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, 2016

Date of reporting period: June 30, 2016

ITEM 1. REPORTS TO STOCKHOLDERS.

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,022.80	$	3.62		0.72	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.28	$	3.62		0.72	%
Class B
Actual	$	1,000	$	1,022.10	$	4.88		0.97	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.04	$	4.87		0.97	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

DESCRIPTION	U.S. $ VALUE		PERCENT OF NET ASSETS
Federal National Mortgage Association	$	18,296,045		5.7	%
U.S. Treasury Bonds & Notes		9,260,383		2.9
Inflation-Linked Securities		6,670,206		2.1
Federal Home Loan Bank		4,284,674		1.3
Alphabet, Inc.—Class A & Class C		3,967,048		1.3
Facebook, Inc.—Class A		3,579,249		1.1
Comcast Corp.		2,920,771		0.9
UnitedHealth Group, Inc.		2,793,218		0.9
Home Depot, Inc. (The)		2,732,694		0.9
Apple, Inc.		2,659,592		0.8
	$	57,163,880		17.9	%

SECURITY TYPE BREAKDOWN^†

June 30, 2016 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	200,961,172		61.6	%
Corporates—Investment Grade		31,848,545		9.8
Mortgage Pass-Throughs		23,015,815		7.0
Commercial Mortgage-Backed Securities		12,560,770		3.8
Asset-Backed Securities		11,673,885		3.6
Governments—Treasuries		9,260,383		2.8
Collateralized Mortgage Obligations		8,104,511		2.5
Inflation-Linked Securities		6,670,206		2.0
Corporates—Non-Investment Grade		4,846,459		1.5
Agencies		4,284,674		1.3
Emerging Markets—Treasuries		889,944		0.3
Governments—Sovereign Agencies		850,686		0.3
Short-Term Investments		10,025,366		3.1
Other‡		1,459,845		0.4
Total Investments	$	326,452,261		100.0	%

* Long-term investments.

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

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

2

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–63.0%
INFORMATION TECHNOLOGY–11.4%
COMMUNICATIONS EQUIPMENT–0.8%
Arista Networks, Inc.(a)		11,110	$	715,262
Cisco Systems, Inc.		35,490		1,018,208
Palo Alto Networks, Inc.(a)		6,770		830,273
				2,563,743
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Amphenol Corp.–Class A		12,441		713,242
Avnet, Inc.		7,998		323,999
Corning, Inc.		5,906		120,955
Hitachi Ltd.		50,000		209,493
Keysight Technologies, Inc.(a)		15,412		448,335
Largan Precision Co., Ltd.		1,000		92,483
PAX Global Technology Ltd.(b)		55,000		48,415
				1,956,922
INTERNET SOFTWARE & SERVICES–2.4%
Alphabet, Inc.–Class A(a)		660		464,330
Alphabet, Inc.–Class C(a)		5,061		3,502,718
Baidu, Inc. (Sponsored ADR)(a)		779		128,652
Facebook, Inc.–Class A(a)		31,320		3,579,249
NAVER Corp.		120		74,342
				7,749,291
IT SERVICES–1.7%
Cap Gemini SA		1,380		119,084
Cognizant Technology Solutions Corp.–Class A(a)		19,230		1,100,725
Fujitsu Ltd.		27,000		99,287
HCL Technologies Ltd.		10,820		117,326
Tata Consultancy Services Ltd.		7,430		281,033
Vantiv, Inc.–Class A(a)		10,200		577,320
Visa, Inc.–Class A		30,910		2,292,595
Worldpay Group PLC(a)(c)		77,638		282,579
Xerox Corp.		55,336		525,139
				5,395,088
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.4%
Applied Materials, Inc.		22,061		528,802
ARM Holdings PLC		24,800		376,705
ASM International NV		5,020		193,764
ASML Holding NV		8,250		812,115
Infineon Technologies AG		21,010		304,149
Intel Corp.		42,895		1,406,956
Novatek Microelectronics Corp.		41,000		153,663
NVIDIA Corp.		22,579		1,061,439
SCREEN Holdings Co., Ltd.		31,000		337,410
Sumco Corp.(b)		33,600		215,251
Texas Instruments, Inc.		13,610		852,666
Tokyo Electron Ltd.		2,000		169,017
Xilinx, Inc.		26,061		1,202,194
				7,614,131
SOFTWARE–2.1%
Adobe Systems, Inc.(a)		8,940	$	856,363
ANSYS, Inc.(a)		6,255		567,641
Aspen Technology, Inc.(a)		9,510		382,682
Constellation Software, Inc./Canada		2,442		945,102
Dassault Systemes		10,160		766,023
Intuit, Inc.		2,192		244,649
Microsoft Corp.		11,969		612,454
Nintendo Co., Ltd.		1,900		273,028
Oracle Corp.		31,090		1,272,514
Oracle Corp. Japan		2,400		127,975
ServiceNow, Inc.(a)		5,515		366,196
UBISOFT Entertainment(a)		4,390		159,932
Ultimate Software Group, Inc. (The)(a)		665		139,843
				6,714,402
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.4%
Apple, Inc.		27,820		2,659,592
Hewlett Packard Enterprise Co.		43,000		785,610
HP, Inc.		45,602		572,305
NCR Corp.(a)		11,360		315,467
Samsung Electronics Co., Ltd.		130		161,896
				4,494,870
				36,488,447
HEALTH CARE–8.6%
BIOTECHNOLOGY–1.8%
Alexion Pharmaceuticals, Inc.(a)		12,576		1,468,374
Biogen, Inc.(a)		9,482		2,292,937
Gilead Sciences, Inc.		22,561		1,882,038
Grifols SA (ADR)		11,010		183,537
				5,826,886
HEALTH CARE EQUIPMENT & SUPPLIES–1.4%
Align Technology, Inc.(a)		9,335		751,934
Edwards Lifesciences Corp.(a)		4,150		413,879
Essilor International SA		5,520		725,488
Intuitive Surgical, Inc.(a)		2,977		1,969,018
Sartorius AG (Preference Shares)		5,716		422,364
				4,282,683
HEALTH CARE PROVIDERS & SERVICES–2.1%
Aetna, Inc.		9,326		1,138,985
Anthem, Inc.		2,398		314,953
Cigna Corp.		3,288		420,831
Premier, Inc.–Class A(a)		16,853		551,093
Quest Diagnostics, Inc.		4,934		401,677
Ramsay Health Care Ltd.		14,406		778,580
UnitedHealth Group, Inc.		19,782		2,793,218
VCA, Inc.(a)		1,730		116,965
				6,516,302

3

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

Company	Shares		U.S. $ Value
LIFE SCIENCES TOOLS & SERVICES–0.6%
Eurofins Scientific SE		2,656	$	983,975
Illumina, Inc.(a)		3,408		478,415
Mettler-Toledo International, Inc.(a)		1,409		514,172
				1,976,562
PHARMACEUTICALS–2.7%
Aspen Pharmacare Holdings Ltd.(a)		2,540		62,659
GlaxoSmithKline PLC		20,420		438,519
Johnson & Johnson		17,500		2,122,750
Merck & Co., Inc.		13,055		752,099
Novartis AG (REG)		6,820		562,913
Novo Nordisk A/S–Class B		8,880		478,214
Pfizer, Inc.		49,354		1,737,754
Roche Holding AG		4,460		1,176,904
Sanofi		5,030		417,906
Shire PLC		12,770		789,217
Sun Pharmaceutical Industries Ltd.		13,220		150,168
				8,689,103
				27,291,536
CONSUMER DISCRETIONARY–7.9%
AUTO COMPONENTS–0.8%
Bridgestone Corp.(b)		3,500		112,479
Cie Generale des Etablissements Michelin–Class B		1,340		126,282
Continental AG		307		58,093
Goodyear Tire & Rubber Co. (The)		14,167		363,525
Hankook Tire Co., Ltd.		2,220		98,769
Lear Corp.		4,121		419,353
Magna International, Inc.–Class A		21,517		754,601
Plastic Omnium SA		4,050		113,222
Sumitomo Electric Industries Ltd.		19,800		262,062
Valeo SA		3,900		173,137
				2,481,523
AUTOMOBILES–0.5%
General Motors Co.		11,102		314,187
Honda Motor Co., Ltd.		15,000		376,279
Isuzu Motors Ltd.		17,500		215,547
Nissan Motor Co., Ltd.		14,400		128,510
Peugeot SA(a)		22,980		275,440
Tata Motors Ltd.(a)		15,236		104,132
Tata Motors Ltd.–Class A(a)		19,400		84,519
Toyota Motor Corp.		2,300		113,387
				1,612,001
DIVERSIFIED CONSUMER SERVICES–0.0%
TAL Education Group (ADR)(a)(b)		2,139		132,746
HOTELS, RESTAURANTS & LEISURE–0.6%
Merlin Entertainments PLC(c)		20,239	$	119,187
Sodexo SA		611		65,456
Starbucks Corp.		31,020		1,771,862
				1,956,505
INTERNET & CATALOG RETAIL–0.4%
Ctrip.com International Ltd. (ADR)(a)(b)		3,990		164,388
Priceline Group, Inc. (The)(a)		810		1,011,212
				1,175,600
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		7,900		203,871
Mattel, Inc.		2,221		69,495
				273,366
MEDIA–2.2%
Altice NV–Class A(a)(b)		17,590		262,644
AMC Networks, Inc.–Class A(a)		15,707		949,017
Charter Communications, Inc.–Class A(a)		848		193,887
Comcast Corp.–Class A		36,986		2,411,118
CTS Eventim AG & Co. KGaA		19,898		608,271
Interpublic Group of Cos., Inc. (The)		8,963		207,045
Liberty Global PLC–Series C(a)		11,018		315,666
Liberty Global PLC LiLAC(a)		1,375		44,664
Naspers Ltd.–Class N		3,366		513,971
Thomson Reuters Corp.		2,453		99,150
Twenty-First Century Fox, Inc.–Class A		2,482		67,138
Vivendi SA		18,394		344,128
Walt Disney Co. (The)		11,608		1,135,495
				7,152,194
MULTILINE RETAIL–0.8%
B&M European Value Retail SA		97,197		331,204
Dollar General Corp.		6,674		627,356
Dollar Tree, Inc.(a)		17,160		1,617,159
				2,575,719
SPECIALTY RETAIL–1.8%
Home Depot, Inc. (The)		21,401		2,732,694
Industria de Diseno Textil SA		492		16,528
Kingfisher PLC		31,270		134,307
L’Occitane International SA		3,500		7,169
O’Reilly Automotive, Inc.(a)		1,890		512,379
Office Depot, Inc.(a)		47,508		157,252
Ross Stores, Inc.		5,515		312,645
TJX Cos., Inc. (The)		4,331		334,483
Tractor Supply Co.		6,240		568,963
Ulta Salon Cosmetics & Fragrance, Inc.(a)		2,630		640,773
Yamada Denki Co., Ltd.(b)		31,100		164,172
				5,581,365

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TEXTILES, APPAREL & LUXURY GOODS–0.7%
HUGO BOSS AG		2,000	$	113,704
Kering		590		94,979
NIKE, Inc.–Class B		30,122		1,662,735
Samsonite International SA		152,100		420,162
				2,291,580
				25,232,599
FINANCIALS–7.5%
BANKS–3.0%
Australia & New Zealand Banking Group Ltd.		12,130		221,009
Bank of America Corp.		129,986		1,724,914
Bank of Queensland Ltd.		40,311		321,611
BNP Paribas SA		3,000		131,567
Citizens Financial Group, Inc.		22,112		441,798
Danske Bank A/S		11,115		292,551
Fifth Third Bancorp		5,234		92,066
ING Groep NV		45,220		467,842
Intesa Sanpaolo SpA		67,310		128,206
JPMorgan Chase & Co.		24,361		1,513,793
KB Financial Group, Inc.		3,590		102,085
KBC Groep NV(a)		5,000		245,904
Mitsubishi UFJ Financial Group, Inc.		112,500		504,321
National Australia Bank Ltd.		7,300		140,156
OTP Bank PLC		4,400		98,460
PNC Financial Services Group, Inc. (The)		6,861		558,417
Sumitomo Mitsui Trust Holdings, Inc.		56,000		182,213
SunTrust Banks, Inc.		2,924		120,118
US Bancorp		10,871		438,427
Wells Fargo & Co.		41,087		1,944,648
				9,670,106
CAPITAL MARKETS–0.8%
Amundi SA(c)		3,052		126,812
Azimut Holding SpA		6,704		109,381
Bank of New York Mellon Corp. (The)		6,057		235,314
BlackRock, Inc.–Class A		1,360		465,841
Goldman Sachs Group, Inc. (The)		2,677		397,749
Partners Group Holding AG		1,070		458,565
UBS Group AG		49,762		645,691
				2,439,353
CONSUMER FINANCE–0.9%
Capital One Financial Corp.		15,839		1,005,935
Discover Financial Services		10,885		583,327
OneMain Holdings, Inc.(a)		16,144		368,406
Synchrony Financial(a)		39,301		993,529
				2,951,197
DIVERSIFIED FINANCIAL SERVICES–0.4%
Berkshire Hathaway, Inc.–Class B(a)		4,127	$	597,548
Challenger Ltd./Australia		31,500		205,797
GRENKELEASING AG		1,452		253,585
ORIX Corp.		15,100		195,401
				1,252,331
INSURANCE–2.1%
Admiral Group PLC		4,579		124,503
Aflac, Inc.		2,804		202,337
AIA Group Ltd.		193,400		1,160,545
Allstate Corp. (The)		11,993		838,910
American International Group, Inc.		24,425		1,291,838
Aviva PLC		26,662		140,543
Direct Line Insurance Group PLC		24,707		114,224
Dongbu Insurance Co., Ltd.		2,200		132,419
FNF Group		16,107		604,013
Hartford Financial Services Group, Inc. (The)		2,784		123,554
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,460		244,835
NN Group NV		10,052		276,716
Progressive Corp. (The)		4,200		140,700
Prudential PLC		44,040		747,310
Suncorp Group Ltd.		19,210		176,154
Travelers Cos., Inc. (The)		1,944		231,414
Zurich Insurance Group AG(a)		560		138,534
				6,688,549
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.2%
Daito Trust Construction Co., Ltd.		2,700		438,378
Global Logistic Properties Ltd.		95,200		128,525
				566,903
THRIFTS & MORTGAGE FINANCE–0.1%
Housing Development Finance Corp., Ltd.		27,550		512,862
				24,081,301
INDUSTRIALS – 5.5%
AEROSPACE & DEFENSE–1.1%
Airbus Group SE		4,770		273,416
B/E Aerospace, Inc.		9,126		421,393
L-3 Communications Holdings, Inc.		7,035		1,031,964
Northrop Grumman Corp.		894		198,718
Rockwell Collins, Inc.		13,180		1,122,145
United Technologies Corp.		3,565		365,591
				3,413,227

5

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

Company	Shares		U.S. $ Value
AIRLINES–0.4%
Delta Air Lines, Inc.		13,512	$	492,242
International Consolidated Airlines Group SA(b)		50,220		249,076
Japan Airlines Co., Ltd.		11,300		363,550
Qantas Airways Ltd.(a)		89,274		189,111
				1,293,979
BUILDING PRODUCTS–0.2%
Allegion PLC		1,640		113,865
AO Smith Corp.		6,730		592,980
				706,845
COMMERCIAL SERVICES & SUPPLIES–0.3%
Babcock International Group PLC		18,625		225,180
Elior(c)		8,820		191,386
Regus PLC		111,898		432,670
Republic Services, Inc.–Class A		1,592		81,686
				930,922
CONSTRUCTION & ENGINEERING–0.1%
Quanta Services, Inc.(a)		7,485		173,053
ELECTRICAL EQUIPMENT–0.5%
Acuity Brands, Inc.		2,918		723,547
Eaton Corp. PLC		13,295		794,111
				1,517,658
INDUSTRIAL CONGLOMERATES–1.0%
3M Co.		4,210		737,255
Danaher Corp.		8,849		893,749
General Electric Co.		29,687		934,547
Rheinmetall AG		3,580		212,934
Roper Technologies, Inc.		1,980		337,709
				3,116,194
INDUSTRIAL WAREHOUSE DISTRIBUTION–0.6%
DCT Industrial Trust, Inc.		8,450		405,938
GLP J-Reit		162		204,488
Granite Real Estate Investment Trust		5,152		155,591
Macquarie Mexico Real Estate Management SA de CV(a)		59,400		77,911
Pure Industrial Real Estate Trust		41,420		165,109
Rexford Industrial Realty, Inc.		19,890		419,480
Segro PLC		42,950		238,065
Warehouses De Pauw CVA		1,602		150,441
				1,817,023
MACHINERY–0.5%
Hoshizaki Electric Co., Ltd.		8,300		812,522
IHI Corp.		86,000		231,812
ITT, Inc.(a)		13,600		434,928
JTEKT Corp.		28,300		320,765
				1,800,027
MIXED OFFICE INDUSTRIAL–0.2%
Axiare Patrimonio SOCIMI SA		11,730	$	149,440
Goodman Group		62,170		333,449
Kungsleden AB		27,140		176,600
				659,489
PROFESSIONAL SERVICES–0.2%
Adecco SA (REG)		2,650		133,661
Bureau Veritas SA		6,033		126,663
Capita PLC		7,730		99,605
Teleperformance		5,669		482,897
				842,826
ROAD & RAIL–0.1%
Central Japan Railway Co.		2,200		391,300
TRADING COMPANIES & DISTRIBUTORS–0.2%
BOC Aviation Ltd.(a)		46,800		237,375
Brenntag AG		6,350		307,606
Bunzl PLC		5,290		162,766
				707,747
TRANSPORTATION INFRASTRUCTURE–0.1%
Transurban Group		18,080		162,842
				17,533,132
CONSUMER STAPLES–4.8%
BEVERAGES–0.4%
Asahi Group Holdings Ltd.		3,200		103,471
Monster Beverage Corp.(a)		7,921		1,272,984
				1,376,455
FOOD & STAPLES RETAILING–1.2%
Costco Wholesale Corp.		4,550		714,532
CP ALL PCL		51,300		73,359
CVS Health Corp.		18,690		1,789,380
Delhaize Group		5,470		577,819
Kroger Co. (The)		8,586		315,879
Olam International Ltd.		73,412		101,322
Wesfarmers Ltd.		4,340		130,881
				3,703,172
FOOD PRODUCTS–0.7%
Archer-Daniels-Midland Co.		4,072		174,648
Bunge Ltd.		1,020		60,333
ConAgra Foods, Inc.		2,447		116,991
Ingredion, Inc.		3,401		440,123
Mondelez International, Inc.–Class A		10,786		490,871
Nestle SA (REG)		5,280		409,086
Tyson Foods, Inc.–Class A		6,635		443,152
WH Group Ltd.(a)(c)		173,500		137,411
				2,272,615

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HOUSEHOLD PRODUCTS–0.6%
Henkel AG & Co. KGaA (Preference Shares)		2,550	$	311,637
Kimberly-Clark Corp.		487		66,953
Procter & Gamble Co. (The)		8,091		685,065
Reckitt Benckiser Group PLC		6,920		693,879
				1,757,534
PERSONAL PRODUCTS–0.7%
Estee Lauder Cos., Inc. (The)–Class A		8,730		794,605
L’Oreal SA		2,820		539,898
Unilever PLC		20,328		974,019
				2,308,522
TOBACCO–1.2%
Altria Group, Inc.		10,283		709,116
British American Tobacco PLC		26,109		1,692,620
Imperial Brands PLC		4,220		228,862
Japan Tobacco, Inc.(b)		9,800		394,961
Philip Morris International, Inc.		8,386		853,024
				3,878,583
				15,296,881
ENERGY–3.6%
ENERGY EQUIPMENT & SERVICES–0.6%
Aker Solutions ASA(a)(c)		14,840		63,638
Helmerich & Payne, Inc.		8,177		548,922
Schlumberger Ltd.		15,622		1,235,388
				1,847,948
OIL, GAS & CONSUMABLE FUELS–3.0%
Canadian Natural Resources Ltd.		6,470		199,616
Chevron Corp.		2,545		266,792
Devon Energy Corp.		15,526		562,818
EOG Resources, Inc.		10,425		869,654
Exxon Mobil Corp.		24,096		2,258,759
Hess Corp.		12,159		730,756
JX Holdings, Inc.		102,800		401,261
QEP Resources, Inc.		31,900		562,397
Royal Dutch Shell PLC–Class A		73,345		2,011,882
TOTAL SA		24,749		1,186,863
Tupras Turkiye Petrol Rafinerileri AS(a)		5,410		120,101
Valero Energy Corp.		8,638		440,538
YPF SA (Sponsored ADR)		6,600		126,720
				9,738,157
				11,586,105
EQUITY: OTHER–3.1%
DIVERSIFIED/SPECIALTY–2.3%
Alexandria Real Estate Equities, Inc.		3,170		328,158
Armada Hoffler Properties, Inc.		20,100		276,174
Buzzi Unicem SpA		7,640		133,883
CBRE Group, Inc.–Class A(a)		6,490		171,855
Cheung Kong Property Holdings Ltd.		93,000		587,171
City Developments Ltd.		15,300	$	92,976
Colony Starwood Homes		13,710		417,058
East Japan Railway Co.		1,800		166,812
Four Corners Property Trust, Inc.		9,140		188,193
Frasers Centrepoint Ltd.		67,200		76,532
Fukuoka REIT Corp.		79		156,301
GPT Group (The)		78,470		319,110
Gramercy Property Trust		43,523		401,282
ICADE		3,300		231,892
IMMOFINANZ AG(a)		70,880		152,045
Kaisa Group Holdings Ltd.(a)(b)(d)(e)		409,000		20,561
Kennedy Wilson Europe Real Estate PLC		24,254		311,440
LendLease Group		51,070		485,122
Merlin Properties Socimi SA		33,274		351,137
Mitsubishi Estate Co., Ltd.		13,000		238,456
Mitsui Fudosan Co., Ltd.		21,100		484,261
New World Development Co., Ltd.		209,682		213,805
Premier Investment Corp.		161		211,527
Sino Land Co., Ltd.		10,000		16,465
STORE Capital Corp.		14,510		427,320
Sumitomo Realty & Development Co., Ltd.		16,000		433,878
Sun Hung Kai Properties Ltd.		10,600		127,862
TLG Immobilien AG		4,640		97,587
UOL Group Ltd.		79,661		324,719
				7,443,582
HEALTH CARE–0.6%
Assura PLC		125,490		91,872
Care Capital Properties, Inc.		10,843		284,195
HCP, Inc.		3,780		133,736
LTC Properties, Inc.		3,870		200,195
Ventas, Inc.		11,340		825,779
Welltower, Inc.		3,570		271,927
				1,807,704
TRIPLE NET–0.2%
National Retail Properties, Inc.		11,000		568,920
Realty Income Corp.		2,570		178,255
				747,175
				9,998,461
RESIDENTIAL–2.2%
MULTI-FAMILY–1.6%
Apartment Investment & Management Co.–Class A		7,110		313,978
AvalonBay Communities, Inc.		5,670		1,022,811
Camden Property Trust		3,830		338,648
China Overseas Land & Investment Ltd.		100,000		318,785
China Resources Land Ltd.		76,000		179,090
CIFI Holdings Group Co., Ltd.		506,000		125,459
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		126,210		125,701
Independence Realty Trust, Inc.		31,810		260,206

7

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

Company	Shares		U.S. $ Value
Japan Rental Housing Investments, Inc.		200	$	163,917
Kenedix Residential Investment Corp.(b)		61		165,143
Killam Apartment Real Estate Investment Trust		17,580		172,677
Mid-America Apartment Communities, Inc.		4,080		434,112
Mirvac Group		187,760		285,554
Sun Communities, Inc.		5,501		421,597
UNITE Group PLC (The)		31,150		257,688
Vonovia SE		10,932		399,171
Wing Tai Holdings Ltd.		126,000		152,941
				5,137,478
SELF STORAGE–0.5%
Big Yellow Group PLC		17,500		182,227
Extra Space Storage, Inc.		5,380		497,865
National Storage Affiliates Trust		14,450		300,849
Public Storage		1,030		263,258
Sovran Self Storage, Inc.		2,505		262,824
				1,507,023
STUDENT HOUSING–0.1%
Education Realty Trust, Inc.		5,230		241,312
				6,885,813
RETAIL–2.1%
REGIONAL MALL–0.8%
General Growth Properties, Inc.		5,470		163,115
Pennsylvania Real Estate Investment Trust		1,155		24,775
Simon Property Group, Inc.		8,716		1,890,501
Taubman Centers, Inc.		5,630		417,746
				2,496,137
SHOPPING CENTER/OTHER RETAIL–1.3%
Aeon Mall Co., Ltd.		24,577		321,566
DDR Corp.		7,170		130,064
Fibra Shop Portafolios Inmobiliarios SAPI de CV		128,490		120,882
Frontier Real Estate Investment Corp.(b)		39		202,499
Kite Realty Group Trust		15,960		447,359
Klepierre		8,383		369,902
Link REIT		70,768		483,926
Mercialys SA		11,530		245,477
Parque Arauco SA		54,650		110,394
Ramco-Gershenson Properties Trust		18,050		353,960
Regency Centers Corp.		6,720		562,666
Retail Opportunity Investments Corp.		9,955		215,725
Scentre Group		131,319		486,400
				4,050,820
				6,546,957
UTILITIES–1.7%
ELECTRIC UTILITIES–1.4%
American Electric Power Co., Inc.		10,800	$	756,972
Edison International		11,008		854,991
EDP–Energias de Portugal SA		94,270		288,614
Enel SpA		40,691		180,645
Eversource Energy		1,154		69,125
Exelon Corp.		16,177		588,196
FirstEnergy Corp.		2,857		99,738
Korea Electric Power Corp.		2,700		141,728
PG&E Corp.		10,091		645,017
PPL Corp.		11,932		450,433
Westar Energy, Inc.		10,000		560,900
				4,636,359
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
Huaneng Power International, Inc.–Class H		26,000		16,183
MULTI-UTILITIES–0.3%
DTE Energy Co.		1,111		110,122
NiSource, Inc.		22,229		589,513
Public Service Enterprise Group, Inc.		3,500		163,135
				862,770
				5,515,312
TELECOMMUNICATION SERVICES–1.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
AT&T, Inc.		33,700		1,456,177
BT Group PLC		127,070		698,452
Com Hem Holding AB		15,220		128,527
Nippon Telegraph & Telephone Corp.		13,000		609,633
TDC A/S		57,360		281,091
Telenor ASA		8,370		138,549
Verizon Communications, Inc.		12,171		679,629
				3,992,058
WIRELESS TELECOMMUNICATION SERVICES–0.5%
SoftBank Group Corp.		2,800		158,346
T-Mobile US, Inc.(a)		16,622		719,234
Tower Bersama Infrastructure Tbk PT		257,000		128,830
Vodafone Group PLC		167,263		509,961
				1,516,371
				5,508,429

