilities:
Forward Currency Exchange Contracts		–0	–		(438,730	)		–0	–		(438,730	)
Total(d)	$	74,166,427		$	58,392,330		$	–0	–	$	132,558,757

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

(b) 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.

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

(d) 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 12/31/16	$	–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 06/30/17	$	–0	–	$	–0	–
Net change in unrealized appreciation/depreciation from investments held as of 06/30/17(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.

13

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

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.

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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,031.

14

AB Variable Products Series Fund

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $37,754, 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 $563 for the six months ended June 30, 2017.

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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	25,487,576		$	33,471,998
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	31,659,235
Gross unrealized depreciation		(668,678	)
Net unrealized appreciation	$	30,990,557

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”.

15

GLOBAL THEMATIC GROWTH 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 six months ended June 30, 2017, 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 six months ended June 30, 2017, 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	$272,954	Unrealized depreciation on forward currency exchange contracts	$438,730
Total		$272,954		$438,730

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	$	61,443	$	(110,652	)
Total		$	61,443	$	(110,652	)

16

AB Variable Products Series Fund

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	28,471,974
Average principal amount of sale contracts	$	24,422,613

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 June 30, 2017:

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

$

5,725

$

(5,725

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

75,758

(33,271

)

–0

–

–0

–

42,487

BNP Paribas SA

5,645

(1,712

)

–0

–

–0

–

3,933

Citibank, NA

4,801

(4,801

)

–0

–

–0

–

–0

–

Credit Suisse International

28,048

(28,048

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

802

–0

–

–0

–

–0

–

802

Royal Bank of Scotland PLC

89,947

–0

–

–0

–

–0

–

89,947

State Street Bank & Trust Co.

47,123

(17,384

)

–0

–

–0

–

29,739

UBS AG

15,105

–0

–

–0

–

–0

–

15,105

Total

$

272,954

$

(90,941

)

$

–0

–

$

–0

–

$

182,013

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

Bank of America, NA

$

46,711

$

(5,725

)

$

–0

–

$

–0

–

$

40,986

Barclays Bank PLC

33,271

(33,271

)

–0

–

–0

–

–0

–

BNP Paribas SA

1,712

(1,712

)

–0

–

–0

–

–0

–

Citibank, NA

213,494

(4,801

)

–0

–

–0

–

208,693

Credit Suisse International

32,334

(28,048

)

–0

–

–0

–

4,286

Deutsche Bank AG

26,509

–0

–

–0

–

–0

–

26,509

Morgan Stanley & Co., Inc.

18,314

–0

–

–0

–

–0

–

18,314

Standard Chartered Bank

49,001

–0

–

–0

–

–0

–

49,001

State Street Bank & Trust Co.

17,384

(17,384

)

–0

–

–0

–

–0

–

Total

$

438,730

$

(90,941

)

$

–0

–

$

–0

–

$

347,789

^

^ 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).

17

GLOBAL THEMATIC GROWTH 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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $2,145,315 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $2,252,022. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $23,999 and $8,843 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $2,355. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	4,544	$	22,974	$	25,266	$	2,252

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		38,770			114,273		$	981,830		$	2,477,642
Shares redeemed		(101,421	)		(243,647	)		(2,515,885	)		(5,303,033	)
Net decrease		(62,651	)		(129,374	)	$	(1,534,055	)	$	(2,825,391	)
Class B
Shares sold		421,949			511,535		$	10,366,099		$	10,794,955
Shares redeemed		(368,088	)		(1,110,011	)		(8,893,840	)		(23,499,939	)
Net increase (decrease)		53,861			(598,476	)	$	1,472,259		$	(12,704,984	)

At June 30, 2017, 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.

18

AB Variable Products Series Fund

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 six months ended June 30, 2017.

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.

19

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses 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 $18,800,560 which will expire in 2017.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

20

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$22.29			$22.43			$21.80			$20.75			$16.88			$14.87
Income From Investment Operations
Net investment income (a)		.08	(b)		.04	(b)†		.02			.06			.04			.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.70			(.18	)		.60			.99			3.88			1.88
Contributions from Affiliates		–0	–		–0	–		.01			–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		4.78			(.14	)		.63			1.05			3.92			2.01
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.05	)		–0	–
Tax return of capital		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Total dividends and distributions		–0	–		–0	–		–0	–		–0	–		(.05	)		–0	–
Net asset value, end of period		$27.07			$22.29			$22.43			$21.80			$20.75			$16.88
Total Return
Total investment return based on net asset value (d)*		21.44	%		(.62	)%†		2.89	%		5.06	%		23.26	%		13.52	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,864			$28,458			$31,534			$30,886			$32,195			$40,231
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.02	%^		1.06	%		1.01	%		1.01	%		.98	%		.99	%
Expenses, before waivers/reimbursements		1.02	%^		1.06	%		1.01	%		1.01	%		.98	%		.99	%
Net investment income		.61	%(b)^		.17	%(b)†		.07	%		.26	%		.22	%		.83	%
Portfolio turnover rate		23	%		54	%		47	%		48	%		96	%		152	%

See footnote summary on page 22.

21

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

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

	CLASS B
	Six  Months Ended June 30,  2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$21.52			$21.71			$21.15			$20.18			$16.42			$14.50
Income From Investment Operations
Net investment income (loss) (a)		.04	(b)		(.02	)(b)†		(.04	)		.00	(c)		(.01	)		.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		4.54			(.17	)		.59			.97			3.77			1.83
Contributions from Affiliates		–0	–		–0	–		.01			–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		4.58			(.19	)		.56			.97			3.76			1.92
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Tax return of capital		–0	–		–0	–		–0	–		–0	–		.00	(c)		–0	–
Total dividends and distributions		–0	–		–0	–		–0	–		–0	–		.00			–0	–
Net asset value, end of period		$26.10			$21.52			$21.71			$21.15			$20.18			$16.42
Total Return
Total investment return based on net asset value (d)*		21.28	%		(.87	)%†		2.65	%		4.81	%		22.93	%		13.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$96,774			$78,625			$92,298			$96,728			$101,388			$91,864
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.27	%^		1.31	%		1.26	%		1.26	%		1.23	%		1.24	%
Expenses, before waivers/reimbursements		1.27	%^		1.31	%		1.26	%		1.26	%		1.23	%		1.24	%
Net investment income (loss)		.36	%(b)^		(.07	)%(b)†		(.17	)%		.01	%		(.06	)%		.58	%
Portfolio turnover rate		23	%		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 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	.02%	.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 six months ended June 30, 2017 and years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.04%, 0.28%, 0.01%, 0.02%, 0.05% and 0.07%, respectively.

^ Annualized.

See notes to financial statements.

22

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

23

GLOBAL THEMATIC GROWTH 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 an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017. 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After 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

24

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.

25

VPS-GTG-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,183.20	$	6.17		1.14	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.14	$	5.71		1.14	%
Class B
Actual	$	1,000	$	1,181.80	$	7.52		1.39	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.90	$	6.95		1.39	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

GROWTH PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class C	$	4,648,154		7.0	%
Facebook, Inc.—Class A		3,694,028		5.5
UnitedHealth Group, Inc.		3,016,413		4.5
Visa, Inc.—Class A		2,970,951		4.4
Edwards Lifesciences Corp.		2,523,242		3.8
Home Depot, Inc. (The)		2,294,711		3.4
NIKE, Inc.—Class B		2,255,098		3.4
Monster Beverage Corp.		2,035,290		3.0
Intuitive Surgical, Inc.		2,011,045		3.0
Adobe Systems, Inc.		1,917,926		2.9
	$	27,366,858		40.9	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	24,003,385		35.8	%
Consumer Discretionary		14,032,067		20.9
Health Care		13,297,874		19.8
Industrials		6,282,977		9.4
Consumer Staples		4,929,911		7.3
Materials		1,748,601		2.6
Financials		923,016		1.4
Short-Term Investments		1,895,478		2.8
Total Investments	$	67,113,309		100.0	%

⁽¹⁾  Long-term investments.

⁽²⁾  The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

GROWTH FUND
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.6%
INFORMATION TECHNOLOGY–35.9%
COMMUNICATIONS EQUIPMENT–1.2%
Arista Networks, Inc.(a)		2,530	$	378,969
Palo Alto Networks, Inc.(a)		2,950		394,739
				773,708
INTERNET SOFTWARE & SERVICES–14.0%
Alphabet, Inc.–Class C(a)		5,115		4,648,154
CoStar Group, Inc.(a)		1,990		524,564
Facebook, Inc.–Class A(a)		24,467		3,694,028
Trade Desk, Inc. (The)–Class A(a)		9,650		483,561
				9,350,307
IT SERVICES–6.8%
Fiserv, Inc.(a)		7,570		926,114
Vantiv, Inc.–Class A(a)		10,560		668,870
Visa, Inc.–Class A		31,680		2,970,951
				4,565,935
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.2%
NVIDIA Corp.		6,080		878,925
Xilinx, Inc.		29,610		1,904,515
				2,783,440
SOFTWARE–7.4%
Adobe Systems, Inc.(a)		13,560		1,917,926
Electronic Arts, Inc.(a)		11,380		1,203,094
Ellie Mae, Inc.(a)		4,640		509,982
HubSpot, Inc.(a)		8,090		531,917
ServiceNow, Inc.(a)		4,777		506,362
Splunk, Inc.(a)		5,050		287,295
				4,956,576
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.3%
Apple, Inc.		10,925		1,573,419
				24,003,385
CONSUMER DISCRETIONARY–21.0%
DIVERSIFIED CONSUMER SERVICES–1.0%
Bright Horizons Family Solutions, Inc.(a)		9,210		711,104
HOTELS, RESTAURANTS & LEISURE–4.9%
Buffalo Wild Wings, Inc.(a)		4,730		599,291
Planet Fitness, Inc.		54,450		1,270,863
Starbucks Corp.		23,900		1,393,609
				3,263,763
INTERNET & DIRECT MARKETING RETAIL–1.3%
Priceline Group, Inc. (The)(a)		457	$	854,828
MEDIA–2.4%
Comcast Corp.–Class A		41,110		1,600,001
MULTILINE RETAIL–1.5%
Dollar Tree, Inc.(a)		14,570		1,018,734
SPECIALTY RETAIL–6.5%
Burlington Stores, Inc.(a)		8,590		790,194
Home Depot, Inc. (The)		14,959		2,294,711
O’Reilly Automotive, Inc.(a)		2,806		613,785
Ulta Salon Cosmetics & Fragrance, Inc.(a)		2,192		629,849
				4,328,539
TEXTILES, APPAREL & LUXURY GOODS–3.4%
NIKE, Inc.–Class B		38,222		2,255,098
				14,032,067
HEALTH CARE–19.9%
BIOTECHNOLOGY–2.4%
Biogen, Inc.(a)		5,884		1,596,682
HEALTH CARE EQUIPMENT & SUPPLIES–9.1%
Align Technology, Inc.(a)		3,193		479,333
DexCom, Inc.(a)		7,970		583,006
Edwards Lifesciences Corp.(a)		21,340		2,523,242
Intuitive Surgical, Inc.(a)		2,150		2,011,045
Nevro Corp.(a)		6,980		519,521
				6,116,147
HEALTH CARE PROVIDERS & SERVICES–5.3%
Teladoc, Inc.(a)(b)		14,219		493,399
UnitedHealth Group, Inc.		16,268		3,016,413
				3,509,812
HEALTH CARE TECHNOLOGY–1.3%
Cerner Corp.(a)		13,080		869,428
PHARMACEUTICALS–1.8%
Zoetis, Inc.		19,330		1,205,805
				13,297,874
INDUSTRIALS–9.4%
AEROSPACE & DEFENSE–0.6%
Hexcel Corp.		7,570		399,620
BUILDING PRODUCTS–3.1%
Allegion PLC		10,070		816,878
AO Smith Corp.		10,450		588,649
Lennox International, Inc.		3,730		684,977
				2,090,504
COMMERCIAL SERVICES & SUPPLIES–1.1%
Copart, Inc.(a)		23,660		752,152

3

GROWTH FUND
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INDUSTRIAL CONGLOMERATES–2.0%
Roper Technologies, Inc.		5,690	$	1,317,406
MACHINERY–2.6%
IDEX Corp.		8,750		988,837
WABCO Holdings, Inc.(a)		5,760		734,458
				1,723,295
				6,282,977
CONSUMER STAPLES–7.4%
BEVERAGES–5.5%
Constellation Brands, Inc.– Class A		8,490		1,644,768
Monster Beverage Corp.(a)		40,968		2,035,290
				3,680,058
FOOD & STAPLES RETAILING–1.9%
Costco Wholesale Corp.		7,815		1,249,853
				4,929,911
MATERIALS–2.6%
CHEMICALS–2.6%
Ecolab, Inc.		7,000		929,250
PolyOne Corp.		21,150		819,351
				1,748,601
FINANCIALS–1.4%
CAPITAL MARKETS–1.4%
MarketAxess Holdings, Inc.		1,490		299,639
S&P Global, Inc.		4,270		623,377
				923,016
Total Common Stocks (cost $45,271,446)				65,217,831
	Principal Amount (000)
SHORT-TERM INVESTMENTS–2.8%
TIME DEPOSIT–2.8%
State Street Bank & Trust Co. 0.09%, 7/03/17 (cost $1,895,478)	$	1,895		1,895,478
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–100.4% (cost $47,166,924)				67,113,309
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.8%
INVESTMENT COMPANIES–0.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(c)(d) (cost $511,884)		511,884	$	511,884
TOTAL INVESTMENTS–101.2% (cost $47,678,808)				67,625,193
Other assets less liabilities–(1.2)%				(792,045	)
NET ASSETS–100.0%			$	66,833,148

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

4

GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $47,166,924)	$	67,113,309	(a)
Affiliated issuers (cost $511,884—investment of cash collateral for securities loaned)		511,884
Receivable for capital stock sold		72,025
Dividends and interest receivable		20,000
Total assets		67,717,218
LIABILITIES
Payable for collateral received on securities loaned		511,884
Payable for investment securities purchased		136,020
Payable for capital stock redeemed		86,694
Advisory fee payable		44,613
Administrative fee payable		12,927
Distribution fee payable		8,894
Transfer Agent fee payable		81
Accrued expenses		82,957
Total liabilities		884,070
NET ASSETS	$	66,833,148
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,088
Additional paid-in capital		37,942,525
Accumulated net investment loss		(172,630	)
Accumulated net realized gain on investment and foreign currency transactions		9,114,780
Net unrealized appreciation on investments		19,946,385
	$	66,833,148

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,839,042		811,645	$	33.07
B	$	39,994,106		1,276,700	$	31.33

(a) Includes securities on loan with a value of $493,399 (see Note E).

See notes to financial statements.

5

GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	245,987
Affiliated issuers		537
Interest		872
Securities lending income		757
Other income		1,661
		249,814
EXPENSES
Advisory fee (see Note B)		245,849
Distribution fee—Class B		49,113
Transfer agency—Class A		1,186
Transfer agency—Class B		1,774
Custodian		34,648
Administrative		25,031
Audit and tax		20,472
Legal		14,684
Printing		14,003
Directors’ fees		13,383
Miscellaneous		2,457
Total expenses		422,600
Less: expenses waived and reimbursed by the Adviser (see Note E)		(156	)
Net expenses		422,444
Net investment loss		(172,630	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		5,970,537
Net change in unrealized appreciation/depreciation of investments		5,024,497
Net gain on investment transactions		10,995,034
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	10,822,404

See notes to financial statements.

6

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(172,630	)	$	(250,501	)
Net realized gain on investment and foreign currency transactions		5,970,537			3,223,597
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities.		5,024,497			(2,531,961	)
Net increase in net assets from operations		10,822,404			441,135
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(3,012,916	)
Class B		–0	–		(4,764,325	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(5,660,454	)		(1,435,411	)
Total increase (decrease)		5,161,950			(8,771,517	)
NET ASSETS
Beginning of period		61,671,198			70,442,715
End of period (including accumulated net investment loss of ($172,630) and ($0), respectively)	$	66,833,148		$	61,671,198

See notes to financial statements.

7

GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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

8

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

65,217,831

$

–0

–

$

–0

–

$

65,217,831

Short-Term Investments

–0

–

1,895,478

–0

–

1,895,478

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

511,884

–0

–

–0

–

511,884

Total Investments in Securities

65,729,715

1,895,478

–0

–

67,625,193

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

65,729,715

$

1,895,478

$

–0

–

$

67,625,193

(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.

9

GROWTH 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.

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.

10

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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,031.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $6,517, 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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	15,794,122		$	22,825,777
U.S. government securities		–0	–		–0	–

11

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

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

Gross unrealized appreciation	$	20,381,139
Gross unrealized depreciation		(434,754	)
Net unrealized appreciation	$	19,946,385

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $493,399 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $511,884. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $757 and $537 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $156. 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.

12

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	684	$	4,774	$	4,946	$	512

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		39,693			232,533		$	1,237,707		$	6,654,909
Shares issued in reinvestment of distributions		–0	–		104,073			–0	–		3,012,916
Shares redeemed		(109,681	)		(326,387	)		(3,398,845	)		(9,201,540	)
Net increase (decrease)		(69,988	)		10,219		$	(2,161,138	)	$	466,285
Class B
Shares sold		19,191			46,733		$	581,024		$	1,326,261
Shares issued in reinvestment of distributions		–0	–		173,311			–0	–		4,764,325
Shares redeemed		(138,932	)		(284,346	)		(4,080,340	)		(7,992,282	)
Net decrease		(119,741	)		(64,302	)	$	(3,499,316	)	$	(1,901,696	)

At June 30, 2017, 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.

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 six months ended June 30, 2017.

13

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

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

14

GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$27.95			$31.05			$34.47			$31.03			$23.22			$20.40
Income From Investment Operations
Net investment income (loss) (a)		(.06	)(b)		(.07	)(b)†		(.08	)		(.09	)		(.03	)		.06
Net realized and unrealized gain on investment and foreign currency transactions		5.18			.54			3.18			4.15			7.92			2.77
Net increase in net asset value from operations		5.12			.47			3.10			4.06			7.89			2.83
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.08	)		(.01	)
Distributions from net realized gain on investment transactions		–0	–		(3.57	)		(6.52	)		(.62	)		–0	–		–0	–
Total dividends and distributions		–0	–		(3.57	)		(6.52	)		(.62	)		(.08	)		(.01	)
Net asset value, end of period		$33.07			$27.95			$31.05			$34.47			$31.03			$23.22
Total Return
Total investment return based on net asset value (c)*		18.32	%		1.12	%†		9.06	%		13.28	%		34.01	%		13.89	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,839			$24,645			$27,060			$28,141			$28,650			$25,220
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.14	%^		1.15	%		1.09	%		1.08	%		1.06	%		1.06	%
Expenses, before waivers/reimbursements		1.14	%^		1.15	%		1.09	%		1.08	%		1.06	%		1.06	%
Net investment income (loss)		(.38	)%(b)^		(.23	)%(b)†		(.24	)%		(.28	)%		(.10	)%		.27	%
Portfolio turnover rate		25	%		57	%		51	%		66	%		63	%		83	%

See footnote summary on page 16.

15

GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$26.51			$29.70			$33.30			$30.08			$22.50			$19.81
Income From Investment Operations
Net investment income (loss) (a)		(.09	)(b)		(.13	)(b)†		(.16	)		(.16	)		(.09	)		.01
Net realized and unrealized gain on investment and foreign currency transactions		4.91			.51			3.08			4.00			7.68			2.68
Net increase in net asset value from operations		4.82			.38			2.92			3.84			7.59			2.69
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.01	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(3.57	)		(6.52	)		(.62	)		–0	–		–0	–
Total dividends and distributions		–0	–		(3.57	)		(6.52	)		(.62	)		(.01	)		–0	–
Net asset value, end of period		$31.33			$26.51			$29.70			$33.30			$30.08			$22.50
Total Return
Total investment return based on net asset value (c)*		18.18	%		.85	%†		8.82	%		12.96	%		33.72	%		13.58	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,994			$37,026			$43,383			$46,330			$51,993			$46,948
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.39	%^		1.40	%		1.34	%		1.33	%		1.31	%		1.31	%
Expenses, before waivers/reimbursements		1.39	%^		1.40	%		1.34	%		1.33	%		1.31	%		1.31	%
Net investment income (loss)		(.63	)%(b)^		(.48	)%(b)†		(.49	)%		(.52	)%		(.35	)%		.03	%
Portfolio turnover rate		25	%		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 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 six months ended June 30, 2017 and years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.09%, 0.01%, 0.06%, 0.03%, 0.06% and 0.28%, respectively.

^ Annualized.

16

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

17

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 an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 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 also compared the advisory 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

18

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.

19

VPS-GTH-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,058.00	$	3.01		0.59	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.87	$	2.96		0.59	%
Class B
Actual	$	1,000	$	1,056.40	$	4.28		0.84	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.63	$	4.21		0.84	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

GROWTH & INCOME PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
JPMorgan Chase & Co.	$	52,541,290		5.0	%
Time Warner, Inc.		41,092,793		3.9
Raytheon Co.		37,789,550		3.6
Wal-Mart Stores, Inc.		33,657,696		3.2
Gilead Sciences, Inc.		27,458,393		2.6
Aetna, Inc.		27,095,582		2.6
Biogen, Inc.		24,316,570		2.3
Eli Lilly & Co.		23,509,818		2.3
Berkshire Hathaway, Inc.—Class B		22,695,919		2.2
Cigna Corp.		22,375,021		2.1
	$	312,532,632		29.8	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	209,612,446		19.9	%
Health Care		170,091,923		16.1
Consumer Discretionary		131,164,170		12.5
Information Technology		122,887,399		11.7
Industrials		109,867,474		10.4
Energy		60,006,264		5.7
Consumer Staples		55,918,096		5.3
Real Estate		28,924,800		2.7
Utilities		14,753,712		1.4
Materials		6,149,533		0.6
Short-Term Investments		144,037,317		13.7
Total Investments	$	1,053,413,134		100.0	%

(1) Long-term investments.

(2) The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

GROWTH & INCOME PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–86.8%
FINANCIALS–20.0%
BANKS–8.0%
Citigroup, Inc.		257,430	$	17,216,919
JPMorgan Chase & Co.		574,850		52,541,290
Wells Fargo & Co.		261,440		14,486,390
				84,244,599
CAPITAL MARKETS–5.7%
BlackRock, Inc.–Class A		15,940		6,733,216
Goldman Sachs Group, Inc. (The)		97,780		21,697,382
Northern Trust Corp.		128,120		12,454,545
State Street Corp.		161,870		14,524,595
TD Ameritrade Holding Corp.		105,700		4,544,043
				59,953,781
DIVERSIFIED FINANCIAL SERVICES–2.2%
Berkshire Hathaway, Inc.–Class B(a)		134,002		22,695,919
INSURANCE–4.1%
Allstate Corp. (The)		164,950		14,588,178
Chubb Ltd.		113,980		16,570,412
FNF Group		174,700		7,831,801
Validus Holdings Ltd.		71,729		3,727,756
				42,718,147
				209,612,446
HEALTH CARE–16.2%
BIOTECHNOLOGY–4.9%
Biogen, Inc.(a)		89,610		24,316,570
Gilead Sciences, Inc.		387,940		27,458,393
				51,774,963
HEALTH CARE EQUIPMENT & SUPPLIES–1.2%
Hologic, Inc.(a)		284,220		12,897,903
HEALTH CARE PROVIDERS & SERVICES–5.4%
Aetna, Inc.		178,460		27,095,582
Cigna Corp.		133,670		22,375,021
Quest Diagnostics, Inc.		61,050		6,786,318
				56,256,921
PHARMACEUTICALS–4.7%
Eli Lilly & Co.		285,660		23,509,818
Pfizer, Inc.		522,420		17,548,088
Roche Holding AG (Sponsored ADR)		254,850		8,104,230
				49,162,136
				170,091,923
CONSUMER DISCRETIONARY–12.5%
AUTO COMPONENTS–0.4%
BorgWarner, Inc.		89,920		3,809,011
HOUSEHOLD DURABLES–2.6%
DR Horton, Inc.		428,300	$	14,806,331
Garmin Ltd.(b)		240,580		12,276,797
				27,083,128
MEDIA–7.8%
AMC Networks, Inc.–Class A(a)		131,790		7,038,904
Comcast Corp.–Class A		358,860		13,966,831
Discovery Communications, Inc.–Class A(a)(b)		504,760		13,037,951
Scripps Networks Interactive, Inc.–Class A(b)		106,230		7,256,571
Time Warner, Inc.		409,250		41,092,793
				82,393,050
SPECIALTY RETAIL–1.7%
Ross Stores, Inc.		309,700		17,878,981
				131,164,170
INFORMATION TECHNOLOGY–11.7%
COMMUNICATIONS EQUIPMENT–0.8%
Cisco Systems, Inc.		274,740		8,599,362
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.5%
Dolby Laboratories, Inc.–Class A		247,760		12,130,330
Flex Ltd.(a)		248,750		4,057,112
FLIR Systems, Inc.		170,000		5,892,200
TE Connectivity Ltd.		53,110		4,178,695
				26,258,337
IT SERVICES–3.2%
International Business Machines Corp.		108,640		16,712,091
Mastercard, Inc.–Class A		134,920		16,386,034
				33,098,125
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.2%
Intel Corp.		339,992		11,471,330
Xilinx, Inc.		184,300		11,854,176
				23,325,506
SOFTWARE–1.5%
Microsoft Corp.		103,581		7,139,838
VMware, Inc.–Class A(a)(b)		104,660		9,150,424
				16,290,262
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Apple, Inc.		106,345		15,315,807
				122,887,399
INDUSTRIALS–10.5%
AEROSPACE & DEFENSE–4.4%
Boeing Co. (The)		41,370		8,180,917
Raytheon Co.		234,020		37,789,550
				45,970,467

3

GROWTH & INCOME PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AIRLINES–0.6%
Delta Air Lines, Inc.		117,630	$	6,321,436
ELECTRICAL EQUIPMENT–0.4%
AMETEK, Inc.		63,830		3,866,183
INDUSTRIAL CONGLOMERATES–0.8%
Carlisle Cos., Inc.		90,339		8,618,341
MACHINERY–1.4%
Caterpillar, Inc.		60,110		6,459,421
Parker-Hannifin Corp.		51,599		8,246,552
				14,705,973
ROAD & RAIL–2.0%
Landstar System, Inc.		46,475		3,978,260
Norfolk Southern Corp.		138,630		16,871,271
				20,849,531
TRADING COMPANIES & DISTRIBUTORS–0.9%
MSC Industrial Direct Co., Inc.–Class A		110,930		9,535,543
				109,867,474
ENERGY–5.7%
ENERGY EQUIPMENT & SERVICES–2.2%
Dril-Quip, Inc.(a)		78,370		3,824,456
National Oilwell Varco, Inc.		183,550		6,046,137
Oceaneering International, Inc.		114,930		2,625,001
Oil States International, Inc.(a)		140,055		3,802,493
TechnipFMC PLC(a)		268,150		7,293,680
				23,591,767
OIL, GAS & CONSUMABLE FUELS–3.5%
Exxon Mobil Corp.		212,750		17,175,308
Noble Energy, Inc.		679,830		19,239,189
				36,414,497
				60,006,264
CONSUMER STAPLES–5.4%
BEVERAGES–1.8%
PepsiCo, Inc.		156,880		18,118,071
FOOD & STAPLES RETAILING–3.6%
United Natural Foods, Inc.(a)		112,870		4,142,329
Wal-Mart Stores, Inc.		444,737		33,657,696
				37,800,025
				55,918,096
REAL ESTATE–2.8%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.1%
Liberty Property Trust		265,250		10,798,328
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.7%
CBRE Group, Inc.–Class A(a)		497,980		18,126,472
				28,924,800
UTILITIES–1.4%
ELECTRIC UTILITIES–1.4%
Exelon Corp.		409,030		14,753,712
MATERIALS–0.6%
METALS & MINING–0.6%
Reliance Steel & Aluminum Co.		84,460		6,149,533
Total Common Stocks (cost $778,058,516)				909,375,817
	Principal Amount (000)
SHORT-TERM INVESTMENTS–13.7%
TIME DEPOSIT–13.7%
State Street Time Deposit 0.09%, 7/03/17 (cost $144,037,317)	$	144,037		144,037,317
Total Investments Before Security Lending Collateral for Securities Loaned–100.5% (cost $922,095,833)				1,053,413,134
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.2%
INVESTMENT COMPANIES–1.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(c)(d) (cost $12,966,314)		12,966,314		12,966,314
TOTAL INVESTMENTS–101.7% (cost $935,062,147)				1,066,379,448
Other assets less liabilities–(1.7)%				(18,142,607	)
NET ASSETS–100.0%			$	1,048,236,841

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

4

GROWTH & INCOME PORTFOLIO
STATEMENTOF ASSETSAND LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $922,095,833)	$	1,053,413,134	(a)
Affiliated issuers (cost $12,966,314—investment of cash collateral for securities loaned)		12,966,314
Receivable for investment securities sold		1,157,405
Dividends and interest receivable		660,942
Receivable for capital stock sold		146,528
Total assets		1,068,344,323
LIABILITIES
Payable for collateral received on securities loaned		12,966,314
Payable for investment securities purchased		5,810,450
Advisory fee payable		504,132
Payable for capital stock redeemed		446,198
Distribution fee payable		196,372
Administrative fee payable		12,917
Transfer Agent fee payable		81
Accrued expenses		171,018
Total liabilities		20,107,482
NET ASSETS	$	1,048,236,841
COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,116
Additional paid-in capital		760,495,734
Undistributed net investment income		18,143,688
Accumulated net realized gain on investment transactions		138,248,002
Net unrealized appreciation on investments		131,317,301
	$	1,048,236,841

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	151,874,903		4,598,801	$	33.02
B	$	896,361,938		27,516,963	$	32.57

(a) Includes securities on loan with a value of $12,658,374 (see Note E).