8

AB Variable Products Series Fund

Company			Shares		U.S. $ Value
OFFICE–1.4%
OFFICE–1.4%
Allied Properties Real Estate Investment Trust				7,776	$	232,808
alstria office REIT-AG(a)				32,768		442,366
Boston Properties, Inc.				5,874		774,781
Brandywine Realty Trust				23,180		389,424
CA Immobilien Anlagen AG(a)				9,840		164,332
Dream Office Real Estate Investment Trust				12,286		176,689
Empire State Realty Trust, Inc.–Class A				14,650		278,203
Equity Commonwealth(a)				8,500		247,605
Highwoods Properties, Inc.				6,850		361,680
Inmobiliaria Colonial SA				403,870		295,037
Investa Office Fund				64,800		208,441
Kenedix Office Investment Corp.–Class A				50		297,995
MCUBS MidCity Investment Corp.(b)				44		151,796
Workspace Group PLC				31,686		292,407
						4,313,564
MATERIALS–0.9%
CHEMICALS–0.8%
Arkema SA				3,556		271,866
CF Industries Holdings, Inc.				18,961		456,960
Covestro AG(c)				4,195		186,847
Dow Chemical Co. (The)				9,497		472,096
Essentra PLC				78,276		537,051
JSR Corp.				13,200		174,809
Koninklijke DSM NV				3,878		223,723
LyondellBasell Industries NV–Class A				1,887		140,430
Nippon Shokubai Co., Ltd.				2,200		126,536
Teijin Ltd.				38,000		125,915
						2,716,233
METALS & MINING–0.0%
Newmont Mining Corp.				3,210		125,575
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC				9,704		181,683
						3,023,491
LODGING–0.3%
LODGING–0.3%
Chesapeake Lodging Trust				6,840		159,030
Pebblebrook Hotel Trust				8,030		210,787
Summit Hotel Properties, Inc.				24,990		330,868
Wyndham Worldwide Corp.				2,020		143,885
						844,570
MORTGAGE–0.3%
MORTGAGE–0.3%
Blackstone Mortgage Trust, Inc.–Class A				5,480		151,632
Concentradora Hipotecaria SAPI de CV				104,000		143,179
First American Financial Corp.				12,923	$	519,763
						814,574
Total Common Stocks (cost $174,496,728)						200,961,172
	Principal Amount (000)
CORPORATES–INVESTMENT GRADE–10.0%
INDUSTRIAL–6.7%
BASIC–0.4%
Barrick Gold Corp. 4.10%, 5/01/23		U.S.$		40		42,195
Dow Chemical Co. (The) 4.125%, 11/15/21				165		181,018
Eastman Chemical Co. 3.80%, 3/15/25				110		116,257
Glencore Funding LLC 4.125%, 5/30/23(c)				126		115,920
LyondellBasell Industries NV 5.75%, 4/15/24				200		238,041
Minsur SA 6.25%, 2/07/24(c)				168		164,604
Mosaic Co. (The) 5.625%, 11/15/43				96		106,476
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(c)				237		228,823
Vale Overseas Ltd. 6.875%, 11/21/36				65		59,150
						1,252,484
CAPITAL GOODS–0.1%
General Electric Co. Series D 5.00%, 1/21/21(f)				68		72,148
Owens Corning 6.50%, 12/01/16(g)				11		11,155
Republic Services, Inc. 3.80%, 5/15/18				17		17,787
Yamana Gold, Inc. 4.95%, 7/15/24				142		139,700
						240,790
COMMUNICATIONS–MEDIA–1.2%
21st Century Fox America, Inc. 3.00%, 9/15/22				400		416,605
6.15%, 2/15/41				130		162,342
CBS Corp. 3.50%, 1/15/25				215		221,060
5.75%, 4/15/20				250		284,251

9

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

	Principal Amount (000)			U.S. $ Value
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25	U.S.$		165	$	180,395
Comcast Corp. 5.15%, 3/01/20			451		509,653
Cox Communications, Inc. 2.95%, 6/30/23(c)			91		87,700
Discovery Communications LLC 3.45%, 3/15/25			176		172,197
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21(c)(f)			233		240,281
RELX Capital, Inc. 8.625%, 1/15/19			435		501,707
S&P Global, Inc. 4.40%, 2/15/26			226		253,651
Time Warner Cable, Inc. 4.125%, 2/15/21			165		174,676
4.50%, 9/15/42			85		79,173
Time Warner, Inc. 3.55%, 6/01/24			99		105,177
4.70%, 1/15/21			123		137,195
7.625%, 4/15/31			110		150,880
Viacom, Inc. 3.875%, 4/01/24			75		76,177
5.625%, 9/15/19			83		91,493
					3,844,613
COMMUNICATIONS–TELECOMMUNICATIONS–0.8%
American Tower Corp. 5.05%, 9/01/20			380		422,533
AT&T, Inc. 3.40%, 5/15/25			475		485,881
3.80%, 3/15/22			75		79,674
4.45%, 4/01/24			292		320,794
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	46		38,910
Telefonica Emisiones SAU 5.462%, 2/16/21		U.S.$	185		211,066
Verizon Communications, Inc. 3.50%, 11/01/24			778		827,429
4.862%, 8/21/46			134		146,474
					2,532,761
CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
Ford Motor Credit Co. LLC 5.875%, 8/02/21			915		1,049,423
General Motors Co. 3.50%, 10/02/18			130		133,845
General Motors Financial Co., Inc. 4.00%, 1/15/25			41		41,484
4.30%, 7/13/25			50		51,299
					1,276,051
CONSUMER CYCLICAL–RETAILERS–0.2%
CVS Health Corp. 3.875%, 7/20/25		U.S.$	222	$	244,195
Kohl’s Corp. 5.55%, 7/17/45			170		158,330
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24			320		339,034
					741,559
CONSUMER NON-CYCLICAL–1.6%
AbbVie, Inc. 3.60%, 5/14/25			166		173,940
Actavis Funding SCS 3.80%, 3/15/25			282		293,796
3.85%, 6/15/24			89		93,137
Agilent Technologies, Inc. 5.00%, 7/15/20			71		78,263
Altria Group, Inc. 2.625%, 1/14/20			320		332,655
AstraZeneca PLC 6.45%, 9/15/37			90		122,843
Baxalta, Inc. 5.25%, 6/23/45			130		141,001
Bayer US Finance LLC 3.375%, 10/08/24(c)			321		333,678
Becton Dickinson and Co. 3.734%, 12/15/24			141		151,877
Biogen, Inc. 4.05%, 9/15/25			251		270,189
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			155		181,237
Celgene Corp. 3.875%, 8/15/25			280		298,666
Gilead Sciences, Inc. 3.65%, 3/01/26			122		132,758
Grupo Bimbo SAB de CV 3.875%, 6/27/24(c)			339		352,778
Kraft Heinz Foods Co. 2.80%, 7/02/20(c)			130		134,997
3.50%, 7/15/22(c)			162		172,054
Laboratory Corp. of America Holdings 3.60%, 2/01/25			100		103,795
Medtronic, Inc. 3.50%, 3/15/25			320		348,840
Newell Brands, Inc. 3.15%, 4/01/21			280		291,699
3.85%, 4/01/23			50		53,033
Perrigo Finance Unlimited Co. 3.50%, 12/15/21			300		308,741
Reynolds American, Inc. 5.85%, 8/15/45			79		100,941
Thermo Fisher Scientific, Inc. 4.15%, 2/01/24			121		132,059

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Tyson Foods, Inc. 2.65%, 8/15/19	U.S.$		64	$	65,750
3.95%, 8/15/24			206		222,366
					4,891,093
ENERGY–1.3%
Encana Corp. 3.90%, 11/15/21			140		135,765
Energy Transfer Partners LP 7.50%, 7/01/38			248		273,817
EnLink Midstream Partners LP 5.05%, 4/01/45			215		175,679
Enterprise Products Operating LLC 3.70%, 2/15/26			278		289,303
5.20%, 9/01/20			185		208,141
Halliburton Co. 5.00%, 11/15/45			295		324,465
Husky Energy, Inc. 7.25%, 12/15/19			36		40,501
Kinder Morgan Energy Partners LP 2.65%, 2/01/19			302		301,870
3.95%, 9/01/22			424		431,510
Kinder Morgan, Inc./DE 5.00%, 2/15/21(c)			250		263,487
Marathon Petroleum Corp. 5.125%, 3/01/21			163		180,248
Noble Energy, Inc. 3.90%, 11/15/24			170		172,705
8.25%, 3/01/19			374		428,347
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			232		217,870
Schlumberger Holdings Corp. 3.625%, 12/21/22(c)			295		312,064
TransCanada PipeLines Ltd. 6.35%, 5/15/67			120		84,900
Valero Energy Corp. 6.125%, 2/01/20			175		197,507
Williams Partners LP 4.125%, 11/15/20			155		153,527
					4,191,706
OTHER INDUSTRIAL–0.1%
Hutchison Whampoa International 14 Ltd. 1.625%, 10/31/17(c)			320		321,459
SERVICES–0.0%
eBay, Inc. 3.80%, 3/09/22			75		79,693
TECHNOLOGY–0.6%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 4.42%, 6/15/21			280		288,196
Fidelity National Information Services, Inc. 3.50%, 4/15/23			39		40,493
5.00%, 10/15/25			3		3,406
Hewlett Packard Enterprise Co. 4.90%, 10/15/25(c)	U.S.$		300	$	313,446
HP, Inc. 4.65%, 12/09/21			114		123,276
KLA-Tencor Corp. 4.65%, 11/01/24			225		245,447
Lam Research Corp. 2.80%, 6/15/21			71		72,686
Motorola Solutions, Inc. 3.50%, 3/01/23			150		144,806
7.50%, 5/15/25			33		38,849
Seagate HDD Cayman 4.75%, 1/01/25			127		100,489
Tencent Holdings Ltd. 3.375%, 5/02/19(c)			335		347,504
Total System Services, Inc. 2.375%, 6/01/18			141		142,086
3.75%, 6/01/23			139		141,172
					2,001,856
					21,374,065
FINANCIAL INSTITUTIONS–2.9%
BANKING–2.1%
Barclays Bank PLC 6.625%, 3/30/22(c)		EUR	84		109,687
Barclays PLC 3.65%, 3/16/25		U.S.$	270		259,624
Citigroup, Inc. 3.875%, 3/26/25			235		237,128
Compass Bank 5.50%, 4/01/20			314		338,430
Cooperatieve Rabobank UA 4.375%, 8/04/25			320		334,249
Credit Suisse Group Funding Guernsey Ltd. 4.55%, 4/17/26			375		389,017
Goldman Sachs Group, Inc. (The) 3.75%, 5/22/25			186		194,253
5.75%, 1/24/22			335		388,922
Series D 6.00%, 6/15/20			440		502,055
Lloyds Banking Group PLC 3.10%, 7/06/21			395		394,708
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26			272		296,748
Morgan Stanley 5.625%, 9/23/19			168		186,397
Series G 5.50%, 7/24/20			189		212,080
Murray Street Investment Trust I 4.647%, 3/09/17			44		44,988
Nationwide Building Society 6.25%, 2/25/20(c)			465		532,889

11

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

	Principal Amount (000)		U.S. $ Value
PNC Bank NA 3.80%, 7/25/23	U.S.$	685	$	738,580
Rabobank Capital Funding Trust III 5.254%, 10/21/16(c)(f)		190		189,287
Santander Issuances SAU 5.179%, 11/19/25		200		199,807
Santander UK PLC 5.00%, 11/07/23(c)		200		205,300
Standard Chartered PLC 6.409%, 1/30/17(c)(f)		200		180,000
UBS AG/Stamford CT 7.625%, 8/17/22		380		430,350
UBS Group Funding Jersey Ltd. 4.125%, 9/24/25(c)		305		316,197
				6,680,696
BROKERAGE–0.2%
Nomura Holdings, Inc. 2.00%, 9/13/16		468		468,808
FINANCE–0.1%
Aviation Capital Group Corp. 7.125%, 10/15/20(c)		173		197,273
INSURANCE–0.4%
Allied World Assurance Co. Holdings Ltd. 7.50%, 8/01/16		160		160,752
American International Group, Inc. 4.875%, 6/01/22		155		172,674
Hartford Financial Services Group, Inc. (The) 5.125%, 4/15/22		180		204,713
5.50%, 3/30/20		242		273,265
Lincoln National Corp. 8.75%, 7/01/19		98		115,926
MetLife, Inc. 10.75%, 8/01/39		70		108,815
Series C 5.25%, 6/15/20(f)		106		105,205
Prudential Financial, Inc. 5.625%, 6/15/43		69		71,954
XLIT Ltd. 6.375%, 11/15/24		157		188,823
				1,402,127
REITS–0.1%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23		10		10,073
Welltower, Inc. 5.25%, 1/15/22		300		337,005
				347,078
				9,095,982
UTILITY–0.4%
ELECTRIC–0.2%
CMS Energy Corp. 5.05%, 3/15/22	U.S.$	155	$	177,202
Constellation Energy Group, Inc. 5.15%, 12/01/20		89		99,050
Entergy Corp. 4.00%, 7/15/22		223		239,298
Exelon Corp. 5.10%, 6/15/45		125		143,643
Exelon Generation Co. LLC 4.25%, 6/15/22		128		136,520
Pacific Gas & Electric Co. 6.05%, 3/01/34		38		50,630
				846,343
NATURAL GAS–0.2%
Talent Yield Investments Ltd. 4.50%, 4/25/22(c)		490		532,155
				1,378,498
Total Corporates–Investment Grade (cost $30,223,280)				31,848,545
MORTGAGE PASS-THROUGHS–7.2%
AGENCY FIXED RATE 30-YEAR–6.3%
Federal Home Loan Mortgage Corp. Gold 4.00%, 1/01/45		1,185		1,300,705
4.00% FGLMC, 7/01/46, TBA		835		893,711
Series 2005 5.50%, 1/01/35		254		288,666
Series 2007 5.50%, 7/01/35		25		28,749
Federal National Mortgage Association 3.00%, 5/01/45		1,423		1,478,100
3.50%, 5/01/42-9/01/45		4,565		4,900,649
3.50% FNCL, 7/01/46, TBA		465		490,648
4.00%, 10/01/44-8/01/45		2,393		2,631,351
4.50% FNCL, 7/25/46, TBA		2,588		2,824,950
5.00%, 12/01/39		155		172,567
Series 2004 5.50%, 2/01/34-11/01/34		94		106,071
Series 2007 5.50%, 1/01/37-8/01/37		344		390,802
Series 2008 5.50%, 8/01/37		157		179,078
Series 2015 3.50%, 4/01/45		584		626,842
Series AS6516 4.00%, 1/01/46		1,128		1,210,698

12

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Government National Mortgage Association 3.00%, 7/20/45	U.S.$	539	$	563,267
3.50% G2SF, 7/01/46, TBA		1,855		1,968,836
				20,055,690
AGENCY FIXED RATE 15-YEAR–0.9%
Federal National Mortgage Association 2.50% FNCI, 7/01/31, TBA		1,835		1,898,471
3.50%, 10/01/25-1/12/30		1,000		1,061,654
				2,960,125
Total Mortgage Pass-Throughs (cost $22,580,059)				23,015,815
COMMERCIAL MORTGAGE-BACKED SECURITIES–3.9%
NON-AGENCY FIXED RATE CMBS–3.2%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51		150		154,577
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41		184		184,112
BHMS Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(c)		335		351,940
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(c)		495		527,193
Citigroup Commercial Mortgage Trust Series 2012-GC8, Class D 4.877%, 9/10/45(c)		169		157,576
Series 2015-GC27, Class A5 3.137%, 2/10/48		246		258,296
COBALT CMBS Commercial Mortgage Trust Series 2007-C3, Class A4 5.767%, 5/15/46		256		264,325
Commercial Mortgage Loan Trust Series 2008-LS1, Class A1A 6.097%, 12/10/49		937		982,031
Commercial Mortgage Trust Series 2006-C8, Class A1A 5.292%, 12/10/46	U.S.$	385	$	389,726
Series 2006-C8, Class A4 5.306%, 12/10/46		236		236,734
Series 2013-SFS, Class A1 1.873%, 4/12/35(c)		181		180,591
Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class AM 5.699%, 6/15/39		155		157,177
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48		343		372,778
Series 2015-C4, Class A4 3.808%, 11/15/48		260		286,221
DBUBS Mortgage Trust Series 2011-LC1A, Class E 5.646%, 11/10/46(c)		130		137,405
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(c)		463		473,781
GS Mortgage Securities Trust Series 2007-GG10, Class A4 5.794%, 8/10/45		193		197,992
Series 2013-G1, Class A2 3.557%, 4/10/31(c)		276		285,966
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-LN2, Class A1A 4.838%, 7/15/41(c)		108		107,638
Series 2006-LDP8, Class AJ 5.48%, 5/15/45		136		135,819
Series 2006-LDP9, Class AM 5.372%, 5/15/47		135		134,987
Series 2007-CB19, Class AM 5.702%, 2/12/49		175		178,168
Series 2007-LD12, Class AM 6.01%, 2/15/51		280		290,270
Series 2007-LDPX, Class A1A 5.439%, 1/15/49		518		527,066
Series 2010-C2, Class A1 2.749%, 11/15/43(c)		7		6,926
Series 2011-C5, Class D 5.323%, 8/15/46(c)		100		101,501
Series 2012-C6, Class E 5.192%, 5/15/45(c)		119		112,773
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class A3 3.801%, 8/15/48		368		406,804
Series 2015-C32, Class C 4.669%, 11/15/48		195		181,407
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39		97		96,713

13

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

	Principal Amount (000)		U.S. $ Value
Series 2007-C1, Class AM 5.455%, 2/15/40	U.S.$	100	$	101,157
LSTAR Commercial Mortgage Trust Series 2014-2, Class A2 2.767%, 1/20/41(c)		164		165,945
Series 2015-3, Class A2 2.729%, 4/20/48(c)		258		254,908
Series 2016-4, Class A2 2.57%, 3/10/49		161		160,636
Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 8/12/43		116		115,859
ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A 5.166%, 12/12/49		232		233,103
UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class A4 3.091%, 8/10/49		86		90,716
Series 2012-C4, Class A5 2.85%, 12/10/45		168		175,489
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1, Class E 5.888%, 1/10/45(c)		81		87,451
Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A 6.009%, 6/15/45		42		42,284
WF-RBS Commercial Mortgage Trust Series 2012-C9, Class D 4.802%, 11/15/45(c)		118		113,772
Series 2013-C14, Class A5 3.337%, 6/15/46		456		488,605
Series 2014-C20, Class A2 3.036%, 5/15/47		206		214,971
				10,123,389
NON-AGENCY FLOATING RATE CMBS–0.7%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A 5.774%, 2/10/51(h)		543		561,042
Commercial Mortgage Trust Series 2014-SAVA, Class A 1.577% (LIBOR 1 Month + 1.15%), 6/15/34(c)(g)		104		102,791
H/2 Asset Funding NRE Series 2015-1A 2.099%, 6/24/49(c)(g)		247		245,290
JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-INN, Class A 1.351% (LIBOR 1 Month + 0.92%), 6/15/29(c)(g)	U.S.$	339	$	334,959
Series 2015-SGP, Class A 2.127% (LIBOR 1 Month + 1.70%), 7/15/36(c)(g)		304		304,570
Morgan Stanley Capital I Trust Series 2015-XLF2, Class AFSA 2.297% (LIBOR 1 Month + 1.87%), 8/15/26(c)(g)		119		118,431
Series 2015-XLF2, Class SNMA 2.377% (LIBOR 1 Month + 1.95%), 11/15/26(c)(g)		119		119,374
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.48% (LIBOR 1 Month + 1.05%), 4/15/32(c)(g)		89		87,305
Starwood Retail Property Trust Series 2014-STAR, Class A 1.647% (LIBOR 1 Month + 1.22%), 11/15/27(c)(g)		378		373,408
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.61%, 12/15/47(h)		197		190,211
				2,437,381
Total Commercial Mortgage-Backed Securities (cost $12,759,516)				12,560,770
ASSET-BACKED SECURITIES–3.7%
AUTOS–FIXED RATE–2.1%
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20		454		456,216
AmeriCredit Automobile Receivables Trust Series 2013-4, Class A3 0.96%, 4/09/18		3		2,758
Series 2014-1, Class A3 0.90%, 2/08/19		134		134,375
ARI Fleet Lease Trust Series 2014-A, Class A2 0.81%, 11/15/22(c)		35		35,165
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19		203		203,578
Series 2015-2, Class A3 1.31%, 8/15/19		208		208,434
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19		80		80,615

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(c)		U.S.$	179	$	181,345
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(c)			88		87,352
Series 2014-B, Class A 1.11%, 11/15/18(c)			47		46,589
Drive Auto Receivables Trust Series 2015-DA, Class A2A 1.23%, 6/15/18(c)			46		46,451
Series 2016-AA, Class A2A 1.50%, 3/15/18(c)			78		78,210
Series 2016-BA, Class A2 1.38%, 8/15/18			309		309,030
Enterprise Fleet Financing LLC Series 2014-1, Class A2 0.87%, 9/20/19(c)			60		59,659
Series 2014-2, Class A2 1.05%, 3/20/20(c)			138		137,476
Series 2015-1, Class A2 1.30%, 9/20/20(c)			329		328,381
Exeter Automobile Receivables Trust Series 2014-2A, Class A 1.06%, 8/15/18(c)			8		7,637
Series 2016-1A, Class D 8.20%, 2/15/23(c)			140		139,892
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21			268		268,932
Ford Credit Auto Lease Trust Series 2014-B, Class A3 0.89%, 9/15/17			105		105,164
Ford Credit Auto Owner Trust Series 2012-D, Class B 1.01%, 5/15/18			155		154,733
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			322		327,131
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18			412		415,319
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(c)			221		221,578
Series 2016-1, Class A1 1.96%, 5/17/21			280		282,048
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			126		126,477
Hertz Vehicle Financing II LP Series 2015-2A, Class A 2.02%, 9/25/19(c)		U.S.$	180	$	181,197
Hertz Vehicle Financing LLC Series 2013-1A, Class B2 2.48%, 8/25/19(c)			192		187,950
Hyundai Auto Lease Securitization Trust Series 2015-A, Class A2 1.00%, 10/16/17(c)			145		144,873
Series 2015-B, Class A3 1.40%, 11/15/18(c)			213		213,845
Hyundai Auto Receivables Trust Series 2012-B, Class C 1.95%, 10/15/18			140		140,194
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18			223		223,549
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18			370		371,413
Santander Drive Auto Receivables Trust Series 2015-3, Class A2A 1.02%, 9/17/18			72		71,544
Series 2015-4,Class A2A 1.20%, 12/17/18			113		112,701
TCF Auto Receivables Owner Trust Series 2015-1A, Class A2 1.02%, 8/15/18(c)			105		104,644
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(c)			159		158,821
Series 2016-2A, Class A2 1.57%, 6/17/19			161		161,189
					6,516,465
AUTOS–FLOATING RATE–0.5%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 0.931% (LIBOR 1 Month + 0.50%), 7/15/20(c)(g)			378		378,000
GE Dealer Floorplan Master Note Trust Series 2014-1, Class A 0.812% (LIBOR 1 Month + 0.38%), 7/20/19(g)			203		202,525
Series 2015-1, Class A 0.932% (LIBOR 1 Month + 0.50%), 1/20/20(g)			384		383,074
Hertz Fleet Lease Funding LP Series 2013-3, Class A 0.979% (LIBOR 1 Month + 0.55%), 12/10/27(c)(g)			95		94,990

15

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

	Principal Amount (000)		U.S. $ Value
Navistar Financial Dealer Note Master Trust Series 2014-1, Class A 1.203% (LIBOR 1 Month + 0.75%), 10/25/19(c)(g)	U.S.$	207	$	207,261
NCF Dealer Floorplan Master Trust Series 2014-1A, Class A 1.932% (LIBOR 1 Month + 1.50%), 10/20/20(c)(g)		320		320,000
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 0.782% (LIBOR 1 Month + 0.35%), 7/22/19(c)(g)		120		118,528
				1,704,378
CREDIT CARDS–FIXED RATE–0.5%
American Express Credit Account Master Trust Series 2014-2, Class A 1.26%, 1/15/20		141		141,534
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41%, 7/15/22		326		336,046
Series 2015-2, Class A 1.56%, 3/15/21		214		215,511
Chase Issuance Trust Series 2014-A1, Class A1 1.15%, 1/15/19		270		270,474
World Financial Network Credit Card Master Trust Series 2012-B, Class A 1.76%, 5/17/21		310		311,970
Series 2013-A, Class A 1.61%, 12/15/21		246		247,848
				1,523,383
OTHER ABS–FIXED RATE–0.4%
Ascentium Equipment Receivables LLC Series 2015-2A, Class A1 1.00%, 11/10/16(c)		13		13,197
Series 2016-1A, Class A2 1.75%, 11/13/18		85		85,159
CIT Equipment Collateral Series 2014-VT1, Class A2 0.86%, 5/22/17(c)		66		66,327
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21		210		211,622
Series 2015-A, Class A4 1.85%, 4/15/21		227		229,425
Dell Equipment Finance Trust Series 2015-1, Class A3 1.30%, 3/23/20(c)		173		172,983
Series 2015-2, Class A2A 1.42%, 12/22/17(c)		179		179,158
SBA Tower Trust 3.156%, 10/15/20(c)	U.S.$	251	$	254,451
Taco Bell Funding LLC Series 2016-1A, Class A2I 3.832%, 5/25/46		155		158,019
				1,370,341
CREDIT CARDS–FLOATING RATE–0.2%
Discover Card Execution Note Trust Series 2015-A1, Class A1 0.881% (LIBOR 1 Month + 0.35%), 8/17/20(g)		240		240,483
World Financial Network Credit Card Master Trust Series 2015-A, Class A 0.911% (LIBOR 1 Month + 0.48%), 2/15/22(g)		256		255,686
				496,169
HOME EQUITY LOANS–FIXED RATE–0.0%
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33		62		62,501
HOME EQUITY LOANS–FLOATING RATE–0.0%
Residential Asset Securities Corp. Trust Series 2003-KS3, Class A2 1.036% (LIBOR 1 Month + 0.60%), 5/25/33(g)		1		648
Total Asset-Backed Securities (cost $11,617,210)				11,673,885
GOVERNMENTS–TREASURIES–2.9%
UNITED STATES–2.9%
U.S. Treasury Bonds
2.75%, 8/15/42		280		308,503
3.00%, 5/15/45		265		304,595
3.125%, 2/15/43-8/15/44		575		677,485
3.375%, 5/15/44		234		288,272
3.625%, 8/15/43		1,304		1,682,027
4.375%, 2/15/38		1,027		1,464,607
6.25%, 5/15/30		149		233,889
U.S. Treasury Notes
1.25%, 3/31/21		2,343		2,370,174
1.625%, 5/15/26		724		733,156
2.25%, 11/15/25		813		867,263
2.50%, 8/15/23		305		330,412
Total Governments–Treasuries (cost $8,416,479)				9,260,383