See notes to financial statements.

5

GROWTH & INCOME PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $17,968)	$	8,739,719
Affiliated issuers		26,745
Interest		48,819
Securities lending income		27,152
Other income		18,866		$	8,861,301
EXPENSES
Advisory fee (see Note B)		2,891,397
Distribution fee—Class B		1,120,213
Transfer agency—Class A		772
Transfer agency—Class B		4,461
Custodian		78,119
Printing		49,888
Legal		30,225
Administrative		25,021
Audit and tax		20,895
Directors’ fees		13,372
Miscellaneous		15,177
Total expenses		4,249,540
Less: expenses waived and reimbursed by the Adviser (see Note E)		(6,702	)
Net expenses					4,242,838
Net investment income					4,618,463
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions					51,127,752
Net change in unrealized appreciation/depreciation of investments					2,475,113
Net gain on investment transactions					53,602,865
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	58,221,328

See notes to financial statements.

6

GROWTH & INCOME PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	4,618,463		$	11,500,311
Net realized gain on investment transactions		51,127,752			89,905,772
Net change in unrealized appreciation/depreciation of investments		2,475,113			2,606,255
Net increase in net assets from operations		58,221,328			104,012,338
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,498,498	)
Class B		–0	–		(6,966,608	)
Net realized gain on investment transactions
Class A		–0	–		(8,951,112	)
Class B		–0	–		(51,731,717	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(52,574,438	)		210,500,227
Total increase		5,646,890			245,364,630
NET ASSETS
Beginning of period		1,042,589,951			797,225,321
End of period (including undistributed net investment income of $18,143,688 and $13,525,225, respectively)	$	1,048,236,841		$	1,042,589,951

See notes to financial statements.

7

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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.

8

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)

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

909,375,817

$

–0

–

$

–0

–

$

909,375,817

Short-Term Investments

–0

–

144,037,317

–0

–

144,037,317

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

12,966,314

–0

–

–0

–

12,966,314

Total Investments in Securities

922,342,131

144,037,317

–0

–

1,066,379,448

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

922,342,131

$

144,037,317

$

–0

–

$

1,066,379,448

(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.

9

GROWTH & INCOME PORTFOLIO
NOTESTO 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.

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.

10

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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,021.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $240,731, 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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	337,862,325		$	429,033,752
U.S. government securities		–0	–		–0	–

11

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

Gross unrealized appreciation	$	142,981,446
Gross unrealized depreciation		(11,664,145	)
Net unrealized appreciation	$	131,317,301

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $12,658,374 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $12,966,314. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $27,152 and $26,745 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $6,702. 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.

12

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	13,560	$	112,584	$	113,178	$	12,966

NOTE F : Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		258,241			472,723		$	8,213,044		$	14,176,667
Shares issued in reinvestment of dividends and distributions		–0	–		356,156			–0	–		10,449,610
Shares redeemed		(655,302	)		(840,378	)		(21,080,333	)		(25,013,777	)
Net decrease		(397,061	)		(11,499	)	$	(12,867,289	)	$	(387,500	)
Class B
Shares sold		810,993			8,766,206		$	25,654,191		$	262,089,607
Shares issued in reinvestment of dividends and distributions		–0	–		2,023,382			–0	–		58,698,325
Shares redeemed		(2,059,585	)		(3,729,838	)		(65,361,340	)		(109,900,205	)
Net increase (decrease)		(1,248,592	)		7,059,750		$	(39,707,149	)	$	210,887,727

At June 30, 2017, certain shareholders of the Portfolio owned 60% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

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 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

13

GROWTH & INCOME PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2017.

NOTE I : Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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 paid	$	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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

14

GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$31.21			$30.12			$30.04			$27.80			$20.88			$18.05
Income From Investment Operations
Net investment income (a)		.18	(b)		.43†	(b)		.37			.40			.33			.29
Net realized and unrealized gain on investment transactions		1.63			2.84			.14			2.23			6.92			2.86
Net increase in net asset value from operations		1.81			3.27			.51			2.63			7.25			3.15
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.32	)		(.43	)		(.39	)		(.33	)		(.32	)
Distributions from net realized gain on investment transactions		–0	–		(1.86	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(2.18	)		(.43	)		(.39	)		(.33	)		(.32	)
Net asset value, end of period		$33.02			$31.21			$30.12			$30.04			$27.80			$20.88
Total Return
Total investment return based on net asset value (c)*		5.80	%		11.30	%†		1.70	%		9.54	%		34.96	%		17.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$151,875			$155,924			$150,801			$168,135			$164,154			$131,402
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.59	%^		.61	%		.60	%		.60	%		.60	%		.60	%
Expenses, before waivers/reimbursements		.60	%^		.61	%		.60	%		.60	%		.60	%		.60	%
Net investment income		1.09	%(b)^		1.46	%(b)†		1.21	%		1.39	%		1.35	%		1.48	%
Portfolio turnover rate		37	%		101	%		73	%		51	%		63	%		80	%

See footnote summary on page 16.

15

GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$30.82			$29.78			$29.71			$27.49			$20.66			$17.86
Income From Investment Operations
Net investment income (a)		.13	(b)		.36	(b)†		.29			.32			.27			.24
Net realized and unrealized gain on investment transactions		1.62			2.79			.14			2.22			6.83			2.83
Net increase in net asset value from operations		1.75			3.15			.43			2.54			7.10			3.07
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.25	)		(.36	)		(.32	)		(.27	)		(.27	)
Distributions from net realized gain on investment transactions		–0	–		(1.86	)		–0	–		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(2.11	)		(.36	)		(.32	)		(.27	)		(.27	)
Net asset value, end of period		$32.57			$30.82			$29.78			$29.71			$27.49			$20.66
Total Return
Total investment return based on net asset value (c)*		5.64	%		11.07	%†		1.43	%		9.29	%		34.59	%		17.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$896,362			$886,666			$646,424			$701,442			$709,257			$764,198
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.84	%^		.86	%		.85	%		.85	%		.85	%		.85	%
Expenses, before waivers/reimbursements		.85	%^		.86	%		.85	%		.85	%		.85	%		.85	%
Net investment income		.84	%(b)^		1.21	%(b)†		.96	%		1.14	%		1.11	%		1.23	%
Portfolio turnover rate		37	%		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 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 six months ended June 30, 2017 and years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.55%, 0.03%, 0.14%, 0.11%, 0.08% and 0.19%, respectively.

^ Annualized.

See notes to financial statements.

16

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

17

GROWTH & INCOME 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 an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of

18

AB Variable Products Series Fund

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.

19

VPS-GI-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,025.40	$	5.57		1.11	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.29	$	5.56		1.11	%
Class B
Actual	$	1,000	$	1,023.70	$	6.82		1.36	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.05	$	6.80		1.36	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

INTERMEDIATE BOND PORTFOLIO
June 30, 2017 (unaudited)	AB Variable Products Series Fund

TOP TEN SECTORS (including derivatives)(1)
Governments—Treasuries(2)	23.3	%
Mortgage Pass-Throughs	20.9
Corporates—Investment Grade	20.2
Asset-Backed Securities	13.7
Commercial Mortgage-Backed Securities(3)	10.3
Agency Discount Notes	8.7
Collateralized Mortgage Obligations	7.4
Inflation-Linked Securities	5.8
Corporates—Non-Investment Grade(3)	3.8
Interest Rate Swaps(4)	-5.8

SECTOR BREAKDOWN (excluding derivatives)(5)
Mortgage Pass-Throughs	18.4	%	Agencies	2.5	%
Corporates—Investment Grade	17.8		Emerging Markets—Treasuries	0.9
Governments—Treasuries	13.3		Quasi-Sovereigns	0.5
Asset-Backed Securities	12.0		Local Governments—US Municipal Bonds	0.5
Commercial Mortgage-Backed Securities	7.2		Governments—Sovereign Bonds	0.3
Collateralized Mortgage Obligations	6.5		Short-Term Investments	11.9
Inflation-Linked Securities	5.1		Other(6)	0.4
Corporates—Non-Investment Grade	2.7

(1) All data are as of June 30, 2017. 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.

(2) Includes Treasury Futures

(3) Includes Credit Default Swaps

(4) 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).

(5) All data are as of June 30, 2017. 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).

(6) “Other” represents less than 0.2% weightings in the following security types: Emerging Markets—Corporate Bonds and Preferred Stocks.

2

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
MORTGAGE PASS-THROUGHS–20.9%
AGENCY FIXED RATE 15-YEAR–2.4%
Federal National Mortgage Association 2.50%, 7/01/31–1/01/32		U.S.$	1,364	$	1,373,287
AGENCY FIXED RATE 30-YEAR–18.5%
Federal Home Loan Mortgage Corp. Gold 4.00%, 2/01/46			276		292,165
Series 2017 4.00%, 7/01/44			223		235,263
Series 2005 5.50%, 1/01/35			97		108,368
Series 2007 5.50%, 7/01/35			27		29,753
Federal National Mortgage Association 4.00%, 7/01/47, TBA			1,258		1,322,177
4.00%, 12/01/40–10/01/43			670		709,283
4.50%, 7/25/47, TBA			2,656		2,848,560
3.50%, 7/01/47, TBA			2,351		2,414,183
Series 2005 5.50%, 2/01/35			97		108,241
Series 2004 5.50%, 4/01/34–11/01/34			81		90,101
Series 2003 5.50%, 4/01/33–7/01/33			92		101,804
Government National Mortgage Association 3.00%, 4/20/46			325		329,168
3.50%, 7/01/47, TBA			1,635		1,693,247
Series 1994 9.00%, 9/15/24			1		1,343
					10,283,656
Total Mortgage Pass-Throughs (cost $11,631,625)					11,656,943
CORPORATES-INVESTMENT GRADE–20.2%
INDUSTRIAL–11.1%
BASIC–1.1%
Eastman Chemical Co. 3.80%, 3/15/25			50		51,429
Glencore Funding LLC 4.125%, 5/30/23(a)			58		59,517
Mosaic Co. (The) 5.625%, 11/15/43			53		54,094
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(a)			260		259,532
Vale Overseas Ltd. 6.875%, 11/21/36			80		85,800
Yamana Gold, Inc. 4.95%, 7/15/24			81		81,787
					592,159
CAPITAL GOODS–0.2%
Embraer Netherlands Finance BV 5.40%, 2/01/27	U.S.$		85	$	88,381
General Electric Co. Series D 5.00%, 1/21/21(b)			40		42,418
					130,799
COMMUNICATIONS–MEDIA–0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			135		145,842
Cox Communications, Inc. 2.95%, 6/30/23(a)			51		49,696
Time Warner Cable LLC 4.125%, 2/15/21			200		209,604
					405,142
COMMUNICATIONS–TELECOMMUNICATIONS–1.6%
AT&T, Inc. 3.40%, 5/15/25			310		304,243
4.125%, 2/17/26			147		150,646
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	27		22,379
Verizon Communications, Inc. 2.625%, 8/15/26		U.S.$	157		144,880
3.50%, 11/01/24			145		146,354
5.50%, 3/16/47			105		114,770
					883,272
CONSUMER CYCLICAL–AUTOMOTIVE–0.5%
General Motors Co. 3.50%, 10/02/18			80		81,378
General Motors Financial Co., Inc. 3.10%, 1/15/19			110		111,516
3.25%, 5/15/18			9		9,105
4.00%, 1/15/25			23		23,131
4.30%, 7/13/25			30		30,642
					255,772
CONSUMER NON-CYCLICAL–1.9%
Becton Dickinson and Co. 3.734%, 12/15/24			40		40,672
Biogen, Inc. 4.05%, 9/15/25			144		152,256
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			2		2,234
Grupo Bimbo SAB de CV 3.875%, 6/27/24(a)			201		207,104
Laboratory Corp. of America Holdings 3.60%, 2/01/25			60		60,815

3

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

	Principal Amount (000)		U.S. $ Value
Medtronic, Inc. 3.50%, 3/15/25	U.S.$	195	$	202,734
Mylan NV 3.95%, 6/15/26		37		37,527
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		122		118,797
3.15%, 10/01/26		86		81,592
Tyson Foods, Inc. 2.65%, 8/15/19		39		39,491
3.95%, 8/15/24		123		128,945
				1,072,167
ENERGY–3.2%
Cenovus Energy, Inc. 3.00%, 8/15/22		12		11,503
5.70%, 10/15/19		36		37,993
Ecopetrol SA 5.875%, 5/28/45		57		52,326
Encana Corp. 3.90%, 11/15/21		45		45,925
Energy Transfer LP 7.50%, 7/01/38		149		181,469
EnLink Midstream Partners LP 5.05%, 4/01/45		125		118,322
Enterprise Products Operating LLC 3.70%, 2/15/26		161		163,830
5.20%, 9/01/20		55		59,694
Hess Corp. 4.30%, 4/01/27		109		106,743
Nabors Industries, Inc. 5.50%, 1/15/23(a)		113		107,017
Noble Energy, Inc. 3.90%, 11/15/24		107		109,598
8.25%, 3/01/19		238		260,665
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24		137		133,582
Sabine Pass Liquefaction LLC 5.00%, 3/15/27		80		85,148
TransCanada PipeLines Ltd. 3.392% (LIBOR 3 Month + 2.21%), 5/15/67(c)		235		223,501
Williams Partners LP 4.125%, 11/15/20		97		101,246
				1,798,562
SERVICES–0.3%
S&P Global, Inc. 4.40%, 2/15/26		127		136,396
Total System Services, Inc. 3.75%, 6/01/23		19		19,713
				156,109
TECHNOLOGY–1.6%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24(a)		28		28,713
3.875%, 1/15/27(a)		62		63,660
Dell International LLC/EMC Corp. 5.45%, 6/15/23(a)	U.S.$	160	$	174,098
6.02%, 6/15/26(a)		31		34,217
Fidelity National Information Services, Inc. 5.00%, 10/15/25		2		2,216
HP, Inc. 4.65%, 12/09/21		107		115,462
KLA-Tencor Corp. 4.65%, 11/01/24		134		144,610
Lam Research Corp. 2.80%, 6/15/21		39		39,552
Motorola Solutions, Inc. 3.50%, 3/01/23		82		81,999
7.50%, 5/15/25		23		27,419
Seagate HDD Cayman 4.75%, 1/01/25		75		75,551
Western Digital Corp. 7.375%, 4/01/23(a)		89		97,677
				885,174
				6,179,156
FINANCIAL INSTITUTIONS–8.4%
BANKING–7.2%
Banco Santander SA 3.50%, 4/11/22		200		204,582
Bank of America Corp. 2.881%, 4/24/23		145		145,396
3.824%, 1/20/28		145		147,627
BNP Paribas SA 3.80%, 1/10/24(a)		200		207,858
Compass Bank 5.50%, 4/01/20		250		265,860
Cooperatieve Rabobank UA 4.375%, 8/04/25		250		261,973
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23		265		272,860
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21		118		116,425
3.75%, 5/22/25		53		54,164
3.85%, 7/08/24		210		217,928
Series D 6.00%, 6/15/20		195		215,177
JPMorgan Chase & Co. 3.22%, 3/01/25		140		140,391
Lloyds Banking Group PLC 4.65%, 3/24/26		200		208,368
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26		200		208,888
Morgan Stanley 5.625%, 9/23/19		143		153,603
Nationwide Building Society 6.25%, 2/25/20(a)		230		253,444

4

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Santander Issuances SAU 3.25%, 4/04/26(a)		EUR	200	$	243,666
UBS AG/Stamford CT 7.625%, 8/17/22		U.S.$	250		293,745
UBS Group Funding Switzerland AG 4.125%, 9/24/25(a)			200		209,374
US Bancorp Series J 5.30%, 4/15/27(b)			63		67,048
Wells Fargo & Co. 3.069%, 1/24/23			113		114,394
					4,002,771
INSURANCE–0.4%
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20			31		33,593
Lincoln National Corp. 8.75%, 7/01/19			35		39,376
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)			35		59,083
XLIT Ltd. 3.25%, 6/29/47		EUR	100		112,988
					245,040
REITS–0.8%
American Tower Corp. 5.05%, 9/01/20		U.S.$	260		279,825
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			6		6,113
Welltower, Inc. 4.00%, 6/01/25			146		151,171
					437,109
					4,684,920
UTILITY–0.7%
ELECTRIC–0.7%
Berkshire Hathaway Energy Co. 6.125%, 4/01/36			90		115,873
Exelon Corp. 5.15%, 12/01/20			64		68,797
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/24(a)			200		215,500
					400,170
Total Corporates–Investment Grade (cost $10,806,500)					11,264,246
GOVERNMENTS–TREASURIES–15.2%
UNITED STATES–15.2%
U.S. Treasury Bonds 2.875%, 8/15/45–11/15/46			330		331,317
3.00%, 11/15/45–5/15/47			2,183		2,249,456
3.625%, 2/15/44	U.S.$		65	$	74,892
4.50%, 2/15/36			99		127,772
5.50%, 8/15/28			147		191,941
6.25%, 5/15/30			261		371,477
U.S. Treasury Notes 0.625%, 9/30/17			2,000		1,997,812
1.125%, 1/31/19			450		448,383
1.625%, 5/15/26			266		252,486
1.75%, 11/30/21			1,247		1,243,688
2.00%, 11/15/26			328		319,851
2.25%, 11/15/24–11/15/25			611		611,604
2.50%, 8/15/23			215		220,644
Total Governments–Treasuries (cost $8,666,402)					8,441,323
ASSET-BACKED SECURITIES–13.7%
AUTOS–FIXED RATE–7.4%
Ally Auto Receivables Trust Series 2015-2, Class A3 1.49%, 11/15/19			129		129,191
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			259		259,032
Americredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20			101		101,343
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97%, 2/20/20(a)			288		290,965
Series 2016-1A, Class A 2.99%, 6/20/22(a)			100		100,544
Bank of The West Auto Trust Series 2015-1, Class A3 1.31%, 10/15/19(a)			159		159,118
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			69		69,330
Series 2015-2, Class A3 1.31%, 8/15/19			42		42,356
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19			45		44,971
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(a)			142		142,503
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(a)			40		40,109
Enterprise Fleet Financing LLC Series 2014-2, Class A2 1.05%, 3/20/20(a)			17		17,247
Series 2015-1, Class A2 1.30%, 9/20/20(a)			74		73,588

5

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

	Principal Amount (000)		U.S. $ Value
Exeter Automobile Receivables Trust
Series 2016-3A, Class A 1.84%, 11/16/20(a)	U.S.$	35	$	35,310
Series 2016-3A, Class D 6.40%, 7/17/23(a)		100		103,245
Series 2017-2A, Class A 2.11%, 6/15/21(a)		84		83,680
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21		165		164,939
Flagship Credit Auto Trust Series 2016-3, Class A1 1.61%, 12/15/19(a)		56		56,374
Series 2016-4, Class D 3.89%, 11/15/22(a)		125		125,890
Ford Credit Auto Owner Trust Series 2014-2, Class A 2.31%, 4/15/26(a)		257		259,622
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22		198		197,456
Series 2016-1, Class A1 1.76%, 2/15/21		131		130,995
Series 2017-1, Class A1 2.07%, 5/15/22		115		115,021
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18		206		205,728
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(a)		128		128,460
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20		107		107,200
Hertz Vehicle Financing II LP Series 2015-1A, Class B 3.52%, 3/25/21(a)		115		115,242
Hertz Vehicle Financing LLC Series 2013-1A, Class A2 1.83%, 8/25/19(a)		485		483,378
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40%, 11/15/18(a)		81		81,276
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18		101		101,447
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18		33		32,888
Santander Drive Auto Receivables Trust Series 2016-3, Class A2 1.34%, 11/15/19	U.S.$	80	$	80,459
Westlake Automobile Receivables Trust Series 2016-2A, Class A2 1.57%, 6/17/19(a)		51		50,664
				4,129,571
OTHER ABS–FIXED RATE–2.3%
Ascentium Equipment Receivables Trust Series 2016-1A, Class A2 1.75%, 11/13/18(a)		24		24,043
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21		101		100,966
Series 2015-A, Class A4 1.85%, 4/15/21		134		133,921
Dell Equipment Finance Trust Series 2015-1, Class A3 1.30%, 3/23/20(a)		6		5,674
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(a)		56		56,038
Series 2017-1A, Class A 2.827%, 3/15/24(a)		86		86,068
Series 2017-2A, Class A 2.39%, 7/15/24(a)		140		140,000
Series 2017-2A, Class C 4.58%, 7/15/24(a)		100		99,994
SBA Tower Trust 3.156%, 10/15/20(a)		147		149,872
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(a)		83		83,553
Series 2016-3, Class A 3.05%, 12/26/25(a)		90		90,274
Series 2017-1, Class A 3.28%, 1/26/26(a)		84		84,931
Series 2017-2, Class A 3.28%, 2/25/26(a)		100		101,617
Series 2017-3, Class A 2.77%, 5/25/26(a)		112		112,145
				1,269,096
CREDIT CARDS–FIXED RATE–1.5%
Barclays Dryrock Issuance Trust Series 2015-2, Class A 1.56%, 3/15/21		183		183,056
Synchrony Credit Card Master Note Trust Series 2012-2, Class A 2.22%, 1/15/22		232		233,732

6

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2015-3, Class A 1.74%, 9/15/21	U.S.$	173	$	173,148
Series 2016-1, Class A 2.04%, 3/15/22		130		130,502
World Financial Network Credit Card Master Trust Series 2016-B, Class A 1.44%, 6/15/22		137		136,657
				857,095
AUTOS–FLOATING RATE–1.5%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.659% (LIBOR 1 Month + 0.50%), 7/15/20(a)(c)		214		214,700
Hertz Fleet Lease Funding LP Series 2013-3, Class A 1.408%, 12/10/27(a)		14		13,693
NCF Dealer Floorplan Master Trust Series 2014-1A, Class A 2.712% (LIBOR 1 Month + 1.50%), 10/20/20(a)(c)		197		197,000
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 1.562% (LIBOR 1 Month + 0.35%), 7/22/19(a)(c)		70		70,004
Wells Fargo Dealer Floorplan Master Note Trust Series 2014-1, Class A 1.592% (LIBOR 1 Month + 0.38%), 7/20/19(c)		120		120,013
Series 2015-1, Class A 1.712% (LIBOR 1 Month + 0.50%), 1/20/20(c)		227		227,414
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(a)		5		5,154
				847,978
CREDIT CARDS–FLOATING RATE–0.8%
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.509% (LIBOR 1 Month + 0.35%), 8/17/20(c)		263		263,500
World Financial Network Credit Card Master Trust Series 2015-A, Class A 1.639% (LIBOR 1 Month + 0.48%), 2/15/22(c)		150		150,380
				413,880
HOME EQUITY LOANS–FIXED RATE–0.1%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33	U.S.$	65	$	65,077
HOME EQUITY LOANS–FLOATING RATE–0.1%
Asset Backed Funding Certificates Trust Series 2003-WF1, Class A2 2.341% (LIBOR 1 Month + 1.13%), 12/25/32(c)		33		32,199
Total Asset-Backed Securities (cost $7,594,509)				7,614,896
COMMERCIAL MORTGAGE-BACKED SECURITIES–8.2%
NON-AGENCY FIXED RATE CMBS–6.6%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51		78		78,434
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41		1		1,124
BHMS Commercial Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(a)		200		202,502
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(a)		260		268,935
Citigroup Commercial Mortgage Trust Series 2012-GC8, Class D 5.014%, 9/10/45(a)		128		117,998
Series 2015-GC27, Class A5 3.137%, 2/10/48		144		144,345
Series 2016-C1, Class A4 3.209%, 5/10/49		192		193,516
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(a)		82		80,280
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48		117		121,291
Series 2015-C4, Class A4 3.808%, 11/15/48		150		156,766
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(a)		240		243,414

7

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

	Principal Amount (000)			U.S. $ Value
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 4/10/31(a)		U.S.$	136	$	136,165
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 5/15/47			45		45,341
Series 2012-C6, Class D 5.299%, 5/15/45			110		113,348
Series 2012-C6, Class E 5.299%, 5/15/45(a)			132		118,654
JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA 1.087%, 9/15/47(d)			2,874		144,773
Series 2015-C31, Class A3 3.801%, 8/15/48			130		136,505
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			40		34,752
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 3/10/49(a)			159		155,298
ML-CFC Commercial Mortgage Trust Series 2007-9, Class A4 5.70%, 9/12/49			517		517,455
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/45			112		113,023
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45			5		4,617
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.584%, 12/15/59			85		83,222
Series 2016-NXS6, Class C 4.453%, 11/15/49			100		99,541
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class XA 1.49%, 3/15/45(a)(d)			1,600		77,074
Series 2013-C14, Class A5 3.337%, 6/15/46			132		136,372
Series 2014-C20, Class A2 3.036%, 5/15/47			125		127,623
					3,652,368
NON-AGENCY FLOATING RATE CMBS–1.6%
CGBAM Commercial Mortgage Trust Series 2016-IMC, Class A 3.072% (LIBOR 1 Month + 1.90%), 11/15/21(a)(c)	U.S.$		115	$	115,072
Series 2016-IMC, Class C 5.122% (LIBOR 1 Month + 3.95%), 11/15/21(a)(c)			123		123,497
CSMC Mortgage-Backed Trust Series 2016-MFF, Class D 5.367% (LIBOR 1 Month + 4.60%), 11/15/33(a)(c)			100		100,563
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 2.859% (LIBOR 1 Month + 1.70%), 7/15/36(a)(c)			138		138,346
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 2.222% (LIBOR 1 Month + 1.05%), 4/15/32(a)(c)			11		11,222
Starwood Retail Property Trust Series 2014-STAR, Class A 2.347% (LIBOR 1 Month + 1.22%), 11/15/27(a)(c)			196		194,068
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class A 2.509% (LIBOR 1 Month + 1.35%), 6/15/29(a)(c)			211		211,654
					894,422
Total Commercial Mortgage-Backed Securities (cost $4,585,358)					4,546,790
COLLATERALIZED MORTGAGE OBLIGATIONS–7.4%
RISK SHARE FLOATING RATE–5.3%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 7.716% (LIBOR 1 Month + 6.50%), 4/25/26(c)(e)			150		156,011
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M2 3.616% (LIBOR 1 Month + 2.40%), 8/25/24(c)			21		20,924
Series 2014-DN4, Class M3 5.766% (LIBOR 1 Month + 4.55%), 10/25/24(c)			248		272,949
Series 2014-HQ3, Class M2 3.866% (LIBOR 1 Month + 2.65%), 10/25/24(c)			64		64,500

8

AB Variable Products Series Fund

		Principal Amount (000)		U.S. $ Value
Series 2015-DNA1, Class M3 4.516% (LIBOR 1 Month + 3.30%), 10/25/27(c)		U.S.$	250	$	277,165
Series 2015-HQA1, Class M2 3.866% (LIBOR 1 Month + 2.65%), 3/25/28(c)			184		188,156
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M1 2.416% (LIBOR 1 Month + 1.20%), 7/25/24(c)			10		10,024
Series 2014-C04, Class 1M2 6.116% (LIBOR 1 Month + 4.90%), 11/25/24(c)			169		192,687
Series 2014-C04, Class 2M2 6.216% (LIBOR 1 Month + 5.00%), 11/25/24(c)			58		65,600
Series 2015-C01, Class 1M2 5.516% (LIBOR 1 Month + 4.30%), 2/25/25(c)			82		88,746
Series 2015-C01, Class 2M2 5.766% (LIBOR 1 Month + 4.55%), 2/25/25(c)			75		81,056
Series 2015-C02, Class 1M2 5.216% (LIBOR 1 Month + 4.00%), 5/25/25(c)			101		108,678
Series 2015-C02, Class 2M2 5.216% (LIBOR 1 Month + 4.00%), 5/25/25(c)			121		129,216
Series 2015-C03, Class 1M2 6.216% (LIBOR 1 Month + 5.00%), 7/25/25(c)			125		139,531
Series 2015-C03, Class 2M2 6.216% (LIBOR 1 Month + 5.00%), 7/25/25(c)			105		116,455
Series 2015-C04, Class 1M2 6.916% (LIBOR 1 Month + 5.70%), 4/25/28(c)			145		165,221
Series 2015-C04, Class 2M2 6.766% (LIBOR 1 Month + 5.55%), 4/25/28(c)			138		154,573
Series 2016-C01, Class 1M2 7.966% (LIBOR 1 Month + 6.75%), 8/25/28(c)			160		193,308
Series 2016-C01, Class 2M2 8.166% (LIBOR 1 Month + 6.95%), 8/25/28(c)			92		110,524
Series 2016-C02, Class 1M2 7.216% (LIBOR 1 Month + 6.00%), 9/25/28(c)			130		152,134
Series 2016-C03, Class 2M2 7.116% (LIBOR 1 Month + 5.90%), 10/25/28(c)			148		172,355
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.466% (LIBOR 1 Month + 5.25%), 11/25/25(c)(e)		U.S.$	48	$	52,178
Series 2015-WF1, Class 2M2 6.716% (LIBOR 1 Month + 5.50%), 11/25/25(c)(e)			20		23,311
					2,935,302
NON-AGENCY FIXED RATE–1.2%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35			23		21,799
Series 2005-57CB, Class 4A3 5.50%, 12/25/35			48		43,765
Series 2006-23CB, Class 1A7 6.00%, 8/25/36			29		27,959
Series 2006-24CB, Class A16 5.75%, 6/25/36			84		69,715
Series 2006-28CB, Class A14 6.25%, 10/25/36			59		51,311
Series 2006-9T1, Class A1 5.75%, 5/25/36			36		28,070
Series 2006-J1, Class 1A13 5.50%, 2/25/36			49		44,176
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			28		25,654
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 3.234%, 5/25/35			59		58,964
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			42		35,845
Series 2006-13, Class 1A19 6.25%, 9/25/36			24		20,479
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36			72		59,813
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.515%, 7/25/36			155		130,341
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37	��		39		33,691

9

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

	Principal Amount (000)			U.S. $ Value
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37		U.S.$	23	$	22,902
					674,484
AGENCY FLOATING RATE–0.5%
Federal National Mortgage Association REMICs Series 2011-131, Class ST 5.324% (6.54%-LIBOR 1 Month), 12/25/41(c)(f)			204		44,559
Series 2015-90, Class SL 4.934% (6.15%-LIBOR 1 Month), 12/25/45(c)(f)			418		83,269
Series 2016-77, Class DS 4.78% (6.00%-LIBOR 1 Month), 10/25/46(c)(f)			410		83,629
Series 2017-26, Class TS 4.734% (5.95%-LIBOR 1 Month), 4/25/47(c)(f)			366		83,119
					294,576
NON-AGENCY FLOATING RATE–0.3%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 1.406% (LIBOR 1 Month + 0.19%), 12/25/36(c)			161		97,278
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.466% (LIBOR 1 Month + 0.25%), 3/25/35(c)			60		52,896
					150,174
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 1.668%, 5/28/35			50		44,910
Total Collateralized Mortgage Obligations (cost $3,918,552)					4,099,446
INFLATION-LINKED SECURITIES–5.8%
JAPAN–1.0%
Japanese Government CPI Linked Bond Series 2022 0.10%, 3/10/27		JPY	59,631		556,281
UNITED STATES–4.8%
U.S. Treasury Inflation Index 0.125%, 4/15/19–4/15/20 (TIPS)		U.S.$	1,199		1,199,762
0.25%, 1/15/25 (TIPS)			646		634,676
0.375%, 7/15/25 (TIPS)			851		844,318
					2,678,756
Total Inflation-Linked Securities (cost $3,284,409)				$	3,235,037
CORPORATES–NON-INVESTMENT GRADE–3.1%
INDUSTRIAL–2.0%
BASIC–0.1%
NOVA Chemicals Corp. 5.25%, 8/01/23(a)		U.S.$	74		76,078
COMMUNICATIONS–MEDIA–0.3%
CSC Holdings LLC 6.75%, 11/15/21			30		33,211
SFR Group SA 5.375%, 5/15/22(a)		EUR	120		142,955
					176,166
COMMUNICATIONS– TELECOMMUNICATIONS–0.9%
Arqiva Broadcast Finance PLC 9.50%, 3/31/20(a)		GBP	100		138,770
CenturyLink, Inc. Series Y 7.50%, 4/01/24		U.S.$	42		46,058
Sprint Capital Corp. 6.90%, 5/01/19			210		224,213
Windstream Services LLC 6.375%, 8/01/23			80		65,990
					475,031
CONSUMER CYCLICAL–OTHER–0.1%
KB Home 4.75%, 5/15/19			63		64,933
CONSUMER CYCLICAL–RETAILERS–0.1%
Hanesbrands, Inc. 4.625%, 5/15/24(a)			39		39,643
CONSUMER NON-CYCLICAL–0.2%
First Quality Finance Co., Inc. 4.625%, 5/15/21(a)			85		86,135
Lamb Weston Holdings, Inc. 4.625%, 11/01/24(a)			16		16,447
4.875%, 11/01/26(a)			16		16,568
					119,150
ENERGY–0.1%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			68		44,148
SM Energy Co. 6.50%, 1/01/23			9		8,593
					52,741
TECHNOLOGY–0.1%
Dell International LLC/EMC Corp. 7.125%, 6/15/24(a)			35		38,486

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
TRANSPORTATION–SERVICES–0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(a)		U.S.$	52	$	49,177
					1,091,405
FINANCIAL INSTITUTIONS–1.1%
BANKING–0.9%
Bank of America Corp. Series Z 6.50%, 10/23/24(b)			49		54,579
Barclays Bank PLC 6.86%, 6/15/32(a)(b)			29		33,812
Intesa Sanpaolo SpA Series E 3.928%, 9/15/26(a)		EUR	100		120,762
Lloyds Banking Group PLC 7.50%, 6/27/24(b)		U.S.$	200		219,756
Standard Chartered PLC 2.68% (LIBOR 3 Month + 1.51%), 1/30/27(a)(b)(c)			100		85,046
					513,955
FINANCE–0.2%
Navient Corp. 6.625%, 7/26/21			95		102,068
					616,023
Total Corporates–Non-Investment Grade (cost $1,751,829)					1,707,428
AGENCIES–2.9%
AGENCY DEBENTURES–2.9%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,491,654)			1,677		1,588,119
EMERGING MARKETS–TREASURIES–1.1%
BRAZIL–1.1%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21–1/01/27 (cost $537,426)		BRL	2,015		601,845
Total Emerging Markets–Treasuries (cost $537,426)					601,845
QUASI-SOVEREIGNS–0.6%
QUASI-SOVEREIGN BONDS–0.6%
CHILE–0.4%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(a)		U.S.$	210		227,850
MEXICO–0.2%
Petroleos Mexicanos 4.625%, 9/21/23		U.S.$	120	$	121,440
Total Quasi-Sovereigns (cost $328,874)					349,290
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.5%
CALIFORNIA–0.5%
State of California Series 2010 7.625%, 3/01/40 (cost $203,103)			200		305,550
GOVERNMENTS–SOVEREIGN BONDS–0.3%
QATAR–0.3%
Qatar Government International Bond 2.375%, 6/02/21(a) (cost $198,292)			200		195,000
EMERGING MARKETS–CORPORATE BONDS–0.3%
INDUSTRIAL–0.3%
CAPITAL GOODS–0.2%
Odebrecht Finance Ltd. 7.125%, 6/26/42(a)			200		80,500
ENERGY–0.1%
Petrobras Global Finance BV 6.125%, 1/17/22			65		67,034
Total Emerging Markets–Corporate Bonds (cost $123,601)					147,534
	Shares
PREFERRED STOCKS–0.2%
FINANCIAL INSTITUTIONS–0.2%
REITS–0.2%
Sovereign Real Estate Investment Trust 12.00%(a) (cost $87,658)			93		116,250
	Principal Amount (000)
SHORT-TERM INVESTMENTS–13.5%
AGENCY DISCOUNT NOTE–8.7%
Federal Home Loan Bank Discount Notes Zero Coupon, 7/05/17-11/10/17 (cost $4,848,547)		U.S.$	4,855		4,848,547

11

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

Company		Principal Amount (000)		U.S. $ Value
GOVERNMENTS–TREASURIES–3.9%
JAPAN–3.9%
Japan Treasury Discount Bill Series 687 Zero Coupon, 12/11/17 (cost $2,237,738)	JPY		246,000	$	2,188,395
TIME DEPOSIT–0.9%
State Street Time Deposit 0.09%, 7/03/17 (cost $492,701)	U.S.$		493		492,701
Total Short-Term Investments (cost $7,578,986)					7,529,643
TOTAL INVESTMENTS–113.9% (cost $62,788,778)				$	63,399,340
Other assets less liabilities–(13.9)%					(7,713,997	)
NET ASSETS–100.0%				$	55,685,343

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		74		September 2017	$	8,740,983	$	8,719,860	$	(21,123	)
U.S. Ultra Bond (CBT) Futures		14		September 2017		2,274,695		2,322,250		47,555
Sold Contracts
10 Yr Mini Japan Government Bond Futures		4		September 2017		534,858		534,270		588
Euro-BOBL Futures		37		September 2017		5,619,213		5,565,581		53,632
U.S. T-Note 2 Yr (CBT) Futures		12		September 2017		2,595,502		2,593,313		2,189
									$	82,841

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Australia and New Zealand Banking Group Ltd.		AUD	814		USD	614		7/10/17	$	(10,928	)
Bank of America, NA		JPY	320,000		USD	2,884		7/14/17		37,876
Bank of America, NA		KRW	240,509		USD	214		7/27/17		3,444
Bank of America, NA		TWD	6,546		USD	218		8/16/17		2,566
Bank of America, NA		USD	62		MYR	265		8/18/17		(651	)
Barclays Bank PLC		USD	142		CNY	970		8/16/17		509
Citibank, NA		BRL	1,443		USD	436		7/05/17		619
Citibank, NA		USD	369		BRL	1,228		7/05/17		1,904
Citibank, NA		USD	65		BRL	215		7/05/17		(184	)
Citibank, NA		TWD	6,016		USD	199		7/28/17		720
Citibank, NA		BRL	1,228		USD	367		8/02/17		(1,908	)
Citibank, NA		USD	81		MYR	344		8/18/17		(957	)
Citibank, NA		USD	344		INR	22,237		8/21/17		(1,390	)
Citibank, NA		INR	22,137		USD	341		8/22/17		264
Deutsche Bank AG		BRL	1,184		USD	358		7/05/17		183

12

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Deutsche Bank AG		USD	358		BRL	1,184		7/05/17	$	(508	)
Goldman Sachs Bank USA		BRL	259		USD	78		7/05/17		329
Goldman Sachs Bank USA		USD	78		BRL	259		7/05/17		(111	)
JPMorgan Chase Bank, NA		USD	218		TWD	6,564		9/20/17		(2,486	)
State Street Bank & Trust Co.		NZD	260		USD	181		7/10/17		(9,600	)
State Street Bank & Trust Co.		USD	163		AUD	214		7/10/17		1,926
State Street Bank & Trust Co.		USD	171		NZD	240		7/10/17		4,559
State Street Bank & Trust Co.		EUR	109		USD	125		7/13/17		232
State Street Bank & Trust Co.		EUR	458		USD	495		7/13/17		(28,989	)
State Street Bank & Trust Co.		USD	225		EUR	200		7/13/17		3,023
State Street Bank & Trust Co.		SEK	2,563		USD	290		7/14/17		(14,824	)
State Street Bank & Trust Co.		USD	219		NOK	1,848		7/14/17		2,631
State Street Bank & Trust Co.		USD	290		SEK	2,516		7/14/17		9,213
State Street Bank & Trust Co.		GBP	320		USD	413		7/21/17		(4,849	)
State Street Bank & Trust Co.		USD	143		TRY	512		8/18/17		1,168
State Street Bank & Trust Co.		CAD	562		USD	424		8/24/17		(9,319	)
State Street Bank & Trust Co.		USD	219		CAD	290		8/24/17		4,518
									$	(11,020	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/ (Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00	%		3.39	%	$	600	$	42,433	$	4,040

* 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)	MXN		2,243		6/22/20	4 Week TIIE	6.770%	$	85
Morgan Stanley & Co., LLC/(CME Group)	JPY		278,240		3/31/22	0.099%	6 Month LIBOR		6
Morgan Stanley & Co., LLC/(CME Group)	SEK		4,830		3/31/22	3 Month STIBOR	0.341%		(606	)
Morgan Stanley & Co., LLC/(CME Group)	NZD		1,950		3/31/22	3 Month BKBM	2.936%		16,464
Morgan Stanley & Co., LLC/(CME Group)			530		1/14/24	2.980%	3 Month LIBOR		(35,401	)
Morgan Stanley & Co., LLC/(CME Group)			650		4/28/24	2.817%	3 Month LIBOR		(31,850	)

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	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/(CME Group)	NZD		740		11/10/25		2.256%		3 Month LIBOR	$	(4,384	)
Morgan Stanley & Co., LLC/(CME Group)			80		6/28/26		1.460%		3 Month LIBOR		5,159
Morgan Stanley & Co., LLC/(CME Group)			200		12/21/26		3 Month LIBOR		2.497%		4,107
Morgan Stanley & Co., LLC/(CME Group)			650		4/26/27		2.287%		3 Month LIBOR		(1,637	)
Morgan Stanley & Co., LLC/(CME Group)	MXN		818		6/14/27		7.090%		4 Week TIIE		235
Morgan Stanley & Co., LLC/(LCH Group)			175		11/08/26		1.657%		3 Month LIBOR		8,582
Morgan Stanley & Co., LLC/(LCH Group)			200		11/09/26		1.672%		3 Month LIBOR		9,558
										$	(29,682	)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)%		0.72	%	$	112	$	(9,548	)	$	(2,804	)	$	(6,744	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		0.72			98		(8,355	)		(2,366	)		(5,989	)
Credit Suisse International
CDX-CMBX.NA.BBB Series 7, 1/17/47*		(3.00	)		4.73			350		31,022			23,255			7,767
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		0.69			330		4,489			4,244			245
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		0.69			46		627			633			(6	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		0.69			99		1,351			1,325			26
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		0.69			50		682			669			13
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			60		(6,988	)		(8,611	)		1,623

14

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00	%		5.74	%	$	32	$	(3,716	)	$	(4,486	)	$	770
Credit Suisse International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			350		(40,647	)		(21,411	)		(19,236	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			318		(36,952	)		(13,751	)		(23,201	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			28		(3,251	)		(2,046	)		(1,205	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			94		(10,917	)		(6,428	)		(4,489	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 5/11/63*		2.00			2.66			135		(4,273	)		(2,791	)		(1,482	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(991	)		62
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			51		(5,931	)		(6,793	)		862
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			84		(9,756	)		(9,566	)		(190	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			27		(3,135	)		(3,263	)		128
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			28		(3,251	)		(3,385	)		134
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			85		(9,871	)		(7,390	)		(2,481	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(485	)		(444	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			132		(15,330	)		(9,779	)		(5,551	)
Goldman Sachs International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			185		(21,485	)		(14,950	)		(6,535	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			49		(5,691	)		(4,476	)		(1,215	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			4		(465	)		(379	)		(86	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(772	)		(157	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			8		(929	)		(835	)		(94	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			16		(1,858	)		(1,826	)		(32	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			57		(6,619	)		(6,419	)		(200	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			92		(10,723	)		(12,893	)		2,170

15

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

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts (continued)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00	%		5.74	%	$	41	$	(4,761	)	$	(5,898	)	$	1,137
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			125		(14,517	)		(10,519	)		(3,998	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			246		(28,569	)		(12,717	)		(15,852	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			5.74			35		(4,065	)		(2,609	)		(1,456	)
									$	(236,219	)	$	(150,513	)	$	(85,706	)

* 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 June 30, 2017, the aggregate market value of these securities amounted to $9,910,352 or 17.8% 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 June 30, 2017.

(d) IO—Interest Only.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.41% of net assets as of June 30, 2017, 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 7.716%, 4/25/26		4/29/16	$	150,000	$	156,011		0.28	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 1M2 6.466%, 11/25/25		9/28/15		47,973		52,178		0.09	%
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2 6.716%, 11/25/25		9/28/15		20,439		23,311		0.04	%

(f) Inverse interest only security.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

16

AB Variable Products Series Fund

Glossary:

ABS—Asset-Backed Securities

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

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

LCH—London Clearing House

LIBOR—London Interbank Offered Rates

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIIE—Banco de México Equilibrium Interbank Interest Rate

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

17

INTERMEDIATE BOND PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $62,788,778)	$	63,399,340
Cash collateral due from broker		256,295
Foreign currencies, at value (cost $59,668)		58,772
Receivable for investment securities sold		1,047,199
Interest receivable		277,933
Unrealized appreciation on forward currency exchange contracts		75,684
Upfront premiums paid on credit default swaps		30,126
Receivable for capital stock sold		18,677
Unrealized appreciation on credit default swaps		14,937
Receivable for variation margin on exchange-traded derivatives		2,461
Total assets		65,181,424
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		8,848,588
Upfront premiums received on credit default swaps		180,639
Unrealized depreciation on credit default swaps		100,643
Unrealized depreciation on forward currency exchange contracts		86,704
Payable for capital stock redeemed		66,011
Advisory fee payable		22,183
Payable for variation margin on exchange-traded derivatives		18,440
Administrative fee payable		12,674
Distribution fee payable		3,519
Payable for newly entered credit default swaps		2,616
Transfer Agent fee payable		81
Accrued expenses		153,983
Total liabilities		9,496,081
NET ASSETS	$	55,685,343
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,119
Additional paid-in capital		52,027,250
Undistributed net investment income		2,365,439
Accumulated net realized gain on investment and foreign currency transactions		719,280
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		568,255
	$	55,685,343

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	39,752,002		3,641,869	$	10.92
B	$	15,933,341		1,476,899	$	10.79

See notes to financial statements.

18

INTERMEDIATE BOND PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	961,842
Dividends		5,737
Other income(a)		3,971
		971,550
EXPENSES
Advisory fee (see Note B)		128,207
Distribution fee—Class B		20,031
Transfer agency—Class A		2,030
Transfer agency—Class B		796
Custodian		75,968
Audit and tax		39,512
Administrative		25,107
Legal		14,581
Directors’ fees		13,385
Printing		12,779
Miscellaneous		2,550
Total expenses		334,946
Net investment income		636,604
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		231,475
Futures		58,788
Swaptions written		9,636
Swaps		71,370
Foreign currency transactions		(191,143	)
Net change in unrealized appreciation/depreciation of:
Investments		622,637
Futures		127,961
Swaptions written		(5,271	)
Swaps		(143,608	)
Foreign currency denominated assets and liabilities		(38,037	)
Net gain on investment and foreign currency transactions		743,808
Contributions from Affiliates (see Note B)		286
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,380,698

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

See notes to financial statements.

19

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December  31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	636,604		$	1,592,498
Net realized gain on investment and foreign currency transactions		180,126			725,272
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		563,682			653,981
Contributions from Affiliates (see Note B)		286			–0	–
Net increase in net assets from operations		1,380,698			2,971,751
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,406,468	)
Class B		–0	–		(466,376	)
Net realized gain on investment transactions
Class A		–0	–		(589,257	)
Class B		–0	–		(215,377	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(3,907,277	)		(7,317,811	)
Total decrease		(2,526,579	)		(7,023,538	)
NET ASSETS
Beginning of period		58,211,922			65,235,460
End of period (including undistributed net investment income of $2,365,439 and $1,728,835, respectively)	$	55,685,343		$	58,211,922

See notes to financial statements.

20

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 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 fifteen 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

21

INTERMEDIATE BOND 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)

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

22

AB Variable Products Series Fund

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Mortgage Pass-Throughs

$

–0

–

$

11,656,943

$

–0

–

$

11,656,943

Corporates—Investment Grade

–0

–

11,264,246

–0

–

11,264,246

Governments—Treasuries

–0

–

8,441,323

–0

–

8,441,323

Asset-Backed Securities

–0

–

6,513,128

1,101,768

7,614,896

Commercial Mortgage-Backed Securities

–0

–

3,630,316

916,474

4,546,790

Collateralized Mortgage Obligations

–0

–

4,054,536

44,910

4,099,446

Inflation-Linked Securities

–0

–

3,235,037

–0

–

3,235,037

Corporates—Non-Investment Grade

–0

–

1,707,428

–0

–

1,707,428

Agencies

–0

–

1,588,119

–0

–

1,588,119

Emerging Markets—Treasuries

–0

–

601,845

–0

–

601,845

Quasi-Sovereigns

–0

–

349,290

–0

–

349,290

Local Governments—US Municipal Bonds

–0

–

305,550

–0

–

305,550

Governments—Sovereign Bonds

–0

–

195,000

–0

–

195,000

Emerging Markets—Corporate Bonds

–0

–

147,534

–0

–

147,534

Preferred Stocks

–0

–

116,250

–0

–

116,250

Short-Term Investments:

Agency Discount Notes

–0

–

4,848,547

–0

–

4,848,547

Governments—Treasuries

–0

–

2,188,395

–0

–

2,188,395

Time Deposits

–0

–

492,701

–0

–

492,701

Total Investments in Securities

–0

–

61,336,188

2,063,152

63,399,340

Other Financial Instruments(a):

Assets:

Futures

103,964

–0

–

–0

–

103,964

(b)

Forward Currency Exchange Contracts

–0

–

75,684

–0

–

75,684

Centrally Cleared Credit Default Swaps

–0

–

4,040

–0

–

4,040

(b)

Centrally Cleared Interest Rate Swaps

–0

–

44,196

–0

–

44,196

(b)

Credit Default Swaps

–0

–

14,937

–0

–

14,937

23

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

	Level 1			Level 2			Level 3			Total
Liabilities:
Futures	$	(21,123	)	$	–0	–	$	–0	–	$	(21,123	)(b)
Forward Currency Exchange Contracts		–0	–		(86,704	)		–0	–		(86,704	)
Centrally Cleared Interest Rate Swaps		–0	–		(73,878	)		–0	–		(73,878	)(b)
Credit Default Swaps		–0	–		(100,643	)		–0	–		(100,643	)
Total(c)	$	82,841		$	61,213,820		$	2,063,152		$	63,359,813

(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 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.

	Asset- Backed Securities			Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/16	$	699,392		$	1,500,896		$	–0	–
Accrued discounts/(premiums)		27			(353	)		–0	–
Realized gain (loss)		3,580			(33,243	)		–0	–
Change in unrealized appreciation/depreciation		7,536			36,656			454
Purchases/Payups		669,792			–0	–		–0	–
Sales/Paydowns		(278,559	)		(587,482	)		–0	–
Transfers in to Level 3		–0	–		–0	–		44,456
Transfers out of Level 3		–0	–		–0	–		–0	–
Balance as of 6/30/17	$	1,101,768		$	916,474		$	44,910
Net change in unrealized appreciation/depreciation from investments held as of 6/30/17(a)	$	8,002		$	3,842		$	454
	Total
Balance as of 12/31/16	$	2,200,288
Accrued discounts/(premiums)		(326	)
Realized gain (loss)		(29,663	)
Change in unrealized appreciation/depreciation		44,646
Purchases/Payups		669,792
Sales/Paydowns		(866,041	)
Transfers in to Level 3		44,456
Transfers out of Level 3		–0	–
Balance as of 6/30/17	$	2,063,152	(b)
Net change in unrealized appreciation/depreciation from investments held as of 6/30/17(a)	$	12,298

(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.