16

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
COLLATERALIZED MORTGAGE OBLIGATIONS–2.5%
RISK SHARE FLOATING RATE–1.5%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 6.953% (LIBOR 1 Month + 6.50%), 4/25/26(g)	U.S.$	170	$	171,364
Bellemeade Re Ltd. Series 2015-1A, Class M1 2.936% (LIBOR 1 Month + 2.50%), 7/25/25(d)(g)(i)		87		87,087
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 4.427% (LIBOR 1 Month + 4.00%), 8/25/24(g)		330		328,841
Series 2014-DN4, Class M3 4.977% (LIBOR 1 Month + 4.55%), 10/25/24(g)		250		254,786
Series 2014-HQ3, Class M3 5.177% (LIBOR 1 Month + 4.75%), 10/25/24(g)		250		255,548
Series 2015-DNA3, Class M3 5.136% (LIBOR 1 Month + 4.70%), 4/25/28(g)		250		248,986
Series 2015-HQA2, Class M3 5.236% (LIBOR 1 Month + 4.80%), 5/25/28(g)		250		246,294
Series 2016-DNA1, Class M3 5.986% (LIBOR 1 Month + 5.55%), 7/25/28(g)		250		259,453
Series 2016-DNA2, Class M3 5.103% (LIBOR 1 Month + 4.65%), 10/25/28(g)		250		244,816
Series 2016-DNA3, Class M3 5.446% (LIBOR 1 Month + 5.00%), 12/25/28(g)		250		249,079
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C03, Class 1M1 1.636% (LIBOR 1 Month + 1.20%), 7/25/24(g)		65		64,681
Series 2014-C04, Class 1M2 5.336% (LIBOR 1 Month + 4.90%), 11/25/24(g)		180		184,474
Series 2014-C04, Class 2M2 5.436% (LIBOR 1 Month + 5.00%), 11/25/24(g)	U.S.$	75	$	76,138
Series 2015-C01, Class 1M2 4.736% (LIBOR 1 Month + 4.30%), 2/25/25(g)		155		157,332
Series 2015-C01, Class 2M2 4.986% (LIBOR 1 Month + 4.55%), 2/25/25(g)		210		216,151
Series 2015-C02, Class 1M2 4.436% (LIBOR 1 Month + 4.00%), 5/25/25(g)		199		199,000
Series 2015-C02, Class 2M2 4.436% (LIBOR 1 Month + 4.00%), 5/25/25(g)		185		184,941
Series 2015-C03, Class 1M1 1.936% (LIBOR 1 Month + 1.50%), 7/25/25(g)		103		102,934
Series 2015-C03, Class 1M2 5.436% (LIBOR 1 Month + 5.00%), 7/25/25(g)		90		90,534
Series 2015-C03, Class 2M2 5.436% (LIBOR 1 Month + 5.00%), 7/25/25(g)		244		246,485
Series 2015-C04, Class 1M2 6.136% (LIBOR 1 Month + 5.70%), 4/25/28(g)		74		76,327
Series 2015-C04, Class 2M2 5.986% (LIBOR 1 Month + 5.55%), 4/25/28(g)		117		119,668
Series 2016-C01, Class 1M2 7.177% (LIBOR 1 Month + 6.75%), 8/25/28(g)		149		163,034
Series 2016-C01, Class 2M2 7.377% (LIBOR 1 Month + 6.95%), 8/25/28(g)		159		173,085
Series 2016-C03, Class 1M2 5.753% (LIBOR 1 Month + 5.30%), 10/25/28(g)		46		46,807
Series 2016-C03, Class 2M2 6.353% (LIBOR 1 Month + 5.90%), 10/25/28(g)		145		150,447

17

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

	Principal Amount (000)		U.S. $ Value
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.686% (LIBOR 1 Month + 4.25%), 11/25/24(g)(i)	U.S.$	36	$	35,642
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.686% (LIBOR 1 Month + 5.25%), 11/25/25(g)(i)		144		142,463
Series 2015-WF1, Class 2M2 5.936% (LIBOR 1 Month + 5.50%), 11/25/25(g)(i)		41		40,209
				4,816,606
NON-AGENCY FIXED RATE–0.5%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35		41		36,761
Series 2005-57CB, Class 4A3 5.50%, 12/25/35		98		81,819
Series 2006-23CB, Class 1A7 6.00%, 8/25/36		70		62,170
Series 2006-24CB, Class A16 5.75%, 6/25/36		169		130,651
Series 2006-28CB, Class A14 6.25%, 10/25/36		116		90,886
Series 2006-J1, Class 1A13 5.50%, 2/25/36		102		83,669
Series 2007-2CB, Class 2A4 5.75%, 3/25/37		93		74,643
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37		53		44,281
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 2.628%, 5/25/35		22		20,371
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36		86		72,805
Series 2006-13, Class 1A18 6.25%, 9/25/36		129		106,592
Series 2006-13, Class 1A19 6.25%, 9/25/36		46		38,322
Series 2007-HYB2, Class 3A1 2.819%, 2/25/47	U.S.$	248	$	189,609
Credit Suisse Mortgage Trust Series 2010-6R, Class 3A2 5.875%, 1/26/38(c)		157		129,511
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36		187		145,433
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37		76		65,383
RBSSP Resecuritization Trust Series 2009-7, Class 10A3 6.00%, 8/26/37(c)		206		176,576
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37		62		61,121
				1,610,603
AGENCY FLOATING RATE–0.3%
Federal National Mortgage Association Series 2011-15, Class SA 6.607% (LIBOR 1 Month + 7.06%), 3/25/41(g)(j)		654		160,136
Series 2016-22, Class ST 5.647% (LIBOR 1 Month + 6.10%), 4/25/46(g)(j)		852		164,028
Federal National Mortgage Association REMICs Series 2013-130, Class SN 6.00% (LIBOR 1 Month + 6.65%), 10/25/42(g)(j)		886		164,903
Series 2015-66, Class AS 5.797% (LIBOR 1 Month + 6.25%), 9/25/45(g)(j)		832		173,048
Series 2016-11, Class SG 6.00% (LIBOR 1 Month + 6.15%), 3/25/46(g)(j)		935		177,769
Series 2016-19, Class SA 5.647% (LIBOR 1 Month + 6.10%), 4/25/46(g)(j)		1,027		184,821
				1,024,705
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.626% (LIBOR 1 Month + 0.19%), 12/25/36(g)		360		212,630
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.686% (LIBOR 1 Month + 0.25%), 3/25/35(g)		155		130,374

18

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
RBSSP Resecuritization Trust Series 2010-9, Class 7A6 6.706%, 5/26/37(c)(h)		U.S.$	194	$	147,799
					490,803
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association REMICs Series 2015-33, Class AI 5.00%, 6/25/45(j)			903		161,794
Total Collateralized Mortgage Obligations (cost $8,211,237)					8,104,511
INFLATION-LINKED SECURITIES–2.1%
UNITED STATES–2.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS)			4,172		4,259,677
0.25%, 1/15/25 (TIPS)			1,127		1,144,331
0.375%, 7/15/25 (TIPS)			1,230		1,266,198
Total Inflation-Linked Securities (cost $6,587,806)					6,670,206
CORPORATES–NON-INVESTMENT GRADE–1.5%
INDUSTRIAL–0.7%
BASIC–0.0%
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. 6.50%, 11/15/20			49		49,104
Novelis, Inc. 8.375%, 12/15/17			29		29,652
					78,756
CAPITAL GOODS–0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.75%, 10/15/20			115		118,738
COMMUNICATIONS–MEDIA–0.0%
CSC Holdings LLC 8.625%, 2/15/19			44		48,537
COMMUNICATIONS–TELECOMMUNICATIONS–0.2%
Numericable-SFR SA 5.375%, 5/15/22(c)		EUR	195		219,344
Sprint Capital Corp. 6.90%, 5/01/19		U.S.$	370		353,350
Telecom Italia Capital SA 6.00%, 9/30/34			65		62,075
					634,769
CONSUMER CYCLICAL–OTHER–0.2%
International Game Technology PLC 6.25%, 2/15/22(c)		U.S.$	200	$	203,250
KB Home 4.75%, 5/15/19			107		107,268
MCE Finance Ltd. 5.00%, 2/15/21(c)			210		208,425
					518,943
CONSUMER CYCLICAL–RETAILERS–0.0%
Hanesbrands, Inc. 4.625%, 5/15/24			70		70,175
CONSUMER NON-CYCLICAL–0.0%
Valeant Pharmaceuticals International, Inc. 6.125%, 4/15/25(c)			135		108,338
ENERGY–0.1%
Cenovus Energy, Inc. 3.00%, 8/15/22			17		15,519
5.70%, 10/15/19			59		62,405
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			111		79,086
SM Energy Co. 6.50%, 1/01/23			14		13,020
Transocean, Inc. 6.50%, 11/15/20			135		119,974
					290,004
TECHNOLOGY–0.1%
Advanced Micro Devices, Inc. 6.75%, 3/01/19			104		99,840
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24			117		122,197
NXP BV/NXP Funding LLC 4.125%, 6/01/21			200		203,000
					425,037
TRANSPORTATION–SERVICES–0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(c)			94		85,070
					2,378,367
FINANCIAL INSTITUTIONS–0.7%
BANKING–0.6%
Bank of America Corp. Series Z 6.50%, 10/23/24(f)			79		84,135
Barclays Bank PLC 6.86%, 6/15/32(c)(f)			44		49,280
7.625%, 11/21/22			239		257,224
7.75%, 4/10/23			305		314,913

19

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

	Principal Amount (000)			U.S. $ Value
Credit Agricole SA 8.125%, 12/23/25(c)(f)		U.S.$	205	$	205,000
Intesa Sanpaolo SpA 5.017%, 6/26/24(c)			339		310,353
Royal Bank of Scotland Group PLC Series U 7.64%, 9/30/17(f)			200		190,000
Royal Bank of Scotland PLC (The) 9.50%, 3/16/22(c)			61		63,430
Societe Generale SA 5.922%, 4/05/17(c)(f)			100		100,833
UniCredit Luxembourg Finance SA 6.00%, 10/31/17(c)			230		239,892
					1,815,060
FINANCE–0.1%
AerCap Aviation Solutions BV 6.375%, 5/30/17			200		206,500
International Lease Finance Corp. 5.875%, 4/01/19			93		99,161
					305,661
					2,120,721
UTILITY–0.1%
ELECTRIC–0.1%
AES Corp./VA 7.375%, 7/01/21			119		134,173
NRG Energy, Inc. Series WI 6.25%, 5/01/24			92		87,573
					221,746
NON CORPORATE SECTORS–0.0%
AGENCIES–NOT GOVERNMENT GUARANTEED–0.0%
NOVA Chemicals Corp.(c)			125		125,625
Total Corporates–Non-Investment Grade (cost $4,990,697)					4,846,459
AGENCIES–1.3%
AGENCY DEBENTURES–1.3%
Federal Home Loan Bank Series **** 0.418% (LIBOR 1 Month–0.03%), 11/18/16(g) (cost $4,285,000)			4,285		4,284,674
EMERGING MARKETS– TREASURIES–0.3%
BRAZIL–0.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/17-1/01/27 (cost $946,382)		BRL	3,050		889,944
GOVERNMENTS–SOVEREIGN AGENCIES–0.3%
BRAZIL–0.1%
Petrobras Global Finance BV 5.75%, 1/20/20		U.S.$	253	$	244,423
COLOMBIA–0.0%
Ecopetrol SA 5.875%, 5/28/45			94		81,663
ISRAEL–0.1%
Israel Electric Corp. Ltd. Series 6 5.00%, 11/12/24(c)			320		341,600
UNITED KINGDOM–0.1%
Royal Bank of Scotland Group PLC 7.50%, 8/10/20(f)			200		183,000
Total Governments–Sovereign Agencies (cost $865,858)					850,686
LOCAL GOVERNMENTS–MUNICIPAL BONDS–0.2%
UNITED STATES–0.2%
State of California Series 2010 7.625%, 3/01/40 (cost $350,441)			345		545,359
GOVERNMENTS–SOVEREIGN BONDS–0.1%
MEXICO–0.0%
Mexico Government International Bond Series E 5.95%, 3/19/19			82		91,594
QATAR–0.1%
Qatar Government International Bond 2.375%, 6/02/21			280		282,800
Total Governments–Sovereign Bonds (cost $367,372)					374,394
QUASI-SOVEREIGNS–0.1%
QUASI-SOVEREIGN BONDS–0.1%
CHILE–0.1%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(c) (cost $337,942)			340		361,276
EMERGING MARKETS–CORPORATE BONDS–0.1%
INDUSTRIAL–0.1%
CAPITAL GOODS–0.1%
Odebrecht Finance Ltd. 5.25%, 6/27/29(c)			217		86,366
7.125%, 6/26/42(c)			215		92,450
Total Emerging Markets–Corporate Bonds (cost $291,191)					178,816

20

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–3.1%
AGENCY DISCOUNT NOTE–1.1%
Federal Home Loan Bank Zero Coupon, 11/04/16 (cost $3,399,518)	U.S.$	3,405	$	3,399,518
TIME DEPOSIT–1.7%
State Street Time Deposit 0.01%, 7/01/16 (cost $5,482,848)		5,483		5,482,848
CERTIFICATES OF DEPOSIT–0.3%
Wells Fargo Bank, NA 0.797%, 10/05/16(g) (cost $1,143,000)		1,143		1,143,000
Total Short-Term Investments (cost $10,025,366)				10,025,366
Total Investments Before Security Lending Collateral for Securities Loaned–102.3% (cost $297,352,564)				326,452,261
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(k)(l) (cost $1,836,803)		1,836,803	$	1,836,803
TOTAL INVESTMENTS–102.9% (cost $299,189,367)				328,289,064
Other assets less liabilities–(2.9)%				(9,284,538	)
NET ASSETS–100.0%			$	319,004,526

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 2 Yr (CBT) Futures		34		September 2016	$	7,406,205	$	7,457,156	$	50,951
U.S. T-Note 5 Yr (CBT) Futures		129		September 2016		15,471,120		15,759,164		288,044
U.S. T-Note 10 Yr (CBT) Futures		32		September 2016		4,148,801		4,255,500		106,699
U.S. Ultra Bond (CBT) Futures		26		September 2016		4,551,895		4,845,750		293,855
Sold Contracts
Euro-BOBL Futures		28		September 2016		4,110,920		4,151,352		(40,432	)
									$	699,117

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC	KRW	74,874	USD	65		8/16/16	$	218
Barclays Bank PLC	KRW	585,416	USD	497		8/16/16		(10,589	)
Barclays Bank PLC	TWD	6,760	USD	206		8/16/16		(3,873	)
BNP Paribas SA	USD	1,060	JPY	116,632		8/16/16		71,279
Citibank	USD	521	CHF	515		8/16/16		7,419
Citibank	USD	314	SEK	2,536		8/16/16		(13,438	)
Credit Suisse International	CHF	585	USD	592		8/16/16		(8,367	)
Credit Suisse International	HUF	22,118	USD	78		8/16/16		745
Credit Suisse International	USD	850	CHF	826		8/16/16		(2,166	)

21

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

Counterparty	Contracts to Deliver (000)		In Exchange For (000)		Settlement Date		Unrealized Appreciation/ (Depreciation)
Goldman Sachs Bank USA	BRL	1,252	USD	390		7/05/16	$	304
Goldman Sachs Bank USA	USD	374	BRL	1,252		7/05/16		15,798
Goldman Sachs Bank USA	BRL	1,252	USD	371		8/02/16		(15,294	)
Goldman Sachs Bank USA	JPY	188,713	USD	1,701		8/16/16		(129,060	)
Goldman Sachs Bank USA	BRL	1,754	USD	381		1/04/17		(135,870	)
HSBC Bank USA	GBP	1,605	USD	2,304		8/16/16		166,543
JPMorgan Chase Bank	GBP	575	USD	786		8/16/16		20,593
JPMorgan Chase Bank	USD	3,190	JPY	347,292		8/16/16		177,135
Morgan Stanley & Co., Inc.	CAD	1,170	USD	903		8/16/16		(2,339	)
Societe Generale SA	USD	547	JPY	60,086		9/20/16		35,953
Standard Chartered Bank	BRL	1,252	USD	345		7/05/16		(45,031	)
Standard Chartered Bank	USD	390	BRL	1,252		7/05/16		(304	)
Standard Chartered Bank	CNY	1,943	USD	294		9/20/16		3,488
State Street Bank & Trust Co.	IDR	435,664	USD	33		7/12/16		(72	)
State Street Bank & Trust Co.	EUR	612	USD	702		7/20/16		21,589
State Street Bank & Trust Co.	USD	356	EUR	318		7/20/16		(2,562	)
State Street Bank & Trust Co.	AUD	407	USD	294		8/16/16		(9,425	)
State Street Bank & Trust Co.	CAD	456	USD	354		8/16/16		1,168
State Street Bank & Trust Co.	CHF	402	USD	408		8/16/16		(4,721	)
State Street Bank & Trust Co.	EUR	2,189	USD	2,461		8/16/16		28,375
State Street Bank & Trust Co.	EUR	147	USD	163		8/16/16		(589	)
State Street Bank & Trust Co.	GBP	852	USD	1,194		8/16/16		59,446
State Street Bank & Trust Co.	HKD	858	USD	111		8/16/16		42
State Street Bank & Trust Co.	HKD	6,785	USD	875		8/16/16		(415	)
State Street Bank & Trust Co.	JPY	137,704	USD	1,279		8/16/16		(55,932	)
State Street Bank & Trust Co.	JPY	10,608	USD	103		8/16/16		562
State Street Bank & Trust Co.	NOK	1,900	USD	228		8/16/16		1,029
State Street Bank & Trust Co.	NZD	299	USD	201		8/16/16		(11,586	)
State Street Bank & Trust Co.	SEK	2,865	USD	345		8/16/16		6,252
State Street Bank & Trust Co.	SGD	256	USD	189		8/16/16		(942	)
State Street Bank & Trust Co.	USD	1,035	AUD	1,344		8/16/16		(33,955	)
State Street Bank & Trust Co.	USD	289	AUD	398		8/16/16		7,813
State Street Bank & Trust Co.	USD	749	CHF	726		8/16/16		(3,152	)
State Street Bank & Trust Co.	USD	113	CHF	112		8/16/16		1,673
State Street Bank & Trust Co.	USD	318	EUR	280		8/16/16		(6,796	)
State Street Bank & Trust Co.	USD	3,054	GBP	2,144		8/16/16		(198,323	)
State Street Bank & Trust Co.	USD	104	HKD	810		8/16/16		33
State Street Bank & Trust Co.	USD	656	JPY	72,340		8/16/16		44,992
State Street Bank & Trust Co.	USD	437	NOK	3,586		8/16/16		(8,209	)
State Street Bank & Trust Co.	USD	204	NZD	299		8/16/16		9,407
State Street Bank & Trust Co.	USD	1,383	SEK	11,396		8/16/16		(33,195	)
State Street Bank & Trust Co.	USD	185	SGD	256		8/16/16		5,046
State Street Bank & Trust Co.	AUD	194	USD	144		9/20/16		(612	)
State Street Bank & Trust Co.	CAD	217	USD	166		9/20/16		(1,994	)
State Street Bank & Trust Co.	CAD	104	USD	82		9/20/16		1,171
State Street Bank & Trust Co.	EUR	570	USD	644		9/20/16		10,039
State Street Bank & Trust Co.	MXN	5,807	USD	316		9/20/16		836
State Street Bank & Trust Co.	SGD	167	USD	123		9/20/16		(576	)
State Street Bank & Trust Co.	USD	291	CHF	279		9/20/16		(4,214	)
State Street Bank & Trust Co.	USD	207	SEK	1,686		9/20/16		(7,436	)
							$	(52,089	)

22

AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts–(2.2)%
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 21, 5 Year Index, 12/20/18*		(5.00	)%		2.67	%	$	2,784	$	(157,292	)	$	(101,889	)
CDX-NAIG Series 22, 5 Year Index, 6/20/19*		(1.00	)		0.65			4,100		(43,428	)		(8,996	)
									$	(200,720	)	$	(110,885	)

* 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)	AUD	8,060		3/11/17		2.140%		3 Month BBSW	$	(9,648	)
Morgan Stanley & Co., LLC/(CME Group)		7,220		6/09/17		2.218%		3 Month BBSW		(18,262	)
Morgan Stanley & Co., LLC/(CME Group)		4,920		10/30/17		1.915%		3 Month BBSW		(2,713	)
Morgan Stanley & Co., LLC/(CME Group)		5,770		4/27/18		2.213%		3 Month BBSW		(31,419	)
Morgan Stanley & Co., LLC/(CME Group)	NOK	66,930		5/12/18		0.954%		6 Month NIBOR		(4,137	)
Morgan Stanley & Co., LLC/(CME Group)		22,080		5/19/18		1.007%		6 Month NIBOR		(3,928	)
Morgan Stanley & Co., LLC/(CME Group)	GBP	940		6/05/20		6 Month LIBOR		1.651%		55,883
Morgan Stanley & Co., LLC/(CME Group)	AUD	1,230		3/11/25		6 Month BBSW		2.973%		60,695
Morgan Stanley & Co., LLC/(CME Group)		780		6/09/25		6 Month BBSW		3.384%		58,068
Morgan Stanley & Co., LLC/(CME Group)	$	430		6/09/25		2.488%		3 Month LIBOR		(44,247	)
Morgan Stanley & Co., LLC/(CME Group)		1,560		11/10/25		2.256%		3 Month LIBOR		(132,620	)
Morgan Stanley & Co., LLC/(CME Group)	NOK	8,310		5/12/26		6 Month NIBOR		1.556%		21,619
Morgan Stanley & Co., LLC/(CME Group)	$	750		6/28/26		1.460%		3 Month LIBOR		(5,898	)
									$	(56,607	)

23

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

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00	)%		5.90	%	$	104	$	2,396		$	5,057		$	(2,661	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		7.33			198		11,624			(7,492	)		19,116
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		7.33			172		10,096			(6,278	)		16,374
Sale Contracts
BNP Paribas SA
Anadarko Petroleum Corp., 5.95%, 9/15/16, 9/20/17*		1.00			0.78			530		565			(4,383	)		4,948
Credit Suisse International
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.41			48		(3,536	)		(3,585	)		49
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.41			165		(12,155	)		(11,530	)		(625	)
Deutsche Bank AG
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.41			232		(16,453	)		(17,564	)		1,111
									$	(7,463	)	$	(45,775	)	$	38,312

* Termination date

INTEREST RATE SWAPS (see Note D)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	1,970		1/30/17		1.059	%		3 Month LIBOR	$	(11,067	)
JPMorgan Chase Bank, NA		2,200		2/07/22		2.043	%		3 Month LIBOR		(136,916	)
										$	(147,983	)

(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, 2016, the aggregate market value of these securities amounted to $18,931,315 or 5.9% of net assets.

(d) Fair valued by the Adviser.

(e) Illiquid security.

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

(g) Floating Rate Security. Stated interest rate was in effect at June 30, 2016.

(h) Variable rate coupon, rate shown as of June 30, 2016.

24

AB Variable Products Series Fund

(i) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.09% of net assets as of June 30, 2016, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re Ltd. Series 2015-1A, Class M1 2.936%, 7/25/25		7/27/15	$	87,305	$	87,087		0.03	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 4.686%, 11/25/24		11/06/15		35,638		35,642		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.686%, 11/25/25		9/28/15		144,029		142,463		0.04	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.936%, 11/25/25		9/28/15		40,811		40,209		0.01	%

(j) IO—Interest Only

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

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

IDR—Indonesian Rupiah

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BBSW—Bank Bill Swap Reference Rate (Australia)

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

CME—Chicago Mercantile Exchange

INTRCONX—Inter-Continental Exchange

LIBOR—London Interbank Offered Rates

NIBOR—Norwegian Interbank Offered Rate

REG—Registered Shares

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

25

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $297,352,564)	$	326,452,261	(a)
Affiliated issuers (cost $1,836,803—investment of cash collateral for securities loaned)		1,836,803
Cash		2,930
Cash collateral due from broker		570,619
Foreign currencies, at value (cost $404,863)		403,904
Receivable for investment securities sold and foreign currency transactions		2,667,659
Interest and dividends receivable		1,175,122
Unrealized appreciation on forward currency exchange contracts		698,948
Receivable for capital stock sold		96,329
Unrealized appreciation on credit default swaps		41,598
Receivable for variation margin on exchange-traded derivatives		9,528
Upfront premium paid on credit default swaps		5,057
Total assets		333,960,758
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		11,690,849
Payable for collateral received on securities loaned		1,836,803
Unrealized depreciation on forward currency exchange contracts		751,037
Unrealized depreciation on interest rate swaps		147,983
Advisory fee payable		144,322
Payable for capital stock redeemed		126,804
Distribution fee payable		59,153
Upfront premium received on credit default swaps		50,832
Payable for variation margin on exchange-traded derivatives		12,116
Administrative fee payable		11,524
Unrealized depreciation on credit default swaps		3,286
Transfer Agent fee payable		114
Accrued expenses and other liabilities		121,409
Total liabilities		14,956,232
NET ASSETS	$	319,004,526
COMPOSITION OF NET ASSETS
Capital stock, at par	$	28,692
Additional paid-in capital		263,869,887
Undistributed net investment income		8,207,905
Accumulated net realized gain on investment and foreign currency transactions		17,427,760
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		29,470,282
	$	319,004,526

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	31,504,809		2,803,955	$	11.24
B	$	287,499,717		25,887,976	$	11.11

(a) Includes securities on loan with a value of $1,718,290 (see Note E).

See notes to financial statements.

26

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $114,832)	$	2,586,176
Affiliated issuers		5,176
Interest		2,011,302
Securities lending income		19,450
		4,622,104
EXPENSES
Advisory fee (see Note B)		874,749
Distribution fee—Class B		357,904
Transfer agency—Class A		263
Transfer agency—Class B		2,374
Custodian		129,308
Audit and tax		39,862
Printing		26,019
Administrative		24,058
Legal		20,044
Directors’ fees		10,665
Miscellaneous		12,019
Total expenses		1,497,265
Less: expenses waived and reimbursed by the Adviser (see Note E)		(41	)
Net expenses		1,497,224
Net investment income		3,124,880
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(3,199,835	)
Futures		576,967
Swaps		(109,547	)
Foreign currency transactions		271,661
Net change in unrealized appreciation/depreciation of:
Investments		5,615,860	(a)
Futures		657,958
Swaps		(169,021	)
Foreign currency denominated assets and liabilities		(188,089	)
Net gain on investment and foreign currency transactions		3,455,954
Contributions from Affiliates (see Note B)		29
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	6,580,863

(a) Net of increase in accrued foreign capital gains taxes of $156.

See notes to financial statements.

27

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF CHANGES IN NET  ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,124,880		$	5,271,283
Net realized gain (loss) on investment and foreign currency transactions		(2,460,754	)		22,687,589
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		5,916,708			(22,819,745	)
Contributions from Affiliates (see Note B)		29			–0	–
Net increase in net assets from operations		6,580,863			5,139,127
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(785,980	)
Class B		–0	–		(6,316,945	)
Net realized gain on investment transactions
Class A		–0	–		(3,162,337	)
Class B		–0	–		(28,847,554	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(19,218,806	)		371,544
Total decrease		(12,637,943	)		(33,602,145	)
NET ASSETS
Beginning of period		331,642,469			365,244,614
End of period (including undistributed net investment income of $8,207,905 and $5,083,025, respectively)	$	319,004,526		$	331,642,469

See notes to financial statements.