(b) There were de minimis transfers under 1% of net assets during the reporting period.

As of June 30, 2017, all Level 3 securities were priced by third party vendors.

24

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.

25

INTERMEDIATE BOND 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 .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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,107.

During the six months ended June 30, 2017, the Adviser reimbursed the Portfolio $286 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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $1,200, 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.

26

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	5,459,486	$	9,436,950
U.S. government securities		62,226,641		63,676,921

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding futures, swaps and foreign currency transactions) are as follows:

Gross unrealized appreciation	$	1,300,394
Gross unrealized depreciation		(689,832	)
Net unrealized appreciation	$	610,562

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 six months ended June 30, 2017, 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”.

27

INTERMEDIATE BOND 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 six months ended June 30, 2017, 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, 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 six months ended June 30, 2017, the Portfolio held purchased options for hedging purposes.

During the six months ended June 30, 2017, the Portfolio held written swaptions for hedging purposes.

28

AB Variable Products Series Fund

For the six months ended June 30, 2017, the Portfolio had the following transactions in written options:

	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/16	$	2,890,000		$	11,077
Swaptions written		4,400,000			4,403
Swaptions assigned		–0	–		–0	–
Swaptions expired		–0	–		–0	–
Swaptions bought back		(7,290,000	)		(15,480	)
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 6/30/17	$	–0	–	$	–0	–

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk or currency. 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 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

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

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 six months ended June 30, 2017, 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 June 30, 2017, 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

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AB Variable Products Series Fund

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 six months ended June 30, 2017, 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 six months ended June 30, 2017, 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	$	148,160	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	95,001	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		4,040	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		75,684		Unrealized depreciation on forward currency exchange contracts		86,704
Credit contracts	Unrealized appreciation on credit default swaps		14,937		Unrealized depreciation on credit default swaps		100,643
Total		$	242,821			$	282,348

* 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.

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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 futures; Net change in unrealized appreciation/depreciation of futures	$	58,788		$	127,961
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		75,321			(36,103	)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(4,898	)		(652	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		9,636			(5,271	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(19,095	)		(9,361	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		90,465			(134,247	)
Total		$	210,217		$	(57,673	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Futures:
Average original value of buy contracts	$	12,971,717
Average original value of sale contracts	$	6,169,562
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	2,574,344
Average principal amount of sale contracts	$	7,889,354
Purchased Options:
Average monthly cost	$	4,886	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	17,575,602
Credit Default Swaps:
Average notional amount of buy contracts	$	568,286
Average notional amount of sale contracts	$	2,351,615
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	740,074

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

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

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AB Variable Products Series Fund

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 June 30, 2017:

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., LLC*	$	2,461	$	–0	–	$	–0	–	$	–0	–	$	2,461
Total	$	2,461	$	–0	–	$	–0	–	$	–0	–	$	2,461
OTC Derivatives:
Bank of America, NA	$	43,886	$	(651	)	$	–0	–	$	–0	–	$	43,235
Barclays Bank PLC		509		–0	–		–0	–		–0	–		509
Citibank, NA		3,507		(3,507	)		–0	–		–0	–		–0	–
Credit Suisse International		35,511		(35,511	)		–0	–		–0	–		–0	–
Deutsche Bank AG		183		(183	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA/Goldman Sachs International		956		(738	)		–0	–		–0	–		218
Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services LLC		2,033		(2,033	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		27,270		(27,270	)		–0	–		–0	–		–0	–
Total	$	113,855	$	(69,893	)	$	–0	–	$	–0	–	$	43,962	^
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:
Goldman Sachs & Co.*	$	18,440	$	–0	–	$	(18,440	)	$	–0	–	$	–0	–
Total	$	18,440	$	–0	–	$	(18,440	)	$	–0	–		–0	–
OTC Derivatives:
Australia and New Zealand Banking Group Ltd.	$	10,928	$	–0	–	$	–0	–	$	–0	–	$	10,928
Bank of America, NA		651		(651	)		–0	–		–0	–		–0	–
Citibank, NA		22,342		(3,507	)		–0	–		–0	–		18,835
Citigroup Global Markets, Inc.		10,704		–0	–		–0	–		–0	–		10,704
Credit Suisse International		91,767		(35,511	)		–0	–		–0	–		56,256
Deutsche Bank AG		53,913		(183	)		–0	–		–0	–		53,730
Goldman Sachs Bank USA/Goldman Sachs International		96,657		(738	)		–0	–		–0	–		95,919
JPMorgan Chase Bank, NA		2,486		–0	–		–0	–		–0	–		2,486
Morgan Stanley & Co. International PLC/Morgan Stanley Capital Services LLC		4,065		(2,033	)		–0	–		–0	–		2,032
State Street Bank & Trust Co.		67,581		(27,270	)		–0	–		–0	–		40,311
Total	$	361,094	$	(69,893	)	$	–0	–	$	–0	–	$	291,201	^

* Cash has been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2017.

** 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

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

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 six months ended June 30, 2017, the Portfolio earned drop income of $77,567 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 six months ended June 30, 2017, 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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		39,890			137,696		$	430,371		$	1,484,595
Shares issued in reinvestment of dividends and distributions		–0	–		183,938			–0	–		1,995,725
Shares redeemed		(358,624	)		(832,622	)		(3,867,934	)		(9,095,889	)
Net decrease		(318,734	)		(510,988	)	$	(3,437,563	)	$	(5,615,569	)
Class B
Shares sold		62,601			143,982		$	667,250		$	1,560,346
Shares issued in reinvestment of dividends and distributions		–0	–		63,478			–0	–		681,753
Shares redeemed		(106,510	)		(366,495	)		(1,136,964	)		(3,944,341	)
Net decrease		(43,909	)		(159,035	)	$	(469,714	)	$	(1,702,242	)

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AB Variable Products Series Fund

At June 30, 2017, 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 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.

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 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

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

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 six months ended June 30, 2017.

NOTE H: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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.

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,

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AB Variable Products Series Fund

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement disclosures.

NOTE J: Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

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.

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INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.65			$10.63			$11.37			$11.22			$12.30			$12.54
Income From Investment Operations
Net investment income (a)		.12†			.28†			.27			.28			.32			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.15			.23			(.27	)		.44			(.59	)		.35	#
Contributions from Affiliates		.00	(b)		–0	–		–0	–		–0	–		–0	–		.05	#
Net increase (decrease) in net asset value from operations		.27			.51			–0	–		.72			(.27	)		.73
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.35	)		(.40	)		(.41	)		(.45	)		(.58	)
Distributions from net realized gain on investment transactions		–0	–		(.14	)		(.34	)		(.16	)		(.36	)		(.39	)
Total dividends and distributions		–0	–		(.49	)		(.74	)		(.57	)		(.81	)		(.97	)
Net asset value, end of period		$10.92			$10.65			$10.63			$11.37			$11.22			$12.30
Total Return
Total investment return based on net asset value (c)		2.54	%†*		4.71	%*†		.01	%*		6.48	%		(2.16	)%*		6.05	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,752			$42,183			$47,554			$56,437			$61,848			$79,104
Ratio to average net assets of:
Expenses		1.11	%^		1.06	%		.96	%		.88	%		.77	%		.70	%
Net investment income		2.30	%†^		2.60	%†		2.44	%		2.46	%		2.74	%		2.67	%
Portfolio turnover rate **		117	%		156	%		230	%		262	%		217	%		116	%

See footnote summary on page 40.

38

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$10.54			$10.53			$11.26			$11.11			$12.17			$12.41
Income From Investment Operations
Net investment income (a)		.11†			.25†			.24			.25			.29			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.14			.22			(.26	)		.43			(.58	)		.35	#
Contributions from Affiliates		.00	(b)		–0	–		–0	–		–0	–		–0	–		.05	#
Net increase (decrease) in net asset value from operations		.25			.47			(.02	)		.68			(.29	)		.70
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.32	)		(.37	)		(.37	)		(.41	)		(.55	)
Distributions from net realized gain on investment transactions		–0	–		(.14	)		(.34	)		(.16	)		(.36	)		(.39	)
Total dividends and distributions		–0	–		(.46	)		(.71	)		(.53	)		(.77	)		(.94	)
Net asset value, end of period		$10.79			$10.54			$10.53			$11.26			$11.11			$12.17
Total Return
Total investment return based on net asset value (c)		2.37	%*†		4.36	%*†		(.18	)%*		6.22	%		(2.34	)%*		5.79	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$15,933			$16,029			$17,681			$19,891			$22,450			$29,363
Ratio to average net assets of:
Expenses		1.36	%^		1.32	%		1.21	%		1.13	%		1.02	%		.96	%
Net investment income		2.06	%†^		2.36	%†		2.19	%		2.21	%		2.49	%		2.43	%
Portfolio turnover rate **		117	%		156	%		230	%		262	%		217	%		116	%

See footnote summary on page 40.

39

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

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(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.

† The amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Date	Net Investment Income Per Share		Net Investment Income Ratio			Total Return
For the year ended December 31, 2016	$	.03		.28	%		.29	%
For the six months ended June 30, 2017 (unaudited)	$	.001		.01	%		.01	%

# 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 six months ended June 30, 2017 and years ended December 31, 2016, December 31, 2015, December 31, 2013 and December 31, 2012 by 0.02%, 0.03%, 0.03%, 0.02% and 0.05%, respectively.

^ Annualized.

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

40

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

41

INTERMEDIATE BOND 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 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

42

AB Variable Products Series Fund

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.

43

VPS-IB-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,227.80	$	6.85		1.24	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.65	$	6.21		1.24	%
Class B
Actual	$	1,000	$	1,225.90	$	8.22		1.49	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.41	$	7.45		1.49	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Partners Group Holding AG	$	2,651,288		4.0	%
AIA Group Ltd.		2,554,873		3.8
Alibaba Group Holding Ltd. (Sponsored ADR)		2,298,079		3.4
Vestas Wind Systems A/S		2,265,769		3.4
Kingspan Group PLC		2,258,394		3.4
Tencent Holdings Ltd.		2,245,771		3.4
Siemens AG (REG)		2,176,103		3.3
Housing Development Finance Corp., Ltd.		2,113,970		3.2
HDFC Bank Ltd.		2,019,706		3.0
Taiwan Semiconductor Manufacturing Co., Ltd.		1,947,181		2.9
	$	22,531,134		33.8	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	18,921,436		28.6	%
Information Technology		11,753,716		17.7
Industrials		8,596,910		13.0
Consumer Staples		7,714,624		11.6
Health Care		4,771,134		7.2
Consumer Discretionary		3,868,478		5.8
Utilities		1,998,644		3.0
Materials		1,895,260		2.9
Telecommunication Services		1,317,091		2.0
Real Estate		815,032		1.2
Short-Term Investments		4,647,835		7.0
Total Investments	$	66,300,160		100.0	%

(1) Long-term investments.

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

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
India	$	7,610,752		11.5	%
Japan		6,882,049		10.4
China		6,012,104		9.1
Switzerland		5,804,371		8.8
United Kingdom		5,557,516		8.4
Germany		4,239,181		6.4
Denmark		4,161,029		6.3
France		3,593,916		5.4
Sweden		3,198,736		4.8
Hong Kong		2,554,873		3.8
Ireland		2,258,394		3.4
Taiwan		1,947,181		2.9
United States		1,555,787		2.3
Other		6,276,436		9.5
Short-Term Investments		4,647,835		7.0
Total Investments	$	66,300,160		100.0	%

(1) All data are as of June 30, 2017. 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 2.3% or less in the following countries: Austria, Brazil, Indonesia, Netherlands, Peru and Philippines.

3

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–92.6%
FINANCIALS–28.4%
BANKS–10.1%
Credicorp Ltd.		8,300	$	1,488,937
HDFC Bank Ltd.		78,410		2,019,706
Svenska Handelsbanken AB–Class A		112,970		1,617,970
Swedbank AB–Class A		64,770		1,580,766
				6,707,379
CAPITAL MARKETS–6.5%
London Stock Exchange Group PLC		35,510		1,689,121
Partners Group Holding AG		4,270		2,651,288
				4,340,409
CONSUMER FINANCE–1.9%
Bharat Financial Inclusion Ltd.(a)		117,110		1,303,890
INSURANCE–6.7%
AIA Group Ltd.		349,200		2,554,873
Prudential PLC		82,815		1,900,915
				4,455,788
THRIFTS & MORTGAGE FINANCE–3.2%
Housing Development Finance Corp., Ltd.		84,807		2,113,970
				18,921,436
INFORMATION TECHNOLOGY–17.7%
INTERNET SOFTWARE & SERVICES–6.8%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		16,310		2,298,079
Tencent Holdings Ltd.		62,600		2,245,771
				4,543,850
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–10.9%
ams AG(a)		23,400		1,518,471
Disco Corp.		6,700		1,074,621
Infineon Technologies AG		67,920		1,442,659
NXP Semiconductors NV(a)		11,210		1,226,934
Taiwan Semiconductor Manufacturing Co., Ltd.		285,000		1,947,181
				7,209,866
				11,753,716
INDUSTRIALS–12.9%
BUILDING PRODUCTS–3.4%
Kingspan Group PLC		65,790		2,258,394
ELECTRICAL EQUIPMENT–6.2%
Schneider Electric SE (Paris)(a)		24,680	$	1,896,644
Vestas Wind Systems A/S		24,530		2,265,769
				4,162,413
INDUSTRIAL CONGLOMERATES–3.3%
Siemens AG (REG)		15,820		2,176,103
				8,596,910
CONSUMER STAPLES–11.6%
FOOD & STAPLES RETAILING–1.6%
Tsuruha Holdings, Inc.		9,800		1,041,383
FOOD PRODUCTS–2.8%
Nestle SA (REG)		21,328		1,860,178
HOUSEHOLD PRODUCTS–5.6%
Pigeon Corp.		46,500		1,690,522
Reckitt Benckiser Group PLC		12,430		1,260,067
Unicharm Corp.		30,300		762,832
				3,713,421
PERSONAL PRODUCTS–1.6%
Godrej Consumer Products Ltd.		36,690		550,122
Godrej Consumer Products Ltd.(a)		36,690		549,520
				1,099,642
				7,714,624
HEALTH CARE–7.2%
HEALTH CARE EQUIPMENT & SUPPLIES–2.6%
Essilor International SA		13,342		1,697,272
HEALTH CARE PROVIDERS & SERVICES–1.6%
Apollo Hospitals Enterprise Ltd.(a)		54,540		1,073,544
PHARMACEUTICALS–3.0%
Roche Holding AG		5,060		1,292,905
Vectura Group PLC(a)(b)		485,380		707,413
				2,000,318
				4,771,134
CONSUMER DISCRETIONARY–5.8%
AUTO COMPONENTS–2.3%
Delphi Automotive PLC		17,750		1,555,787

4

AB Variable Products Series Fund

Company			Shares		U.S. $ Value
HOUSEHOLD DURABLES–1.8%
Panasonic Corp.				85,800	$	1,169,047
MULTILINE RETAIL–1.7%
Don Quijote Holdings Co., Ltd.(b)				30,100		1,143,644
						3,868,478
UTILITIES–3.0%
WATER UTILITIES–3.0%
Beijing Enterprises Water Group Ltd.(a)				1,892,000		1,468,254
Cia de Saneamento Basico do Estado de Sao Paulo				55,500		530,390
						1,998,644
MATERIALS–2.8%
CHEMICALS–2.8%
Chr Hansen Holding A/S				26,060		1,895,260
TELECOMMUNICATION SERVICES–2.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.0%
Deutsche Telekom AG (REG)				34,420		620,419
Telekomunikasi Indonesia Persero Tbk PT				2,051,500		696,672
						1,317,091
REAL ESTATE–1.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.2%
SM Prime Holdings, Inc.				1,247,400		815,032
Total Common Stocks (cost $42,427,259)						61,652,325
Company	Principal Amount (000)				U.S. $ Value
SHORT-TERM INVESTMENTS–7.0%
TIME DEPOSIT–7.0%
State Street Time Deposit 0.09%, 7/03/17 (cost $4,647,835)		U.S.$		4,648	$	4,647,835
Total Investments Before Security Lending Collateral for Securities Loaned–99.6% (cost $47,075,094)						66,300,160
			Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.9%
INVESTMENT COMPANIES–1.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(c)(d) (cost $1,278,293)				1,278,293		1,278,293
TOTAL INVESTMENTS–101.5% (cost $48,353,387)						67,578,453
Other assets less liabilities–(1.5)%						(1,004,171	)
NET ASSETS–100.0%					$	66,574,282

5

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIOOF 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		BRL	1,968		USD	587		8/16/17	$	(1,577	)
Bank of America, NA		USD	1,128		BRL	3,677		8/16/17		(27,925	)
Bank of America, NA		USD	117		KRW	133,026		8/16/17		(890	)
Barclays Bank PLC		CAD	956		USD	710		8/16/17		(28,036	)
Barclays Bank PLC		CNY	4,068		USD	587		8/16/17		(11,889	)
Barclays Bank PLC		USD	854		KRW	957,052		8/16/17		(17,867	)
BNP Paribas SA		USD	1,036		EUR	923		8/16/17		20,827
Citibank, NA		CNY	630		USD	90		8/16/17		(2,381	)
Citibank, NA		EUR	627		USD	686		8/16/17		(32,017	)
Citibank, NA		INR	119,868		USD	1,854		8/16/17		7,237
Citibank, NA		INR	242,428		USD	3,700		8/16/17		(34,196	)
Citibank, NA		JPY	67,174		USD	605		8/16/17		6,457
Citibank, NA		RUB	4,588		USD	80		8/16/17		3,039
Citibank, NA		SEK	13,984		USD	1,594		8/16/17		(69,292	)
Citibank, NA		USD	1,295		EUR	1,187		8/16/17		63,706
Citibank, NA		USD	1,269		GBP	980		8/16/17		9,061
Citibank, NA		USD	1,537		KRW	1,745,005		8/16/17		(12,255	)
Citibank, NA		USD	539		MXN	10,410		8/16/17		30,721
Citibank, NA		USD	591		RUB	34,878		8/16/17		(4,917	)
Citibank, NA		USD	720		SEK	6,237		8/16/17		21,755
Credit Suisse International		USD	1,401		CAD	1,851		8/16/17		27,534
Deutsche Bank AG		CHF	527		USD	534		8/16/17		(17,433	)
Deutsche Bank AG		GBP	621		USD	793		8/16/17		(17,075	)
Goldman Sachs Bank USA		USD	1,467		AUD	2,001		8/16/17		70,392
Goldman Sachs Bank USA		USD	2,880		CAD	3,946		8/16/17		164,656
Goldman Sachs Bank USA		USD	824		JPY	91,140		8/16/17		(11,806	)
JPMorgan Chase Bank, NA		CNY	6,261		USD	902		8/16/17		(19,435	)
JPMorgan Chase Bank, NA		INR	44,464		USD	685		8/16/17		351
JPMorgan Chase Bank, NA		SEK	7,470		USD	839		8/16/17		(49,899	)
Morgan Stanley & Co., Inc.		HKD	9,596		USD	1,235		8/16/17		4,627
Morgan Stanley & Co., Inc.		USD	855		GBP	683		8/16/17		35,905
Morgan Stanley & Co., Inc.		USD	2,857		JPY	324,756		8/16/17		35,701
Royal Bank of Scotland PLC		USD	949		ZAR	13,013		8/16/17		38,734
State Street Bank & Trust Co.		CHF	1,089		USD	1,092		8/16/17		(45,992	)
State Street Bank & Trust Co.		EUR	812		USD	896		8/16/17		(33,361	)
State Street Bank & Trust Co.		USD	823		AUD	1,102		8/16/17		23,842
State Street Bank & Trust Co.		USD	275		EUR	252		8/16/17		13,506
State Street Bank & Trust Co.		USD	666		GBP	513		8/16/17		3,322
State Street Bank & Trust Co.		USD	807		JPY	90,317		8/16/17		(2,894	)
State Street Bank & Trust Co.		USD	277		NOK	2,374		8/16/17		7,964
State Street Bank & Trust Co.		USD	93		ZAR	1,223		8/16/17		(393	)
									$	147,807

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

6

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

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

7

INTERNATIONAL GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $47,075,094)	$	66,300,160	(a)
Affiliated issuers (cost $1,278,293—investment of cash collateral for securities loaned)		1,278,293
Foreign currencies, at value (cost $140,599)		142,265
Unrealized appreciation on forward currency exchange contracts		589,337
Dividends and interest receivable		218,098
Receivable for capital stock sold		51,640
Total assets		68,579,793
LIABILITIES
Payable for collateral received on securities loaned		1,278,293
Unrealized depreciation on forward currency exchange contracts		441,530
Payable for capital stock redeemed		113,846
Advisory fee payable		43,880
Administrative fee payable		12,927
Distribution fee payable		8,416
Transfer Agent fee payable		81
Accrued expenses		106,538
Total liabilities		2,005,511
NET ASSETS	$	66,574,282
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,156
Additional paid-in capital		75,757,288
Undistributed net investment income		1,285,241
Accumulated net realized loss on investment and foreign currency transactions		(29,848,457	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		19,377,054
	$	66,574,282

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	28,469,359		1,337,509	$	21.29
B	$	38,104,923		1,818,762	$	20.95

(a) Includes securities on loan with a value of $1,213,065 (see Note E).

See notes to financial statements.

8

INTERNATIONAL GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $84,024)	$	777,269
Affiliated issuers		2,215
Interest		887
Securities lending income		5,996
Other income(a)		3,370
		789,737
EXPENSES
Advisory fee (see Note B)		239,572
Distribution fee—Class B		45,221
Transfer agency—Class A		1,247
Transfer agency—Class B		1,630
Custodian		48,101
Audit and tax		27,291
Administrative		25,031
Printing		18,877
Legal		14,963
Directors’ fees		13,385
Miscellaneous		6,464
Total expenses		441,782
Less: expenses waived and reimbursed by the Adviser (see Note E)		(512	)
Net expenses		441,270
Net investment income		348,467
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		3,281,963
Foreign currency transactions		(364,623	)
Net change in unrealized appreciation/depreciation of:
Investments		9,076,456
Foreign currency denominated assets and liabilities		520,979
Net gain on investment and foreign currency transactions		12,514,775
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	12,863,242

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

See notes to financial statements.

9

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	348,467		$	311,652
Net realized gain on investment and foreign currency transactions		2,917,340			913,421
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		9,597,435			(5,935,975	)
Net increase (decrease) in net assets from operations		12,863,242			(4,710,902	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(5,177,063	)		(10,057,214	)
Total increase (decrease)		7,686,179			(14,768,116	)
NET ASSETS
Beginning of period		58,888,103			73,656,219
End of period (including undistributed net investment income of $1,285,241 and $936,774, respectively)	$	66,574,282		$	58,888,103

See notes to financial statements.

10

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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

INTERNATIONAL 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 June 30, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	1,488,937		$	17,432,499		$	–0	–	$	18,921,436
Information Technology		3,525,013			8,228,703			–0	–		11,753,716
Industrials		2,258,394			6,338,516			–0	–		8,596,910
Consumer Staples		549,520			7,165,104			–0	–		7,714,624
Health Care		707,413			4,063,721			–0	–		4,771,134
Consumer Discretionary		1,555,787			2,312,691			–0	–		3,868,478
Utilities		530,390			1,468,254			–0	–		1,998,644
Materials		–0	–		1,895,260			–0	–		1,895,260
Telecommunication Services		–0	–		1,317,091			–0	–		1,317,091
Real Estate		–0	–		815,032			–0	–		815,032
Short-Term Investments		–0	–		4,647,835			–0	–		4,647,835
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,278,293			–0	–		–0	–		1,278,293
Total Investments in Securities		11,893,747			55,684,706	(a)		–0	–		67,578,453

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	589,337		$	–0	–	$	589,337
Liabilities:
Forward Currency Exchange Contracts		–0	–		(441,530	)		–0	–		(441,530	)
Total(c)	$	11,893,747		$	55,832,513		$	–0	–	$	67,726,260

(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.

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,

13

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

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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,031.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $28,690, 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

14

AB Variable Products Series Fund

its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	13,205,212		$	19,846,056
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	19,877,126
Gross unrealized depreciation		(652,060	)
Net unrealized appreciation	$	19,225,066

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 six months ended June 30, 2017, 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

15

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

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 six months ended June 30, 2017, 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	$	589,337	Unrealized depreciation on forward currency exchange contracts	$	441,530
Total		$	589,337		$	441,530

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	$	(345,175	)	$	491,245
Total		$	(345,175	)	$	491,245

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	15,462,965
Average principal amount of sale contracts	$	12,389,954

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 June 30, 2017:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

BNP Paribas SA

$

20,827

$

–0

–

$

–0

–

$

–0

–

$

20,827

Citibank, NA

141,976

(141,976

)

–0

–

–0

–

–0

–

Credit Suisse International

27,534

–0

–

–0

–

–0

–

27,534

Goldman Sachs Bank USA

235,048

(11,806

)

–0

–

–0

–

223,242

JPMorgan Chase Bank, NA

351

(351

)

–0

–

–0

–

–0

–

Morgan Stanley & Co., Inc.

76,233

–0

–

–0

–

–0

–

76,233

Royal Bank of Scotland PLC

38,734

–0

–

–0

–

–0

–

38,734

State Street Bank & Trust Co.

48,634

(48,634

)

–0

–

–0

–

–0

–

Total

$

589,337

$

(202,767

)

$

–0

–

$

–0

–

$

386,570

^

16

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:

Bank of America, NA

$

30,392

$

–0

–

$

–0

–

$

–0

–

$

30,392

Barclays Bank PLC

57,792

–0

–

–0

–

–0

–

57,792

Citibank, NA

155,058

(141,976

)

–0

–

–0

–

13,082

Deutsche Bank AG

34,508

��

–0

–

–0

–

–0

–

34,508

Goldman Sachs Bank USA

11,806

(11,806

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

69,334

(351

)

–0

–

–0

–

68,983

State Street Bank & Trust Co.

82,640

(48,634

)

–0

–

–0

–

34,006

Total

$

441,530

$

(202,767

)

$

–0

–

$

–0

–

$

238,763

^

^ 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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $1,213,065 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,278,293. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $5,996 and $2,215 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $512. 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.

17

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

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	2,304	$	12,021	$	13,047	$	1,278

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		48,310			49,300		$	979,918		$	888,299
Shares redeemed		(212,427	)		(325,011	)		(4,170,427	)		(5,899,125	)
Net decrease		(164,117	)		(275,711	)	$	(3,190,509	)	$	(5,010,826	)
Class B
Shares sold		230,637			234,251		$	4,437,583		$	4,158,386
Shares redeemed		(333,266	)		(518,336	)		(6,424,137	)		(9,204,774	)
Net decrease		(102,629	)		(284,085	)	$	(1,986,554	)	$	(5,046,388	)

At June 30, 2017, certain shareholders of the Portfolio owned 80% 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.