28

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, 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. 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

29

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

markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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

30

AB Variable Products Series Fund

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, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Information Technology	$	31,113,477		$	5,374,970		$	–0	–	$	36,488,447
Health Care		20,304,629			6,986,907			–0	–		27,291,536
Consumer Discretionary		19,590,988			5,641,611			–0	–		25,232,599
Financials		14,914,596			9,166,705			–0	–		24,081,301
Industrials		11,060,327			6,472,805			–0	–		17,533,132
Consumer Staples		8,927,656			6,369,225			–0	–		15,296,881
Energy		7,802,360			3,783,745			–0	–		11,586,105
Equity: Other		4,673,047			5,304,853			20,561			9,998,461
Residential		4,530,137			2,355,676			–0	–		6,885,813
Retail		4,437,187			2,109,770			–0	–		6,546,957
Utilities		4,888,142			627,170			–0	–		5,515,312
Telecommunication Services		2,855,040			2,653,389			–0	–		5,508,429
Office		2,461,190			1,852,374			–0	–		4,313,564
Materials		1,195,061			1,828,430			–0	–		3,023,491
Lodging		844,570			–0	–		–0	–		844,570
Mortgage		814,574			–0	–		–0	–		814,574
Corporates—Investment Grade		–0	–		31,848,545			–0	–		31,848,545
Mortgage Pass-Throughs		–0	–		23,015,815			–0	–		23,015,815
Commercial Mortgage-Backed Securities		–0	–		8,343,886			4,216,884			12,560,770
Asset-Backed Securities		–0	–		11,198,266			475,619			11,673,885
Governments—Treasuries		–0	–		9,260,383			–0	–		9,260,383
Collateralized Mortgage Obligations		–0	–		7,846,060			258,451			8,104,511
Inflation-Linked Securities		–0	–		6,670,206			–0	–		6,670,206
Corporates—Non-Investment Grade		–0	–		4,846,459			–0	–		4,846,459
Agencies		–0	–		4,284,674			–0	–		4,284,674
Emerging Markets—Treasuries		–0	–		889,944			–0	–		889,944
Governments—Sovereign Agencies		–0	–		850,686			–0	–		850,686
Local Governments—Municipal Bonds		–0	–		545,359			–0	–		545,359
Governments—Sovereign Bonds		–0	–		374,394			–0	–		374,394
Quasi-Sovereigns		–0	–		361,276			–0	–		361,276
Emerging Markets—Corporate Bonds		–0	–		178,816			–0	–		178,816
Short-Term Investments:
Agency Discount Notes		–0	–		3,399,518			–0	–		3,399,518
Time Deposits		–0	–		5,482,848			–0	–		5,482,848
Certificates of Deposit		–0	–		1,143,000			–0	–		1,143,000
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,836,803			–0	–		–0	–		1,836,803
Total Investments in Securities		142,249,784			181,067,765			4,971,515			328,289,064

31

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

$

739,549

$

–0

–

$

–0

–

$

739,549

(b)

Forward Currency Exchange Contracts

–0

–

698,948

–0

–

698,948

Centrally Cleared Interest Rate Swaps

–0

–

196,265

–0

–

196,265

(b)

Credit Default Swaps

–0

–

41,598

–0

–

41,598

Liabilities:

Futures

(40,432

)

–0

–

–0

–

(40,432

)(b)

Forward Currency Exchange Contracts

–0

–

(751,037

)

–0

–

(751,037

)

Centrally Cleared Credit Default Swaps

–0

–

(110,885

)

–0

–

(110,885

)(b)

Centrally Cleared Interest Rate Swaps

–0

–

(252,872

)

–0

–

(252,872

)(b)

Credit Default Swaps

–0

–

(3,286

)

–0

–

(3,286

)

Interest Rate Swaps

–0

–

(147,983

)

–0

–

(147,983

)

Total(c)

$

142,948,901

$

180,738,513

$

4,971,515

$

328,658,929

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

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

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

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

	Common Stocks			Commercial Mortgage- Backed Securities			Asset- Backed Securities
Balance as of 12/31/15	$	303,923		$	3,597,541		$	1,940,567
Accrued discounts/(premiums)		–0	–		(3,447	)		281
Realized gain (loss)		91,952			(28,260	)		900
Change in unrealized appreciation/depreciation		(165,983	)		19,468			9,552
Purchases/Payups		–0	–		688,651			227,000
Sales/Paydowns		(209,331	)		(309,895	)		(76,909	)
Transfers in to Level 3		–0	–		252,826			–0	–
Transfers out of Level 3		–0	–		–0	–		(1,625,772	)
Balance as of 6/30/16	$	20,561		$	4,216,884		$	475,619
Net change in unrealized appreciation/depreciation from investments held as of 6/30/16(c)	$	(41,185	)	$	99		$	9,552

32

AB Variable Products Series Fund

	Collateralized Mortgage Obligation			Total
Balance as of 12/31/15	$	6,952,456		$	12,794,487
Accrued discounts/(premiums)		(18	)		(3,184	)
Realized gain (loss)		71,200			135,792
Change in unrealized appreciation/depreciation		31,073			(105,890	)
Purchases/Payups		170,300			1,085,951
Sales/Paydowns		(2,020,032	)		(2,616,167	)
Transfers in to Level 3		–0	–		252,826	(a)
Transfers out of Level 3		(4,946,528	)		(6,572,300	)(b)
Balance as of 6/30/16	$	258,451		$	4,971,515
Net change in unrealized appreciation/depreciation from investments held as of 6/30/16(c)	$	1,797		$	(29,737	)

(a) There were de minimis transfers under 1% of net assets from Level 2 to Level 3 during the reporting period.

(b) An amount of $6,572,300 was transferred out of Level 3 into Level 2 due to increase in observability of inputs during the reporting period.

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

The following presents information about significant unobservable inputs related to the Portfolio’s Level 3 investments at June 30, 2016. Securities priced (i) by third party vendors, or (ii) using prior transaction prices, which approximate fair value, are excluded from the following table.

	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 6/30/16	Valuation Technique	Unobservable Input	Range/ Weighted Average
Common Stock	$20,561	Market Approach	Discount of Last Traded Price	75% / N/A

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 a 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.

33

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

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, 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.

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, 2016, there were no expenses waived by the Adviser.

During the six months ended June 30, 2016, the Adviser reimbursed the Portfolio $29 for trading losses incurred due to a trade entry error.

34

AB Variable Products Series Fund

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, 2016, the reimbursement for such services amounted to $24,058.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $103,915, of which $5 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $569 for the six months ended June 30, 2016.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	79,088,759	$	92,845,176
U.S. government securities		67,348,826		65,526,894

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	$	37,851,053
Gross unrealized depreciation		(8,751,356	)
Net unrealized appreciation	$	29,099,697

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

35

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

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

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

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

During the six months ended June 30, 2016, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2016, the Portfolio held forward currency exchange contracts for hedging purposes.

• Swaps

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

Risks may arise as a result of the failure of the counterparty to the swap to comply with the terms of the swap. The loss incurred by the failure of a counterparty is generally limited to the net interim payment to be received by the Portfolio, and/or the termination value at the end of the contract. Therefore, the Portfolio considers the creditworthiness of each counterparty to a swap in evaluating potential counterparty risk. This risk is mitigated by

36

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 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, 2016, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

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

37

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

During the six months ended June 30, 2016, the Portfolio held inflation (CPI) swaps for 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, 2016, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligation and same counterparty for its Sale Contracts outstanding.

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

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

During the six months ended June 30, 2016, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain derivative financial instrument’s 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.

38

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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	935,814	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	293,304	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives				Receivable/Payable for variation margin on exchange-traded derivatives		110,885	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		698,948		Unrealized depreciation on forward currency exchange contracts		751,037
Interest rate contracts					Unrealized depreciation on interest rate swaps		147,983
Credit contracts	Unrealized appreciation on credit default swaps		41,598		Unrealized depreciation on credit default swaps		3,286
Total		$	1,676,360			$	1,306,495

* 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	$	590,674		$	657,958
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(13,707	)		–0	–
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		244,372			(155,572	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(28,362	)		(98,422	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(81,185	)		(70,599	)
Total		$	711,792		$	333,365

39

BALANCED WEALTH STRATEGY 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, 2016:

Futures:
Average original value of buy contracts	$	33,518,041
Average original value of sale contracts	$	4,879,979
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	15,552,944
Average principal amount of sale contracts	$	19,670,607
Interest Rate Swaps:
Average notional amount	$	4,170,000
Inflation Swaps:
Average notional amount	$	1,920,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	44,007,777
Credit Default Swaps:
Average notional amount of buy contracts	$	474,000
Average notional amount of sale contracts	$	621,274
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	6,884,000

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

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

All 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, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

Exchange-Traded Derivatives:

Morgan Stanley & Co., LLC*

$

9,528

$

–0

–

$

–0

–

$

–0

–

$

9,528

Total

$

9,528

$

–0

–

$

–0

–

$

–0

–

$

9,528

OTC Derivatives:

Barclays Bank PLC

$

218

$

(218

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

71,844

–0

–

–0

–

–0

–

71,844

Citibank, NA

31,535

(13,438

)

–0

–

–0

–

18,097

Credit Suisse International

745

(745

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

16,102

(16,102

)

–0

–

–0

–

–0

–

HSBC Bank USA

166,543

–0

–

–0

–

–0

–

166,543

JPMorgan Chase Bank

197,728

–0

–

–0

–

–0

–

197,728

Societe Generale SA

35,953

–0

–

–0

–

–0

–

35,953

Standard Chartered Bank

3,488

(3,488

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

199,473

(199,473

)

–0

–

–0

–

–0

–

Total

$

723,629

$

(233,464

)

$

–0

–

$

–0

–

$

490,165

^

40

AB Variable Products Series Fund

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged**			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Goldman Sachs & Co*	$	12,116	$	–0	–	$	(12,116	)	$	–0	–	$	–0	–
Total	$	12,116	$	–0	–	$	(12,116	)	$	–0	–	$	–0	–
OTC Derivatives:
Barclays Bank PLC	$	14,462	$	(218	)	$	–0	–	$	–0	–	$	14,244
Citibank, NA		13,438		(13,438	)		–0	–		–0	–		–0	–
Credit Suisse International		26,224		(745	)		–0	–		–0	–		25,479
Deutsche Bank AG		16,453		–0	–		–0	–		–0	–		16,453
Goldman Sachs Bank USA		280,224		(16,102	)		–0	–		–0	–		264,122
JPMorgan Chase Bank, NA		147,983		–0	–		–0	–		–0	–		147,983
Morgan Stanley & Co., Inc.		2,339		–0	–		–0	–		–0	–		2,339
Standard Chartered Bank		45,335		(3,488	)		–0	–		–0	–		41,847
State Street Bank & Trust Co.		384,706		(199,473	)		–0	–		–0	–		185,233
Total	$	931,164	$	(233,464	)	$	–0	–	$	–0	–	$	697,700	^

* Cash and securities have been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2016.

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

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

2. Currency Transactions

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the six months ended June 30, 2016, the Portfolio earned drop income of $73,249 which is included in interest income in the accompanying statement of operations.

41

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

4. Short Sales

The Portfolio may sell securities short. A short sale is a transaction in which the Portfolio sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Portfolio is obligated to replace the borrowed securities at their market price at the time of settlement. The Portfolio’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. The Portfolio is liable to the buyer for any dividends/interest payable on securities while those securities are in a short position. These dividends/interest are recorded as an expense of the Portfolio. Short sales by the Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $1,718,290 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,836,803. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $19,450, $5,093 and $83 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $41. A principal risk of lending portfolio securities is that the borrower will 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	3,438	$	18,701	$	20,335	$	1,804	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	1,804	$	331	$	298	$	1,837

42

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		44,638			104,328		$	486,359		$	1,236,369
Shares issued in reinvestment of dividends and distributions		–0	–		353,474			–0	–		3,948,315
Shares redeemed		(281,431	)		(449,647	)		(3,086,693	)		(5,329,791	)
Net increase (decrease)		(236,793	)		8,155		$	(2,600,334	)	$	(145,107	)
Class B
Shares sold		1,204,811			2,141,298		$	13,082,848		$	25,514,009
Shares issued in reinvestment of dividends		–0	–		3,176,558			–0	–		35,164,500
Shares redeemed		(2,744,663	)		(5,149,363	)		(29,701,320	)		(60,161,858	)
Net increase (decrease)		(1,539,852	)		168,493		$	(16,618,472	)	$	516,651

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.

43

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

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

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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	9,440,355	$	12,624,188
Net long-term capital gains		29,672,461		54,579,292
Total taxable distributions paid	$	39,112,816	$	67,203,480

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	5,755,908
Undistributed capital gains		21,059,867
Accumulated capital and other losses		(10,640	)(a)
Unrealized appreciation/(depreciation)		21,719,977	(b)
Total accumulated earnings/(deficit)	$	48,525,112

(a) As of December 31, 2015, the Portfolio had cumulative deferred losses on straddles of $10,640.

(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 (PFICs) and Treasury inflation-protected securities, the realization for tax purposes of 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 incurred in taxable years beginning after December 22, 2010 for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

44

AB Variable Products Series Fund

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.

45

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.99			$12.16			$13.77			$12.12			$10.90			$11.48
Income From Investment Operations
Net investment income (a)		.12	(b)		.20			.26			.23			.22			.23
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.13			.02	†		.71			1.74			1.25			(.53	)
Contributions from Affiliates		.00	(c)		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.25			.22			.97			1.97			1.47			(.30	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.27	)		(.39	)		(.32	)		(.25	)		(.28	)
Distributions from net realized gain on investment transactions		–0	–		(1.12	)		(2.19	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(1.39	)		(2.58	)		(.32	)		(.25	)		(.28	)
Net asset value, end of period		$11.24			$10.99			$12.16			$13.77			$12.12			$10.90
Total Return
Total investment return based on net asset value (d)		2.28	%		1.65	%(e)		7.37	%(e)		16.49	%		13.63	%		(2.81	)%(e)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$31,505			$33,409			$36,882			$41,222			$41,801			$55,395
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.72	%^		.70	%		.71	%		.65	%		.65	%		.66	%
Expenses, before waivers/reimbursements		.72	%^		.70	%		.71	%		.65	%		.65	%		.66	%
Net investment income		2.19	%^(b)		1.71	%		1.96	%		1.76	%		1.91	%		2.03	%
Portfolio turnover rate **		46	%		132	%		114	%		117	%		90	%		94	%

See footnote summary on page 47.    

46

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.87			$12.05			$13.65			$12.01			$10.80			$11.38
Income From Investment Operations
Net investment income (a)		.10	(b)		.17			.22			.19			.19			.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.14			.01	†		.71			1.74			1.24			(.53	)
Contributions from Affiliates		.00	(c)		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.24			.18			.93			1.93			1.43			(.33	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.24	)		(.34	)		(.29	)		(.22	)		(.25	)
Distributions from net realized gain on investment and foreign currency transactions		–0	–		(1.12	)		(2.19	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(1.36	)		(2.53	)		(.29	)		(.22	)		(.25	)
Net asset value, end of period		$11.11			$10.87			$12.05			$13.65			$12.01			$10.80
Total Return
Total investment return based on net asset value (d)		2.21	%		1.29	%(e)		7.11	%(e)		16.27	%		13.38	%		(3.06	)%(e)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$287,500			$298,233			$328,363			$351,355			$508,141			$483,047
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.97	%^		.95	%		.96	%		.90	%		.90	%		.91	%
Expenses, before waivers/reimbursements		.97	%^		.95	%		.96	%		.90	%		.90	%		.91	%
Net investment income		1.94	%^(b)		1.46	%		1.71	%		1.49	%		1.67	%		1.78	%
Portfolio turnover rate **		46	%		132	%		114	%		117	%		90	%		94	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2015, December 31, 2014 and December 31, 2011 by 0.03%, 0.01% and 0.02%, respectively.

† 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.

^ Annualized.

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

See notes to financial statements.

47

BALANCED WEALTH STRATEGY PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Balanced Wealth Strategy Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement.

The Senior Officer’s evaluation considered the following factors:

1. Management fees charged to institutional and other clients of the Adviser for like services;

2. Management fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.⁴

Portfolio	Net Assets 06/30/15 ($MM)	Advisory Fee Based on % of Average Daily Net Assets	Category
Balanced Wealth Strategy Portfolio	$359.4	0.55% on 1st $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance	Balanced

1 The information in the fee evaluation was completed on July 23, 2015 and discussed with the Board of Directors on August 4-6, 2015.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratios refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

4 Most of the AB Mutual Funds, which the Adviser manages, were affected by the Adviser’s settlement with the NYAG.

48

AB Variable Products Series Fund

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $49,439 (0.013% of the Portfolio’s average daily net assets) for providing such services.

The Adviser agreed to waive that portion of its management fees and/or reimburse the Portfolio for that portion of its total operating expenses to the degree necessary to limit the Portfolio’s expense ratios to the amounts set forth below for the Portfolio’s current fiscal year. The agreement for such reimbursement is terminable by the Adviser upon at least 60 days’ notice prior to the Portfolio’s prospectus update. All share classes of the Portfolio were operating below their expense caps during the most recently completed fiscal year. Accordingly, the expense limitation was of no effect. Set forth below are the Portfolio’s gross expense ratios for the most recently completed fiscal year:

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Gross Expense Ratio (12/31/14)		Fiscal Year End
Balanced Wealth Strategy Portfolio	Class A    0.75%		0.71%	December 31
	Class B    1.00%		0.96%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing such services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁵ However, the Adviser represented that there is no category in the Form ADV for institutional products that has a similar investment style as the Portfolio.⁶

5 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

6 The Adviser does manage two Collective Investment Trusts (“CIT”), AB Balanced 60/40 CIT and AB Balanced 50/50 CIT, that have a somewhat similar investment strategy as Balanced Wealth Strategy Portfolio. However, the Adviser has represented that are no advisory fees charged directly to these CITs. These CITs are among the underlying investments of the Lifetime Income Strategies, which are annuity contracts sold by insurance companies. The Adviser receives a fee for providing asset allocation and administrative services to the Lifetime Income Strategies.

49

BALANCED WEALTH STRATEGY PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser manages The AB Portfolios—Balanced Wealth Strategy (“TAP—Balanced Wealth Strategy”), a retail mutual fund which has a substantially similar investment style as the Portfolio.⁷ The Adviser also manages AB Global Risk Allocation Fund, Inc. (“Global Risk Allocation Fund, Inc.”), a retail mutual fund in the Balanced category. The advisory fee schedules of TAP—Balanced Wealth Strategy and Global Risk Allocation Fund, Inc. are shown in the table below.

Portfolio	AB Mutual Fund	Fee Schedule
Balanced Wealth Strategy Portfolio	TAP—Balanced Wealth Strategy	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance
	Global Risk Allocation Fund, Inc.8	0.60% on first $200 million 0.50% on next $200 million 0.40% on the balance

The AB Investment Trust Management mutual funds (“ITM”), which are offered to investors in Japan, have an “all-in” fee to compensate the Adviser for investment advisory as well as fund accounting and administrative services, but not for distribution services. The fee schedule of the ITM mutual fund that has a somewhat similar investment style as the Portfolio is as follows:

Portfolio	ITM Mutual Fund	Fee
Balanced Wealth Strategy Portfolio	Alliance Global Balance (Neutral)9	0.70%

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.¹⁰ Lipper’s analysis included the Portfolio’s contractual management fee¹¹ estimated at the approximate current asset level of the Portfolio to the median of the Portfolio’s Lipper Expense Group (“EG”).¹²

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee13		Lipper EG Median (%)		Lipper EG Rank
Balanced Wealth Strategy Portfolio		0.550		0.550		5/11

7 The AB Mutual Fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the AB Mutual Fund.

8 AB Global Risk Allocation Fund, Inc. was previously known as AB Balanced Shares, Inc. and had a different investment strategy that was then similar to Balanced Wealth Strategy Portfolio. The retail mutual fund’s advisory fee schedule does not follow the NYAG related categories since the fund’s advisory fee schedule has lower breakpoints than the NYAG related categories. Although AB Global Risk Allocation Fund, Inc. no longer has a similar investment strategy as Balanced Wealth Strategy Portfolio, the retail mutual fund’s investment advisory fee schedule is shown above for informational purposes.

9 This ITM is privately placed or institutional.

10 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arm’s length.” Jones v. Harris at 1429.

11 The contractual management fee is calculated by Lipper using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Portfolio had the lowest effective fee rate in the Lipper peer group.

12 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. In addition, there are limitations in Lipper’s expense category data because different funds categorize expenses differently.

13 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waivers for expense caps that would effectively reduce the actual management fee.

50

AB Variable Products Series Fund

Lipper also compared the Portfolio’s most recently completed fiscal year total expense ratio to the medians of the Portfolio’s EG and Lipper Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹⁴

Portfolio	Total Expense Ratio (%)15		Lipper EG Median (%)		Lipper EG Rank		Lipper EU Median (%)		Lipper EU Rank
Balanced Wealth Strategy Portfolio		0.709		0.668		9/11		0.692		15/26

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio decreased during calendar year 2014, relative to 2013.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolios and receive transfer agent fees, Rule 12b-1 payments and commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter and distributor, AB Investments, Inc. (“ABI”), an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2014, ABI received $852,412 in Rule 12b-1 fees from the Portfolio.

During the fiscal year ended December 31, 2014, the Adviser incurred distribution expenses in the amount of $1,798,984 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year.

The transfer agent of the Portfolio is AB Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of approximately $1,385 from the Portfolio.¹⁶

14 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

15 Most recently completed fiscal year Class A total expense ratio.

16 The Fund (which includes the Portfolio and other series of the Fund) paid ABIS a flat fee of $18,000 in 2014.

51

BALANCED WEALTH STRATEGY PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Portfolio effected brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions for such transactions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted with the Portfolio is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for its clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

Previously, in February 2008, the independent consultant provided the Board of Directors an update of the Deli¹⁷ study on advisory fees and various fund characteristics.¹⁸ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁹ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $485 billion as of June 30, 2015, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

17 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

18 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones V. Harris at 1429.

19 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

52

AB Variable Products Series Fund

The information prepared by Lipper shows the 1, 3, 5 and 10 year net performance returns and rankings²⁰ of the Portfolio relative to its Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)²¹ for the periods ended May 31, 2015.²²

Portfolio	Portfolio Return (%)		Lipper PG Median (%)		Lipper PU Median (%)		Lipper PG Rank		Lipper PU Rank
Balanced Wealth Strategy Portfolio
1 year		6.93		6.74		6.77		4/11		9/26
3 year		12.92		11.98		11.62		3/11		6/25
5 year		10.25		10.67		10.25		7/10		12/23
10 year		6.09		6.24		6.55		6/9		14/19

Set forth below are the 1, 3, 5 and 10 year and since inception net performance returns of the Portfolio (in bold) versus its benchmark for the periods ended May 31, 2015.²³

	Periods Ending May 31, 2015 Annualized Net Performance (%)
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)
Balanced Wealth Strategy Portfolio		6.93		12.92		10.25		6.09		6.17
60% S&P 500 / 40% Barclays U.S. Aggregate Index		8.34		12.49		11.55		7.00		7.20
S&P 500 Index		11.81		19.67		16.54		8.12		8.08
Barclays US Aggregate Index		3.03		2.21		3.90		4.61		4.75
Inception Date: July 1, 2004

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: August 28, 2015

20 The performance rankings are for the Class A shares of the Portfolio. The performance returns of the Portfolio shown were provided by Lipper.

21 The Portfolio’s PG/PU is identical to the Portfolio’s EG/EU.

22 The current Lipper investment classification/objective dictates the PG and PU throughout the life of the fund even if a fund had a different investment classification/objective at a different point in time.

23 The performance returns shown in the table are for the Class A shares of the Portfolio. The performance returns for the Portfolio and the benchmark were provided by the Adviser.

53

VPS-BW-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,019.40	$	4.02		0.80	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.89	$	4.02		0.80	%
Class B
Actual	$	1,000	$	1,018.70	$	5.32		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.59	$	5.32		1.06	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

DESCRIPTION	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	100,497,339		19.1	%
iShares Core MSCI Emerging Markets ETF		15,847,421		3.0
Vanguard REIT ETF		15,788,669		3.0
iShares International Developed Real Estate ETF		6,034,691		1.1
Vanguard Small-Cap ETF		5,256,962		1.0
Apple, Inc.		3,336,918		0.6
Alphabet, Inc.—Class A & Class C		2,604,629		0.5
Microsoft Corp.		2,546,731		0.5
Exxon Mobil Corp.		2,450,082		0.5
Vanguard Global ex-U.S. Real Estate ETF		2,388,263		0.4
	$	156,751,705		29.7	%

PORTFOLIO BREAKDOWN^†

June 30, 2016 (unaudited)

ASSET CLASSES	CURRENT ALLOCATION
Equities
U.S. Large Cap		21.4	%
International Large Cap		20.6
U.S. Mid-Cap		2.5
U.S. Small-Cap		3.2
Emerging Market Equities		6.1
Real Estate Equities		4.6
Sub-total		58.4
Fixed Income
U.S. Bonds		35.1
International Bonds		4.0
Sub-total		39.1
Opportunistic Assets
High Yield		2.5
Total		100.0	%

SECURITY TYPE BREAKDOWN^‡

June 30, 2016 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	226,470,923		43.0	%
Governments—Treasuries		100,497,339		19.1
Investment Companies		47,333,153		9.0
Rights		2,888		0.0
Short-Term Investments		152,152,226		28.9
Total Investments	$	526,456,529		100.0	%

* Long-term investments.

† All data are as of June 30, 2016. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

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

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–42.9%
FINANCIALS–8.2%
BANKS–3.4%
Aozora Bank Ltd.		6,000	$	20,814
Australia & New Zealand Banking Group Ltd.		27,773		506,025
Banco Bilbao Vizcaya Argentaria SA(a)		61,923		354,785
Banco de Sabadell SA		50,635		67,054
Banco Espirito Santo SA (REG)(b)(c)(d)		10,016		–0	–^
Banco Popular Espanol SA		31,769		41,286
Banco Santander SA		137,404		533,220
Bank Hapoalim BM		14,749		74,304
Bank Leumi Le-Israel BM(b)		12,645		44,399
Bank of America Corp.		64,945		861,820
Bank of East Asia Ltd. (The)(a)		37,600		145,163
Bank of Ireland(b)		348,125		71,766
Bank of Kyoto Ltd. (The)		2,000		12,267
Bank of Queensland Ltd.		3,683		29,384
Bankia SA		43,854		31,924
Bankinter SA(a)		7,353		47,465
Barclays PLC		159,988		297,559
BB&T Corp.		5,100		181,611
Bendigo & Adelaide Bank Ltd.		3,446		24,951
BNP Paribas SA		10,743		471,140
BOC Hong Kong Holdings Ltd.		22,500		67,800
CaixaBank SA		25,344		55,857
Chiba Bank Ltd. (The)(a)		11,000		51,983
Citigroup, Inc.		18,529		785,444
Citizens Financial Group, Inc.		3,319		66,314
Comerica, Inc.		1,100		45,243
Commerzbank AG(b)		6,474		42,161
Commonwealth Bank of Australia		16,254		912,340
Concordia Financial Group Ltd.		11,221		43,335
Credit Agricole SA		10,706		90,005
Danske Bank A/S		6,721		176,899
DBS Group Holdings Ltd.		17,000		200,446
DNB ASA		9,303		111,355
Erste Group Bank AG(b)		2,659		60,540
Fifth Third Bancorp		4,890		86,015
Fukuoka Financial Group, Inc.		4,000		13,189
Hachijuni Bank Ltd. (The)(a)		4,000		17,421
Hang Seng Bank Ltd.		4,600		78,963
Hiroshima Bank Ltd. (The)(a)		5,000		16,707
HSBC Holdings PLC		187,397		1,161,027
Huntington Bancshares, Inc./OH		4,965		44,387
ING Groep NV		36,740		380,108
Intesa Sanpaolo SpA		120,775		230,041
Iyo Bank Ltd. (The)(a)		2,000		12,249
Japan Post Bank Co., Ltd.(b)		3,855		45,330
Joyo Bank Ltd. (The)		3,000		11,215
JPMorgan Chase & Co.		23,065		1,433,259
KBC Groep NV		2,388		117,444
KeyCorp		5,225		57,736
Lloyds Banking Group PLC		611,474		442,884
M&T Bank Corp.		1,015		120,003
Mitsubishi UFJ Financial Group, Inc.		121,400	$	544,218
Mizrahi Tefahot Bank Ltd.		973		11,220
Mizuho Financial Group, Inc.		225,100		323,932
National Australia Bank Ltd.		25,110		482,097
Natixis SA		21,759		81,876
Nordea Bank AB		28,914		245,296
Oversea-Chinese Banking Corp., Ltd.		29,000		188,559
People’s United Financial, Inc.		1,915		28,074
PNC Financial Services Group, Inc. (The)		3,130		254,751
Raiffeisen Bank International AG(b)		1,307		16,511
Regions Financial Corp.		8,075		68,718
Resona Holdings, Inc.		21,000		76,753
Royal Bank of Scotland Group PLC(b)		33,198		75,232
Seven Bank Ltd.		16,218		50,339
Shinsei Bank Ltd.		37,000		53,908
Shizuoka Bank Ltd. (The)		4,000		28,170
Skandinaviska Enskilda Banken AB–Class A		9,222		80,560
Societe Generale SA		7,767		242,997
Standard Chartered PLC		31,205		236,751
Sumitomo Mitsui Financial Group, Inc.		12,800		369,601
Sumitomo Mitsui Trust Holdings, Inc.		32,000		104,122
SunTrust Banks, Inc.		3,140		128,991
Suruga Bank Ltd.		1,000		22,599
Svenska Handelsbanken AB–Class A		14,254		173,051
Swedbank AB–Class A		8,621		181,068
UniCredit SpA		48,282		106,184
Unione di Banche Italiane SpA		5,202		14,366
United Overseas Bank Ltd.		12,000		165,335
US Bancorp		10,265		413,988
Wells Fargo & Co.		29,075		1,376,120
Westpac Banking Corp.		31,754		704,162
Zions Bancorporation		1,280		32,166
				17,676,352
CAPITAL MARKETS–0.7%
3i Group PLC		7,720		56,642
Aberdeen Asset Management PLC		11,404		42,787
Affiliated Managers Group, Inc.(b)		357		50,255
Ameriprise Financial, Inc.		1,045		93,893
Bank of New York Mellon Corp. (The)		6,765		262,820
BlackRock, Inc.–Class A		827		283,272
Charles Schwab Corp. (The)		7,540		190,837
Credit Suisse Group AG (REG)(b)		17,701		188,558
Daiwa Securities Group, Inc.		16,000		84,294

3

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

Company	Shares		U.S. $ Value
Deutsche Bank AG (REG)		13,129	$	181,484
E*TRADE Financial Corp.(b)		1,770		41,577
Franklin Resources, Inc.		2,320		77,418
Goldman Sachs Group, Inc. (The)		2,488		369,667
Hargreaves Lansdown PLC		2,483		41,419
ICAP PLC		4,211		23,694
Invesco Ltd.		2,580		65,893
Investec PLC		5,877		36,530
Julius Baer Group Ltd.(b)		2,130		85,729
Legg Mason, Inc.		660		19,463
Macquarie Group Ltd.		2,915		151,739
Mediobanca SpA		12,965		74,702
Morgan Stanley		9,570		248,629
Nomura Holdings, Inc.		34,600		123,057
Northern Trust Corp.		1,360		90,114
Partners Group Holding AG		158		67,713
Schroders PLC		1,291		40,797
State Street Corp.		2,485		133,991
T Rowe Price Group, Inc.		1,575		114,928
UBS Group AG		34,815		451,745
				3,693,647
CONSUMER FINANCE–0.2%
Acom Co., Ltd.(a)(b)		6,200		30,036
AEON Financial Service Co., Ltd.		2,600		56,298
American Express Co.		5,160		313,522
Capital One Financial Corp.		3,313		210,409
Credit Saison Co., Ltd.		700		11,759
Discover Financial Services		2,610		139,870
Navient Corp.		2,150		25,692
Provident Financial PLC		1,401		43,198
Synchrony Financial(b)		5,218		131,911
				962,695
DIVERSIFIED FINANCIAL SERVICES–0.8%
AMP Ltd.		28,155		109,726
ASX Ltd.		1,453		50,028
Berkshire Hathaway, Inc.–Class B(b)		11,794		1,707,653
Challenger Ltd./Australia		12,809		83,684
CME Group, Inc./IL–Class A		2,150		209,410
Deutsche Boerse AG		1,511		124,136
Eurazeo SA		1,305		77,420
EXOR SpA		1,279		47,215
Groupe Bruxelles Lambert SA		768		62,980
Hong Kong Exchanges and Clearing Ltd.		10,900		265,726
Industrivarden AB–Class C		996		16,204
Intercontinental Exchange, Inc.		766		196,065
Investor AB–Class B		4,336		145,671
Japan Exchange Group, Inc.		4,965		57,164
Kinnevik AB		4,676		111,778
Leucadia National Corp.		2,055		35,613
London Stock Exchange Group PLC		2,985		101,426
Mitsubishi UFJ Lease & Finance Co., Ltd.		8,400		32,278
Moody’s Corp.		1,045	$	97,927
Nasdaq, Inc.		710		45,916
ORIX Corp.		12,600		163,050
Pargesa Holding SA		255		16,860
S&P Global, Inc.		1,660		178,052
Singapore Exchange Ltd.		10,000		56,963
Wendel SA		398		41,147
				4,034,092
INSURANCE–1.6%
Admiral Group PLC		2,010		54,652
Aegon NV		11,109		44,017
Aflac, Inc.		2,655		191,585
Ageas		1,646		57,214
AIA Group Ltd.		114,690		688,226
Allianz SE (REG)		4,350		620,560
Allstate Corp. (The)		2,350		164,383
American International Group, Inc.		7,202		380,914
Aon PLC		1,715		187,330
Arthur J Gallagher & Co.		1,102		52,455
Assicurazioni Generali SpA		11,115		131,072
Assurant, Inc.		410		35,387
Aviva PLC		38,541		203,161
Baloise Holding AG (REG)		926		103,138
Chubb Ltd.		2,932		383,242
Cincinnati Financial Corp.		910		68,150
CNP Assurances		4,544		67,041
Dai-ichi Life Insurance Co., Ltd. (The)		10,264		114,899
Direct Line Insurance Group PLC		13,089		60,512
Gjensidige Forsikring ASA		1,333		22,209
Hannover Rueck SE (REG)		1,064		111,483
Hartford Financial Services Group, Inc. (The)		2,475		109,841
Insurance Australia Group Ltd.		23,145		95,340
Japan Post Holdings Co., Ltd.(b)		3,000		36,496
Legal & General Group PLC		56,628		144,973
Lincoln National Corp.		1,490		57,767
Loews Corp.		1,640		67,388
Mapfre SA		10,570		23,213
Marsh & McLennan Cos., Inc.		3,290		225,233
Medibank Pvt Ltd.		33,575		74,455
MetLife, Inc.		6,870		273,632
MS&AD Insurance Group Holdings, Inc.		4,800		124,369
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588		266,300
NN Group NV		5,602		154,214
Old Mutual PLC		46,916		126,742
Principal Financial Group, Inc.		1,690		69,476
Progressive Corp. (The)		3,645		122,108
Prudential Financial, Inc.		2,815		200,822
Prudential PLC		24,489		415,551
QBE Insurance Group Ltd.		13,053		103,113
RSA Insurance Group PLC		7,994		53,579
Sampo Oyj–Class A		4,256		174,055

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SCOR SE		1,611	$	47,629
Sompo Japan Nipponkoa Holdings, Inc.		3,000		79,837
Sony Financial Holdings, Inc.		4,130		46,697
St James’s Place PLC		4,994		52,666
Standard Life PLC		18,753		73,987
Suncorp Group Ltd.		12,247		112,304
Swiss Life Holding AG(b)		249		57,543
Swiss Re AG		3,176		277,393
T&D Holdings, Inc.		5,500		46,706
Tokio Marine Holdings, Inc.		6,500		216,392
Torchmark Corp.		702		43,398
Travelers Cos., Inc. (The)		1,880		223,795
Tryg A/S		795		14,234
UnipolSai SpA		4,035		6,089
Unum Group		1,470		46,731
Willis Towers Watson PLC		887		110,263
XL Group PLC		1,810		60,291
Zurich Insurance Group AG(b)		1,432		354,252
				8,530,504
REAL ESTATE INVESTMENT TRUSTS (REITs)–1.1%
American Tower Corp.		2,665		302,771
Apartment Investment & Management Co.–Class A		975		43,056
AvalonBay Communities, Inc.		895		161,449
Boston Properties, Inc.		950		125,305
British Land Co. PLC (The)		9,308		75,574
CapitaLand Mall Trust		14,000		22,260
Crown Castle International Corp.		2,120		215,032
Dexus Property Group		13,420		91,064
Digital Realty Trust, Inc.(a)		930		101,361
Equinix, Inc.		470		182,233
Equity Residential		2,290		157,735
Essex Property Trust, Inc.		428		97,623
Extra Space Storage, Inc.		783		72,459
Federal Realty Investment Trust		472		78,140
Fonciere Des Regions		933		82,464
Gecina SA		837		113,370
General Growth Properties, Inc.		3,644		108,664
Goodman Group		16,928		90,793
GPT Group (The)		17,105		69,560
Hammerson PLC		7,467		53,782
HCP, Inc.		2,880		101,894
Host Hotels & Resorts, Inc.		4,700		76,187
ICADE		1,592		111,870
Intu Properties PLC(a)		13,702		53,270
Iron Mountain, Inc.		1,508		60,064
Japan Prime Realty Investment Corp.(a)		7		30,038
Japan Real Estate Investment Corp.		12		74,119
Japan Retail Fund Investment Corp.		24		61,283
Kimco Realty Corp.		2,580		80,960
Klepierre		2,231		98,443
Land Securities Group PLC		7,526	$	104,728
Link REIT		21,500		147,021
Macerich Co. (The)		810		69,166
Mirvac Group		40,488		61,576
Nippon Building Fund, Inc.(a)		13		80,081
Nippon Prologis REIT, Inc.		5		12,215
Nomura Real Estate Master Fund, Inc.		34		53,748
Prologis, Inc.		3,270		160,361
Public Storage		930		237,699
Realty Income Corp.		1,558		108,063
Scentre Group		50,683		187,728
Segro PLC		7,118		39,454
Simon Property Group, Inc.		1,966		426,425
SL Green Realty Corp.		626		66,650
Stockland		14,259		50,555
UDR, Inc.		1,678		61,952
Unibail-Rodamco SE(a)		1,361		352,082
United Urban Investment Corp.(a)		26		46,835
Ventas, Inc.		2,091		152,267
Vicinity Centres		20,397		50,887
Vornado Realty Trust		1,135		113,636
Welltower, Inc.		2,225		169,478
Westfield Corp.		18,793		150,958
Weyerhaeuser Co.		4,698		139,860
				6,036,248
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.4%
Aeon Mall Co., Ltd.		1,700		22,243
CapitaLand Ltd.		35,000		80,359
CBRE Group, Inc.–Class A(b)		1,815		48,061
Cheung Kong Property Holdings Ltd.		25,719		162,381
City Developments Ltd.		3,000		18,231
Daito Trust Construction Co., Ltd.		700		113,654
Daiwa House Industry Co., Ltd.		5,000		146,835
Deutsche Wohnen AG		3,212		109,362
Global Logistic Properties Ltd.		80,329		108,448
Hang Lung Properties Ltd.		14,000		28,357
Henderson Land Development Co., Ltd.		22,856		129,108
Hongkong Land Holdings Ltd.		14,000		85,684
Hulic Co., Ltd.		2,197		23,151
Kerry Properties Ltd.		8,500		21,133
LendLease Group		3,450		32,772
Mitsubishi Estate Co., Ltd.		12,000		220,114
Mitsui Fudosan Co., Ltd.		8,000		183,606
New World Development Co., Ltd.		22,000		22,433
Nomura Real Estate Holdings, Inc.		800		13,979
NTT Urban Development Corp.		1,600		17,201
Sino Land Co., Ltd.		16,000		26,344

5

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

Company	Shares		U.S. $ Value
Sumitomo Realty & Development Co., Ltd.		3,000	$	81,352
Sun Hung Kai Properties Ltd.		10,000		120,624
Swire Pacific Ltd.–Class A		7,000		79,244
Swire Properties Ltd.		25,389		67,811
Swiss Prime Site AG (REG)(b)		461		41,734
Tokyo Tatemono Co., Ltd.		1,500		17,988
Tokyu Fudosan Holdings Corp.		7,989		49,840
Vonovia SE		4,436		161,976
Wharf Holdings Ltd. (The)		13,000		79,248
Wheelock & Co., Ltd.		6,000		28,302
				2,341,575
				43,275,113
HEALTH CARE–5.8%
BIOTECHNOLOGY–0.8%
AbbVie, Inc.		10,116		626,282
Actelion Ltd. (REG)(b)		978		164,693
Alexion Pharmaceuticals, Inc.(b)		1,430		166,967
Amgen, Inc.		4,753		723,169
Biogen, Inc.(b)		1,415		342,175
Celgene Corp.(b)		4,930		486,246
CSL Ltd.		4,406		371,569
Genmab A/S(b)		540		98,467
Gilead Sciences, Inc.		8,615		718,663
Grifols SA		2,839		64,492
Regeneron Pharmaceuticals, Inc.(b)		490		171,123
Vertex Pharmaceuticals, Inc.(b)		1,557		133,933
				4,067,779
HEALTH CARE EQUIPMENT & SUPPLIES–0.7%
Abbott Laboratories		9,265		364,207
Baxter International, Inc.		3,430		155,105
Becton Dickinson and Co.		1,337		226,742
Boston Scientific Corp.(b)		8,460		197,710
Cochlear Ltd.		405		36,952
Coloplast A/S–Class B		1,154		86,382
CR Bard, Inc.		465		109,349
DENTSPLY SIRONA, Inc.		1,496		92,812
Edwards Lifesciences Corp.(b)		1,340		133,638
Essilor International SA		1,957		257,207
Getinge AB–Class B		2,013		41,560
Hologic, Inc.(b)		1,520		52,592
Hoya Corp.		3,900		139,292
Intuitive Surgical, Inc.(b)		255		168,660
Medtronic PLC		8,859		768,695
Olympus Corp.		2,800		104,556
Smith & Nephew PLC		8,524		144,747
Sonova Holding AG (REG)		351		46,587
St Jude Medical, Inc.		1,765		137,670
Stryker Corp.		1,975		236,664
Sysmex Corp.		1,500		103,288
Terumo Corp.		3,300		140,829
Varian Medical Systems, Inc.(a)(b)		595		48,927
William Demant Holding A/S		2,050		39,905
Zimmer Biomet Holdings, Inc.		1,135	$	136,631
				3,970,707
HEALTH CARE PROVIDERS & SERVICES–0.8%
Aetna, Inc.		2,217		270,762
Alfresa Holdings Corp.		2,700		56,409
AmerisourceBergen Corp.–Class A		1,185		93,994
Anthem, Inc.		1,650		216,711
Cardinal Health, Inc.		2,045		159,530
Centene Corp.(b)		1,037		74,011
Cigna Corp.		1,615		206,704
DaVita HealthCare Partners, Inc.(b)		1,050		81,186
Express Scripts Holding Co.(b)		3,989		302,366
Fresenius Medical Care AG & Co. KGaA		2,085		181,617
Fresenius SE & Co. KGaA		3,896		286,268
HCA Holdings, Inc.(b)		1,900		146,319
Healthscope Ltd.		13,458		28,961
Henry Schein, Inc.(b)		520		91,936
Humana, Inc.		965		173,584
Laboratory Corp. of America Holdings(b)		625		81,419
McKesson Corp.		1,465		273,442
Mediclinic International PLC		2,447		35,824
Medipal Holdings Corp.		1,500		24,661
Patterson Cos., Inc.		510		24,424
Quest Diagnostics, Inc.		900		73,269
Ramsay Health Care Ltd.		1,156		62,477
Ryman Healthcare Ltd.		3,027		20,204
Sonic Healthcare Ltd.		5,598		90,783
Suzuken Co., Ltd./Aichi Japan		1,200		37,772
UnitedHealth Group, Inc.		5,985		845,082
Universal Health Services, Inc.–Class B		600		80,460
				4,020,175
HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.(b)		1,880		110,168
M3, Inc.		1,200		41,880
				152,048
LIFE SCIENCES TOOLS & SERVICES–0.1%
Agilent Technologies, Inc.		2,045		90,716
Illumina, Inc.(b)		911		127,886
Lonza Group AG (REG)(b)		385		63,953
PerkinElmer, Inc.		655		34,335
QIAGEN NV(b)		1,320		28,766
Thermo Fisher Scientific, Inc.		2,485		367,184
Waters Corp.(b)		495		69,622
				782,462
PHARMACEUTICALS–3.4%
Allergan PLC(b)		2,496		576,801
Astellas Pharma, Inc.		20,100		315,215

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AstraZeneca PLC		12,034	$	719,434
Bayer AG		7,872		790,623
Bristol-Myers Squibb Co.		10,515		773,378
Chugai Pharmaceutical Co., Ltd.(a)		2,100		74,840
Daiichi Sankyo Co., Ltd.		5,700		138,482
Eisai Co., Ltd.		2,400		134,007
Eli Lilly & Co.		6,115		481,556
Endo International PLC(b)		1,283		20,002
Galenica AG		59		79,537
GlaxoSmithKline PLC		46,359		995,559
Hikma Pharmaceuticals PLC		1,367		45,017
Hisamitsu Pharmaceutical Co., Inc.		1,000		57,661
Johnson & Johnson		17,355		2,105,161
Kyowa Hakko Kirin Co., Ltd.(a)		2,000		34,111
Mallinckrodt PLC(b)		674		40,966
Merck & Co., Inc.		17,455		1,005,582
Merck KGaA		1,230		125,021
Mitsubishi Tanabe Pharma Corp.		3,000		54,205
Mylan NV(b)		2,555		110,478
Novartis AG (REG)		21,660		1,787,784
Novo Nordisk A/S–Class B		17,670		951,580
Ono Pharmaceutical Co., Ltd.		3,900		169,888
Orion Oyj–Class B		974		37,820
Otsuka Holdings Co., Ltd.		3,717		171,290
Perrigo Co. PLC		922		83,598
Pfizer, Inc.		38,036		1,339,248
Roche Holding AG		6,688		1,764,828
Sanofi		11,186		929,363
Santen Pharmaceutical Co., Ltd.		2,500		39,293
Shionogi & Co., Ltd.		2,800		153,065
Shire PLC		8,540		527,793
Sumitomo Dainippon Pharma Co., Ltd.(a)		1,400		24,266
Taisho Pharmaceutical Holdings Co., Ltd.		567		59,665
Takeda Pharmaceutical Co., Ltd.		6,800		293,272
Taro Pharmaceutical Industries Ltd.(b)		143		20,821
Teva Pharmaceutical Industries Ltd.		8,751		442,890
UCB SA		1,203		90,330
Zoetis, Inc.		2,846		135,071
				17,699,501
				30,692,672
INFORMATION TECHNOLOGY–5.4%
COMMUNICATIONS EQUIPMENT–0.3%
Cisco Systems, Inc.		31,640		907,752
F5 Networks, Inc.(b)		430		48,951
Harris Corp.		795		66,335
Juniper Networks, Inc.		2,190		49,253
Motorola Solutions, Inc.		995		65,640
Nokia Oyj		54,920		312,793
Telefonaktiebolaget LM Ericsson–Class B		28,969	$	222,556
				1,673,280
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.3%
Alps Electric Co., Ltd.		1,053		20,005
Amphenol Corp.–Class A		1,950		111,793
Corning, Inc.		6,955		142,438
FLIR Systems, Inc.		860		26,617
Hamamatsu Photonics KK		1,200		33,671
Hexagon AB–Class B		2,435		89,111
Hirose Electric Co., Ltd.		300		36,890
Hitachi High-Technologies Corp.		600		16,421
Hitachi Ltd.		46,000		192,733
Ingenico Group SA		930		107,792
Keyence Corp.		400		272,931
Kyocera Corp.		3,100		147,507
Murata Manufacturing Co., Ltd.		1,800		201,806
Omron Corp.(a)		1,800		58,753
Shimadzu Corp.		2,000		30,067
TDK Corp.		1,200		67,172
TE Connectivity Ltd.		2,310		131,924
Yaskawa Electric Corp.		2,000		26,113
Yokogawa Electric Corp.		1,100		12,405
				1,726,149
INTERNET SOFTWARE & SERVICES–0.9%
Akamai Technologies, Inc.(b)		1,105		61,803
Alphabet, Inc.–Class A(b)		1,839		1,293,792
Alphabet, Inc.–Class C(b)		1,894		1,310,837
eBay, Inc.(b)		6,785		158,837
Facebook, Inc.–Class A(b)		14,437		1,649,860
Kakaku.com, Inc.(a)		961		19,095
Mixi, Inc.		409		16,910
United Internet AG		1,223		50,839
VeriSign, Inc.(a)(b)		625		54,037
Yahoo Japan Corp.		13,553		60,099
Yahoo!, Inc.(b)		5,465		205,265
				4,881,374
IT SERVICES–1.0%
Accenture PLC–Class A		3,935		445,796
Alliance Data Systems Corp.(b)		380		74,450
Amadeus IT Holding SA–Class A		4,177		184,033
Atos SE		677		55,818
Automatic Data Processing, Inc.		2,870		263,667
Cap Gemini SA		1,557		134,358
Cognizant Technology Solutions Corp.–Class A(b)		3,830		219,229
Computershare Ltd.		3,663		25,329
CSRA, Inc.		840		19,681
Fidelity National Information Services, Inc.		1,720		126,730
Fiserv, Inc.(b)		1,400		152,222

7

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

Company	Shares		U.S. $ Value
Fujitsu Ltd.		18,000	$	66,192
Global Payments, Inc.		959		68,453
International Business Machines Corp.		5,576		846,325
MasterCard, Inc.–Class A		6,160		542,450
Nomura Research Institute Ltd.		1,200		44,010
NTT Data Corp.		1,202		56,769
Obic Co., Ltd.		730		40,184
Otsuka Corp.		600		28,057
Paychex, Inc.		1,995		118,702
PayPal Holdings, Inc.(b)		6,985		255,022
Teradata Corp.(b)		795		19,931
Total System Services, Inc.		1,060		56,297
Visa, Inc.–Class A		12,050		893,748
Western Union Co. (The)–Class W		3,130		60,033
Worldpay Group PLC(b)(e)		13,327		48,506
Xerox Corp.		5,945		56,418
				4,902,410
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–0.8%
Analog Devices, Inc.		1,930		109,315
Applied Materials, Inc.		7,085		169,827
ARM Holdings PLC		13,407		203,648
ASM Pacific Technology Ltd.		900		6,483
ASML Holding NV		3,784		372,490
Broadcom Ltd.		2,325		361,305
Infineon Technologies AG		10,766		155,853
Intel Corp.		29,690		973,832
KLA-Tencor Corp.		610		44,683
Lam Research Corp.		979		82,295
Linear Technology Corp.		1,490		69,330
Microchip Technology, Inc.(a)		1,345		68,272
Micron Technology, Inc.(b)		6,520		89,715
NVIDIA Corp.		3,185		149,727
NXP Semiconductors NV(b)		2,799		219,274
Qorvo, Inc.(b)		818		45,203
QUALCOMM, Inc.		9,370		501,951
Rohm Co., Ltd.		1,300		51,311
Skyworks Solutions, Inc.		1,174		74,291
STMicroelectronics NV		4,174		24,369
Texas Instruments, Inc.		6,325		396,261
Tokyo Electron Ltd.		1,500		126,763
Xilinx, Inc.		1,585		73,116
				4,369,314
SOFTWARE–1.2%
Activision Blizzard, Inc.		3,180		126,023
Adobe Systems, Inc.(b)		3,160		302,696
Autodesk, Inc.(b)		1,425		77,150
CA, Inc.		1,835		60,243
Check Point Software Technologies Ltd.(b)		1,249		99,520
Citrix Systems, Inc.(b)		980		78,488
Dassault Systemes		924		69,666
Electronic Arts, Inc.(b)		1,935		146,596
Gemalto NV		323		19,569
GungHo Online Entertainment, Inc.(a)		4,000	$	10,839
Intuit, Inc.		1,600		178,576
Konami Holdings Corp.(a)		1,300		49,595
Microsoft Corp.		49,770		2,546,731
Mobileye NV(a)(b)		1,669		77,008
Nexon Co., Ltd.		2,595		38,406
NICE-Systems Ltd.		596		37,925
Nintendo Co., Ltd.		1,100		158,069
Oracle Corp.		19,800		810,414
Oracle Corp. Japan		500		26,662
Red Hat, Inc.(b)		1,140		82,764
Sage Group PLC (The)		10,274		88,804
salesforce.com, Inc.(b)		3,984		316,369
SAP SE		9,355		702,608
Symantec Corp.		3,805		78,155
Trend Micro, Inc./Japan		1,600		57,222
				6,240,098
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.9%
Apple, Inc.		34,905		3,336,918
Brother Industries Ltd.		800		8,581
Canon, Inc.(a)		10,200		291,212
EMC Corp./MA		12,205		331,610
FUJIFILM Holdings Corp.		4,200		162,962
Hewlett Packard Enterprise Co.		10,760		196,585
HP, Inc.		10,860		136,293
Konica Minolta, Inc.		6,000		43,707
NEC Corp.		25,000		58,247
NetApp, Inc.		1,790		44,016
Ricoh Co., Ltd.		6,000		52,011
Seagate Technology PLC(a)		1,850		45,066
Seiko Epson Corp.		2,700		43,285
Western Digital Corp.		1,763		83,320
				4,833,813
				28,626,438
CONSUMER DISCRETIONARY–5.3%
AUTO COMPONENTS–0.3%
Aisin Seiki Co., Ltd.		1,800		73,320
BorgWarner, Inc.		1,330		39,262
Bridgestone Corp.(a)		6,200		199,249
Cie Generale des Etablissements Michelin–Class B		1,732		163,225
Continental AG		1,047		198,120
Delphi Automotive PLC		1,741		108,986
Denso Corp.		4,600		161,852
GKN PLC		16,316		58,990
Goodyear Tire & Rubber Co. (The)		1,660		42,596
Johnson Controls, Inc.		4,030		178,368
Koito Manufacturing Co., Ltd.		1,000		46,044
NGK Spark Plug Co., Ltd.		3,000		45,284
NOK Corp.		700		11,904
Nokian Renkaat Oyj		1,090		39,068