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.

18

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.34			$18.62			$19.04			$19.27			$17.13			$15.08
Income From Investment Operations
Net investment income (a)		.12	(b)†		.11	(b)†		.15			.24			.21			.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.83			(1.39	)		(.50	)		(.47	)		2.11			2.12
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		3.95			(1.28	)		(.35	)		(.23	)		2.32			2.33
Less: Dividends
Dividends from net investment income		–0	–		–0	–		(.07	)		–0	–		(.18	)		(.28	)
Net asset value, end of period		$21.29			$17.34			$18.62			$19.04			$19.27			$17.13
Total Return
Total investment return based on net asset value (d)		22.78	%†		(6.87	)%†*		(1.87	)%		(1.19	)%		13.60	%		15.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$28,469			$26,045			$33,090			$38,924			$102,467			$97,611
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.24	%^		1.27	%		1.11	%		1.07	%		.94	%		.97	%
Expenses, before waivers/reimbursements		1.24	%		1.27	%		1.11	%		1.07	%		.94	%		.97	%
Net investment income		1.23	%(b)†^		.60	%(b)†		.78	%		1.20	%		1.15	%		1.33	%
Portfolio turnover rate		22	%		52	%		17	%		29	%		31	%		52	%

See footnote summary on page 21.

20

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$17.09			$18.39			$18.81			$19.08			$16.96			$14.93
Income From Investment Operations
Net investment income (a)		.10	(b)†		.07	(b)†		.10			.20			.16			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.76			(1.37	)		(.51	)		(.47	)		2.09			2.08
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		3.86			(1.30	)		(.41	)		(.27	)		2.25			2.26
Less: Dividends
Dividends from net investment income		–0	–		–0	–		(.01	)		–0	–		(.13	)		(.23	)
Net asset value, end of period		$20.95			$17.09			$18.39			$18.81			$19.08			$16.96
Total Return
Total investment return based on net asset value (d)		22.59	%†		(7.07	)%†*		(2.17	)%		(1.41	)%		13.32	%		15.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$38,105			$32,843			$40,566			$47,884			$54,643			$58,694
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.49	%^		1.52	%		1.36	%		1.36	%		1.19	%		1.22	%
Expenses, before waivers/reimbursements		1.49	%^		1.52	%		1.36	%		1.36	%		1.19	%		1.22	%
Net investment income		.99	%(b)†^		.37	%(b)†		.52	%		1.02	%		.92	%		1.11	%
Portfolio turnover rate		22	%		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.

† The amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Date	Net Investment Income Per Share		Net Investment Income Ratio			Total Return
For the year ended December 31, 2016	$	.04		.22	%		.23	%
For the six months ended June 30, 2017(unaudited)	$	.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 year ended December 31, 2016 by 0.09%.

^ Annualized.

See notes to financial statements.

21

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

22

AB Variable Products Series Fund

by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 also compared the advisory 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

23

INTERNATIONAL GROWTH PORTFOLIO
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.

24

VPS-IG-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,150.60	$	4.59		0.86	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.53	$	4.31		0.86	%
Class B
Actual	$	1,000	$	1,148.90	$	5.91		1.11	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.29	$	5.56		1.11	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Nippon Telegraph & Telephone Corp.	$	18,102,761		3.7	%
Royal Dutch Shell PLC		17,513,966		3.6
British American Tobacco PLC		15,619,029		3.2
BT Group PLC		14,896,302		3.1
Sanofi		12,116,427		2.5
Yahoo Japan Corp.		11,884,876		2.5
Roche Holding AG		11,710,245		2.4
Vodafone Group PLC		11,219,584		2.3
Credit Suisse Group AG (REG)		11,072,678		2.3
Qantas Airways Ltd.		10,952,265		2.3
	$	135,088,133		27.9	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	108,826,195		22.7	%
Telecommunication Services		56,752,742		11.8
Industrials		54,116,287		11.3
Information Technology		52,963,642		11.1
Consumer Discretionary		50,843,444		10.6
Materials		38,231,739		8.0
Consumer Staples		37,567,409		7.8
Energy		35,351,730		7.4
Health Care		31,992,148		6.7
Utilities		7,340,859		1.5
Real Estate		874,009		0.2
Short-Term Investments		4,502,233		0.9
Total Investments	$	479,362,437		100.0	%

(1) Long-term investments.

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

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	128,195,079		26.8	%
United Kingdom		69,897,273		14.6
France		58,481,934		12.2
Netherlands		29,901,690		6.2
Australia		27,974,260		5.8
Switzerland		22,782,923		4.8
South Korea		15,062,543		3.2
Norway		13,096,066		2.7
China		12,539,779		2.6
Denmark		12,298,220		2.6
Canada		12,076,482		2.5
Germany		12,044,287		2.5
Finland		10,178,290		2.1
Other		50,331,378		10.5
Short-Term Investments		4,502,233		0.9
Total Investments	$	479,362,437		100.0	%

(1) All data are as of June 30, 2017. 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 1.8% or less in the following countries: Argentina, Austria, Brazil, Hong Kong, Israel, Portugal, Russia and Taiwan.

3

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.2%
FINANCIALS–22.5%
BANKS–17.4%
Australia & New Zealand Banking Group Ltd.		429,910	$	9,488,833
Barclays PLC		2,365,220		6,255,469
BNP Paribas SA		144,440		10,398,625
BOC Hong Kong Holdings Ltd.		1,613,000		7,719,351
Danske Bank A/S		193,570		7,447,231
DNB ASA		411,810		7,010,974
Erste Group Bank AG(a)		222,710		8,530,847
ING Groep NV		583,160		10,066,950
Itau Unibanco Holding SA (Preference Shares)		304,370		3,376,376
KB Financial Group, Inc.		84,850		4,284,094
Mitsubishi UFJ Financial Group, Inc.		1,407,200		9,491,625
				84,070,375
CAPITAL MARKETS–3.1%
Amundi SA(b)		54,726		3,965,257
Credit Suisse Group AG (REG)(a)		760,957		11,072,678
				15,037,935
CONSUMER FINANCE–1.0%
Hitachi Capital Corp.(c)		201,600		4,861,212
INSURANCE–1.0%
PICC Property & Casualty Co., Ltd.–Class H		2,908,000		4,856,673
				108,826,195
TELECOMMUNICATION SERVICES–11.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–9.4%
BT Group PLC		3,873,960		14,896,302
China Unicom Hong Kong Ltd.(a)		5,176,000		7,683,106
Nippon Telegraph & Telephone Corp.		383,500		18,102,761
TDC A/S		834,164		4,850,989
				45,533,158
WIRELESS TELECOMMUNICATION SERVICES–2.3%
Vodafone Group PLC		3,950,624		11,219,584
				56,752,742
INDUSTRIALS–11.2%
AEROSPACE & DEFENSE–3.4%
Airbus SE		113,660		9,379,846
BAE Systems PLC		835,060		6,893,650
				16,273,496
AIRLINES–5.8%
International Consolidated Airlines Group SA(c)		998,140	$	7,935,003
Japan Airlines Co., Ltd.		303,800		9,410,406
Qantas Airways Ltd.		2,491,675		10,952,265
				28,297,674
ELECTRICAL EQUIPMENT–0.5%
Philips Lighting NV(b)		62,830		2,320,774
MACHINERY–1.5%
IHI Corp.(a)		2,114,000		7,224,343
				54,116,287
INFORMATION TECHNOLOGY–11.0%
COMMUNICATIONS EQUIPMENT–2.1%
Nokia Oyj		1,659,940		10,178,290
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.0%
Largan Precision Co., Ltd.		31,000		4,935,652
INTERNET SOFTWARE & SERVICES–2.5%
Yahoo Japan Corp.		2,733,900		11,884,876
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.4%
SCREEN Holdings Co., Ltd.(c)		68,500		4,582,138
Sumco Corp.(c)		480,400		6,982,587
				11,564,725
SOFTWARE–1.5%
Nintendo Co., Ltd.		21,300		7,131,056
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Samsung Electronics Co., Ltd.		3,490		7,269,043
				52,963,642
CONSUMER DISCRETIONARY–10.5%
AUTO COMPONENTS–4.5%
Faurecia		137,540		6,974,818
Hankook Tire Co., Ltd.		63,134		3,509,406
Magna International, Inc. (New York)–Class A		154,470		7,156,595
Sumitomo Electric Industries Ltd.		283,800		4,390,501
				22,031,320
AUTOMOBILES–3.4%
Honda Motor Co., Ltd.		287,600		7,879,681
Peugeot SA		420,570		8,381,813
				16,261,494

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HOUSEHOLD DURABLES–1.6%
Panasonic Corp.		552,900	$	7,533,405
TEXTILES, APPAREL & LUXURY GOODS–1.0%
HUGO BOSS AG		71,570		5,017,225
				50,843,444
MATERIALS–7.9%
CHEMICALS–5.5%
Air Water, Inc.		246,200		4,543,787
Arkema SA		68,031		7,265,148
Incitec Pivot Ltd.		1,826,780		4,791,588
Johnson Matthey PLC		109,110		4,083,617
Nippon Shokubai Co., Ltd.		93,300		6,026,548
				26,710,688
METALS & MINING–2.4%
BlueScope Steel Ltd.		270,798		2,741,574
Gerdau SA (Preference Shares)		1,643,700		5,100,437
MMC Norilsk Nickel PJSC (ADR)		68,118		935,260
MMC Norilsk Nickel PJSC (ADR) (London)		198,995		2,743,780
				11,521,051
				38,231,739
CONSUMER STAPLES–7.8%
FOOD PRODUCTS–1.3%
Orkla ASA		598,690		6,085,092
HOUSEHOLD PRODUCTS–1.4%
Henkel AG & Co. KGaA (Preference Shares)		50,960		7,027,062
TOBACCO–5.1%
British American Tobacco PLC		229,210		15,619,029
Japan Tobacco, Inc.		251,400		8,836,226
				24,455,255
				37,567,409
ENERGY–7.3%
OIL, GAS & CONSUMABLE FUELS–7.3%
Canadian Natural Resources Ltd. (Toronto)		170,500		4,919,887
JXTG Holdings, Inc.		1,928,900		8,439,918
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		390,540		10,384,415
Royal Dutch Shell PLC–Class A		268,344		7,129,551
YPF SA (Sponsored ADR)		204,473		4,477,959
				35,351,730
HEALTH CARE–6.6%
PHARMACEUTICALS–6.6%
Roche Holding AG		45,830	$	11,710,245
Sanofi		126,450		12,116,427
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		245,800		8,165,476
				31,992,148
UTILITIES–1.5%
ELECTRIC UTILITIES–0.9%
EDP–Energias de Portugal SA		1,328,630		4,346,240
WATER UTILITIES–0.6%
Pennon Group PLC(c)		278,650		2,994,619
				7,340,859
REAL ESTATE–0.2%
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2%
Leopalace21 Corp.		140,500		874,009
Total Common Stocks (cost $409,928,992)				474,860,204
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.9%
TIME DEPOSIT–0.9%
State Street Time Deposit 0.09%, 7/03/17 (cost $4,502,233)	$	4,502		4,502,233
Total Investments Before Security Lending Collateral for Securities Loaned–99.1% (cost $414,431,225)				479,362,437
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–3.2%
INVESTMENT COMPANIES–3.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(d)(e) (cost $15,511,171)		15,511,171		15,511,171
TOTAL INVESTMENTS–102.3% (cost $429,942,396)				494,873,608
Other assets less liabilities–(2.3)%				(10,988,752	)
NET ASSETS–100.0%			$	483,884,856

5

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		BRL	5,602		USD	1,681		7/05/17	$	(9,693	)
Bank of America, NA		USD	1,693		BRL	5,602		7/05/17		(2,402	)
Bank of America, NA		CAD	10,600		USD	7,778		7/18/17		(398,284	)
Bank of America, NA		JPY	394,854		USD	3,556		7/18/17		42,987
Bank of America, NA		RUB	97,979		USD	1,619		9/13/17		(17,808	)
Barclays Bank PLC		INR	620,944		USD	9,577		7/18/17		(16,241	)
Barclays Bank PLC		TWD	89,578		USD	2,973		7/18/17		25,384
Barclays Bank PLC		USD	1,213		KRW	1,360,039		7/18/17		(25,387	)
Barclays Bank PLC		USD	1,434		TRY	5,217		7/18/17		42,123
BNP Paribas SA		AUD	2,019		USD	1,505		7/18/17		(46,225	)
BNP Paribas SA		CHF	3,969		USD	4,074		7/18/17		(68,446	)
BNP Paribas SA		CNY	32,013		USD	4,599		7/18/17		(124,944	)
BNP Paribas SA		USD	2,287		AUD	3,036		7/18/17		46,155
BNP Paribas SA		USD	2,285		CHF	2,220		7/18/17		31,576
BNP Paribas SA		USD	12,937		JPY	1,408,317		7/18/17		(409,334	)
BNP Paribas SA		USD	3,872		KRW	4,362,046		7/18/17		(61,908	)
BNP Paribas SA		CAD	1,269		USD	957		10/17/17		(22,589	)
BNP Paribas SA		CNY	32,120		USD	4,688		10/17/17		(16,859	)
BNP Paribas SA		KRW	818,323		USD	720		10/17/17		4,033
Citibank, NA		BRL	43,528		USD	13,194		7/05/17		54,759
Citibank, NA		USD	7,377		BRL	24,565		7/05/17		38,077
Citibank, NA		USD	5,732		BRL	18,963		7/05/17		(8,132	)
Citibank, NA		GBP	2,446		USD	3,089		7/18/17		(97,630	)
Citibank, NA		USD	8,448		CHF	8,345		7/18/17		261,524
Citibank, NA		USD	36,711		EUR	33,781		7/18/17		1,898,060
Citibank, NA		USD	950		KRW	1,077,825		7/18/17		(8,927	)
Citibank, NA		USD	1,441		ZAR	19,261		7/18/17		27,672
Citibank, NA		BRL	24,565		USD	7,333		8/02/17		(38,167	)
Citibank, NA		ILS	3,380		USD	965		10/17/17		(8,018	)
Citibank, NA		USD	15,331		EUR	13,632		10/17/17		325,538
Credit Suisse International		USD	4,158		NOK	35,040		7/18/17		40,420
Credit Suisse International		USD	6,619		SEK	58,173		7/18/17		290,934
Credit Suisse International		NOK	44,716		USD	5,236		10/17/17		(130,965	)
Deutsche Bank AG		ILS	15,836		USD	4,361		7/18/17		(180,357	)
Goldman Sachs Bank USA		CNY	16,314		USD	2,346		7/18/17		(60,976	)
Goldman Sachs Bank USA		NOK	93,132		USD	10,852		7/18/17		(306,059	)
Goldman Sachs Bank USA		TWD	47,202		USD	1,551		7/18/17		(1,814	)
Goldman Sachs Bank USA		USD	7,005		AUD	9,249		7/18/17		102,719
Goldman Sachs Bank USA		USD	7,212		SEK	64,538		7/18/17		454,007
Goldman Sachs Bank USA		USD	1,039		AUD	1,373		10/17/17		15,307
JPMorgan Chase Bank, NA		AUD	4,233		USD	3,190		7/18/17		(63,112	)
JPMorgan Chase Bank, NA		EUR	10,638		USD	11,356		7/18/17		(802,083	)
JPMorgan Chase Bank, NA		INR	65,186		USD	1,005		7/18/17		(1,953	)
JPMorgan Chase Bank, NA		KRW	22,746,131		USD	20,120		7/18/17		251,374
JPMorgan Chase Bank, NA		USD	10,500		INR	686,130		7/18/17		101,193
Morgan Stanley & Co., Inc.		USD	6,972		GBP	5,393		7/18/17		55,072
Morgan Stanley & Co., Inc.		USD	7,621		HKD	59,349		7/18/17		(16,038	)
Morgan Stanley & Co., Inc.		USD	1,303		NOK	11,121		7/18/17		29,465

6

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Morgan Stanley & Co., Inc.		USD	2,307		TRY	8,366		7/18/17	$	60,272
Morgan Stanley & Co., Inc.		USD	2,159		EUR	1,924		10/17/17		50,620
Royal Bank of Scotland PLC		AUD	6,033		USD	4,599		7/18/17		(37,011	)
Royal Bank of Scotland PLC		EUR	1,989		USD	2,232		7/18/17		(41,431	)
Royal Bank of Scotland PLC		JPY	2,748,952		USD	24,775		7/18/17		320,634
Royal Bank of Scotland PLC		USD	10,094		CHF	10,068		7/18/17		414,010
Royal Bank of Scotland PLC		USD	6,112		EUR	5,706		7/18/17		409,394
State Street Bank & Trust Co.		CAD	3,305		USD	2,463		7/18/17		(85,870	)
State Street Bank & Trust Co.		EUR	4,944		USD	5,422		7/18/17		(228,268	)
State Street Bank & Trust Co.		HKD	59,349		USD	7,655		7/18/17		50,929
State Street Bank & Trust Co.		USD	1,676		JPY	186,855		7/18/17		(13,626	)
State Street Bank & Trust Co.		JPY	314,609		USD	2,825		10/17/17		14,966
UBS AG		USD	4,104		EUR	3,823		7/18/17		265,414
									$	2,374,061

(a) Non-income producing security.

(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 June 30, 2017, the aggregate market value of these securities amounted to $6,286,031 or 1.3% 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 shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

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

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

PJSC—Public Joint Stock Company

REG—Registered Shares

See notes to financial statements.

7

INTERNATIONAL VALUE PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $414,431,225)	$	479,362,437	(a)
Affiliated issuers (cost $15,511,171—investment of cash collateral for securities loaned)		15,511,171
Cash collateral due from broker		440,000
Foreign currencies, at value (cost $1,590,553)		1,588,945
Unrealized appreciation on forward currency exchange contracts		5,724,618
Dividends and interest receivable		3,294,387
Receivable for investment securities sold and foreign currency transactions		1,843,440
Receivable for capital stock sold		19,862
Total assets		507,784,860
LIABILITIES
Payable for collateral received on securities loaned		15,511,171
Payable for investment securities purchased and foreign currency transactions		3,650,412
Unrealized depreciation on forward currency exchange contracts		3,350,557
Payable for capital stock redeemed		638,095
Advisory fee payable		318,243
Distribution fee payable		95,711
Administrative fee payable		12,927
Transfer Agent fee payable		81
Accrued expenses		322,807
Total liabilities		23,900,004
NET ASSETS	$	483,884,856
COMPOSITION OF NET ASSETS
Capital stock, at par	$	31,971
Additional paid-in capital		1,394,052,751
Undistributed net investment income		7,348,508
Accumulated net realized loss on investment and foreign currency transactions		(984,834,997	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		67,286,623
	$	483,884,856

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	50,247,002		3,289,157	$	15.28
B	$	433,637,854		28,681,561	$	15.12

(a) Includes securities on loan with a value of $14,774,529 (see Note E).

See notes to financial statements.

8

INTERNATIONAL VALUE PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,221,919)	$	9,834,414
Affiliated issuers		43,927
Securities lending income		113,160
Other income		9,649
		10,001,150
EXPENSES
Advisory fee (see Note B)		1,915,714
Distribution fee—Class B		577,292
Transfer agency—Class A		346
Transfer agency—Class B		3,235
Custodian		100,812
Printing		87,635
Audit and tax		27,299
Administrative		25,031
Legal		24,638
Directors’ fees		13,383
Miscellaneous		13,827
Total expenses		2,789,212
Less: expenses waived and reimbursed by the Adviser (see Note E)		(10,952	)
Net expenses		2,778,260
Net investment income		7,222,890
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		12,169,977
Foreign currency transactions		780,010
Net change in unrealized appreciation/depreciation of:
Investments		48,614,514
Foreign currency denominated assets and liabilities		1,342,476
Net gain on investment and foreign currency transactions		62,906,977
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	70,129,867

See notes to financial statements.

9

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

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	7,222,890		$	11,024,712
Net realized gain (loss) on investment and foreign currency transactions		12,949,987			(32,865,471	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		49,956,990			17,903,236
Net increase (decrease) in net assets from operations		70,129,867			(3,937,523	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(613,805	)
Class B		–0	–		(5,112,977	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(93,716,165	)		(82,276,063	)
Total decrease		(23,586,298	)		(91,940,368	)
NET ASSETS
Beginning of period		507,471,154			599,411,522
End of period (including undistributed net investment income of $7,348,508 and $125,618, respectively)	$	483,884,856		$	507,471,154

See notes to financial statements.

10

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen 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

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 June 30, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	3,376,376		$	105,449,819		$	–0	–	$	108,826,195
Telecommunication Services		–0	–		56,752,742			–0	–		56,752,742
Industrials		–0	–		54,116,287			–0	–		54,116,287
Information Technology		–0	–		52,963,642			–0	–		52,963,642
Consumer Discretionary		7,156,595			43,686,849			–0	–		50,843,444
Materials		6,035,697			32,196,042			–0	–		38,231,739
Consumer Staples		–0	–		37,567,409			–0	–		37,567,409
Energy		9,397,846			25,953,884			–0	–		35,351,730
Health Care		8,165,476			23,826,672			–0	–		31,992,148
Utilities		–0	–		7,340,859			–0	–		7,340,859
Real Estate		–0	–		874,009			–0	–		874,009
Short-Term Investments		–0	–		4,502,233			–0	–		4,502,233
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		15,511,171			–0	–		–0	–		15,511,171
Total Investments in Securities		49,643,161			445,230,447	(a)		–0	–		494,873,608

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	5,724,618		$	–0	–	$	5,724,618
Liabilities:
Forward Currency Exchange Contracts		–0	–		(3,350,557	)		–0	–		(3,350,557	)
Total(c)(d)	$	49,643,161		$	447,604,508		$	–0	–	$	497,247,669

(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) An amount of $7,117,167 was transferred from Level 2 to Level 1 due to increase in trading volume during the reporting period.

(d) There were no transfers from Level 1 to 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.

13

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 six months ended June 30, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2017, the reimbursement for such services amounted to $25,031.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $239,743, 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

14

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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	127,096,363		$	212,684,161
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes. Accordingly, gross unrealized appreciation and unrealized depreciation (excluding futures and foreign currency transactions) are as follows:

Gross unrealized appreciation	$	81,064,752
Gross unrealized depreciation		(16,133,540	)
Net unrealized appreciation	$	64,931,212

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 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 six months ended June 30, 2017, 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

15

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

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 six months ended June 30, 2017, 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	$	5,724,618	Unrealized depreciation on forward currency exchange contracts	$	3,350,557
Total		$	5,724,618		$	3,350,557

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	$	644,507	$	1,172,027
Total		$	644,507	$	1,172,027

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2017:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	150,440,910
Average principal amount of sale contracts	$	149,088,029

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.

16

AB Variable Products Series Fund

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 June 30, 2017:

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	$	42,987	$	(42,987	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		67,507		(41,628	)		–0	–		–0	–		25,879
BNP Paribas SA		81,764		(81,764	)		–0	–		–0	–		–0	–
Citibank, NA		2,605,630		(160,874	)		–0	–		–0	–		2,444,756
Credit Suisse International		331,354		(130,965	)		–0	–		–0	–		200,389
Goldman Sachs Bank USA		572,033		(368,849	)		–0	–		–0	–		203,184
JPMorgan Chase Bank, NA		352,567		(352,567	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc.		195,429		(16,038	)		–0	–		–0	–		179,391
Royal Bank of Scotland PLC		1,144,038		(78,442	)		–0	–		–0	–		1,065,596
State Street Bank & Trust Co.		65,895		(65,895	)		–0	–		–0	–		–0	–
UBS AG		265,414		–0	–		–0	–		–0	–		265,414
Total	$	5,724,618	$	(1,340,009	)	$	–0	–	$	–0	–	$	4,384,609	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
OTC Derivatives:
Bank of America, NA	$	428,187	$	(42,987	)	$	–0	–	$	–0	–	$	385,200
Barclays Bank PLC		41,628		(41,628	)		–0	–		–0	–		–0	–
BNP Paribas SA		750,305		(81,764	)		(440,000	)		–0	–		228,541
Citibank, NA		160,874		(160,874	)		–0	–		–0	–		–0	–
Credit Suisse International		130,965		(130,965	)		–0	–		–0	–		–0	–
Deutsche Bank AG		180,357		–0	–		–0	–		–0	–		180,357
Goldman Sachs Bank USA		368,849		(368,849	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		867,148		(352,567	)		–0	–		–0	–		514,581
Morgan Stanley & Co., Inc.		16,038		(16,038	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		78,442		(78,442	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		327,764		(65,895	)		–0	–		–0	–		261,869
Total	$	3,350,557	$	(1,340,009	)	$	(440,000	)	$	–0	–	$	1,570,548	^

^ 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

17

INTERNATIONAL VALUE 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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $14,774,529 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $15,511,171. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $113,160 and $43,927 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $10,952. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	8,420	$	171,719	$	164,628	$	15,511

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		146,685			372,097		$	2,136,127		$	4,878,130
Shares issued in reinvestment of dividends		–0	–		45,592			–0	–		613,805
Shares redeemed		(425,504	)		(448,061	)		(6,081,609	)		(5,880,050	)
Net decrease		(278,819	)		(30,372	)	$	(3,945,482	)	$	(388,115	)
Class B
Shares sold		457,023			4,035,068		$	6,604,402		$	50,474,996
Shares issued in reinvestment of dividends		–0	–		383,236			–0	–		5,112,977
Shares redeemed		(6,735,386	)		(10,536,008	)		(96,375,085	)		(137,475,921	)
Net decrease		(6,278,363	)		(6,117,704	)	$	(89,770,683	)	$	(81,887,948	)

At June 30, 2017, certain shareholders of the Portfolio owned 55% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

18

AB Variable Products Series Fund

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.

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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 gains/losses on certain derivative instruments.

19

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses 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

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

20

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.28			$13.52			$13.53			$14.99			$12.96			$11.50
Income From Investment Operations
Net investment income (a)		.23	(b)		.30	(b)†		.30			.48			.33			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.77			(.37	)		.05			(1.40	)		2.59			1.31
Net increase (decrease) in net asset value from operations		2.00			(.07	)		.35			(.92	)		2.92			1.67
Less: Dividends
Dividends from net investment income		–0	–		(.17	)		(.36	)		(.54	)		(.89	)		(.21	)
Total dividends		–0	–		(.17	)		(.36	)		(.54	)		(.89	)		(.21	)
Net asset value, end of period		$15.28			$13.28			$13.52			$13.53			$14.99			$12.96
Total Return
Total investment return based on net asset value (c)*		15.06	%		(.50	)%†		2.59	%		(6.21	)%		23.00	%		14.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$50,247			$47,385			$48,665			$50,504			$58,723			$48,029
Ratio to average net assets of:
Expenses, net of waiver/reimbursements		.86	%^		.86	%		.85	%		.85	%		.82	%		.81	%
Expenses, before waivers/reimbursements		.87	%^		.86	%		.85	%		.85	%		.82	%		.81	%
Net investment income		3.12	%(b)^		2.27	%(b)†		2.09	%		3.25	%		2.33	%		2.97	%
Portfolio turnover rate		26	%		64	%		74	%		64	%		59	%		41	%

See footnote summary on page 22.