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Stanley Electric Co., Ltd.		1,600	$	34,170
Sumitomo Electric Industries Ltd.		7,200		95,295
Sumitomo Rubber Industries Ltd.(a)		1,200		16,065
Toyota Industries Corp.		1,600		63,616
Valeo SA		417		18,571
Valeo SA		1,017		45,149
Yokohama Rubber Co., Ltd. (The)		1,000		12,542
				1,651,676
AUTOMOBILES–0.9%
Bayerische Motoren Werke AG		3,152		229,387
Daihatsu Motor Co., Ltd.(a)		3,000		39,078
Daimler AG (REG)		9,166		548,478
Ferrari NV(b)		572		23,482
Fiat Chrysler Automobiles NV(a)		14,140		87,038
Ford Motor Co.		24,520		308,216
Fuji Heavy Industries Ltd.		6,000		206,240
General Motors Co.		8,816		249,493
Harley-Davidson, Inc.(a)		1,150		52,095
Honda Motor Co., Ltd.		15,500		388,821
Isuzu Motors Ltd.		5,500		67,743
Mazda Motor Corp.		5,200		68,813
Mitsubishi Motors Corp.		11,400		52,626
Nissan Motor Co., Ltd.		23,700		211,506
Peugeot SA(b)		7,475		89,596
Porsche Automobil Holding SE (Preference Shares)		1,458		67,392
Renault SA		1,830		138,160
Suzuki Motor Corp.		3,500		94,773
Toyota Motor Corp.		25,400		1,252,182
Volkswagen AG		630		83,515
Volkswagen AG (Preference Shares)		1,767		214,020
Yamaha Motor Co., Ltd.(a)		2,700		41,188
				4,513,842
DISTRIBUTORS–0.0%
Genuine Parts Co.		960		97,200
Jardine Cycle & Carriage Ltd.		2,000		54,712
LKQ Corp.(b)		1,914		60,674
				212,586
DIVERSIFIED CONSUMER SERVICES–0.0%
Benesse Holdings, Inc.(a)		300		7,043
H&R Block, Inc.		1,470		33,810
				40,853
HOTELS, RESTAURANTS & LEISURE–0.7%
Accor SA		2,705		103,645
Aristocrat Leisure Ltd.		4,876		50,725
Carnival Corp.		2,835		125,307
Carnival PLC		1,804		80,025
Chipotle Mexican Grill, Inc.–Class A(a)(b)		194		78,136
Compass Group PLC		15,651	$	297,766
Crown Resorts Ltd.		9,430		89,693
Darden Restaurants, Inc.		720		45,605
Flight Centre Travel Group Ltd.(a)		471		11,205
Galaxy Entertainment Group Ltd.		20,155		60,435
Genting Singapore PLC		22,000		11,934
InterContinental Hotels Group PLC		1,779		65,610
Marriott International, Inc./MD–Class A(a)		1,195		79,420
McDonald’s Corp.		5,680		683,531
McDonald’s Holdings Co. Japan Ltd.(a)		500		13,581
Melco Crown Entertainment Ltd. (ADR)(a)		1,811		22,782
Merlin Entertainments PLC(e)		6,755		39,780
MGM China Holdings Ltd.		14,013		18,261
Oriental Land Co., Ltd./Japan		2,100		135,974
Paddy Power Betfair PLC		757		79,558
Royal Caribbean Cruises Ltd.		1,077		72,321
Sands China Ltd.		39,744		134,231
SJM Holdings Ltd.		13,014		8,002
Sodexo SA		572		61,278
Starbucks Corp.		9,270		529,503
Starwood Hotels & Resorts Worldwide, Inc.		1,045		77,278
Tatts Group Ltd.		15,121		43,514
TUI AG		5,576		63,466
Whitbread PLC		1,737		81,273
William Hill PLC		8,420		29,003
Wyndham Worldwide Corp.		700		49,861
Wynn Macau Ltd.(a)		35,799		52,062
Wynn Resorts Ltd.(a)		510		46,226
Yum! Brands, Inc.		2,545		211,031
				3,552,022
HOUSEHOLD DURABLES–0.3%
Auto Trader Group PLC(e)		9,529		45,046
Barratt Developments PLC		9,541		51,846
Berkeley Group Holdings PLC		1,236		41,737
Casio Computer Co., Ltd.(a)		2,100		30,240
DR Horton, Inc.		2,055		64,691
Electrolux AB–Class B		2,430		66,254
Garmin Ltd.		720		30,542
Harman International Industries, Inc.		440		31,601
Husqvarna AB–Class B		8,194		61,016
Iida Group Holdings Co., Ltd.		1,346		27,565
Leggett & Platt, Inc.		825		42,166
Lennar Corp.–Class A		1,100		50,710
Mohawk Industries, Inc.(b)		400		75,904
Newell Rubbermaid, Inc.		2,855		138,667
Nikon Corp.(a)		3,200		43,327
Panasonic Corp.		21,000		180,674
Persimmon PLC		2,928		56,779

9

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

Company	Shares		U.S. $ Value
PulteGroup, Inc.		1,985	$	38,688
Rinnai Corp.		700		61,854
Sekisui Chemical Co., Ltd.		4,000		49,283
Sekisui House Ltd.		6,000		105,073
Sony Corp.		12,000		353,544
Taylor Wimpey PLC		31,025		55,041
Whirlpool Corp.		500		83,320
				1,785,568
INTERNET & CATALOG RETAIL–0.5%
Amazon.com, Inc.(b)		2,430		1,738,956
Expedia, Inc.		732		77,812
Netflix, Inc.(b)		2,682		245,349
Priceline Group, Inc. (The)(b)		347		433,198
Rakuten, Inc.		8,852		96,074
Start Today Co., Ltd.		864		45,670
TripAdvisor, Inc.(b)		712		45,782
				2,682,841
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,900		49,032
Hasbro, Inc.		700		58,793
Mattel, Inc.		2,135		66,804
Sankyo Co., Ltd.		300		11,248
Sega Sammy Holdings, Inc.		2,500		26,925
Shimano, Inc.(a)		700		107,028
Yamaha Corp.		1,600		43,126
				362,956
MEDIA–1.0%
Altice NV–Class A(a)(b)		3,528		52,678
Altice NV–Class B(b)		1,176		17,718
Axel Springer SE		401		21,054
CBS Corp.–Class B		2,640		143,722
Comcast Corp.–Class A		15,301		997,472
Dentsu, Inc.		2,100		98,439
Discovery Communications, Inc.–Class A(b)		895		22,581
Discovery Communications, Inc.–Class C(b)		1,495		35,656
Eutelsat Communications SA		1,052		19,857
Hakuhodo DY Holdings, Inc.		2,490		29,845
Interpublic Group of Cos., Inc. (The)		2,495		57,635
ITV PLC		34,542		82,820
JCDecaux SA		1,374		46,327
Lagardere SCA		2,184		47,506
News Corp.–Class A		2,358		26,763
News Corp.–Class B		667		7,784
Omnicom Group, Inc.		1,510		123,050
Pearson PLC		7,821		101,736
ProSiebenSat.1 Media SE		1,328		58,089
Publicis Groupe SA		1,801		120,491
REA Group Ltd.		1,002		44,968
RELX NV		15,125		261,672
RELX PLC		10,540		194,088
RTL Group SA (London)(b)		1,166		95,343
Schibsted ASA–Class B(b)		2,252		64,430
Scripps Networks Interactive, Inc.–Class A		570	$	35,494
SES SA		1,845		39,497
Singapore Press Holdings Ltd.(a)		6,000		17,681
Sky PLC		9,828		111,680
TEGNA, Inc.		1,350		31,280
Telenet Group Holding NV(b)		459		20,988
Time Warner, Inc.		4,945		363,655
Toho Co., Ltd./Tokyo(a)		1,000		27,691
Twenty-First Century Fox, Inc.–Class A		7,021		189,918
Twenty-First Century Fox, Inc.–Class B		2,667		72,676
Viacom, Inc.–Class B		2,160		89,575
Vivendi SA		11,072		207,143
Walt Disney Co. (The)		9,464		925,768
WPP PLC		12,325		256,870
				5,161,640
MULTILINE RETAIL–0.2%
Dollar General Corp.		1,820		171,080
Dollar Tree, Inc.(b)		1,488		140,229
Don Quijote Holdings Co., Ltd.		1,000		37,163
Isetan Mitsukoshi Holdings Ltd.		2,200		19,582
J Front Retailing Co., Ltd.		1,500		15,553
Kohl’s Corp.		1,180		44,746
Macy’s, Inc.		1,905		64,027
Marks & Spencer Group PLC		15,442		66,131
Next PLC		1,363		90,061
Nordstrom, Inc.(a)		770		29,298
Ryohin Keikaku Co., Ltd.		146		35,580
Target Corp.		3,775		263,570
				977,020
SPECIALTY RETAIL–0.8%
ABC-Mart, Inc.		500		33,556
Advance Auto Parts, Inc.		481		77,744
AutoNation, Inc.(b)		435		20,436
AutoZone, Inc.(b)		225		178,614
Bed Bath & Beyond, Inc.(b)		995		43,004
Best Buy Co., Inc.		1,750		53,550
CarMax, Inc.(a)(b)		1,220		59,817
Dixons Carphone PLC		7,310		31,375
Dufry AG (REG)(b)		264		31,575
Fast Retailing Co., Ltd.		500		134,240
Foot Locker, Inc.		842		46,192
Gap, Inc. (The)		1,405		29,814
Hennes & Mauritz AB–Class B		9,038		265,905
Hikari Tsushin, Inc.		200		16,755
Home Depot, Inc. (The)		7,980		1,018,966
Industria de Diseno Textil SA		10,384		348,840
Kingfisher PLC		21,712		93,255
L Brands, Inc.		1,585		106,401
Lowe’s Cos., Inc.		5,740		454,436
Nitori Holdings Co., Ltd.(a)		750		90,963
O’Reilly Automotive, Inc.(b)		640		173,504
Ross Stores, Inc.		2,550		144,559
Shimamura Co., Ltd.		200		29,757

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Signet Jewelers Ltd.		508	$	41,864
Staples, Inc.		4,015		34,609
Tiffany & Co.		705		42,751
TJX Cos., Inc. (The)		4,220		325,911
Tractor Supply Co.		865		78,871
Ulta Salon Cosmetics & Fragrance, Inc.(b)		402		97,943
Urban Outfitters, Inc.(b)		535		14,713
USS Co., Ltd.(a)		1,310		21,650
Yamada Denki Co., Ltd.		10,990		58,014
				4,199,584
TEXTILES, APPAREL & LUXURY GOODS–0.5%
adidas AG		1,792		257,240
Asics Corp.		1,000		16,895
Burberry Group PLC		4,236		65,893
Christian Dior SE		331		53,023
Cie Financiere Richemont SA		4,969		290,859
Coach, Inc.		1,730		70,480
Hanesbrands, Inc.		2,427		60,991
Hermes International		156		58,153
HUGO BOSS AG		623		35,419
Kering		721		116,068
Li & Fung Ltd.		48,000		23,337
Luxottica Group SpA		1,559		75,982
LVMH Moet Hennessy Louis Vuitton SE		2,654		400,050
Michael Kors Holdings Ltd.(b)		1,109		54,873
NIKE, Inc.–Class B		8,470		467,544
Pandora A/S		1,106		150,636
PVH Corp.		495		46,644
Ralph Lauren Corp.		390		34,952
Swatch Group AG (The)		294		85,554
Swatch Group AG (The) (REG)		522		29,894
Under Armour, Inc.– Class A(a)(b)		1,097		44,023
Under Armour, Inc.–Class C		1,105		40,214
VF Corp.		2,110		129,744
				2,608,468
				27,749,056
CONSUMER STAPLES–5.1%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		7,655		1,012,269
Asahi Group Holdings Ltd.		3,700		119,639
Brown-Forman Corp.–Class B		652		65,044
Carlsberg A/S–Class B		1,051		100,274
Coca-Cola Amatil Ltd.		8,031		49,575
Coca-Cola Co. (The)		24,480		1,109,678
Coca-Cola European Partners PLC		2,055		73,638
Coca-Cola HBC AG(b)		2,126		43,019
Constellation Brands, Inc.–Class A		1,120		185,248
Diageo PLC		23,955		669,199
Dr Pepper Snapple Group, Inc.		1,170		113,057
Heineken NV		2,187		200,596
Kirin Holdings Co., Ltd.(a)		8,000	$	134,929
Molson Coors Brewing Co.–Class B		1,150		116,299
Monster Beverage Corp.(b)		960		154,282
PepsiCo, Inc.		9,075		961,405
Pernod Ricard SA		2,021		223,758
Remy Cointreau SA		195		16,786
SABMiller PLC (London)		9,258		539,918
Suntory Beverage & Food Ltd.		1,324		59,912
Treasury Wine Estates Ltd.		6,024		41,860
				5,990,385
FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		6,200		96,265
Carrefour SA		3,792		93,267
Casino Guichard Perrachon SA(a)		1,228		68,164
Colruyt SA		810		44,824
Costco Wholesale Corp.		2,765		434,216
CVS Health Corp.		6,930		663,478
Delhaize Group		992		104,789
Distribuidora Internacional de Alimentacion SA		4,415		25,770
FamilyMart Co., Ltd.		400		24,376
ICA Gruppen AB		2,462		82,514
J Sainsbury PLC(a)		12,819		39,934
Jeronimo Martins SGPS SA		1,190		18,768
Koninklijke Ahold NV		5,462		120,615
Kroger Co. (The)		6,130		225,523
Lawson, Inc.		600		47,901
METRO AG		1,551		47,703
Seven & i Holdings Co., Ltd.		7,200		301,882
Sundrug Co., Ltd.		500		46,947
Sysco Corp.		3,305		167,696
Tesco PLC(b)		77,496		182,006
Tsuruha Holdings, Inc.		200		24,218
Wal-Mart Stores, Inc.		9,863		720,196
Walgreens Boots Alliance, Inc.		5,445		453,405
Wesfarmers Ltd.		10,720		323,282
Whole Foods Market, Inc.		2,020		64,680
Wm Morrison Supermarkets PLC(a)		18,352		46,071
Woolworths Ltd.		12,098		190,284
				4,658,774
FOOD PRODUCTS–1.1%
Ajinomoto Co., Inc.		5,000		117,805
Archer-Daniels-Midland Co.		3,715		159,336
Associated British Foods PLC		3,391		123,562
Barry Callebaut AG (REG)(b)		91		112,044
Calbee, Inc.		698		29,202
Campbell Soup Co.		1,125		74,846
Chocoladefabriken Lindt & Spruengli AG (REG)		1		71,463
ConAgra Foods, Inc.		2,685		128,370
Danone SA		5,611		392,673
General Mills, Inc.		3,735		266,380
Golden Agri-Resources Ltd.		48,000		12,559

11

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

Company	Shares		U.S. $ Value
Hershey Co. (The)		900	$	102,141
Hormel Foods Corp.		1,700		62,220
JM Smucker Co. (The)		745		113,545
Kellogg Co.		1,565		127,782
Kerry Group PLC–Class A		1,507		133,654
Kikkoman Corp.		1,000		36,900
Kraft Heinz Co. (The)		3,728		329,853
Marine Harvest ASA(b)		4,327		72,985
McCormick & Co., Inc./MD		725		77,336
Mead Johnson Nutrition Co.–Class A		1,160		105,270
MEIJI Holdings Co., Ltd.		1,100		113,031
Mondelez International, Inc.–Class A		9,835		447,591
Nestle SA (REG)		30,351		2,351,544
NH Foods Ltd.		1,000		24,494
Nisshin Seifun Group, Inc.		1,500		24,112
Nissin Foods Holdings Co., Ltd.		400		21,844
Orkla ASA		5,657		50,311
Tate & Lyle PLC		4,440		39,698
Toyo Suisan Kaisha Ltd.		1,000		40,563
Tyson Foods, Inc.–Class A		1,825		121,892
WH Group Ltd.(b)(e)		67,807		53,703
Wilmar International Ltd.		26,000		63,292
Yakult Honsha Co., Ltd.		800		41,579
Yamazaki Baking Co., Ltd.		2,000		55,835
				6,099,415
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		813		83,650
Clorox Co. (The)		820		113,480
Colgate-Palmolive Co.		5,600		409,920
Henkel AG & Co. KGaA		989		106,978
Henkel AG & Co. KGaA (Preference Shares)		1,696		207,269
Kimberly-Clark Corp.		2,265		311,392
Procter & Gamble Co. (The)		16,715		1,415,259
Reckitt Benckiser Group PLC		6,053		606,944
Svenska Cellulosa AB SCA–Class B		4,979		159,978
Unicharm Corp.		3,800		85,377
				3,500,247
PERSONAL PRODUCTS–0.5%
Beiersdorf AG		1,051		99,503
Estee Lauder Cos., Inc. (The)–Class A		1,390		126,518
Kao Corp.		4,800		279,562
Kose Corp.		500		42,370
L’Oreal SA		2,412		461,785
Pola Orbis Holdings, Inc.		450		42,349
Shiseido Co., Ltd.		3,600		93,808
Unilever NV		15,507		721,225
Unilever PLC		12,217		585,379
				2,452,499
TOBACCO–0.8%
Altria Group, Inc.		12,310		848,898
British American Tobacco PLC		17,746	$	1,150,455
Imperial Brands PLC		9,126		494,928
Japan Tobacco, Inc.(a)		10,471		422,004
Philip Morris International, Inc.		9,750		991,770
Reynolds American, Inc.		5,198		280,328
Swedish Match AB		831		29,000
				4,217,383
				26,918,703
INDUSTRIALS–5.0%
AEROSPACE & DEFENSE–0.8%
Airbus Group SE		5,607		321,393
BAE Systems PLC		30,144		211,025
Boeing Co. (The)		3,910		507,792
Cobham PLC		7,675		16,170
General Dynamics Corp.		1,860		258,986
Honeywell International, Inc.		4,855		564,734
L-3 Communications Holdings, Inc.		475		69,678
Lockheed Martin Corp.		1,650		409,481
Meggitt PLC		10,854		58,996
Northrop Grumman Corp.		1,140		253,399
Raytheon Co.		1,900		258,305
Rockwell Collins, Inc.		800		68,112
Rolls-Royce Holdings PLC(b)		17,503		167,065
Safran SA		2,977		200,476
Singapore Technologies Engineering Ltd.		19,000		44,724
Textron, Inc.		1,705		62,335
Thales SA		694		57,633
TransDigm Group, Inc.(b)		363		95,719
United Technologies Corp.		4,875		499,931
Zodiac Aerospace		1,135		26,478
				4,152,432
AIR FREIGHT & LOGISTICS–0.3%
Bollore SA		11,606		39,072
CH Robinson Worldwide, Inc.		915		67,939
Deutsche Post AG (REG)		9,235		260,173
Expeditors International of Washington, Inc.		1,120		54,925
FedEx Corp.		1,615		245,125
Kuehne & Nagel International AG (REG)		432		60,527
Royal Mail PLC		8,567		57,558
United Parcel Service, Inc.–Class B		4,355		469,120
Yamato Holdings Co., Ltd.		3,400		78,067
				1,332,506
AIRLINES–0.2%
Alaska Air Group, Inc.		793		46,224
American Airlines Group, Inc.		3,782		107,068
ANA Holdings, Inc.		8,000		22,797
Cathay Pacific Airways Ltd.(a)		20,000		29,341
Delta Air Lines, Inc.		4,852		176,758

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Deutsche Lufthansa AG (REG)(b)		3,330	$	39,153
easyJet PLC		964		14,009
International Consolidated Airlines Group SA		6,202		30,708
Japan Airlines Co., Ltd.		900		28,955
Singapore Airlines Ltd.		14,000		111,173
Southwest Airlines Co.		4,005		157,036
United Continental Holdings, Inc.(b)		2,072		85,035
				848,257
BUILDING PRODUCTS–0.2%
Allegion PLC		585		40,617
Asahi Glass Co., Ltd.(a)		10,000		54,269
Assa Abloy AB–Class B		9,541		196,285
Cie de Saint-Gobain		4,539		172,053
Daikin Industries Ltd.		2,200		184,899
Fortune Brands Home & Security, Inc.		971		56,289
Geberit AG (REG)		360		136,354
LIXIL Group Corp.		2,500		41,055
Masco Corp.		2,055		63,582
TOTO Ltd.		1,000		39,959
				985,362
COMMERCIAL SERVICES & SUPPLIES–0.2%
Aggreko PLC		2,438		41,697
Babcock International Group PLC		2,400		29,016
Brambles Ltd.		15,030		140,326
Cintas Corp.		535		52,500
Dai Nippon Printing Co., Ltd.(a)		5,000		55,725
Edenred		818		16,749
G4S PLC		12,380		30,335
ISS A/S		954		35,880
Park24 Co., Ltd.		1,300		44,674
Pitney Bowes, Inc.		1,205		21,449
Republic Services, Inc.–Class A		1,500		76,965
Secom Co., Ltd.		2,000		147,866
Societe BIC SA		221		31,138
Sohgo Security Services Co., Ltd.		1,100		54,378
Stericycle, Inc.(b)		560		58,307
Toppan Printing Co., Ltd.		5,000		42,994
Tyco International PLC		2,645		112,677
Waste Management, Inc.		2,595		171,971
				1,164,647
CONSTRUCTION & ENGINEERING–0.2%
ACS Actividades de Construccion y Servicios SA		1,829		50,168
Bouygues SA		1,739		49,819
CIMIC Group Ltd.		1,344		36,285
Eiffage SA		1,102		78,341
Ferrovial SA		4,609		90,235
Fluor Corp.		865		42,627
HOCHTIEF AG		422	$	54,485
Jacobs Engineering Group, Inc.(b)		765		38,105
JGC Corp.		4,000		57,262
Kajima Corp.		7,000		48,627
Obayashi Corp.		6,000		63,881
Quanta Services, Inc.(b)		915		21,155
Shimizu Corp.		4,000		37,476
Skanska AB–Class B		3,301		69,120
Taisei Corp.		10,000		82,167
Vinci SA		4,768		336,462
				1,156,215
ELECTRICAL EQUIPMENT–0.4%
ABB Ltd. (REG)(b)		18,729		370,686
Acuity Brands, Inc.		273		67,693
AMETEK, Inc.		1,449		66,987
Eaton Corp. PLC		2,894		172,859
Emerson Electric Co.		4,050		211,248
First Solar, Inc.(b)		470		22,786
Fuji Electric Co., Ltd.		4,000		16,654
Legrand SA		2,541		130,077
Mabuchi Motor Co., Ltd.		800		33,884
Mitsubishi Electric Corp.		18,000		214,890
Nidec Corp.		2,300		175,083
OSRAM Licht AG		292		15,171
Prysmian SpA		1,074		23,573
Rockwell Automation, Inc.		830		95,301
Schneider Electric SE (Paris)		5,314		310,022
Vestas Wind Systems A/S		2,133		144,979
				2,071,893
INDUSTRIAL CONGLOMERATES–0.9%
3M Co.		3,805		666,332
CK Hutchison Holdings Ltd.		25,840		284,252
Danaher Corp.		3,740		377,740
DCC PLC		843		74,184
General Electric Co.		58,706		1,848,065
Jardine Matheson Holdings Ltd.		2,300		134,466
Keihan Electric Railway Co., Ltd.		5,000		34,647
Keppel Corp., Ltd.		13,000		53,629
Koninklijke Philips NV		7,299		181,280
Roper Technologies, Inc.		625		106,600
Seibu Holdings, Inc.		3,142		53,217
Siemens AG (REG)		7,282		747,287
Smiths Group PLC		3,761		58,119
Toshiba Corp.(b)		38,000		103,512
				4,723,330
MACHINERY–0.8%
Alfa Laval AB(a)		3,611		56,912
Alstom SA(b)		1,012		23,366
Amada Holdings Co., Ltd.		3,000		30,456
ANDRITZ AG		693		32,860
Atlas Copco AB–Class A		6,392		166,014
Atlas Copco AB–Class B		3,579		84,831

13

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

Company	Shares		U.S. $ Value
Caterpillar, Inc.		3,635	$	275,569
CNH Industrial NV		22,634		164,179
Cummins, Inc.		1,050		118,062
Deere & Co.		1,885		152,760
Dover Corp.		985		68,280
FANUC Corp.		1,900		309,079
Flowserve Corp.		810		36,588
GEA Group AG		1,741		82,178
Hino Motors Ltd.		2,000		19,920
Hitachi Construction Machinery Co., Ltd.		3,000		43,788
Hoshizaki Electric Co., Ltd.		400		39,158
IHI Corp.		8,000		21,564
Illinois Tool Works, Inc.		2,075		216,132
IMI PLC		1,648		21,357
Ingersoll-Rand PLC		1,605		102,206
JTEKT Corp.		4,300		48,738
Kawasaki Heavy Industries Ltd.		9,000		25,377
Komatsu Ltd.		8,800		152,871
Kone Oyj–Class B		3,207		148,004
Kubota Corp.		10,000		135,253
Kurita Water Industries Ltd.		1,200		26,750
Makita Corp.		1,100		73,037
MAN SE		407		41,538
Metso Oyj		1,073		25,226
Minebea Co., Ltd.		2,000		13,588
Mitsubishi Heavy Industries Ltd.		31,000		124,658
Nabtesco Corp.(a)		1,000		23,860
NGK Insulators Ltd.		2,000		40,435
NSK Ltd.		3,000		21,960
PACCAR, Inc.		2,210		114,633
Parker-Hannifin Corp.		845		91,302
Pentair PLC		1,160		67,616
Sandvik AB		12,165		121,795
Schindler Holding AG		413		74,773
Schindler Holding AG (REG)		271		49,318
Sembcorp Marine Ltd.(a)		7,000		8,146
SKF AB–Class B		4,700		75,308
SMC Corp./Japan		500		123,013
Snap-on, Inc.		370		58,393
Stanley Black & Decker, Inc.		965		107,327
Sumitomo Heavy Industries Ltd.(a)		6,000		26,357
THK Co., Ltd.		800		13,636
Volvo AB–Class B		14,676		145,796
Wartsila Oyj Abp		1,408		57,448
Weir Group PLC (The)		2,037		39,341
Xylem, Inc./NY		1,085		48,445
Zardoya Otis SA(a)		2,136		20,171
				4,209,372
MARINE–0.0%
AP Moeller–Maersk A/S–Class A		70		88,225
AP Moeller–Maersk A/S–Class B		43		56,165
Mitsui OSK Lines Ltd.		12,000		25,518
Nippon Yusen KK		31,000		54,536
				224,444
PROFESSIONAL SERVICES–0.2%
Adecco SA (REG)		1,673	$	84,383
Bureau Veritas SA		3,094		64,958
Capita PLC		6,326		81,514
Dun & Bradstreet Corp. (The)		215		26,196
Equifax, Inc.		755		96,942
Experian PLC		9,136		173,329
Intertek Group PLC		1,536		71,567
Nielsen Holdings PLC		2,266		117,764
Randstad Holding NV		1,613		64,505
Recruit Holdings Co., Ltd.		2,691		98,313
Robert Half International, Inc.		785		29,956
SGS SA (REG)		52		119,119
Verisk Analytics, Inc.–Class A(b)		950		77,026
				1,105,572
ROAD & RAIL–0.4%
Asciano Ltd.		10,098		66,998
Aurizon Holdings Ltd.		12,975		47,077
Central Japan Railway Co.		1,373		244,207
CSX Corp.		6,060		158,045
DSV A/S		1,630		68,538
East Japan Railway Co.		3,200		296,555
Hankyu Hanshin Holdings, Inc.		11,000		82,022
JB Hunt Transport Services, Inc.		553		44,754
Kansas City Southern		670		60,360
Keikyu Corp.		4,000		40,252
Keio Corp.		6,000		56,597
Keisei Electric Railway Co., Ltd.		2,000		25,780
Kintetsu Group Holdings Co., Ltd.		17,000		72,750
MTR Corp., Ltd.		15,500		78,836
Nagoya Railroad Co., Ltd.		9,000		50,710
Nippon Express Co., Ltd.		12,000		54,837
Norfolk Southern Corp.		1,890		160,896
Odakyu Electric Railway Co., Ltd.		4,000		46,904
Ryder System, Inc.		315		19,259
Tobu Railway Co., Ltd.		6,000		32,931
Tokyu Corp.		10,000		87,797
Union Pacific Corp.		5,350		466,787
West Japan Railway Co.		1,568		99,369
				2,362,261
TRADING COMPANIES & DISTRIBUTORS–0.3%
AerCap Holdings NV(b)		1,621		54,450
Ashtead Group PLC		4,791		68,434
Brenntag AG		1,471		71,258
Bunzl PLC		3,191		98,182
Fastenal Co.		1,780		79,014
ITOCHU Corp.		14,000		171,265
Marubeni Corp.		16,000		72,284
Mitsubishi Corp.		14,400		253,546
Mitsui & Co., Ltd.		16,200		193,382
Noble Group Ltd.(a)		24,000		3,634