21

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

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.16			$13.41			$13.41			$14.86			$12.84			$11.40
Income From Investment Operations
Net investment income (a)		.20	(b)		.27	(b)†		.26			.45			.30			.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.76			(.38	)		.06			(1.40	)		2.56			1.29
Net increase (decrease) in net asset value from operations		1.96			(.11	)		.32			(.95	)		2.86			1.61
Less: Dividends
Dividends from net investment income		–0	–		(.14	)		(.32	)		(.50	)		(.84	)		(.17	)
Total dividends		–0	–		(.14	)		(.32	)		(.50	)		(.84	)		(.17	)
Net asset value, end of period		$15.12			$13.16			$13.41			$13.41			$14.86			$12.84
Total Return
Total investment return based on net asset value (c)*		14.89	%		(.80	)%†		2.40	%		(6.46	)%		22.73	%		14.19	%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$434			$460			$551			$616			$744			$1,058
Ratio to average net assets of:
Expenses, net of waiver/reimbursements		1.11	%^		1.11	%		1.10	%		1.10	%		1.07	%		1.06	%
Expenses, before waivers/reimbursements		1.12	%^		1.11	%		1.10	%		1.10	%		1.07	%		1.06	%
Net investment income		2.80	%(b)^		2.04	%(b)†		1.85	%		3.06	%		2.20	%		2.70	%
Portfolio turnover rate		26	%		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 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 six months ended June 30, 2017 and year ended December 31, 2016 by 0.01% and 0.07%, respectively.

^ Annualized.

See notes to financial statements.

22

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

23

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 compared the advisory 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

24

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.

25

VPS-IV-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,170.10	$	3.82		0.71	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.27	$	3.56		0.71	%
Class B
Actual	$	1,000	$	1,168.70	$	5.16		0.96	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.03	$	4.81		0.96	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class A & Class C	$	32,990,729		7.6	%
Facebook, Inc.—Class A		28,119,874		6.5
Visa, Inc.—Class A		21,334,012		4.9
UnitedHealth Group, Inc.		18,021,155		4.1
Home Depot, Inc. (The)		16,990,737		3.9
Apple, Inc.		16,650,440		3.8
Edwards Lifesciences Corp.		15,515,689		3.6
NIKE, Inc.—Class B		15,228,490		3.5
Intuitive Surgical, Inc.		14,589,901		3.3
Xilinx, Inc.		12,366,613		2.8
	$	191,807,640		44.0	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Technology	$	130,684,891		29.7	%
Consumer Discretionary		95,433,166		21.7
Health Care		84,479,313		19.2
Financial Services		39,180,951		8.9
Producer Durables		28,813,033		6.6
Consumer Staples		16,787,383		3.8
Materials & Processing		5,559,910		1.3
Short-Term Investments		38,923,021		8.8
Total Investments	$	439,861,668		100.0	%

(1) Long-term investments.

(2) The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

LARGE CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–92.1%
TECHNOLOGY–30.0%
COMPUTER SERVICES, SOFTWARE & SYSTEMS–18.7%
Adobe Systems, Inc.(a)		85,290	$	12,063,418
Alphabet, Inc.–Class A(a)		4,130		3,839,579
Alphabet, Inc.–Class C(a)		32,079		29,151,150
Cognizant Technology Solutions Corp.–Class A		51,636		3,428,630
Facebook, Inc.–Class A(a)		186,249		28,119,874
Palo Alto Networks, Inc.(a)		18,619		2,491,408
ServiceNow, Inc.(a)		24,231		2,568,486
				81,662,545
COMPUTER TECHNOLOGY–3.8%
Apple, Inc.		115,612		16,650,440
ELECTRONIC COMPONENTS–0.6%
Amphenol Corp.–Class A		33,706		2,488,177
ELECTRONIC ENTERTAINMENT–1.7%
Electronic Arts, Inc.(a)		68,770		7,270,365
SEMICONDUCTORS & COMPONENT–4.6%
NVIDIA Corp.		25,632		3,705,362
Texas Instruments, Inc.		53,100		4,084,983
Xilinx, Inc.		192,267		12,366,613
				20,156,958
TELECOMMUNICATIONS EQUIPMENT–0.6%
Arista Networks, Inc.(a)		16,399		2,456,406
				130,684,891
CONSUMER DISCRETIONARY–21.9%
AUTO PARTS–0.4%
WABCO Holdings, Inc.(a)		13,482		1,719,090
CABLE TELEVISION SERVICES–2.4%
Comcast Corp.–Class A		263,770		10,265,929
DIVERSIFIED RETAIL–3.8%
Costco Wholesale Corp.		65,330		10,448,227
Dollar Tree, Inc.(a)		89,371		6,248,820
				16,697,047
ENTERTAINMENT–1.9%
Walt Disney Co. (The)		77,620		8,247,125
LEISURE TIME–0.9%
Priceline Group, Inc. (The)(a)		2,120		3,965,502
RESTAURANTS–1.8%
Starbucks Corp.		136,160		7,939,490
SPECIALTY RETAIL–7.2%
Home Depot, Inc. (The)		110,761		16,990,737
O’Reilly Automotive, Inc.(a)		7,590		1,660,237
Company	Shares		U.S. $ Value
TJX Cos., Inc. (The)		119,389	$	8,616,304
Ulta Salon Cosmetics & Fragrance, Inc.(a)		14,280		4,103,215
				31,370,493
TEXTILES, APPAREL & SHOES–3.5%
NIKE, Inc.–Class B		258,110		15,228,490
				95,433,166
HEALTH CARE–19.4%
BIOTECHNOLOGY–2.2%
Biogen, Inc.(a)		34,485		9,357,850
HEALTH CARE FACILITIES–0.4%
VCA, Inc.(a)		20,820		1,921,894
HEALTH CARE MANAGEMENT SERVICES–4.1%
UnitedHealth Group, Inc.		97,191		18,021,155
HEALTH CARE SERVICES–1.4%
Cerner Corp.(a)		93,510		6,215,610
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES–4.3%
Align Technology, Inc.(a)		20,280		3,044,434
Edwards Lifesciences Corp.(a)		131,222		15,515,689
				18,560,123
MEDICAL EQUIPMENT–4.9%
Danaher Corp.		80,522		6,795,252
Intuitive Surgical, Inc.(a)		15,598		14,589,901
				21,385,153
PHARMACEUTICALS–2.1%
Zoetis, Inc.		144,558		9,017,528
				84,479,313
FINANCIAL SERVICES–9.0%
FINANCIAL DATA & SYSTEMS–8.5%
Fiserv, Inc.(a)		63,880		7,815,079
S&P Global, Inc.		35,480		5,179,725
Vantiv, Inc.–Class A(a)		42,690		2,703,985
Visa, Inc.–Class A		227,490		21,334,012
				37,032,801
SECURITIES BROKERAGE & SERVICES–0.5%
MarketAxess Holdings, Inc.		10,682		2,148,150
				39,180,951
PRODUCER DURABLES–6.6%
BACK OFFICE SUPPORT, HR & CONSULTING–0.7%
Automatic Data Processing, Inc.		30,030		3,076,874

3

LARGE CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
RAILROADS–0.9%
Union Pacific Corp.		35,500	$	3,866,305
SCIENTIFIC INSTRUMENTS: CONTROL & FILTER–3.4%
Allegion PLC		55,442		4,497,455
IDEX Corp.		23,400		2,644,434
Roper Technologies, Inc.		32,874		7,611,317
				14,753,206
SCIENTIFIC INSTRUMENTS: ELECTRICAL–0.9%
AO Smith Corp.		70,807		3,988,558
SCIENTIFIC INSTRUMENTS: GAUGES & METERS–0.7%
Mettler-Toledo International, Inc.(a)		5,315		3,128,090
				28,813,033
CONSUMER STAPLES–3.9%
BEVERAGE: BREWERS & DISTILLERS–1.5%
Constellation Brands, Inc.–Class A		33,230		6,437,648
BEVERAGE: SOFT DRINKS–2.4%
Monster Beverage Corp.(a)		208,328		10,349,735
				16,787,383
Company	Shares		U.S. $ Value
MATERIALS & PROCESSING–1.3%
CHEMICALS: DIVERSIFIED–0.9%
Ecolab, Inc.		29,240	$	3,881,610
DIVERSIFIED MATERIALS & PROCESSING–0.4%
Hexcel Corp.		31,792		1,678,300
				5,559,910
Total Common Stocks (cost $275,781,112)				400,938,647
SHORT-TERM INVESTMENTS–8.9%
TIME DEPOSIT–8.9%
State Street Time Deposit 0.09%, 7/03/17 (cost $38,923,021)		38,923		38,923,021
TOTAL INVESTMENTS–101.0% (cost $314,704,133)				439,861,668
Other assets less liabilities–(1.0)%				(4,248,041	)
NET ASSETS–100.0%			$	435,613,627

(a) Non-income producing security.

See notes to financial statements.

4

LARGE CAP GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $314,704,133)	$	439,861,668
Dividends and interest receivable		146,335
Receivable for capital stock sold		123,568
Total assets		440,131,571
LIABILITIES
Payable for investment securities purchased		3,623,227
Payable for capital stock redeemed		462,349
Advisory fee payable		231,513
Distribution fee payable		51,016
Administrative fee payable		12,658
Transfer Agent fee payable		81
Accrued expenses		137,100
Total liabilities		4,517,944
NET ASSETS	$	435,613,627
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,429
Additional paid-in capital		264,937,232
Accumulated net investment loss		(47,046	)
Accumulated net realized gain on investment transactions		45,557,477
Net unrealized appreciation on investments		125,157,535
	$	435,613,627

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	204,379,034		3,862,585	$	52.91
B	$	231,234,593		4,566,868	$	50.63

See notes to financial statements.

5

LARGE CAP GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	1,694,323
Affiliated issuers		280
Interest		12,283
Other income		7,467
		1,714,353
EXPENSES
Advisory fee (see Note B)		1,301,356
Distribution fee—Class B		276,901
Transfer agency—Class A		2,339
Transfer agency—Class B		2,663
Custodian		53,985
Printing		35,263
Administrative		25,090
Legal		22,087
Audit and tax		20,481
Directors’ fees		13,372
Miscellaneous		7,955
Total expenses		1,761,492
Less: expenses waived and reimbursed by the Adviser (see Note E)		(93	)
Net expenses		1,761,399
Net investment loss		(47,046	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		23,406,703
Net change in unrealized appreciation/depreciation of investments		40,305,263
Net gain on investment transactions		63,711,966
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	63,664,920

See notes to financial statements.

6

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(47,046	)	$	(869,666	)
Net realized gain on investment transactions		23,406,703			22,457,817
Net change in unrealized appreciation/depreciation of investments		40,305,263			(11,055,344	)
Contributions from Affiliates (see Note B)		–0	–		214
Net increase in net assets from operations		63,664,920			10,533,021
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(20,330,760	)
Class B		–0	–		(29,455,689	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(9,089,859	)		(38,446,922	)
Total increase (decrease)		54,575,061			(77,700,350	)
NET ASSETS
Beginning of period		381,038,566			458,738,916
End of period (including accumulated net investment loss of ($47,046) and ($0), respectively)	$	435,613,627		$	381,038,566

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Large Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen 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

8

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

400,938,647

$

–0

–

$

–0

–

$

400,938,647

Short-Term Investments

–0

–

38,923,021

–0

–

38,923,021

Total Investments in Securities

400,938,647

38,923,021

–0

–

439,861,668

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

400,938,647

$

38,923,021

$

–0

–

$

439,861,668

(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.

9

LARGE CAP GROWTH 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.

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.

10

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 .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. Effective February 3, 2017, the advisory fee was reduced from .75% to .60% of the first $2.5 billion, .65% to ..50% of the next $2.5 billion and .60% to .45% in excess of $5 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2017, the reimbursement for such services amounted to $25,090.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $47,947, 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.

11

LARGE 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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	117,299,097		$	137,104,554
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	126,400,521
Gross unrealized depreciation		(1,242,986	)
Net unrealized appreciation	$	125,157,535

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, 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 $0 and $280 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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

12

AB Variable Products Series Fund

Portfolio as an acquired fund fee and expense. For the six months ended June 30, 2017, such waiver amounted to $93. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	1,452	$	175	$	1,627	$	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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		247,473			226,292		$	12,670,034		$	10,252,042
Shares issued in reinvestment of distributions		–0	–		440,632			–0	–		20,330,760
Shares redeemed		(324,567	)		(597,453	)		(16,277,901	)		(28,081,720	)
Net increase (decrease)		(77,094	)		69,471		$	(3,607,867	)	$	2,501,082
Class B
Shares sold		243,048			480,054		$	11,743,106		$	21,711,096
Shares issued in reinvestment of distributions		–0	–		665,665			–0	–		29,455,689
Shares redeemed		(359,741	)		(2,055,480	)		(17,225,098	)		(92,114,789	)
Net decrease		(116,693	)		(909,761	)	$	(5,481,992	)	$	(40,948,004	)

At June 30, 2017, certain shareholders of the Portfolio owned 55% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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.

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 six months ended June 30, 2017.

13

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

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

14

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$45.22			$49.50			$48.83			$42.78			$31.17			$26.86
Income From Investment Operations
Net investment income (loss) (a)		.03	(b)		(.03	)(b)†		.02			.02			(.04	)		.05
Net realized and unrealized gain on investment transactions		7.66			1.44			5.33			6.03			11.68			4.35
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		7.69			1.41			5.35			6.05			11.64			4.40
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.03	)		(.09	)
Distributions from net realized gain on investment transactions		–0	–		(5.69	)		(4.68	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(5.69	)		(4.68	)		–0	–		(.03	)		(.09	)
Net asset value, end of period		$52.91			$45.22			$49.50			$48.83			$42.78			$31.17
Total Return
Total investment return based on net asset value (d)*		17.01	%		2.63	%†		11.11	%		14.14	%		37.35	%		16.39	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$204,379			$178,136			$191,568			$189,620			$190,488			$160,226
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.71	%^		.85	%		.82	%		.83	%		.85	%		.86	%
Expenses, before waivers/reimbursements		.71	%^		.85	%		.82	%		.83	%		.85	%		.86	%
Net investment income (loss)		.11	%(b)^		(.07	)%(b)†		.04	%		.04	%		(.11	)%		.18	%
Portfolio turnover rate		31	%		59	%		65	%		65	%		60	%		94	%

See footnote summary on page 17.

15

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$43.32			$47.77			$47.38			$41.62			$30.38			$26.17
Income From Investment Operations
Net investment loss (a)		(.03	)(b)		(.14	)(b)†		(.10	)		(.09	)		(.13	)		(.02	)
Net realized and unrealized gain on investment transactions		7.34			1.38			5.17			5.85			11.37			4.24
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		7.31			1.24			5.07			5.76			11.24			4.22
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		–0	–		(.01	)
Distributions from net realized gain on investment transactions		–0	–		(5.69	)		(4.68	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(5.69	)		(4.68	)		–0	–		–0	–		(.01	)
Net asset value, end of period		$50.63			$43.32			$47.77			$47.38			$41.62			$30.38
Total Return
Total investment return based on net asset value (d)*		16.87	%		2.36	%†		10.86	%		13.84	%		37.00	%		16.12	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$231,235			$202,903			$267,171			$237,452			$230,350			$190,896
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.96	%^		1.10	%		1.07	%		1.08	%		1.10	%		1.11	%
Expenses, before waivers/reimbursements		.96	%^		1.10	%		1.07	%		1.08	%		1.10	%		1.11	%
Net investment loss		(.14	)%(b)^		(.32	)%(b)†		(.21	)%		(.21	)%		(.36	)%		(.07	)%
Portfolio turnover rate		31	%		59	%		65	%		65	%		60	%		94	%

See footnote summary on page 17.

16

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

(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 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 six months ended June 30, 2017 and years ended December 31, 2016, December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2012 by 0.03%, 0.01%, 0.09%, 0.02%, 0.10% and 0.95%, respectively.

^ Annualized.

See notes to financial statements.

17

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

18

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable. The directors noted that the reduction in the advisory fee rate effective since February 3, 2017 would likely impact the Adviser’s profitability analysis in future years.

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 an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 pro forma contractual effective advisory fee rate (reflecting a reduction in the advisory fee rate effective since February 3, 2017) 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 also compared the advisory fee rate for the Fund with those for two other AB Funds 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the information included the pro forma expense ratio to reflect a reduction in the Fund’s expense ratio effective since February 3, 2017. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the

19

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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 pro forma 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.

20

VPS-LCG-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,040.10	$	5.36		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.54	$	5.31		1.06	%
Class B
Actual	$	1,000	$	1,039.90	$	6.63		1.31	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.30	$	6.56		1.31	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

REAL ESTATE INVESTMENT PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
American Tower Corp.	$	4,144,263		7.9	%
Equinix, Inc.		2,327,335		4.4
Welltower, Inc.		2,279,182		4.4
AvalonBay Communities, Inc.		2,027,393		3.9
Simon Property Group, Inc.		1,968,619		3.8
Ventas, Inc.		1,869,012		3.6
Mid-America Apartment Communities, Inc.		1,618,637		3.1
Realty Income Corp.		1,604,634		3.1
Boston Properties, Inc.		1,510,562		2.9
Alexandria Real Estate Equities, Inc.		1,466,120		2.8
	$	20,815,757		39.9	%

INDUSTRY BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

INDUSTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Specialized REITs	$	11,628,225		22.3	%
Retail REITs		8,575,901		16.4
Residential REITs		8,159,510		15.7
Office REITs		7,548,018		14.5
Health Care REITs		6,166,855		11.8
Diversified REITs		4,436,933		8.5
Industrial REITs		2,712,141		5.2
Hotel & Resort REITs		2,288,681		4.4
Movies & Entertainment		385,466		0.7
Short-Term Investments		267,633		0.5
Total Investments	$	52,169,363		100.0	%

(1) Long-term investments.

(2) The Portfolio’s industry breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The industry classifications presented herein are based on the industry categorization methodology of the Adviser.

2

REAL ESTATE INVESTMENT PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.4%
REAL ESTATE–98.7%
DIVERSIFIED REITS–8.5%
Armada Hoffler Properties, Inc.		59,930	$	776,093
Empire State Realty Trust, Inc.–Class A		43,580		905,157
Gramercy Property Trust		33,094		983,223
Liberty Property Trust		21,700		883,407
Washington Real Estate Investment Trust		27,870		889,053
				4,436,933
HEALTH CARE REITS–11.8%
Healthcare Realty Trust, Inc.		20,910		714,077
Medical Properties Trust, Inc.		58,990		759,201
Sabra Health Care REIT, Inc.(a)		22,630		545,383
Ventas, Inc.		26,900		1,869,012
Welltower, Inc.		30,450		2,279,182
				6,166,855
HOTEL & RESORT REITS–4.4%
DiamondRock Hospitality Co.		59,320		649,554
Park Hotels & Resorts, Inc.		29,200		787,232
Summit Hotel Properties, Inc.		45,678		851,895
				2,288,681
INDUSTRIAL REITS–5.2%
Monmouth Real Estate Investment Corp.–Class A		41,740		628,187
Rexford Industrial Realty, Inc.		31,810		872,866
STAG Industrial, Inc.		43,880		1,211,088
				2,712,141
OFFICE REITS–14.5%
Alexandria Real Estate Equities, Inc.		12,170		1,466,120
Boston Properties, Inc.		12,279		1,510,562
Brandywine Realty Trust		41,450		726,618
Columbia Property Trust, Inc.		40,720		911,314
Corporate Office Properties Trust		21,800		763,654
Hudson Pacific Properties, Inc.		30,320		1,036,641
Parkway, Inc.		24,930		570,648
Vornado Realty Trust		5,990		562,461
				7,548,018
RESIDENTIAL REITS–15.6%
AvalonBay Communities, Inc.		10,550		2,027,393
Camden Property Trust		6,960		595,150
Education Realty Trust, Inc.		17,770		688,587
Essex Property Trust, Inc.		4,940		1,270,914
Independence Realty Trust, Inc.		85,230		841,220
Mid-America Apartment Communities, Inc.		15,360		1,618,637
Sun Communities, Inc.		12,745		1,117,609
				8,159,510
RETAIL REITS–16.4%
Brixmor Property Group, Inc.		67,450		1,206,006
GGP, Inc.		62,180		1,464,961
National Retail Properties, Inc.		18,810		735,471
Realty Income Corp.		29,080		1,604,634
Retail Opportunity Investments Corp.		43,250		829,968
Simon Property Group, Inc.		12,170		1,968,619
Urban Edge Properties		32,290		766,242
				8,575,901
SPECIALIZED REITS–22.3%
American Tower Corp.		31,320		4,144,263
Crown Castle International Corp.		7,880		789,418
Digital Realty Trust, Inc.		12,950		1,462,703
EPR Properties		14,170		1,018,398
Equinix, Inc.		5,423		2,327,335
National Storage Affiliates Trust		38,212		883,079
Public Storage		4,810		1,003,029
				11,628,225
				51,516,264
MEDIA–0.7%
MOVIES & ENTERTAINMENT–0.7%
Regal Entertainment Group–Class A(a)		18,840		385,466
Total Common Stocks (cost $45,031,709)				51,901,730
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.5%
TIME DEPOSIT–0.5%
State Street Time Deposit 0.09%, 7/03/17 (cost $267,633)	$	268		267,633
Total Investments Before Security Lending Collateral for Securities Loaned–99.9% (cost $45,299,342)				52,169,363
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(b)(c) (cost $950,075)		950,075		950,075
TOTAL INVESTMENTS–101.7% (cost $46,249,417)				53,119,438
Other assets less liabilities–(1.7)%				(906,288	)
NET ASSETS–100.0%			$	52,213,150

3

REAL ESTATE INVESTMENT PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

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

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

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

Glossary:

REIT—Real Estate Investment Trust

See notes to financial statements.

4

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $45,299,342)	$	52,169,363	(a)
Affiliated issuers (cost $950,075—investment of cash collateral for securities loaned)		950,075
Foreign currencies, at value (cost $8,329)		7,600
Dividends and interest receivable		185,610
Receivable for capital stock sold		9,441
Total assets		53,322,089
LIABILITIES
Payable for collateral received on securities loaned		950,075
Advisory fee payable		25,360
Payable for capital stock redeemed		22,839
Administrative fee payable		12,917
Distribution fee payable		4,083
Transfer Agent fee payable		81
Accrued expenses		93,584
Total liabilities		1,108,939
NET ASSETS	$	52,213,150
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,434
Additional paid-in capital		39,869,068
Undistributed net investment income		1,744,833
Accumulated net realized gain on investment and foreign currency transactions		3,724,523
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		6,869,292
	$	52,213,150

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	33,747,549		3,518,182	$	9.59
B	$	18,465,601		1,915,803	$	9.64

(a) Includes securities on loan with a value of $930,849 (see Note E).

See notes to financial statements.

5

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	950,192
Affiliated issuers		325
Interest		212
Other income		1,206
		951,935
EXPENSES
Advisory fee (see Note B)		144,222
Distribution fee—Class B		22,804
Transfer agency—Class A		1,849
Transfer agency—Class B		991
Custodian		33,702
Audit and tax		26,698
Administrative		25,021
Printing		16,562
Legal		14,296
Directors’ fees		13,372
Miscellaneous		2,105
Total expenses		301,622
Less: expenses waived and reimbursed by the Adviser (see Note E)		(74	)
Net expenses		301,548
Net investment income		650,387
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investment transactions		1,140,489
Net change in unrealized appreciation/depreciation of:
Investments		308,494
Foreign currency denominated assets and liabilities		328
Net gain on investment and foreign currency transactions		1,449,311
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,099,698

See notes to financial statements.

6

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	650,387		$	947,416
Net realized gain on investment and foreign currency transactions		1,140,489			2,670,848
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		308,822			50,925
Net increase in net assets from operations		2,099,698			3,669,189
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(601,091	)
Class B		–0	–		(228,136	)
Net realized gain on investment transactions
Class A		–0	–		(1,722,127	)
Class B		–0	–		(751,170	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,797,307	)		2,686,208
Total increase (decrease)		(697,609	)		3,052,873
NET ASSETS
Beginning of period		52,910,759			49,857,886
End of period (including undistributed net investment income of $1,744,833 and $1,094,446, respectively)	$	52,213,150		$	52,910,759

See notes to financial statements.

7

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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

8

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

51,901,730

$

–0

–

$

–0

–

$

51,901,730

Short-Term Investments

–0

–

267,633

–0

–

267,633

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

950,075

–0

–

–0

–

950,075

Total Investments in Securities

52,851,805

267,633

–0

–

53,119,438

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

52,851,805

$

267,633

$

–0

–

$

53,119,438

(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.

9

REAL ESTATE INVESTMENT 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.

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.

10

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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,021.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $19,057, 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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	17,266,548		$	19,077,673
U.S. government securities		–0	–		–0	–

11

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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

Gross unrealized appreciation	$	7,908,714
Gross unrealized depreciation		(1,038,693	)
Net unrealized appreciation	$	6,870,021

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $930,849 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $950,075. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $325 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $74. 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.

12

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)	Purchases at Cost (000)	Sales Proceeds (000)	Market Value 6/30/17 (000)
$0	$2,745	$1,795	$950

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		103,071			431,092		$	965,089		$	4,165,931
Shares issued in reinvestment of dividends and distributions		–0	–		235,620			–0	–		2,323,218
Shares redeemed		(414,851	)		(798,588	)		(3,888,510	)		(7,520,220	)
Net decrease		(311,780	)		(131,876	)	$	(2,923,421	)	$	(1,031,071	)
Class B
Shares sold		186,028			582,138		$	1,734,873		$	5,543,108
Shares issued in reinvestment of dividends and distributions		–0	–		98,621			–0	–		979,306
Shares redeemed		(170,401	)		(300,705	)		(1,608,759	)		(2,805,135	)
Net increase		15,627			380,054		$	126,114		$	3,717,279

At June 30, 2017, certain shareholders of the Portfolio owned 62% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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 mortgage-related 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 mortgage-related 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—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

13

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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 carry forwards.

14

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

15

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$9.22			$9.08			$10.00			$11.18			$12.25			$11.58
Income From Investment Operations
Net investment income (a)		.12	(b)		.18	(b)†		.18			.14			.24			.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.25			.56			(.12	)		2.39			.24			2.21
Net increase in net asset value from operations		.37			.74			.06			2.53			.48			2.39
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.15	)		(.15	)		(.37	)		(.20	)		(.15	)
Distributions from net realized gain on investment transactions		–0	–		(.45	)		(.83	)		(3.34	)		(1.35	)		(1.57	)
Total dividends and distributions		–0	–		(.60	)		(.98	)		(3.71	)		(1.55	)		(1.72	)
Net asset value, end of period		$9.59			$9.22			$9.08			$10.00			$11.18			$12.25
Total Return
Total investment return based on net asset value (c)		4.01	%		7.76	%†		.80	%		25.35	%		4.20	%		21.19	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$33,748			$35,294			$35,970			$38,003			$31,576			$70,048
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%^		1.08	%		1.07	%		1.08	%		.86	%		.84	%
Expenses, before waivers/reimbursements		1.06	%^		1.08	%		1.07	%		1.08	%		.86	%		.84	%
Net investment income		2.56	%(b)^		1.90	%(b)†		1.91	%		1.26	%		1.92	%		1.49	%
Portfolio turnover rate		33	%		77	%		67	%		67	%		98	%		110	%

See footnote summary on page 17.

16

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$9.27			$9.14			$10.05			$11.22			$12.28			$11.61
Income From Investment Operations
Net investment income (a)		.11	(b)		.15	(b)†		.16			.11			.27			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.26			.56			(.11	)		2.40			.18			2.20
Net increase in net asset value from operations		.37			.71			.05			2.51			.45			2.35
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.13	)		(.13	)		(.34	)		(.16	)		(.11	)
Distributions from net realized gain on investment transactions		–0	–		(.45	)		(.83	)		(3.34	)		(1.35	)		(1.57	)
Total dividends and distributions		–0	–		(.58	)		(.96	)		(3.68	)		(1.51	)		(1.68	)
Net asset value, end of period		$9.64			$9.27			$9.14			$10.05			$11.22			$12.28
Total Return
Total investment return based on net asset value (c)		3.99	%		7.38	%†		.66	%		24.96	%		3.97	%		20.83	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$18,465			$17,617			$13,888			$13,301			$12,394			$13,568
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.31	%^		1.34	%		1.33	%		1.33	%		1.15	%		1.10	%
Expenses, before waivers/reimbursements		1.31	%^		1.34	%		1.33	%		1.33	%		1.15	%		1.10	%
Net investment income		2.34	%(b)^		1.56	%(b)†		1.67	%		1.03	%		2.13	%		1.19	%
Portfolio turnover rate		33	%		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 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	%

^ Annualized.

17

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

18

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 an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

19

REAL ESTATE INVESTMENT PORTFOLIO
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.

20

VPS-REI-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,162.20	$	7.72		1.44	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.65	$	7.20		1.44	%
Class B
Actual	$	1,000	$	1,160.50	$	9.05		1.69	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,016.41	$	8.45		1.69	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE			PERCENT OF NET ASSETS
Grand Canyon Education, Inc.		$	704,906		1.8	%
Planet Fitness, Inc.			695,252		1.7
Five Below, Inc.			592,539		1.5
Ellie Mae, Inc.			569,334		1.4
Freshpet, Inc.			567,455		1.4
GrubHub, Inc.			565,492		1.4
Lithia Motors, Inc.—Class A			559,726		1.4
Summit Materials, Inc.—Class A			537,098		1.4
Ollie’s Bargain Outlet Holdings, Inc.			524,491		1.3
Vail Resorts, Inc.			517,217		1.3
		$	5,833,510		14.6	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE			PERCENT OF TOTAL INVESTMENTS
Information Technology		$	10,744,278		27.0	%
Health Care			8,477,133		21.3
Industrials			6,952,181		17.4
Consumer Discretionary			6,520,952		16.4
Financials			2,680,907		6.7
Consumer Staples			1,310,201		3.3
Materials			1,050,480		2.6
Energy			948,499		2.4
Telecommunication Services			301,886		0.8
Short-Term Investments			825,954		2.1
Total Investments		$	39,812,471		100.0	%

(1) Long-term investments.

(2) The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SMALL CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.8%
INFORMATION TECHNOLOGY–27.0%
COMMUNICATIONS EQUIPMENT–1.8%
Arista Networks, Inc.(a)		1,850	$	277,112
Lumentum Holdings, Inc.(a)		7,800		444,990
				722,102
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.7%
Coherent, Inc.(a)		1,170		263,238
INTERNET SOFTWARE & SERVICES–9.5%
2U, Inc.(a)		10,910		511,897
Cimpress NV(a)(b)		5,456		515,756
CoStar Group, Inc.(a)		1,770		466,572
GrubHub, Inc.(a)(b)		12,970		565,492
LogMeIn, Inc.		4,530		473,385
Pandora Media, Inc.(a)(b)		14,056		125,379
Q2 Holdings, Inc.(a)		11,609		428,953
Trade Desk, Inc. (The)–Class A(a)		8,953		448,635
Wix.com Ltd.(a)		3,687		256,615
				3,792,684
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.9%
Advanced Energy Industries, Inc.(a)		7,530		487,116
Microsemi Corp.(a)		4,600		215,280
Monolithic Power Systems, Inc.		4,121		397,264
Silicon Laboratories, Inc.(a)		6,634		453,434
				1,553,094
SOFTWARE–11.1%
Aspen Technology, Inc.(a)		8,683		479,823
Blackbaud, Inc.		4,198		359,978
Blackline, Inc.(a)		10,671		381,382
Ellie Mae, Inc.(a)		5,180		569,334
Guidewire Software, Inc.(a)		4,343		298,408
HubSpot, Inc.(a)		5,840		383,980
Paylocity Holding Corp.(a)		7,783		351,636
Proofpoint, Inc.(a)		5,950		516,638
RingCentral, Inc.–Class A(a)		10,990		401,684
Take-Two Interactive Software, Inc.(a)		5,542		406,672
Ultimate Software Group, Inc. (The)(a)(b)		1,255		263,625
				4,413,160
				10,744,278
HEALTH CARE–21.3%
BIOTECHNOLOGY–9.1%
Adamas Pharmaceuticals, Inc.(a)(b)		9,505		166,243
Aimmune Therapeutics, Inc.(a)(b)		8,393		172,560
Alder Biopharmaceuticals, Inc.(a)(b)		7,663	$	87,741
Audentes Therapeutics, Inc.(a)(b)		8,249		157,803
Avexis, Inc.(a)		2,750		225,940
BeiGene Ltd. (ADR)(a)		800		36,000
Biohaven Pharmaceutical Holding Co., Ltd.(a)		2,057		51,425
Blueprint Medicines Corp.(a)		5,422		274,733
Clovis Oncology, Inc.(a)		5,010		469,086
DBV Technologies SA (Sponsored ADR)(a)		5,065		180,871
Loxo Oncology, Inc.(a)		4,693		376,332
Neurocrine Biosciences, Inc.(a)		3,570		164,220
Otonomy, Inc.(a)		8,246		155,437
Prothena Corp. PLC(a)(b)		4,600		248,952
Radius Health, Inc.(a)(b)		3,450		156,044
Sage Therapeutics, Inc.(a)		3,466		276,032
TESARO, Inc.(a)		1,418		198,322
Ultragenyx Pharmaceutical, Inc.(a)		3,513		218,192
				3,615,933
HEALTH CARE EQUIPMENT & SUPPLIES–6.2%
Align Technology, Inc.(a)		2,551		382,956
DexCom, Inc.(a)		4,515		330,272
Glaukos Corp.(a)(b)		8,415		348,970
iRhythm Technologies, Inc.(a)		10,893		462,844
Nevro Corp.(a)		5,799		431,620
Penumbra, Inc.(a)		5,848		513,162
				2,469,824
HEALTH CARE PROVIDERS & SERVICES–0.9%
Teladoc, Inc.(a)(b)		10,739		372,643
HEALTH CARE TECHNOLOGY–1.3%
Vocera Communications, Inc.(a)		18,867		498,466
LIFE SCIENCES TOOLS & SERVICES–1.2%
ICON PLC(a)		4,932		482,300
PHARMACEUTICALS–2.6%
Aerie Pharmaceuticals, Inc.(a)		4,130		217,032
Akorn, Inc.(a)		2,377		79,725
GW Pharmaceuticals PLC (ADR)(a)		1,508		151,177
Intersect ENT, Inc.(a)		12,230		341,828
Medicines Co. (The)(a)(b)		6,530		248,205
				1,037,967
				8,477,133
INDUSTRIALS–17.4%
AEROSPACE & DEFENSE–2.0%
Hexcel Corp.		8,194		432,561
Mercury Systems, Inc.(a)		8,970		377,548
				810,109

3

SMALL CAP GROWTH PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMERCIAL SERVICES & SUPPLIES–1.7%
Advanced Disposal Services, Inc.(a)		12,175	$	276,738
Tetra Tech, Inc.		8,550		391,162
				667,900
CONSTRUCTION & ENGINEERING–1.1%
Dycom Industries, Inc.(a)		4,743		424,593
INDUSTRIAL CONGLOMERATES–0.9%
Carlisle Cos., Inc.		3,895		371,583
MACHINERY–8.7%
Astec Industries, Inc.		7,650		424,651
Gardner Denver Holdings, Inc.(a)		16,219		350,493
IDEX Corp.		4,032		455,656
John Bean Technologies Corp.		4,620		452,760
Kennametal, Inc.		6,190		231,630
Lincoln Electric Holdings, Inc.		4,809		442,861
Middleby Corp. (The)(a)		2,296		278,987
Nordson Corp.		3,440		417,341
RBC Bearings, Inc.(a)		4,303		437,873
				3,492,252
ROAD & RAIL–1.0%
Genesee & Wyoming, Inc.–Class A(a)		5,784		395,568
TRADING COMPANIES & DISTRIBUTORS–2.0%
H&E Equipment Services, Inc.		20,299		414,303
SiteOne Landscape Supply, Inc.(a)		7,220		375,873
				790,176
				6,952,181
CONSUMER DISCRETIONARY–16.4%
DISTRIBUTORS–1.0%
Pool Corp.		3,457		406,440
DIVERSIFIED CONSUMER SERVICES–3.1%
Bright Horizons Family Solutions, Inc.(a)		6,485		500,707
Grand Canyon Education, Inc.(a)		8,990		704,906
				1,205,613
HOTELS, RESTAURANTS & LEISURE–6.1%
Buffalo Wild Wings, Inc.(a)		2,922		370,217
Dave & Buster’s Entertainment, Inc.(a)		7,377		490,644
Hilton Grand Vacations, Inc.(a)		9,921		357,751
Planet Fitness, Inc.		29,788		695,252
Vail Resorts, Inc.		2,550		517,217
				2,431,081
MEDIA–0.9%
IMAX Corp.(a)		16,250		357,500
MULTILINE RETAIL–1.3%
Ollie’s Bargain Outlet Holdings, Inc.(a)		12,312	$	524,491
SPECIALTY RETAIL–4.0%
Five Below, Inc.(a)		12,002		592,539
Lithia Motors, Inc.–Class A		5,940		559,726
Tile Shop Holdings, Inc.		21,480		443,562
				1,595,827
				6,520,952
FINANCIALS–6.7%
BANKS–4.3%
Signature Bank/New York NY(a)		2,684		385,235
Sterling Bancorp/DE		18,396		427,707
SVB Financial Group(a)		2,392		420,490
Western Alliance Bancorp(a)		9,962		490,130
				1,723,562
CAPITAL MARKETS–2.4%
Hamilton Lane, Inc.–Class A		9,030		198,570
Houlihan Lokey, Inc.		12,220		426,478
Stifel Financial Corp.(a)		7,227		332,297
				957,345
				2,680,907
CONSUMER STAPLES–3.3%
FOOD & STAPLES RETAILING–0.8%
Chefs’ Warehouse, Inc. (The)(a)(b)		25,037		325,481
FOOD PRODUCTS–1.4%
Freshpet, Inc.(a)(b)		34,184		567,455
PERSONAL PRODUCTS–1.1%
elf Beauty, Inc.(a)(b)		15,335		417,265
				1,310,201
MATERIALS–2.6%
CHEMICALS–1.3%
PolyOne Corp.		13,252		513,382
CONSTRUCTION MATERIALS–1.3%
Summit Materials, Inc.–Class A(a)		18,604		537,098
				1,050,480
ENERGY–2.4%
ENERGY EQUIPMENT & SERVICES–1.6%
Forum Energy Technologies, Inc.(a)		19,788		308,693
Oil States International, Inc.(a)		11,881		322,569
				631,262
OIL, GAS & CONSUMABLE FUELS–0.8%
Matador Resources Co.(a)(b)		14,845		317,237
				948,499

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TELECOMMUNICATION SERVICES–0.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.7%
Vonage Holdings Corp.(a)		46,160	$	301,886
Total Common Stocks (cost $29,899,903)				38,986,517
	Principal Amount (000)
SHORT-TERM INVESTMENTS–2.1%
TIME DEPOSIT–2.1%
State Street Time Deposit 0.09%, 7/03/17 (cost $825,954)	$	826		825,954
Total Investments Before Security Lending Collateral for Securities Loaned–99.9% (cost $30,725,857)				39,812,471
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–9.8%
INVESTMENT COMPANIES–9.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(c)(d) (cost $3,895,618)		3,895,618	$	3,895,618
TOTAL INVESTMENTS–109.7% (cost $34,621,475)				43,708,089
Other assets less liabilities–(9.7)%				(3,858,008	)
NET ASSETS–100.0%			$	39,850,081

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

5

SMALL CAP GROWTH PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $30,725,857)	$	39,812,471	(a)
Affiliated issuers (cost $3,895,618—investment of cash collateral for securities loaned)		3,895,618
Receivable for investment securities sold		315,327
Receivable for capital stock sold		71,531
Dividends and interest receivable		9,545
Total assets		44,104,492
LIABILITIES
Payable for collateral received on securities loaned		3,895,618
Payable for investment securities purchased		150,192
Payable for capital stock redeemed		58,348
Advisory fee payable		26,038
Administrative fee payable		12,917
Distribution fee payable		3,558
Transfer Agent fee payable		83
Accrued expenses		107,657
Total liabilities		4,254,411
NET ASSETS	$	39,850,081
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,725
Additional paid-in capital		29,833,727
Accumulated net investment loss		(225,802	)
Accumulated net realized gain on investment transactions		1,152,817
Net unrealized appreciation on investments		9,086,614
	$	39,850,081

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	23,514,970		1,548,398	$	15.19
B	$	16,335,111		1,176,613	$	13.88

(a) Includes securities on loan with a value of $3,810,348 (see Note E).

See notes to financial statements.

6

SMALL CAP GROWTH PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	71,953
Affiliated issuers		5,859
Interest		234
Other income		1,118
		79,164
EXPENSES
Advisory fee (see Note B)		148,029
Distribution fee—Class B		19,874
Transfer agency—Class A		1,688
Transfer agency—Class B		1,138
Custodian		43,953
Administrative		25,021
Audit and tax		20,533
Printing		16,504
Legal		14,219
Directors’ fees		13,290
Miscellaneous		1,904
Total expenses		306,153
Less: expenses waived and reimbursed by the Adviser (see Note E)		(1,532	)
Net expenses		304,621
Net investment loss		(225,457	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		3,468,753
Net change in unrealized appreciation/depreciation of investments		2,605,454
Net gain on investment transactions		6,074,207
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	5,848,750

See notes to financial statements.

7

SMALL CAP GROWTH PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(225,457	)	$	(361,868	)
Net realized gain (loss) on investment transactions		3,468,753			(1,414,916	)
Net change in unrealized appreciation/depreciation of investments		2,605,454			3,789,769
Net increase in net assets from operations		5,848,750			2,012,985
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(6,611,826	)
Class B		–0	–		(5,758,210	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(3,497,570	)		2,965,494
Total increase (decrease)		2,351,180			(7,391,557	)
NET ASSETS
Beginning of period		37,498,901			44,890,458
End of period (including accumulated net investment loss of ($225,802) and ($345), respectively)	$	39,850,081		$	37,498,901

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen 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,

9

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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.

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

38,986,517

$

–0

–

$

–0

–

$

38,986,517

Short-Term Investments

–0

–

825,954

–0

–

825,954

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

3,895,618

–0

–

–0

–

3,895,618

Total Investments in Securities

42,882,135

825,954

–0

–

43,708,089

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

42,882,135

$

825,954

$

–0

–

$

43,708,089

(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.

10

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.

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.

11

SMALL CAP 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 six months ended June 30, 2017, the reimbursement for such services amounted to $25,021.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $14,741, of which $12 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 six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	12,176,755		$	16,218,445
U.S. government securities		–0	–		–0	–

12

AB Variable Products Series Fund

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

Gross unrealized appreciation	$	9,750,797
Gross unrealized depreciation		(664,183	)
Net unrealized appreciation	$	9,086,614

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $3,810,348 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $3,895,618. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $5,859 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $1,532. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	2,326	$	13,576	$	12,006	$	3,896

13

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		41,391			72,529		$	563,064		$	1,034,598
Shares issued in reinvestment of distributions		–0	–		523,917			–0	–		6,611,826
Shares converted from Class B		872			–0	–		42,432			–0	–
Shares redeemed		(208,713	)		(327,926	)		(3,010,798	)		(4,827,919	)
Net increase (decrease)		(166,450	)		268,520		$	(2,405,302	)	$	2,818,505
Class B
Shares sold		105,031			154,832		$	1,391,476		$	2,038,448
Shares issued in reinvestment of distributions		–0	–		498,115			–0	–		5,758,210
Shares converted to Class A		1,274			–0	–		(42,432	)		–0	–
Shares redeemed		(191,820	)		(608,767	)		(2,441,312	)		(7,649,669	)
Net increase (decrease)		(85,515	)		44,180		$	(1,092,268	)	$	146,989

At June 30, 2017, 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

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.

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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	$	12,370,036	$	9,298,202

14

AB Variable Products Series Fund

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

Undistributed net capital gain	$	(1,141,599	)(a)
Accumulated capital and other losses		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 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 June 30, 2017, the Portfolio had a net short-term capital loss carryforward of $1,141,599 which may be carried forward for an indefinite period.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

15

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$13.07			$17.31			$20.97			$23.47			$18.96			$17.09
Income From Investment Operations
Net investment loss (a)		(.07	)(b)		(.12	)(b)†		(.19	)		(.15	)		(.21	)		(.12	)
Net realized and unrealized gain (loss) on investment transactions		2.19			1.05			.18			(.30	)		8.30			2.69
Net increase (decrease) in net asset value from operations		2.12			.93			(.01	)		(.45	)		8.09			2.57
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(5.17	)		(3.65	)		(2.05	)		(3.58	)		(.70	)
Net asset value, end of period		$15.19			$13.07			$17.31			$20.97			$23.47			$18.96
Total Return
Total investment return based on net asset value (c)*		16.22	%		6.46	%†		(1.25	)%		(1.81	)%		45.66	%		15.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$23,515			$22,405			$25,033			$28,055			$33,510			$27,479
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.44	%^		1.48	%		1.31	%		1.11	%		1.17	%		1.18	%
Expenses, before waivers/reimbursements (d)		1.45	%^		1.49	%		1.31	%		1.11	%		1.17	%		1.18	%
Net investment loss		(1.04	)%(b)^		(.83	)%(b)†		(.92	)%		(.67	)%		(.96	)%		(.64	)%
Portfolio turnover rate		32	%		60	%		72	%		84	%		81	%		105	%

See footnote summary on page 17.

16

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$11.96			$16.30			$20.00			$22.54			$18.36			$16.61
Income From Investment Operations
Net investment loss (a)		(.08	)(b)		(.15	)(b)†		(.22	)		(.19	)		(.25	)		(.16	)
Net realized and unrealized gain (loss) on investment transactions		2.00			.98			.17			(.30	)		8.01			2.61
Net increase (decrease) in net asset value from operations		1.92			.83			(.05	)		(.49	)		7.76			2.45
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(5.17	)		(3.65	)		(2.05	)		(3.58	)		(.70	)
Net asset value, end of period		$13.88			$11.96			$16.30			$20.00			$22.54			$18.36
Total Return
Total investment return based on net asset value (c)*		16.05	%		6.22	%†		(1.53	)%		(2.08	)%		45.33	%		14.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,335			$15,094			$19,857			$59,763			$38,128			$26,450
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.69	%^		1.73	%		1.48	%		1.34	%		1.43	%		1.43	%
Expenses, before waivers/reimbursements (d)		1.70	%^		1.74	%		1.48	%		1.34	%		1.43	%		1.43	%
Net investment loss		(1.29	)%(b)^		(1.08	)%(b)†		(1.10	)%		(.89	)%		(1.21	)%		(.89	)%
Portfolio turnover rate		32	%		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) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bear proportionate shares of the acquired fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the six months ended June 30, 2017 and the year ended December 31, 2016, such waiver amounted to 0.01% and 0.01%, respectively, annualized for the Portfolio.

† For the year ended December 31, 2016 the amount includes a 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	.03%	.03%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the six months ended June 30, 2017 and the years ended December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.01%, 0.08%, 0.02%, 0.01% and 0.23%, respectively.

^ Annualized.

17

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

18

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 an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 compared the advisory 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 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.

19

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After 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, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

20

VPS-SCG-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,013.80	$	4.04		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.78	$	4.06		0.81	%
Class B
Actual	$	1,000	$	1,012.40	$	5.29		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.54	$	5.31		1.06	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Huntington Bancshares, Inc./OH	$	11,347,606		1.7	%
Gramercy Property Trust		11,238,936		1.7
Zions Bancorporation		11,103,522		1.6
Comerica, Inc.		10,840,985		1.6
Amdocs Ltd.		10,555,325		1.6
Reinsurance Group of America, Inc.—Class A		10,476,624		1.6
LifePoint Health, Inc.		10,372,996		1.5
ICON PLC		10,199,008		1.5
Essent Group Ltd.		10,167,743		1.5
Terex Corp.		10,146,750		1.5
	$	106,449,495		15.8	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	133,606,694		19.8	%
Information Technology		128,213,153		19.0
Industrials		113,326,214		16.8
Consumer Discretionary		107,316,033		15.9
Energy		50,572,869		7.5
Health Care		38,731,278		5.8
Materials		28,191,003		4.2
Real Estate		26,700,021		4.0
Utilities		26,345,029		3.9
Consumer Staples		8,820,765		1.3
Short-Term Investments		12,050,582		1.8
Total Investments	$	673,873,641		100.0	%

(1) Long-term investments.

(2) The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.4%
FINANCIALS–19.9%
BANKS–11.0%
Associated Banc-Corp.		312,480	$	7,874,496
Comerica, Inc.		148,020		10,840,985
Fulton Financial Corp.		407,060		7,734,140
Huntington Bancshares, Inc./OH		839,320		11,347,606
Synovus Financial Corp.		197,670		8,744,921
Texas Capital Bancshares, Inc.(a)		88,820		6,874,668
Webster Financial Corp.		178,322		9,311,975
Zions Bancorporation		252,870		11,103,522
				73,832,313
CONSUMER FINANCE–0.6%
OneMain Holdings, Inc.(a)		164,620		4,048,006
INSURANCE–6.8%
American Financial Group, Inc./OH		98,950		9,832,662
First American Financial Corp.		183,070		8,181,398
Hanover Insurance Group, Inc. (The)		47,040		4,169,155
Reinsurance Group of America, Inc.–Class A		81,600		10,476,624
Selective Insurance Group, Inc.		116,800		5,845,840
Validus Holdings Ltd.		135,712		7,052,953
				45,558,632
THRIFTS & MORTGAGE FINANCE–1.5%
Essent Group Ltd.(a)		273,768		10,167,743
				133,606,694
INFORMATION TECHNOLOGY–19.1%
COMMUNICATIONS EQUIPMENT–1.5%
Infinera Corp.(a)		471,322		5,029,006
NETGEAR, Inc.(a)		113,697		4,900,340
				9,929,346
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.9%
Anixter International, Inc.(a)		118,980		9,304,236
Avnet, Inc.		203,120		7,897,306
CDW Corp./DE		137,780		8,615,383
VeriFone Systems, Inc.(a)		408,160		7,387,696
Vishay Intertechnology, Inc.		372,040		6,175,864
				39,380,485
IT SERVICES–5.1%
Amdocs Ltd.		163,750		10,555,325
Booz Allen Hamilton Holding Corp.		263,345		8,569,246
Convergys Corp.		224,934		5,348,931
Genpact Ltd.		346,250		9,636,137
				34,109,639
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.9%
Cypress Semiconductor Corp.		701,950	$	9,581,618
Integrated Device Technology, Inc.(a)		265,570		6,849,050
Mellanox Technologies Ltd.(a)		91,030		3,941,599
Qorvo, Inc.(a)		96,510		6,111,013
				26,483,280
SOFTWARE–1.3%
Verint Systems, Inc.(a)		210,670		8,574,269
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.4%
NCR Corp.(a)		238,397		9,736,134
				128,213,153
INDUSTRIALS–16.8%
AEROSPACE & DEFENSE–1.1%
Esterline Technologies Corp.(a)		76,910		7,291,068
AIR FREIGHT & LOGISTICS–0.9%
Atlas Air Worldwide Holdings, Inc.(a)		121,030		6,311,715
AIRLINES–1.2%
SkyWest, Inc.		225,280		7,907,328
COMMERCIAL SERVICES & SUPPLIES–1.5%
ABM Industries, Inc.		118,970		4,939,634
Steelcase, Inc.–Class A		376,584		5,272,176
				10,211,810
CONSTRUCTION & ENGINEERING–3.3%
AECOM(a)		247,495		8,001,513
Quanta Services, Inc.(a)		221,095		7,278,447
Tutor Perini Corp.(a)		255,790		7,353,963
				22,633,923
ELECTRICAL EQUIPMENT–2.4%
EnerSys		93,010		6,738,575
Regal Beloit Corp.		114,190		9,312,194
				16,050,769
MACHINERY–4.3%
Oshkosh Corp.		142,400		9,808,512
SPX FLOW, Inc.(a)		239,110		8,818,377
Terex Corp.		270,580		10,146,750
				28,773,639
ROAD & RAIL–2.1%
Ryder System, Inc.		91,314		6,572,782
Werner Enterprises, Inc.		258,030		7,573,180
				14,145,962
				113,326,214

3

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–15.9%
AUTO COMPONENTS–3.6%
Cooper-Standard Holdings, Inc.(a)		40,389	$	4,074,039
Dana, Inc.		385,880		8,616,700
Lear Corp.		41,047		5,831,958
Tenneco, Inc.		102,580		5,932,201
				24,454,898
DIVERSIFIED CONSUMER SERVICES–1.4%
Sotheby’s(a)		179,660		9,642,352
HOTELS, RESTAURANTS & LEISURE–2.3%
Bloomin’ Brands, Inc.		390,449		8,289,232
Brinker International, Inc.		192,062		7,317,562
				15,606,794
HOUSEHOLD DURABLES–2.1%
CalAtlantic Group, Inc.		241,690		8,543,741
PulteGroup, Inc.		230,490		5,653,920
				14,197,661
MEDIA–2.3%
Regal Entertainment Group–Class A(b)		469,840		9,612,926
Scholastic Corp.		132,150		5,760,419
				15,373,345
SPECIALTY RETAIL–3.5%
Burlington Stores, Inc.(a)		48,507		4,462,159
Caleres, Inc.		242,270		6,730,261
Children’s Place, Inc. (The)(b)		44,472		4,540,591
Michaels Cos., Inc. (The)(a)		402,200		7,448,744
				23,181,755
TEXTILES, APPAREL & LUXURY GOODS–0.7%
Crocs, Inc.(a)		630,250		4,859,228
				107,316,033
ENERGY–7.5%
ENERGY EQUIPMENT & SERVICES–3.1%
Helix Energy Solutions Group, Inc.(a)		260,700		1,470,348
Helmerich & Payne, Inc.(b)		99,550		5,409,547
Oil States International, Inc.(a)		167,940		4,559,571
RPC, Inc.(b)		467,410		9,446,356
				20,885,822
OIL, GAS & CONSUMABLE FUELS–4.4%
HollyFrontier Corp.		222,740		6,118,668
Oasis Petroleum, Inc.(a)		531,530		4,278,816
QEP Resources, Inc.(a)		698,190		7,051,719
SM Energy Co.		342,620		5,663,509
SRC Energy, Inc.(a)		976,870	$	6,574,335
				29,687,047
				50,572,869
HEALTH CARE–5.8%
HEALTH CARE PROVIDERS & SERVICES–4.3%
LifePoint Health, Inc.(a)		154,475		10,372,996
Molina Healthcare, Inc.(a)		126,720		8,766,490
WellCare Health Plans, Inc.(a)		52,310		9,392,784
				28,532,270
LIFE SCIENCES TOOLS & SERVICES–1.5%
ICON PLC(a)		104,295		10,199,008
				38,731,278
MATERIALS–4.2%
CHEMICALS–2.7%
Huntsman Corp.		221,730		5,729,503
Ingevity Corp.(a)		70,890		4,069,086
Trinseo SA		123,470		8,482,389
				18,280,978
CONTAINERS & PACKAGING–1.5%
Graphic Packaging Holding Co.		719,160		9,910,025
				28,191,003
REAL ESTATE–4.0%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–4.0%
Education Realty Trust, Inc.		229,780		8,903,975
Empire State Realty Trust, Inc.–Class A		315,701		6,557,110
Gramercy Property Trust		378,288		11,238,936
				26,700,021
UTILITIES–3.9%
ELECTRIC UTILITIES–2.4%
PNM Resources, Inc.		234,740		8,978,805
Portland General Electric Co.		161,960		7,399,952
				16,378,757
GAS UTILITIES–0.6%
Southwest Gas Holdings, Inc.		52,850		3,861,221
MULTI-UTILITIES–0.9%
NorthWestern Corp.		100,050		6,105,051
				26,345,029
CONSUMER STAPLES–1.3%
BEVERAGES–0.6%
Cott Corp.		281,419		4,063,690
FOOD PRODUCTS–0.7%
Ingredion, Inc.		39,905		4,757,075
				8,820,765
Total Common Stocks (cost $528,418,596)				661,823,059

4

AB Variable Products Series Fund

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–1.8%
TIME DEPOSIT–1.8%
State Street Time Deposit 0.09%, 7/03/17 (cost $12,050,582)	$	12,051	$	12,050,582
Total Investments Before Security Lending Collateral for Securities Loaned–100.2% (cost $540,469,178)				673,873,641
	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, 0.79%(c)(d) (cost $28,591,597)		28,591,597		28,591,597
TOTAL INVESTMENTS–104.4% (cost $569,060,775)				702,465,238
Other assets less liabilities–(4.4)%				(29,677,506	)
NET ASSETS–100.0%			$	672,787,732

(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 shareholder report, 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.