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Sumitomo Corp.		11,300	$	113,903
Toyota Tsusho Corp.		1,300		27,988
Travis Perkins PLC		1,926		38,000
United Rentals, Inc.(b)		550		36,905
Wolseley PLC		2,430		125,834
WW Grainger, Inc.(a)		380		86,355
				1,494,434
TRANSPORTATION INFRASTRUCTURE–0.1%
Abertis Infraestructuras SA		5,185		76,622
Aena SA(b)(e)		643		85,230
Aeroports de Paris		1,000		109,570
Atlantia SpA		2,911		72,731
Auckland International Airport Ltd.		9,917		46,133
Groupe Eurotunnel SE (REG)		2,068		21,844
Hutchison Port Holdings Trust–Class U		43,553		19,929
Kamigumi Co., Ltd.		3,000		27,728
Mitsubishi Logistics Corp.		1,000		13,990
Sydney Airport		15,829		82,653
Transurban Group		19,376		174,515
				730,945
				26,561,670
ENERGY–2.7%
ENERGY EQUIPMENT & SERVICES–0.3%
Baker Hughes, Inc.		2,710		122,302
Diamond Offshore Drilling, Inc.(a)		390		9,489
FMC Technologies, Inc.(b)		1,410		37,605
Halliburton Co.		5,390		244,113
Helmerich & Payne, Inc.		685		45,984
National Oilwell Varco, Inc.		2,355		79,246
Petrofac Ltd.		2,606		27,088
Schlumberger Ltd.		8,750		691,950
Technip SA		1,332		72,094
Tenaris SA		8,782		126,927
Transocean Ltd.(a)		2,150		25,564
				1,482,362
OIL, GAS & CONSUMABLE FUELS–2.4%
Anadarko Petroleum Corp.		3,195		170,134
Apache Corp.		2,345		130,546
BP PLC		175,969		1,030,037
Cabot Oil & Gas Corp.		2,840		73,102
Caltex Australia Ltd.		3,100		74,741
Chesapeake Energy Corp.(a)		3,245		13,889
Chevron Corp.		11,830		1,240,139
Cimarex Energy Co.		627		74,814
Columbia Pipeline Group, Inc.		2,505		63,852
Concho Resources, Inc.(b)		807		96,251
ConocoPhillips		7,770		338,772
Devon Energy Corp.		3,170		114,912
Eni SpA		24,216		390,051
EOG Resources, Inc.		3,460		288,633
EQT Corp.		1,040	$	80,527
Exxon Mobil Corp.		26,137		2,450,082
Galp Energia SGPS SA		2,341		32,559
Hess Corp.		1,640		98,564
Idemitsu Kosan Co., Ltd.		1,200		26,052
Inpex Corp.		9,048		70,761
JX Holdings, Inc.		20,000		78,066
Kinder Morgan, Inc./DE		11,489		215,074
Koninklijke Vopak NV		502		24,989
Lundin Petroleum AB(b)		856		15,599
Marathon Oil Corp.		5,305		79,628
Marathon Petroleum Corp.		3,324		126,179
Murphy Oil Corp.(a)		1,005		31,909
Neste Oyj		1,220		43,748
Newfield Exploration Co.(b)		1,220		53,900
Noble Energy, Inc.		2,650		95,055
Occidental Petroleum Corp.		4,800		362,688
Oil Search Ltd.		8,307		41,947
OMV AG		1,402		39,411
ONEOK, Inc.		1,320		62,634
Origin Energy Ltd.		16,658		72,781
Phillips 66		2,960		234,846
Pioneer Natural Resources Co.		1,015		153,478
Range Resources Corp.		1,050		45,297
Repsol SA		10,293		131,945
Royal Dutch Shell PLC–Class A		40,072		1,100,583
Royal Dutch Shell PLC–Class B		35,654		985,069
Santos Ltd.		18,468		65,373
Showa Shell Sekiyu KK(a)		1,900		17,734
Southwestern Energy Co.(b)		2,445		30,758
Spectra Energy Corp.		4,185		153,297
Statoil ASA		10,624		183,566
Tesoro Corp.		725		54,317
TonenGeneral Sekiyu KK(a)		2,000		18,219
TOTAL SA		21,024		1,008,227
Valero Energy Corp.		2,925		149,175
Williams Cos., Inc. (The)		4,255		92,036
Woodside Petroleum Ltd.		7,059		143,137
				12,769,083
				14,251,445
MATERIALS–2.1%
CHEMICALS–1.2%
Air Liquide SA		3,277		341,403
Air Products & Chemicals, Inc.		1,220		173,289
Air Water, Inc.		1,000		14,714
Akzo Nobel NV		2,351		146,046
Albemarle Corp.		711		56,389
Arkema SA		450		34,404
Asahi Kasei Corp.		12,000		83,508
BASF SE		8,743		670,402
CF Industries Holdings, Inc.		1,450		34,945
Chr Hansen Holding A/S		1,460		95,886
Covestro AG(b)(e)		1,766		78,658
Croda International PLC		1,104		46,344
Daicel Corp.		3,000		31,086
Dow Chemical Co. (The)		7,025		349,213
Eastman Chemical Co.		930		63,147

15

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

Company	Shares		U.S. $ Value
Ecolab, Inc.		1,690	$	200,434
EI du Pont de Nemours & Co.		5,495		356,076
EMS-Chemie Holding AG (REG)		109		56,278
Evonik Industries AG		2,574		76,727
FMC Corp.		830		38,437
Givaudan SA (REG)		88		177,190
Hitachi Chemical Co., Ltd.		3,000		56,029
Incitec Pivot Ltd.		32,013		71,911
International Flavors & Fragrances, Inc.		500		63,035
Israel Chemicals Ltd.		4,414		17,197
Johnson Matthey PLC		1,842		69,088
JSR Corp.		800		10,595
K&S AG (REG)(a)		1,472		30,135
Kansai Paint Co., Ltd.(a)		3,000		60,569
Kuraray Co., Ltd.		3,000		35,794
LANXESS AG		1,319		57,868
Linde AG		1,768		246,347
LyondellBasell Industries NV–Class A		2,149		159,929
Mitsubishi Chemical Holdings Corp.		13,000		59,592
Mitsubishi Gas Chemical Co., Inc.		5,000		26,085
Mitsui Chemicals, Inc.		8,000		29,398
Monsanto Co.		2,790		288,514
Mosaic Co. (The)		2,180		57,072
Nippon Paint Holdings Co., Ltd.		1,000		24,722
Nitto Denko Corp.		1,600		101,495
Novozymes A/S–Class B		1,531		73,520
Orica Ltd.		2,259		21,014
PPG Industries, Inc.		1,700		177,055
Praxair, Inc.		1,790		201,178
Sherwin-Williams Co. (The)		515		151,240
Shin-Etsu Chemical Co., Ltd.		3,700		216,777
Sika AG		20		83,861
Solvay SA		705		65,853
Sumitomo Chemical Co., Ltd.		15,000		61,891
Symrise AG		547		37,311
Syngenta AG (REG)		885		339,706
Taiyo Nippon Sanso Corp.		2,000		18,382
Teijin Ltd.		5,000		16,568
Toray Industries, Inc.		14,000		119,461
Umicore SA		1,001		51,706
Yara International ASA		1,297		41,202
				6,266,676
CONSTRUCTION MATERIALS–0.2%
Boral Ltd.		12,163		57,103
CRH PLC		7,835		228,314
Fletcher Building Ltd.		7,055		43,396
HeidelbergCement AG		1,342		101,096
Imerys SA		448		28,585
James Hardie Industries PLC		3,449		53,416
LafargeHolcim Ltd. (REG)(b)		4,333		181,282
Martin Marietta Materials, Inc.		427		81,984
Taiheiyo Cement Corp.		5,000	$	11,843
Vulcan Materials Co.		865		104,111
				891,130
CONTAINERS & PACKAGING–0.1%
Amcor Ltd./Australia		11,024		123,949
Avery Dennison Corp.		535		39,991
Ball Corp.		910		65,784
International Paper Co.		2,565		108,705
Owens-Illinois, Inc.(b)		1,010		18,190
Sealed Air Corp.		1,190		54,704
Toyo Seikan Group Holdings Ltd.		1,700		32,484
WestRock Co.		1,597		62,076
				505,883
METALS & MINING–0.5%
Alcoa, Inc.		8,270		76,663
Anglo American PLC		13,345		130,811
Antofagasta PLC(a)		6,389		39,950
ArcelorMittal (Euronext Amsterdam)		6,075		27,697
BHP Billiton Ltd.		30,572		426,058
BHP Billiton PLC		20,105		254,468
Boliden AB		1,652		32,287
Fortescue Metals Group Ltd.		18,067		48,348
Freeport-McMoRan, Inc.		7,875		87,728
Fresnillo PLC		1,459		32,129
Glencore PLC		116,471		240,060
Hitachi Metals Ltd.		5,000		50,796
JFE Holdings, Inc.		5,000		65,226
Kobe Steel Ltd.		12,000		9,863
Mitsubishi Materials Corp.		7,000		16,761
Newcrest Mining Ltd.(b)		7,017		121,617
Newmont Mining Corp.		3,295		128,900
Nippon Steel & Sumitomo Metal Corp.		7,600		147,133
Norsk Hydro ASA		16,444		60,199
Nucor Corp.		1,960		96,844
Randgold Resources Ltd.		890		99,873
Rio Tinto Ltd.		4,038		139,677
Rio Tinto PLC		11,772		365,715
South32 Ltd.(b)		32,320		37,904
Sumitomo Metal Mining Co., Ltd.		3,000		30,517
ThyssenKrupp AG		2,036		40,924
voestalpine AG(a)		1,082		36,415
				2,844,563
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		3,496		65,454
Oji Holdings Corp.		14,000		53,746
Stora Enso Oyj–Class R		5,244		42,172
UPM-Kymmene Oyj		5,081		93,342
				254,714
				10,762,966

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TELECOMMUNICATION SERVICES–1.7%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.3%
AT&T, Inc.		38,676	$	1,671,190
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		49,602
BT Group PLC		80,605		443,053
CenturyLink, Inc.		3,410		98,924
Deutsche Telekom AG (REG)		30,696		523,436
Elisa Oyj		1,354		52,025
Frontier Communications Corp.		7,310		36,111
HKT Trust & HKT Ltd.–Class SS		55,098		79,542
Iliad SA		163		32,904
Inmarsat PLC		4,283		46,157
Koninklijke KPN NV		28,755		102,495
Level 3 Communications, Inc.(b)		1,797		92,528
Nippon Telegraph & Telephone Corp.		6,600		309,506
Numericable-SFR SA		2,106		52,629
Orange SA		18,911		307,502
Proximus SADP		1,568		49,829
Singapore Telecommunications Ltd.		76,000		234,465
Spark New Zealand Ltd.		17,417		44,268
Swisscom AG (REG)		247		122,711
TDC A/S		10,119		49,588
Telecom Italia SpA/Milano (ordinary shares)(b)		64,157		52,693
Telecom Italia SpA/Milano (savings shares)		96,487		62,078
Telefonica Deutschland Holding AG		3,756		15,471
Telefonica SA		42,624		404,664
Telenor ASA		7,146		118,288
Telia Co. AB		24,258		114,873
Telstra Corp., Ltd.		40,732		170,249
TPG Telecom Ltd.		2,487		22,301
Verizon Communications, Inc.		25,595		1,429,225
Vocus Communications Ltd.		2,752		17,209
				6,805,516
WIRELESS TELECOMMUNICATION SERVICES–0.4%
KDDI Corp.		17,930		545,246
Millicom International Cellular SA		641		39,318
NTT DOCOMO, Inc.		13,613		367,123
SoftBank Group Corp.		9,100		514,623
StarHub Ltd.		4,000		11,287
Tele2 AB–Class B		3,826		33,590
Vodafone Group PLC		252,791		770,724
				2,281,911
				9,087,427
UTILITIES–1.6%
ELECTRIC UTILITIES–0.9%
Alliant Energy Corp.		1,438	$	57,089
American Electric Power Co., Inc.		3,075		215,527
AusNet Services		37,398		46,060
Cheung Kong Infrastructure Holdings Ltd.		7,000		60,219
Chubu Electric Power Co., Inc.		6,100		86,809
Chugoku Electric Power Co., Inc. (The)		1,300		16,527
CLP Holdings Ltd.		12,500		127,851
Contact Energy Ltd.		4,696		17,434
Duke Energy Corp.		4,332		371,642
Edison International		2,065		160,389
EDP–Energias de Portugal SA		14,060		43,046
Electricite de France SA		5,592		67,804
Endesa SA(a)		3,024		60,678
Enel SpA		72,583		322,228
Entergy Corp.		1,125		91,519
Eversource Energy		1,960		117,404
Exelon Corp.		5,747		208,961
FirstEnergy Corp.		2,635		91,988
Fortum Oyj		4,228		67,929
HK Electric Investments & HK Electric Investments Ltd.(e)		104,180		97,078
Iberdrola SA		51,761		353,091
Kansai Electric Power Co., Inc. (The)(b)		6,700		65,253
Kyushu Electric Power Co., Inc.(b)		4,100		41,121
Mighty River Power Ltd.		4,915		10,608
NextEra Energy, Inc.		2,895		377,508
PG&E Corp.		3,075		196,554
Pinnacle West Capital Corp.		685		55,526
Power Assets Holdings Ltd.		8,500		78,153
PPL Corp.		4,195		158,361
Red Electrica Corp. SA(a)		1,030		92,034
Shikoku Electric Power Co., Inc.		2,700		31,982
Southern Co. (The)		5,710		306,227
SSE PLC		9,578		199,348
Terna Rete Elettrica Nazionale SpA		23,069		128,381
Tohoku Electric Power Co., Inc.		4,300		54,268
Tokyo Electric Power Co., Inc.(b)		13,800		58,444
Xcel Energy, Inc.		3,170		141,953
				4,676,994
GAS UTILITIES–0.1%
AGL Resources, Inc.		748		49,346
APA Group		6,755		46,983
Enagas SA(a)		2,159		65,958
Gas Natural SDG SA(a)		3,334		66,272
Hong Kong & China Gas Co., Ltd.		72,131		131,986
Osaka Gas Co., Ltd.		18,000		69,201
Snam SpA		14,719		87,997

17

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

Company	Shares		U.S. $ Value
Toho Gas Co., Ltd.		6,000	$	49,096
Tokyo Gas Co., Ltd.		19,000		78,446
				645,285
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.0%
AES Corp./VA		4,135		51,605
Electric Power Development Co., Ltd.(a)		1,600		37,277
Meridian Energy Ltd.		18,542		34,993
NRG Energy, Inc.		1,940		29,081
				152,956
MULTI-UTILITIES–0.6%
AGL Energy Ltd.		6,423		93,282
Ameren Corp.		1,510		80,906
CenterPoint Energy, Inc.		2,695		64,680
Centrica PLC		51,646		156,177
CMS Energy Corp.		1,720		78,879
Consolidated Edison, Inc.		1,830		147,205
Dominion Resources, Inc./VA		3,735		291,069
DTE Energy Co.		1,120		111,014
DUET Group		22,926		43,000
E.ON SE		19,048		192,286
Engie SA		13,909		223,332
National Grid PLC		35,656		524,333
NiSource, Inc.		2,005		53,173
Public Service Enterprise Group, Inc.		3,155		147,055
RWE AG		5,973		95,121
SCANA Corp.		895		67,716
Sempra Energy		1,510		172,170
Suez Environnement Co.		2,665		41,567
TECO Energy, Inc.		1,475		40,769
United Utilities Group PLC		6,491		89,967
Veolia Environnement SA		2,727		58,889
WEC Energy Group, Inc.		1,988		129,816
				2,902,406
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,121		94,735
Severn Trent PLC		2,239		73,057
				167,792
				8,545,433
Total Common Stocks (cost $208,320,564)				226,470,923
	Principal Amount (000)
GOVERNMENTS— TREASURIES–19.1%
UNITED STATES–19.1%
U.S. Treasury Bonds
2.50%, 2/15/45	$	520		541,389
2.75%, 8/15/42		920		1,013,653
2.875%, 5/15/43–8/15/45	$	2,545	$	2,858,919
3.00%, 5/15/45		185		212,642
3.125%, 11/15/41–2/15/43		2,825		3,333,449
3.50%, 2/15/39		358		451,807
3.625%, 8/15/43		2,245		2,896,488
3.75%, 8/15/41		220		286,971
3.875%, 8/15/40		280		371,623
4.25%, 5/15/39		240		335,437
4.375%, 11/15/39–5/15/41		1,258		1,789,805
4.50%, 8/15/39		220		318,037
4.75%, 2/15/37–2/15/41		401		600,246
5.375%, 2/15/31		650		964,057
6.00%, 2/15/26		1,242		1,749,133
6.25%, 8/15/23–5/15/30		724		1,109,306
6.875%, 8/15/25		590		865,617
7.25%, 8/15/22		775		1,055,272
7.50%, 11/15/16		92		94,437
7.625%, 2/15/25		55		82,962
8.00%, 11/15/21		123		167,458
U.S. Treasury Notes
0.50%, 7/31/17		975		974,696
0.75%, 3/31/18		1,003		1,005,742
0.875%, 1/31/17–4/30/17		1,690		1,694,529
1.00%, 9/30/16–9/30/19		4,645		4,676,215
1.25%, 11/30/18–3/31/21		7,834		7,947,676
1.375%, 12/31/18–10/31/20		9,120		9,286,350
1.50%, 5/31/19–5/31/20		4,840		4,951,629
1.625%, 6/30/20–2/15/26		5,640		5,778,469
1.75%, 5/15/23		1,740		1,794,987
2.00%, 11/15/21–8/15/25		6,195		6,485,470
2.125%, 8/15/21–5/15/25		3,440		3,627,851
2.25%, 11/30/17–11/15/24		899		933,749
2.375%, 7/31/17–8/15/24		1,271		1,344,244
2.50%, 8/15/23–5/15/24		2,242		2,430,660
2.625%, 1/31/18–11/15/20		4,500		4,785,697
2.75%, 5/31/17–11/15/23		3,570		3,752,152
3.00%, 2/28/17		889		903,724
3.125%, 5/15/21		394		433,147
3.375%, 11/15/19		1,890		2,053,678
3.50%, 5/15/20		910		1,000,218
3.625%, 2/15/20–2/15/21		6,204		6,877,065
3.75%, 11/15/18(f)		6,205		6,660,683
Total Governments–Treasuries (cost $95,822,277)				100,497,339
	Shares
INVESTMENT COMPANIES–9.0%
FUNDS AND INVESTMENT TRUSTS–9.0%
iShares Core MSCI Emerging Markets ETF(a)		378,853		15,847,421
iShares International Developed Real Estate ETF		206,951		6,034,691
Vanguard Global ex-U.S. Real Estate ETF		44,178		2,388,263
Vanguard Mid-Cap ETF(a)		16,316		2,017,147
Vanguard REIT ETF		178,061		15,788,669

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Vanguard Small-Cap ETF(a)		45,444	$	5,256,962
Total Investment Companies (cost $43,106,430)				47,333,153
RIGHTS–0.0%
INDUSTRIALS–0.0%
CONSTRUCTION & ENGINEERING–0.0%
ACS Actividades de Construccion y Servicios SA, expiring 6/27/16(b)		1,829		1,285
TRADING COMPANIES & DISTRIBUTORS–0.0%
Noble Group Ltd., expiring 6/28/16(b)		24,000		1,603
Total Rights (cost $7,158)				2,888
SHORT-TERM INVESTMENTS–28.8%
INVESTMENT COMPANIES–24.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(g)(h) (cost $126,618,938)		126,618,938		126,618,938
U.S. TREASURY BILLS–4.8%
U.S. Treasury Bill 0.01%, 7/28/16 (cost $25,533,288)	$	25,538	$	25,533,288
Total Short-Term Investments (cost $152,152,226)				152,152,226
Total Investments Before Security Lending Collateral for Securities Loaned–99.8% (cost $499,408,655)				526,456,529
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–4.3%
INVESTMENT COMPANIES–4.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(g)(h) (cost $22,622,247)		22,622,247		22,622,247
TOTAL INVESTMENTS–104.1% (cost $522,030,902)				549,078,776
Other assets less liabilities–(4.1)%				(21,622,868	)
NET ASSETS–100.0%			$	527,455,908

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		78		September 2016	$	7,836,992	$	7,923,055	$	86,063
10 Yr Canadian Bond Futures		82		September 2016		9,367,924		9,396,091		28,167
Euro STOXX 50 Futures		66		September 2016		2,111,960		2,091,101		(20,859	)
Mini MSCI EAFE Futures		4		September 2016		324,782		323,040		(1,742	)
Russell 2000 Mini Futures		21		September 2016		2,361,565		2,409,540		47,975
TOPIX Index Futures		5		September 2016		601,162		603,060		1,898
U.S. T-Note 10 Yr (CBT) Futures		154		September 2016		20,523,219		20,479,594		(43,625	)
U.S. T-Note 5 Yr (CBT) Futures		120		September 2016		14,685,205		14,659,687		(25,518	)
U.S. Ultra Bond (CBT) Futures		100		September 2016		17,529,438		18,637,500		1,108,062
Sold Contracts
FTSE 100 Index Futures		45		September 2016		3,590,171		3,847,477		(257,306	)
S&P 500 E Mini Futures		26		September 2016		2,708,640		2,717,260		(8,620	)
SPI 200 Futures		18		September 2016		1,677,639		1,737,117		(59,478	)
									$	855,017

19

DYNAMIC ASSET ALLOCATION 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)
Barclays Bank PLC		JPY	117,793		USD	1,154		9/20/16	$	9,926
Barclays Bank PLC		USD	5,821		CHF	5,639		9/20/16		(21,112	)
Barclays Bank PLC		USD	4,367		GBP	3,089		9/20/16		(251,224	)
BNP Paribas SA		AUD	6,972		USD	5,110		9/20/16		(75,845	)
BNP Paribas SA		GBP	1,949		USD	2,839		9/20/16		242,068
BNP Paribas SA		USD	486		AUD	655		9/20/16		1,010
BNP Paribas SA		USD	2,020		CAD	2,623		9/20/16		10,592
BNP Paribas SA		USD	1,413		EUR	1,247		9/20/16		(24,636	)
BNP Paribas SA		USD	3,436		NZD	4,844		9/20/16		8,951
Citibank		EUR	2,840		USD	3,226		9/20/16		64,953
Citibank		USD	5,774		EUR	5,048		9/20/16		(155,610	)
Citibank		USD	2,095		JPY	224,041		9/20/16		80,223
Credit Suisse International		CHF	5,024		USD	5,207		9/20/16		39,312
Credit Suisse International		EUR	2,386		USD	2,641		9/20/16		(14,130	)
Credit Suisse International		EUR	9,433		USD	10,510		9/20/16		12,833
Credit Suisse International		JPY	590,718		USD	5,524		9/20/16		(210,900	)
Credit Suisse International		USD	323		AUD	435		9/20/16		762
Credit Suisse International		USD	7,114		EUR	6,307		9/20/16		(95,375	)
Credit Suisse International		USD	5,527		JPY	587,214		9/20/16		173,987
Credit Suisse International		USD	2,386		NZD	3,439		9/20/16		60,025
Deutsche Bank AG		JPY	117,793		USD	1,153		9/20/16		8,875
Goldman Sachs Bank USA		JPY	437,153		USD	4,138		9/20/16		(106,721	)
Goldman Sachs Bank USA		JPY	227,097		USD	2,235		9/20/16		30,118
Goldman Sachs Bank USA		USD	4,882		JPY	519,204		9/20/16		159,149
HSBC Bank USA		GBP	3,819		USD	5,508		9/20/16		420,455
HSBC Bank USA		USD	485		AUD	655		9/20/16		1,686
JPMorgan Chase Bank		AUD	2,826		USD	2,072		9/20/16		(29,569	)
JPMorgan Chase Bank		EUR	5,422		USD	6,182		9/20/16		147,606
JPMorgan Chase Bank		GBP	1,062		USD	1,404		9/20/16		(10,097	)
JPMorgan Chase Bank		NZD	4,144		USD	2,896		9/20/16		(51,583	)
JPMorgan Chase Bank		USD	1,242		EUR	1,122		9/20/16		6,437
JPMorgan Chase Bank		USD	1,578		GBP	1,121		9/20/16		(84,530	)
Royal Bank of Scotland PLC		USD	2,481		AUD	3,348		9/20/16		9,003
Royal Bank of Scotland PLC		USD	1,065		EUR	931		9/20/16		(29,469	)
State Street Bank & Trust Co.		USD	2,814		AUD	3,874		9/20/16		66,521
UBS AG		USD	637		CAD	810		9/20/16		(9,939	)
UBS AG		USD	997		GBP	688		9/20/16		(79,939	)
									$	303,813

PUT OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price		Expiration Month		Premiums Received		U.S. $ Value
S&P 500 Index(i)		25,100	$	1,825.00		July 2016	$	243,470	$	(6,995	)

20

AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			Notional Amount (000)		Market Value			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)%		4.29	%	$	2,120	$	(67,323	)	$	(38,499	)
Morgan Stanley Capital Services LLC/(INTRCONX)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		4.29			205		(6,510	)		4
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		4.29			87		(2,763	)		2
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		(5.00	)		4.29			40		(1,270	)		1
Sale Contracts
Citigroup Global Markets, Inc./(INTRCONX)
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00			4.29			9,777		310,477			166,766
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00			4.29			5,223		165,861			93,372
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00			4.29			205		6,510			3,464
CDX-NAHY Series 26, 5 Year Index, 6/20/21*		5.00			4.29			87		2,763			187
									$	407,745		$	225,297

* Termination date

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation	# of Shares or Units		Rate Paid/ Received			Notional Amount (000)		Maturity Date		Unrealized Appreciation/ (Depreciation)
Receive Total Return on Reference Obligation
Citibank, NA
Standard and Poor’s Midcap 400 Index		5,069		LIBOR Minus 0.23%		$	10,629		2/21/17	$	328,467
Goldman Sachs International
MSCI Emerging Markets Index		44,715		LIBOR Minus 0.25%			16,352		10/17/16		(109,685	)
Russell 2000 Total Return Index		441		LIBOR Minus 0.71%			2,440		3/20/17		8,054
Russell 2000 Total Return Index		657		LIBOR Minus 0.80%			3,569		7/20/16		79,777
UBS AG
Russell 2000 Total Return Index		599		LIBOR Minus 0.70	%		3,254		10/17/16		72,084
										$	378,697

21

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

^ Less than $0.50.

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

(b) Non-income producing security.

(c) Fair valued by the Adviser.

(d) Illiquid security.

(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, 2016, the aggregate market value of these securities amounted to $448,001 or 0.1% of net assets.

(f) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

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

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

(i) One contract relates to 1 share.

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NZD—New Zealand Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

CBT—Chicago Board of Trade

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

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

INTRCONX—Inter-Continental Exchange

LIBOR—London Interbank Offered Rates

MSCI—Morgan Stanley Capital International

REG—Registered Shares

REIT—Real Estate Investment Trust

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.