5

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $540,469,178)	$	673,873,641	(a)
Affiliated issuers (cost $28,591,597—investment of cash collateral for securities loaned)		28,591,597
Dividends and interest receivable		766,243
Receivable for capital stock sold		124,328
Total assets		703,355,809
LIABILITIES
Payable for collateral received on securities loaned		28,591,597
Payable for capital stock redeemed		868,291
Advisory fee payable		438,969
Payable for investment securities purchased		390,830
Distribution fee payable		99,070
Administrative fee payable		12,917
Transfer Agent fee payable		81
Accrued expenses		166,322
Total liabilities		30,568,077
NET ASSETS	$	672,787,732
COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,926
Additional paid-in capital		486,913,492
Undistributed net investment income		3,275,077
Accumulated net realized gain on investment transactions		49,161,774
Net unrealized appreciation on investments		133,404,463
	$	672,787,732

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	220,245,665		10,706,204	$	20.57
B	$	452,542,067		22,219,831	$	20.37

(a) Includes securities on loan with a value of $27,892,485 (see Note E).

See notes to financial statements.

6

SMALL/MID CAP VALUE PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $103)	$	4,302,200
Affiliated issuers		36,624
Interest		5,206
Securities lending income		9,266
Other income		12,094
		4,365,390
EXPENSES
Advisory fee (see Note B)		2,563,410
Distribution fee—Class B		572,734
Transfer agency—Class A		1,330
Transfer agency—Class B		2,706
Custodian		64,511
Printing		49,677
Administrative		25,021
Legal		24,426
Audit and tax		22,597
Directors’ fees		13,372
Miscellaneous		11,014
Total expenses		3,350,798
Less: expenses waived and reimbursed by the Adviser (see Note E)		(9,353	)
Net expenses		3,341,445
Net investment income		1,023,945
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		16,673,857
Net change in unrealized appreciation/depreciation of investments		(8,931,085	)
Net gain on investment transactions		7,742,772
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	8,766,717

See notes to financial statements.

7

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,023,945		$	2,177,202
Net realized gain on investment transactions		16,673,857			33,828,949
Net change in unrealized appreciation/depreciation of investments		(8,931,085	)		100,194,268
Net increase in net assets from operations		8,766,717			136,200,419
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,217,914	)
Class B		–0	–		(1,419,838	)
Net realized gain on investment transactions
Class A		–0	–		(11,442,879	)
Class B		–0	–		(23,345,088	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(22,597,715	)		9,581,222
Total increase (decrease)		(13,830,998	)		108,355,922
NET ASSETS
Beginning of period		686,618,730			578,262,808
End of period (including undistributed net investment income of $3,275,077 and $2,251,132, respectively)	$	672,787,732		$	686,618,730

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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 Fund’s 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

9

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

661,823,059

$

–0

–

$

–0

–

$

661,823,059

Short-Term Investments

–0

–

12,050,582

–0

–

12,050,582

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

28,591,597

–0

–

–0

–

28,591,597

Total Investments in Securities

690,414,656

12,050,582

–0

–

702,465,238

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

690,414,656

$

12,050,582

$

–0

–

$

702,465,238

(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.

10

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.

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

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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 six months ended June 30, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2017, the reimbursement for such services amounted to $25,021.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $139,035, 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.

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	103,527,422		$	116,425,987
U.S. government securities		–0	–		–0	–

12

AB Variable Products Series Fund

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

Gross unrealized appreciation	$	158,614,192
Gross unrealized depreciation		(25,209,729	)
Net unrealized appreciation	$	133,404,463

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $27,892,485 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $28,591,597. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $9,266 and $36,624 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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 six months ended June 30, 2017, such waiver amounted to $9,353. 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.

13

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	13,941	$	108,232	$	93,581	$	28,592

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		832,958			1,402,219		$	17,066,264		$	25,871,037
Shares issued in reinvestment of dividends and distributions		–0	–		699,491			–0	–		12,660,794
Shares redeemed		(1,518,777	)		(1,778,375	)		(31,214,469	)		(32,173,563	)
Net increase (decrease)		(685,819	)		323,335		$	(14,148,205	)	$	6,358,268
Class B
Shares sold		1,628,958			2,989,902		$	33,149,479		$	55,494,983
Shares issued in reinvestment of dividends and distributions		–0	–		1,378,894			–0	–		24,764,927
Shares redeemed		(2,047,127	)		(4,293,372	)		(41,598,989	)		(77,036,956	)
Net increase (decrease)		(418,169	)		75,424		$	(8,449,510	)	$	3,222,954

At June 30, 2017, 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.

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.

14

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 six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

15

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
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$20.29			$17.29			$21.95			$22.89			$17.67			$15.46
Income From Investment Operations
Net investment income (a)		.05	(b)		.10	(b)†		.11			.17			.16			.13
Net realized and unrealized gain (loss) on investment transactions		.23			4.09			(1.11	)		1.82			6.41			2.72
Net increase (decrease) in net asset value from operations		.28			4.19			(1.00	)		1.99			6.57			2.85
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.11	)		(.17	)		(.17	)		(.13	)		(.10	)
Distributions from net realized gain on investment transactions		–0	–		(1.08	)		(3.49	)		(2.76	)		(1.22	)		(.54	)
Total dividends and distributions		–0	–		(1.19	)		(3.66	)		(2.93	)		(1.35	)		(.64	)
Net asset value, end of period		$20.57			$20.29			$17.29			$21.95			$22.89			$17.67
Total Return
Total investment return based on net asset value (c)*		1.38	%		25.09	%†		(5.49	)%		9.20	%		38.06	%		18.75	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$220,246			$231,197			$191,388			$211,680			$217,146			$156,832
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		.81	%^		.82	%		.82	%		.82	%		.81	%		.82	%
Expenses, before waivers/reimbursements (d)		.81	%^		.83	%		.82	%		.82	%		.81	%		.82	%
Net investment income		.46	%(b)^		.53	%(b)†		.56	%		.75	%		.77	%		.75	%
Portfolio turnover rate		16	%		57	%		42	%		45	%		56	%		50	%

See footnote summary on page 18.

16

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$20.12			$17.15			$21.79			$22.74			$17.58			$15.38
Income From Investment Operations
Net investment income (a)		.02	(b)		.05	(b)†		.06			.11			.11			.08
Net realized and unrealized gain (loss) on investment transactions		.23			4.06			(1.09	)		1.81			6.36			2.71
Net increase (decrease) in net asset value from operations		.25			4.11			(1.03	)		1.92			6.47			2.79
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.06	)		(.12	)		(.11	)		(.09	)		(.05	)
Distributions from net realized gain on investment transactions		–0	–		(1.08	)		(3.49	)		(2.76	)		(1.22	)		(.54	)
Total dividends and distributions		–0	–		(1.14	)		(3.61	)		(2.87	)		(1.31	)		(.59	)
Net asset value, end of period		$20.37			$20.12			$17.15			$21.79			$22.74			$17.58
Total Return
Total investment return based on net asset value (c)*		1.24	%		24.79	%†		(5.69	)%		8.95	%		37.63	%		18.47	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$452,542			$455,422			$386,875			$447,378			$472,677			$347,784
Ratio to average net assets of:
Expenses, net of waivers/ reimbursements (d)		1.06	%^		1.07	%		1.07	%		1.07	%		1.06	%		1.07	%
Expenses, before waivers/ reimbursements (d)		1.06	%^		1.08	%		1.07	%		1.07	%		1.06	%		1.07	%
Net investment income		.22	%(b)^		.28	%(b)†		.31	%		.49	%		.51	%		.51	%
Portfolio turnover rate.		16	%		57	%		42	%		45	%		56	%		50	%

See footnote summary on page 18.

17

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

(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) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bear proportionate shares of the acquired fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for year ended December 31, 2016, such waiver amounted to 0.01% annualized for the Portfolio.

† For the year ended December 31, 2016 the amount includes a 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 six months ended June 30, 2017 and year ended December 31, 2013 by 0.09% and 0.01%, respectively.

^ Annualized.

See notes to financial statements.

18

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

19

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 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 the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 also compared the advisory 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

20

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.

21

VPS-SMCV-0152-0617

JUN    ^06.30.17

SEMI-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
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 January 1, 2017		Ending Account Value June 30, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,029.70	$	4.48		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.38	$	4.46		0.89	%
Class B
Actual	$	1,000	$	1,028.60	$	5.73		1.14	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.14	$	5.71		1.14	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

1

VALUE PORTFOLIO
TEN LARGEST HOLDINGS(1)
June 30, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Oracle Corp.	$	3,639,663		4.9	%
Bank of America Corp.		3,605,448		4.8
Wells Fargo & Co.		3,539,037		4.7
American International Group, Inc.		2,727,310		3.7
Intel Corp.		2,281,499		3.1
EOG Resources, Inc.		2,215,839		3.0
Philip Morris International, Inc.		2,179,989		2.9
Cigna Corp.		2,001,148		2.7
Allstate Corp. (The)		1,990,608		2.7
Raytheon Co.		1,885,925		2.5
	$	26,066,466		35.0	%

SECTOR BREAKDOWN⁽²⁾

June 30, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	19,373,272		26.0	%
Information Technology		12,118,539		16.3
Health Care		8,728,661		11.7
Energy		8,238,323		11.0
Consumer Discretionary		6,684,090		9.0
Industrials		5,573,547		7.5
Consumer Staples		5,003,219		6.7
Utilities		4,521,197		6.1
Telecommunication Services		1,432,754		1.9
Materials		1,108,083		1.5
Real Estate		818,802		1.1
Short-Term Investments		920,685		1.2
Total Investments	$	74,521,172		100.0	%

(1) Long-term investments.

(2) The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
June 30, 2017 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.9%
FINANCIALS–26.0%
BANKS–11.4%
Bank of America Corp.		148,617	$	3,605,448
Comerica, Inc.		17,981		1,316,929
Wells Fargo & Co.		63,870		3,539,037
				8,461,414
CONSUMER FINANCE–4.9%
Capital One Financial Corp.		15,003		1,239,548
OneMain Holdings, Inc.(a)		23,895		587,578
Synchrony Financial		62,653		1,868,312
				3,695,438
INSURANCE–9.7%
Allstate Corp. (The)		22,508		1,990,608
American International Group, Inc.		43,623		2,727,310
First American Financial Corp.		17,990		803,973
FNF Group		37,799		1,694,529
				7,216,420
				19,373,272
INFORMATION TECHNOLOGY–16.3%
COMMUNICATIONS EQUIPMENT–2.5%
Nokia Oyj (Sponsored ADR)–Class A		302,378		1,862,648
IT SERVICES–0.9%
Booz Allen Hamilton Holding Corp.		21,417		696,909
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.1%
Intel Corp.		67,620		2,281,499
SOFTWARE–4.9%
Oracle Corp.		72,590		3,639,663
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–4.9%
Hewlett Packard Enterprise Co.		48,878		810,886
HP, Inc.		80,448		1,406,231
NCR Corp.(a)		8,152		332,928
Xerox Corp.		37,862		1,087,775
				3,637,820
				12,118,539
HEALTH CARE–11.7%
BIOTECHNOLOGY–1.9%
Gilead Sciences, Inc.		19,816		1,402,576
HEALTH CARE PROVIDERS & SERVICES–5.9%
Aetna, Inc.		6,572		997,827
Cigna Corp.		11,955		2,001,148
McKesson Corp.		8,673		1,427,055
				4,426,030
PHARMACEUTICALS–3.9%
Mallinckrodt PLC(a)		32,886	$	1,473,622
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		42,939		1,426,433
				2,900,055
				8,728,661
ENERGY–11.1%
ENERGY EQUIPMENT & SERVICES–1.6%
RPC, Inc.(b)		60,017		1,212,944
OIL, GAS & CONSUMABLE FUELS–9.5%
Canadian Natural Resources Ltd.		36,597		1,055,457
Devon Energy Corp.		31,879		1,019,172
EOG Resources, Inc.		24,479		2,215,839
Hess Corp.		26,587		1,166,372
Marathon Petroleum Corp.		29,974		1,568,539
				7,025,379
				8,238,323
CONSUMER DISCRETIONARY–9.0%
AUTO COMPONENTS–3.4%
Lear Corp.		8,408		1,194,609
Magna International, Inc. (New York)–Class A		29,610		1,371,831
				2,566,440
MEDIA–4.6%
Comcast Corp.–Class A		43,784		1,704,073
Regal Entertainment Group–Class A(b)		25,943		530,794
Scripps Networks Interactive, Inc.–Class A		17,043		1,164,207
				3,399,074
SPECIALTY RETAIL–1.0%
Michaels Cos., Inc. (The)(a)		38,800		718,576
				6,684,090
INDUSTRIALS–7.5%
AEROSPACE & DEFENSE–2.5%
Raytheon Co.		11,679		1,885,925
AIRLINES–1.4%
JetBlue Airways Corp.(a)		44,443		1,014,634
ELECTRICAL EQUIPMENT–2.4%
Eaton Corp. PLC		22,807		1,775,069
MACHINERY–1.2%
Oshkosh Corp.		13,036		897,919
				5,573,547
CONSUMER STAPLES–6.7%
BEVERAGES–2.0%
PepsiCo, Inc.		12,975		1,498,483
TOBACCO–4.7%
Altria Group, Inc.		17,789		1,324,747
Philip Morris International, Inc.		18,561		2,179,989
				3,504,736
				5,003,219

3

VALUE PORTFOLIO
PORTFOLIOOF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
UTILITIES–6.1%
ELECTRIC UTILITIES–4.5%
American Electric Power Co., Inc.		20,167	$	1,401,001
Edison International		14,272		1,115,928
Portland General Electric Co.		17,774		812,094
				3,329,023
MULTI-UTILITIES–1.6%
NiSource, Inc.		47,010		1,192,174
				4,521,197
TELECOMMUNICATION SERVICES–1.9%
WIRELESS TELECOMMUNICATION SERVICES–1.9%
T-Mobile US, Inc.(a)		23,635		1,432,754
MATERIALS–1.5%
CHEMICALS–1.5%
CF Industries Holdings, Inc.		39,631		1,108,083
REAL ESTATE–1.1%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.1%
Mid-America Apartment Communities, Inc.		7,770		818,802
Total Common Stocks (cost $63,760,582)				73,600,487
	Principal Amount (000)
SHORT-TERM INVESTMENTS–1.2%
TIME DEPOSIT–1.2%
State Street Time Deposit 0.09%, 7/03/17 (cost $920,685)	$	921		920,685
Total Investments Before Security Lending Collateral for Securities Loaned–100.1% (cost $64,681,267)			$	74,521,172
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.4%
INVESTMENT COMPANIES–1.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.79%(c)(d) (cost $1,059,963)		1,059,963		1,059,963
TOTAL INVESTMENTS–101.5% (cost $65,741,230)				75,581,135
Other assets less liabilities–(1.5)%				(1,121,789	)
NET ASSETS–100.0%			$	74,459,346

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

4

VALUE PORTFOLIO
STATEMENTOF ASSETS & LIABILITIES
June 30, 2017 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $64,681,267)	$	74,521,172	(a)
Affiliated issuers (cost $1,059,963—investment of cash collateral for securities loaned)		1,059,963
Receivable for investment securities sold		120,872
Dividends and interest receivable		116,928
Receivable for capital stock sold		21,329
Total assets		75,840,264
LIABILITIES
Payable for collateral received on securities loaned		1,059,963
Payable for investment securities purchased		114,136
Payable for capital stock redeemed		36,784
Advisory fee payable		35,918
Distribution fee payable		16,146
Administrative fee payable		12,917
Transfer Agent fee payable		83
Accrued expenses		104,971
Total liabilities		1,380,918
NET ASSETS	$	74,459,346
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,713
Additional paid-in capital		69,820,066
Undistributed net investment income		1,250,071
Accumulated net realized loss on investment and foreign currency transactions		(6,455,529	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		9,840,025
	$	74,459,346

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,140,424		71,584	$	15.93
B	$	73,318,922		4,640,955	$	15.80

(a) Includes securities on loan with a value of $1,032,547 (see Note E).

See notes to financial statements.

5

VALUE PORTFOLIO
STATEMENTOF OPERATIONS
Six Months Ended June 30, 2017 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $17,716)	$	830,841
Affiliated issuers		2,045
Interest		141
Securities lending income		3,814
Other income		1,477
		838,318
EXPENSES
Advisory fee (see Note B)		213,254
Distribution fee—Class B		95,296
Transfer agency—Class A		46
Transfer agency—Class B		2,699
Custodian		35,231
Administrative		25,021
Audit and tax		20,533
Printing		19,248
Legal		15,024
Directors’ fees		13,372
Miscellaneous		2,542
Total expenses		442,266
Less: expenses waived and reimbursed by the Adviser (see Note E)		(547	)
Net expenses		441,719
Net investment income		396,599
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		2,312,277
Foreign currency transactions		26
Net change in unrealized appreciation/depreciation of:
Investments		(477,858	)
Foreign currency denominated assets and liabilities		120
Net gain on investment and foreign currency transactions		1,834,565
Contributions from Affiliates (see Note B)		16,161
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	2,247,325

See notes to financial statements.

6

VALUE PORTFOLIO
STATEMENTOF CHANGESIN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	396,599		$	855,120
Net realized gain on investment and foreign currency transactions		2,312,303			2,281,421
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(477,738	)		5,303,897
Contributions from Affiliates (see Note B)		16,161			–0	–
Net increase in net assets from operations		2,247,325			8,440,438
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(26,317	)
Class B		–0	–		(1,126,104	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(8,996,553	)		(12,516,691	)
Total decrease		(6,749,228	)		(5,228,674	)
NET ASSETS
Beginning of period		81,208,574			86,437,248
End of period (including undistributed net investment income of $1,250,071 and $853,472, respectively)	$	74,459,346		$	81,208,574

See notes to financial statements.

7

VALUE PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
June 30, 2017 (unaudited)	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 fifteen 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

8

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 June 30, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

73,600,487

$

–0

–

$

–0

–

$

73,600,487

Short-Term Investments

–0

–

920,685

–0

–

920,685

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

1,059,963

–0

–

–0

–

1,059,963

Total Investments in Securities

74,660,450

920,685

–0

–

75,581,135

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

74,660,450

$

920,685

$

–0

–

$

75,581,135

(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.

9

VALUE PORTFOLIO
NOTESTO 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.

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.

10

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. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the six months ended June 30, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2017, the reimbursement for such services amounted to $25,021.

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 $563 for the six months ended June 30, 2017.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2017 amounted to $17,526, 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.

11

VALUE PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	18,246,586		$	27,536,254
U.S. government securities		–0	–		–0	–

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

Gross unrealized appreciation	$	12,273,498
Gross unrealized depreciation		(2,433,593	)
Net unrealized appreciation	$	9,839,905

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2017.

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 be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. 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. 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 June 30, 2017, the Portfolio had securities on loan with a value of $1,032,547 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,059,963. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $3,814 and $2,045 from the borrowers and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2017; 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

12

AB Variable Products Series Fund

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 six months ended June 30, 2017, such waiver amounted to $547. 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 Money Market Portfolio for the six months ended June 30, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 6/30/17 (000)
$	0	$	15,359	$	14,299	$	1,060

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016			Six Months Ended June 30, 2017 (unaudited)			Year Ended December 31, 2016
Class A
Shares sold		1,687			20,996		$	26,919		$	289,276
Shares issued in reinvestment of dividends		–0	–		1,819			–0	–		26,317
Shares redeemed		(24,625	)		(25,654	)		(386,763	)		(367,008	)
Net decrease		(22,938	)		(2,839	)	$	(359,844	)	$	(51,415	)
Class B
Shares sold		126,676			204,676		$	1,974,323		$	2,867,293
Shares issued in reinvestment of dividends		–0	–		78,310			–0	–		1,126,104
Shares redeemed		(676,766	)		(1,169,102	)		(10,611,032	)		(16,458,673	)
Net decrease		(550,090	)		(886,116	)	$	(8,636,709	)	$	(12,465,276	)

At June 30, 2017, 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.

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

13

VALUE PORTFOLIO
NOTESTO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2017 will be determined at the end of the current fiscal year. 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.

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 has evaluated the impact of the amendments and expects the adoption of final rules will be limited to additional financial statement 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.

14

VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30,  2017 (unaudited)			Year Ended December 31,
				2016			2015				2014			2013			2012
Net asset value, beginning of period		$15.47			$14.11			$15.50				$14.22			$10.63			$9.37
Income From Investment Operations
Net investment income (a)		.10	(b)		.19	(b)†		.21				.26			.19			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.36			1.42			(1.26	)			1.31			3.70			1.26
Contributions from Affiliates		.00	(c)		–0	–		–0	–			–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.46			1.61			(1.05	)			1.57			3.89			1.46
										��
Less: Dividends
Dividends from net investment income		–0	–		(.25	)		(.34	)			(.29	)		(.30	)		(.20	)
Net asset value, end of period		$15.93			$15.47			$14.11				$15.50			$14.22			$10.63
Total Return
Total investment return based on net asset value (d)		2.97	%*		11.55	%*†		(6.95	)%*			11.10	%*		36.85	%*		15.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,140			$1,463			$1,373				$2,050			$2,205			$1,533
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.89	%^		.88	%		.81	%			.79	%		.73	%		.72	%
Expenses, before waivers/reimbursements (e)		.89	%^		.89	%		.81	%			.79	%		.73	%		.72	%
Net investment income		1.24	%(b)^		1.30	%(b)†		1.38	%			1.74	%		1.51	%		1.98	%
Portfolio turnover rate		24	%		68	%		83	%			42	%		44	%		40	%

See footnote summary on page 17.

15

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

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

	Class B
	Six Months Ended June 30,  2017 (unaudited)			Year Ended December 31,
				2016			2015			2014			2013			2012
Net asset value, beginning of period		$15.36			$14.00			$15.37			$14.10			$10.54			$9.28
Income From Investment Operations
Net investment income (a)		.08	(b)		.15	(b)†		.17			.22			.16			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.36			1.42			(1.25	)		1.29			3.66			1.26
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.44			1.57			(1.08	)		1.51			3.82			1.43
Less: Dividends
Dividends from net investment income		–0	–		(.21	)		(.29	)		(.24	)		(.26	)		(.17	)
Net asset value, end of period		$15.80			$15.36			$14.00			$15.37			$14.10			$10.54
Total Return
Total investment return based on net asset value (d)		2.86	%*		11.29	%*†		(7.17	)%*		10.77	%*		36.49	%*		15.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$73,319			$79,746			$85,064			$112,143			$132,271			$157,920
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		1.14	%^		1.13	%		1.06	%		1.04	%		.98	%		.97	%
Expenses, before waivers/reimbursements (e)		1.14	%^		1.14	%		1.06	%		1.04	%		.98	%		.97	%
Net investment income		1.02	%(b)^		1.06	%(b)†		1.14	%		1.51	%		1.28	%		1.72	%
Portfolio turnover rate		24	%		68	%		83	%		42	%		44	%		40	%

See footnote summary on page 17.

16

AB Variable Products Series Fund

(a) Based on average shares outstanding.

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

(c) Amount is less than $0.0005.

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

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bear proportionate shares of the acquired fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2016, such waiver amounted to less than .005%, respectively, annualized for the Portfolio.

† For the year ended December 31, 2016 the amount includes a 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		.02	%		.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 six months ended June 30, 2017 and years ended December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.09%, 0.02%, 0.17%, 0.04% and 0.07%, respectively.

^ Annualized.

See notes to financial statements.

17

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 2-4, 2017 (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), who acted as their independent fee consultant, 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 review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. 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 2015 and 2016 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

18

AB Variable Products Series Fund

by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same 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 also compared the advisory 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 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 the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the

19

VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

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

20

VPS-VAL-0152-0617

ITEM 2. CODE OF ETHICS.

Not applicable when filing a semi-annual report to shareholders.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable when filing a semi-annual report to shareholders.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable when filing a semi-annual report to shareholders.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable 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-2(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no changes in the registrant’s internal controls over financial reporting that occurred during the second fiscal quarter of the period that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
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:	August 11, 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:	August 11, 2017
By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	August 11, 2017