22

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $372,789,717)	$	399,837,591	(a)
Affiliated issuers (cost $149,241,185—including investment of cash collateral for securities loaned of $22,622,247)		149,241,185
Cash collateral due from broker		2,805,641
Foreign currencies, at value (cost $666,581)		664,974
Unrealized appreciation on forward currency exchange contracts		1,554,492
Interest and dividends receivable		1,105,504
Unrealized appreciation on total return swaps		488,382
Receivable for capital stock sold		230,254
Receivable for variation margin on exchange-traded derivatives		38,840
Receivable for newly entered credit default swaps		31,505
Collateral due from Securities Lending Agent		15,908
Receivable for investment securities sold		4,437
Total assets		556,018,713
LIABILITIES
Due to custodian		94,955
Options written, at value (premiums received $243,470)		6,995
Payable for collateral received on securities loaned		22,638,155
Payable for investment securities purchased		3,630,441
Unrealized depreciation on forward currency exchange contracts		1,250,679
Advisory fee payable		278,572
Payable for capital stock redeemed		134,293
Unrealized depreciation on total return swaps		109,685
Payable for variation margin on exchange-traded derivatives		108,667
Distribution fee payable		107,377
Administrative fee payable		11,625
Transfer Agent fee payable		112
Accrued expenses		191,249
Total liabilities		28,562,805
NET ASSETS	$	527,455,908
COMPOSITION OF NET ASSETS
Capital stock, at par	$	46,035
Additional paid-in capital		497,771,197
Undistributed net investment income		5,571,734
Accumulated net realized loss on investment and foreign currency transactions		(4,970,639	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		29,037,581
	$	527,455,908

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	411,701		35,665	$	11.54
B	$	527,044,207		45,999,495	$	11.46

(a) Includes securities on loan with a value of $11,601,134 (see Note E).

See notes to financial statements.

23

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $172,771)	$	3,485,687
Affiliated issuers		282,518
Interest		869,499
Securities lending income		47,998
		4,685,702
EXPENSES
Advisory fee (see Note B)		1,772,014
Distribution fee—Class B		632,313
Transfer agency—Class A		1
Transfer agency—Class B		1,892
Custodian		127,777
Audit and tax		46,321
Administrative		24,077
Legal		22,232
Printing		17,926
Directors’ fees		10,665
Miscellaneous		38,996
Total expenses		2,694,214
Less: expenses waived and reimbursed by the Adviser (see Notes B and E)		(22,360	)
Net expenses		2,671,854
Net investment income		2,013,848
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		1,836,193
Futures		(3,196,156	)
Swaps		(334,778	)
Foreign currency transactions		480,146
Net change in unrealized appreciation/depreciation of:
Investments		5,145,031
Futures		994,730
Options written		236,475
Swaps		2,353,210
Foreign currency denominated assets and liabilities		(290,523	)
Net gain on investment and foreign currency transactions		7,224,328
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,238,176

See notes to financial statements.

24

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31,  2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,013,848		$	2,203,588
Net realized loss on investment and foreign currency transactions		(1,214,595	)		(351,816	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		8,438,923			(10,275,850	)
Net increase (decrease) in net assets from operations		9,238,176			(8,424,078	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(3,081	)
Class B		–0	–		(3,424,561	)
Net realized gain on investment transactions
Class A		–0	–		(6,189	)
Class B		–0	–		(9,052,556	)
CAPITAL STOCK TRANSACTIONS
Net increase		6,653,894			50,524,230
Total increase		15,892,070			29,613,765
NET ASSETS
Beginning of period		511,563,838			481,950,073
End of period (including undistributed net investment income of $5,571,734 and $3,557,886, respectively)	$	527,455,908		$	511,563,838

See notes to financial statements.

25

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, 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. 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

26

AB Variable Products Series Fund

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 of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a

27

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

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, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	18,155,514		$	25,119,599		$	–0	–(a)	$	43,275,113
Health Care		16,885,732			13,806,940			–0	–		30,692,672
Information Technology		23,087,226			5,539,212			–0	–		28,626,438
Consumer Discretionary		14,262,398			13,486,658			–0	–		27,749,056
Consumer Staples		12,926,847			13,991,856			–0	–		26,918,703
Industrials		11,821,579			14,740,091			–0	–		26,561,670
Energy		8,430,741			5,820,704			–0	–		14,251,445
Materials		3,295,633			7,467,333			–0	–		10,762,966
Telecommunication Services		3,407,520			5,662,698			17,209			9,087,427
Utilities		4,159,867			4,385,566			–0	–		8,545,433
Governments—Treasuries		–0	–		100,497,339			–0	–		100,497,339
Investment Companies		47,333,153			–0	–		–0	–		47,333,153
Rights		1,285			–0	–		1,603			2,888
Short-Term Investments:
Investment Companies		126,618,938			–0	–		–0	–		126,618,938
U.S. Treasury Bills		–0	–		25,533,288			–0	–		25,533,288
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		22,638,155			–0	–		–0	–		22,638,155
Total Investments in Securities		313,024,588			236,051,284			18,812			549,094,684
Other Financial Instruments(b):
Assets:
Futures		1,270,267			1,898			–0	–		1,272,165	(c)
Forward Currency Exchange Contracts		–0	–		1,554,492			–0	–		1,554,492
Centrally Cleared Credit Default Swaps		–0	–		263,796			–0	–		263,796	(c)
Total Return Swaps		–0	–		488,382			–0	–		488,382
Liabilities:
Futures		(79,505	)		(337,643	)		–0	–		(417,148	)(c)
Forward Currency Exchange Contracts		–0	–		(1,250,679	)		–0	–		(1,250,679	)
Put Options Written		–0	–		(6,995	)		–0	–		(6,995	)
Centrally Cleared Credit Default Swaps		–0	–		(38,499	)		–0	–		(38,499	)(c)
Total Return Swaps		–0	–		(109,685	)		–0	–		(109,685	)
Total(d)	$	314,215,350		$	236,616,351		$	18,812		$	550,850,513

(a) Less than $0.50.

(b) 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.

(c) 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.

(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.

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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			Rights			Total
Balance as of 12/31/15	$	–0	–(a)	$	–0	–(a)	$	–0	–(a)
Accrued discounts/(premiums)		–0	–		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–		–0	–
Change in unrealized appreciation/depreciation		2,377			(4,120	)		(1,743	)
Purchases		14,832			5,723			20,555
Sales		–0	–		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–		–0	–
Balance as of 6/30/16	$	17,209		$	1,603		$	18,812
Net change in unrealized appreciation/depreciation from Investments held as of 6/30/16(b)	$	2,377		$	(4,120	)	$	(1,743	)

(a) Less than $0.50.

(b) The unrealized appreciation/depreciation is included in net change in unrealized appreciation/depreciation on investments and other financial instruments in the accompanying consolidated 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 a 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 each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .70% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .85% and 1.10% of daily average net assets for Class A and Class B shares, respectively. The Expense Caps will remain in effect until May 1, 2017 and then may be extended by the Adviser for additional one-year terms. For the six months ended June 30, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2016, the reimbursement for such services amounted to $24,077.

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 $569 for the six months ended June 30, 2016.

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

30

AB Variable Products Series Fund

June 30, 2016, such waiver amounted to $22,155. A summary of the Portfolio’s transactions in shares of the Government Money Market Portfolio for the six months ended June 30, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)		Dividend Income (000)
$	151,611	$	147,240	$	172,232	$	126,619	$	230

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $71,464, 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, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	173,606,100	$	103,145,374
U.S. government securities		21,234,343		53,026,696

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	$	39,741,497
Gross unrealized depreciation		(12,693,623	)
Net unrealized appreciation	$	27,047,874

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, 2016, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. 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.

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AB Variable Products Series Fund

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.

At June 30, 2016, the maximum payments for written put options amounted to $45,807,500. 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.

During the six months ended June 30, 2016, the Portfolio held purchased options for hedging and non-hedging purposes. During the six months ended June 30, 2016, the Portfolio held written options for hedging and non-hedging purposes.

For the six months ended June 30, 2016, the Portfolio had the following transactions in written options:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/15		–0	–	$	–0	–
Options written		25,100			243,470
Options expired		–0	–		–0	–
Options bought back		–0	–		–0	–
Options exercised		–0	–		–0	–
Options written outstanding as of 06/30/16		25,100		$	243,470

• Swaps

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

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

33

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

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 (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, 2016, the Portfolio had Buy Contracts outstanding with respect to the same referenced obligation and same counterparty for its Sales Contracts which may partially offset the Maximum Payout Amount in the amount of $15,292,000.

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

34

AB Variable Products Series Fund

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, 2016, 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, 2016, the Portfolio held total return swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain derivative financial instrument’s 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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	1,222,292	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	69,143	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		263,796	*	Receivable/Payable for variation margin on exchange-traded derivatives		38,499	*

35

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

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	49,873	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	348,005	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		1,554,492		Unrealized depreciation on forward currency exchange contracts		1,250,679
Equity contracts					Options written, at value		6,995
Equity contracts	Unrealized appreciation on total return swaps		488,382		Unrealized depreciation on total return swaps		109,685
Total		$	3,578,835			$	1,823,006

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	2,609,650		$	1,446,857
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(5,805,806	)		(452,127	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		361,003			(289,476	)
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(401,816	)		–0	–
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		–0	–		236,475
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(269,865	)		341,106
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(64,913	)		2,012,104
Total		$	(3,571,747	)	$	3,294,939

36

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, 2016:

Futures:
Average original value of buy contracts	$	116,692,084
Average original value of sale contracts	$	3,876,175	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	65,868,234
Average principal amount of sale contracts	$	44,076,344
Purchased Options:
Average monthly cost	$	1,244,239	(b)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	2,452,000	(c)
Average notional amount of sale contracts	$	18,182,667	(b)
Total Return Swaps:
Average notional amount	$	34,120,433

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

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

(c) 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, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

Exchange-Traded Derivatives:

Citigroup Global Markets, Inc.*

$

40,155

$

–0

–

$

–0

–

$

–0

–

$

40,155

Total

$

40,155

$

–0

–

$

–0

–

$

–0

–

$

40,155

OTC Derivatives:

Barclays Bank PLC

$

9,926

$

(9,926

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

262,621

(100,481

)

–0

–

–0

–

162,140

Citibank, NA

473,643

(162,605

)

–0

–

–0

–

311,038

Credit Suisse International

286,919

(286,919

)

–0

–

–0

–

–0

–

Deutsche Bank AG

8,875

–0

–

–0

–

–0

–

8,875

Goldman Sachs Bank USA/Goldman Sachs International

277,098

(216,406

)

–0

–

–0

–

60,692

HSBC Bank USA

422,141

–0

–

–0

–

–0

–

422,141

JPMorgan Chase Bank

154,043

(154,043

)

–0

–

–0

–

–0

–

Royal Bank of Scotland PLC

9,003

(9,003

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

66,521

–0

–

–0

–

–0

–

66,521

UBS AG

72,084

(72,084

)

–0

–

–0

–

–0

–

Total

$

2,042,874

$

(1,011,467

)

$

–0

–

$

–0

–

$

1,031,407

^

37

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

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged**			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc./ Morgan Stanley Capital Services LLC*	$	109,982	$	–0	–	$	(109,982	)	$	–0	–	$	–0	–
Total	$	109,982	$	–0	–	$	(109,982	)	$	–0	–	$	–0	–
OTC Derivatives:
Barclays Bank PLC	$	272,336	$	(9,926	)	$	–0	–	$	–0	–	$	262,410
BNP Paribas SA		100,481		(100,481	)		–0	–		–0	–		–0	–
Citibank, NA		162,605		(162,605	)		–0	–		–0	–		–0	–
Credit Suisse International		320,405		(286,919	)		–0	–		–0	–		33,486
Goldman Sachs Bank USA/Goldman Sachs International		216,406		(216,406	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank		175,779		(154,043	)		–0	–		–0	–		21,736
Royal Bank of Scotland PLC		29,469		(9,003	)		–0	–		–0	–		20,466
UBS AG		89,878		(72,084	)		–0	–		–0	–		17,794
Total	$	1,367,359	$	(1,011,467	)	$	–0	–	$	–0	–	$	355,892	^

* Cash and securities have been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2016.

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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

38

AB Variable Products Series Fund

June 30, 2016, the Portfolio had securities on loan with a value of $11,601,134 and had received cash collateral which has been invested into Government Money Market Portfolio of $22,622,247. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $47,998, $51,728 and $502 from the borrowers, AB Exchange Reserves and Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $205. 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	22,314	$	436,490	$	451,471	$	7,333	$	0

A summary of the Portfolio’s transactions in shares of Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	7,333	$	23,729	$	8,440	$	22,622

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		9,768			16,626		$	108,774		$	193,334
Shares issued in reinvestment of dividends and distributions		–0	–		769			–0	–		8,969
Shares redeemed		(9,384	)		(11,885	)		(104,108	)		(140,688	)
Net increase		384			5,510		$	4,666		$	61,615
Class B
Shares sold		4,038,922			10,015,664		$	45,129,901		$	118,142,651
Shares issued in reinvestment of dividends and distributions		–0	–		1,074,687			–0	–		12,477,117
Shares redeemed		(3,443,736	)		(6,926,352	)		(38,480,673	)		(80,157,153	)
Net increase		595,186			4,163,999		$	6,649,228		$	50,462,615

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.

39

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

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

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

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

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

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

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

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of derivative instruments by the Portfolio, such as forwards, futures, 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.

40

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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	8,554,468	$	10,233,755
Net long-term capital gains		3,931,919		8,045,104
Total taxable distributions paid	$	12,486,387	$	18,278,859

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	3,070,859
Undistributed net capital gain		110,904
Accumulated capital and other losses		(10,347	)(a)
Unrealized appreciation/(depreciation)		17,229,083	(b)
Total accumulated earnings/(deficit)	$	20,400,499

(a) As of December 31, 2015, the Portfolio had cumulative deferred losses on straddles of $10,347.

(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 Treasury inflation-protected securities, and the realization for tax purposes of gains/losses on certain derivative instruments.

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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

41

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,  2016 (unaudited)			Year Ended December 31,												April 1, 2011(a) to December 31, 2011
				2015			2014			2013			2012
Net asset value, beginning of period		$11.33			$11.74			$11.74			$10.53			$9.75			$10.00
Income From Investment Operations
Net investment income (loss) (b)		.06	(c)		.08			.08	(c)		.03	(c)		(.01	)(c)		.03	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.15			(.19	)		.44			1.26			.81			(.28	)
Net increase (decrease) in net asset value from operations		.21			(.11	)		.52			1.29			.80			(.25	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.10	)		(.07	)		(.04	)		(.01	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(.20	)		(.45	)		(.04	)		(.01	)		–0	–
Total dividends and distributions		–0	–		(.30	)		(.52	)		(.08	)		(.02	)		–0	–
Net asset value, end of period		$11.54			$11.33			$11.74			$11.74			$10.53			$9.75
Total Return
Total investment return based on net asset value (d)		1.94	%		(1.09	)%		4.45	%		12.31	%		8.22	%		(2.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$412			$400			$350			$269			$27			$9,742
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.80	%^		.83	%		.85	%		.85	%		.85	%		.85	%^
Expenses, before waivers/reimbursements		.81	%^		.83	%		.85	%		.89	%		1.22	%		2.53	%^
Net investment income (loss)		1.08	%(c)^		.67	%		.69	%(c)		.31	%(c)		(.14	)%(c)		.36	%(c)^
Portfolio turnover rate		45	%		93	%		53	%		52	%		51	%		68	%

See footnote summary on page 43.

42

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31,												April 1, 2011(a) to December 31, 2011
				2015			2014			2013			2012
Net asset value, beginning of period		$11.26			$11.68			$11.68			$10.49			$9.74			$10.00
Income From Investment Operations
Net investment income (b)		.04	(c)		.05			.05	(c)		.01	(c)		.01	(c)		.06	(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.16			(.19	)		.45			1.25			.76			(.32	)
Net increase (decrease) in net asset value from operations		.20			(.14	)		.50			1.26			.77			(.26	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.08	)		(.05	)		(.03	)		(.01	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(.20	)		(.45	)		(.04	)		(.01	)		–0	–
Total dividends and distributions		–0	–		(.28	)		(.50	)		(.07	)		(.02	)		–0	–
Net asset value, end of period		$11.46			$11.26			$11.68			$11.68			$10.49			$9.74
Total Return
Total investment return based on net asset value (d)		1.87	%		(1.30	)%		4.21	%		12.04	%		7.90	%		(2.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$527,044			$511,164			$481,600			$387,519			$220,663			$51,687
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%^		1.08	%		1.10	%		1.10	%		1.10	%		1.10	%^
Expenses, before waivers/reimbursements		1.06	%^		1.08	%		1.10	%		1.14	%		1.29	%		2.45	%^
Net investment income		.80	%(c)^		.43	%		.44	%(c)		.05	%(c)		.12	%(c)		1.02	%(c)^
Portfolio turnover rate		45	%		93	%		53	%		52	%		51	%		68	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

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

^ Annualized.

See notes to financial statements.

43

DYNAMIC ASSET ALLOCATION PORTFOLIO

SENIOR OFFICER FEE EVALUATION

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Dynamic Asset Allocation Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement.

The Senior Officer’s evaluation considered the following factors:

1. Management fees charged to institutional and other clients of the Adviser for like services;

2. Management fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement.

Portfolio	Net Assets 06/30/15 ($MM)	Advisory Fee
Dynamic Asset Allocation Portfolio	$525.2	0.70% of average daily net assets

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $48,567 (0.010% of the Portfolio’s average daily net assets) for such services.

The Adviser agreed to waive that portion of its management fees and/or reimburse the Portfolio for that portion of its total operating expenses to the degree necessary to limit the Portfolio’s expense ratios to the amounts set forth below for the

1 The information in the fee evaluation was completed on July 23, 2015 and discussed with the Board of Directors on August 4-5, 2015.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratios refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

44

AB Variable Products Series Fund

Portfolio’s current fiscal year. The agreement for such reimbursement is terminable by the Adviser upon at least 60 days’ notice prior to the Portfolio’s prospectus update. Set forth below are the Portfolio’s gross expense ratios for the most recently completed fiscal year:

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Gross Expense Ratio (12/31/14)		Fiscal Year End
Dynamic Asset Allocation Portfolio4	Class A    0.85%		0.85%	December 31
	Class B    1.10%		1.10%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed by the Portfolio for providing such services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁵ In addition to the AB institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB institutional fee schedule been applicable to the Portfolio versus the Portfolio’s advisory fee based on June 30, 2015 net assets:⁶

Portfolio	Net Assets 6/30/15 ($MM)	AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Dynamic Asset Allocation Portfolio	$525.2	Dynamic All Market 0.60% on 1st $500 million 0.50% on next the balance Minimum account size: $25m		0.595	%		0.700	%

4 The Portfolio’s percentage of net assets allocated to ETFs as of April 30, 2015 is 17.86%. The Portfolio’s underlying expense ratio related to such ETF holdings is 0.0406%.

5 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

6 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

45

DYNAMIC ASSET ALLOCATION PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser manages AB Cap Fund (“ACF”)—AB All Market Growth Portfolio—(“All Market Growth Portfolio”), a retail mutual fund which has a somewhat similar investment style as the Portfolio. The advisory fee schedule of All Market Growth Portfolio is set forth below.

Portfolio	AB Fund	Fee
Dynamic Asset Allocation Portfolio	ACF—All Market Growth Portfolio7	0.60% of average daily net assets

The Adviser manages the Sanford C. Bernstein Fund, Inc. Overlay Portfolios (the “Overlay Portfolios”), which utilize the Adviser’s DAA strategy. Unlike the Dynamic Asset Allocation Portfolio, the Overlay Portfolios are not designed as stand-alone investments and are used in conjunction with globally diversified Private Client portfolios.⁸ The advisory fee schedules of the Overlay Portfolios are set forth below. Also shown are what would have been the effective advisory fees of the Portfolio had the Overlay Portfolios’ fee schedules been applicable to the Portfolio based on June 30, 2015 net assets:

Portfolio	Overlay Portfolio	Fee9	Portfolio Advisory Fee
Dynamic Asset Allocation Portfolio	Overlay A Portfolio Tax-Aware Overlay A Portfolio	0.90% of average daily net assets	0.700%
	Overlay B Portfolio Tax-Aware Overlay B Portfolio Tax-Aware Overlay C Portfolio Tax-Aware Overlay N Portfolio	0.65% of average daily net assets

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the following fees for Dynamic Diversified Portfolio, a Luxembourg fund that has a somewhat similar investment style as the Portfolio:

Portfolio	Luxembourg Fund	Fee10
Dynamic Asset Allocation Portfolio	Dynamic Diversified Portfolio
	Class A	1.70%
	Class I (Institutional)	0.90%

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families that have an investment style similar to that of the Portfolio. The Adviser charges the fees set forth below for the sub-advisory relationship that has a somewhat similar investment style as the Portfolio. Also shown are what would have been the effective advisory fees of the Portfolio had the fee schedules of the sub-advisory relationships been applicable to the Portfolio based on June 30, 2015 net assets.

7 ACF—All Market Growth Portfolio was not in existence at the time of the NYAG settlement. Accordingly, the retail mutual fund’s advisory fee schedule does not follow any of the NYAG related categories.

8 Overlay A Portfolio and Tax-Aware Overlay A Portfolio are intended for use in Private Client accounts that have a higher equity weighting (e.g. 80% equity and 20% fixed-income). The other Overlay Portfolios are intended for use in Private Client accounts that have a higher fixed income weighting (e.g. 70% fixed- income and 30% equity). The Overlay Portfolios will gain exposure to various asset classes through direct investments in equity and debt securities as well as derivatives.

9 The advisory fees of each Overlay Portfolio are based on the percentage of each portfolio’s average daily net assets, not an aggregate of the assets in the portfolios shown.

10 Class A shares of the Luxembourg funds are charged an “all-in” fee, which includes investment advisory and distribution-related services, unlike Class I shares, whose fee is for only investment advisory services.

46

AB Variable Products Series Fund

Portfolio		Fee Schedule	Effective Sub-Adv. Fee		Portfolio Advisory Fee
Dynamic Asset Allocation Portfolio	Client #1	0.40% on first $100 million 0.35% on next $100 million 0.30% on the balance		0.329%		0.700%
	Client #2	0.40% on 1st $250 million 0.35% on next $250 million 0.325% on next $500 million 0.30% on the balance		0.371%		0.700%
	Client #3	0.40% on first $250 million 0.35% on next $500 million 0.30% on the balance		0.374%		0.700%
	Client #411	0.35% on first $400 million 0.30% on the balance		0.338%		0.700%

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser. In addition, to the extent that certain of these sub-advisory relationships are with affiliates of the Adviser, the fee schedules may not reflect arm’s length bargaining or negotiations.

While it appears that the sub-advisory relationship is paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such a lower fee due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationship. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management, generally required by a registered investment company.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.¹² Lipper’s analysis included the Portfolio’s contractual management fee¹³ estimated at the approximate current asset level of the Portfolio to the median of the Portfolio’s Lipper Expense Group (“EG”).¹⁴

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

The Portfolio’s original EG had an insufficient number of peers in Lipper’s view. Consequently, Lipper expanded the Portfolio’s EG to include peers that have similar but not the same Lipper investment classification/objective.

11 The client is an affiliate of the Adviser.

12 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arm’s length.” Jones v. Harris at 1429.

13 The contractual management fee is calculated by Lipper using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Portfolio had the lowest effective fee rate in the Lipper peer group.

14 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. In addition, there are limitations in Lipper’s expense category data because different funds categorize expenses differently.

47

DYNAMIC ASSET ALLOCATION PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Portfolio	Contractual Management Fee15		Lipper EG Median (%)		Lipper EG Rank
Dynamic Asset Allocation Portfolio16		0.700		0.700		5/9

However, because Lipper had expanded the EG of the Portfolio, under Lipper’s standard guidelines, the Lipper Expense Universe (“EU”) was also expanded to include the universe of those peers that had a similar but not the same Lipper investment classification/objective. A “normal” EU will include funds that have the same investment classification/objective as the subject Portfolio.¹⁷

Portfolio	Total Expense Ratio (%)18		Lipper EG Median (%)		Lipper EG Rank		Lipper EU Median (%)		Lipper EU Rank
Dynamic Asset Allocation Portfolio19		0.850		0.730		6/9		0.730		11/15

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2014, relative to 2013.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter and distributor, AB Investments, Inc. (“ABI”), an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2014, ABI received $1,082,584 in Rule 12b-1 fees from the Portfolio.

15 The contractual management fee would not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waivers for expense caps that would effectively reduce the actual management fee.

16 The Portfolio’s EG consists of the Portfolio, six other Flexible Portfolio (“FX”) funds and two Alternative Other (“ALT”) funds

17 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

18 Most recently completed fiscal year Class A total expense ratio.

19 The Portfolio’s EU consists of the Portfolio, the EG, and all other FX and ALT funds.

48

AB Variable Products Series Fund

During the fiscal year ended December 31, 2014, the Adviser incurred distribution expenses in the amount of $2,143,984 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year.

The transfer agent of the Portfolio is AB Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of approximately $1,385 from the Portfolio.²⁰

The Portfolio did not effect any brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB.” The Adviser represented that SCB’s profitability from any future business conducted with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for its clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

Previously, in February 2008, the independent consultant provided the Board of Directors an update of the Deli²¹ study on advisory fees and various fund characteristics.²² The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.²³ The independent consultant then

20 The Fund (which includes the Portfolio and other series of the Fund) paid ABIS a flat fee of $18,000 in 2014.

21 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

22 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

23 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

49

DYNAMIC ASSET ALLOCATION PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $485 billion as of June 30, 2015, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information prepared by Lipper shows the 1 and 3 year net performance ranking and return²⁴ of the Portfolio relative to its Lipper Performance Group (“PG”) and Lipper Performance Universe (“PU”)²⁵ for the periods ended May 31, 2015.²⁶

Portfolio	Portfolio Return (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Dynamic Asset Allocation Portfolio
1 year		5.57		4.93		4.72		2/7		4/15
3 year		9.62		10.61		10.27		7/7		10/13

Set forth below are the 1 year, 3 year and since inception net performance returns of the Portfolio (in bold) versus its benchmark for the periods ended May 31, 2015.²⁷

	Periods Ending May 31, 2015 Annualized Net Performance (%)
	1 Year (%)		3 Year (%)		Since Inception (%)
Dynamic Asset Allocation		5.57		9.61		6.29
60% MSCI World/ 40% Barclays US Aggregate Government—Treasury		4.77		10.54		7.26
MSCI World Net Index		5.70		17.09		9.33
Barclays US Aggregate Government—Treasury		3.07		1.07		3.55
Inception Date: April 1, 2011

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. However, the Senior Officer recommended that the Directors discuss with the Adviser the proposed advisory fee schedule of the Portfolio, which lacks potential for sharing economies of scale through breakpoints, should the Portfolio’s assets, which currently remain low, grow to a substantial level. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: August 28, 2015

24 The performance rankings are for the Class A shares of the Portfolio. The performance return of the Portfolio shown was provided by Lipper.

25 The Portfolio’s EG is not identical to the Portfolio’s PG as the criteria for including/excluding a fund from an EG is somewhat different from that of a PG. The Portfolio’s EU is identical to the Portfolio’s PU.

26 The current Lipper investment classification/objective dictates the PG and PU throughout the life of the fund even if a fund had a different investment classification/objective at a different point in time.

27 The performance returns shown in the table are for the Class A shares of the Portfolio. The performance returns for the Portfolio and the benchmark were provided by the Adviser.

50

VPS-DAA-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,063.30	$	1.95		0.38	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.97	$	1.91		0.38	%
Class B
Actual	$	1,000	$	1,062.40	$	3.23		0.63	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.73	$	3.17		0.63	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GLOBAL BOND PORTFOLIO
SECURITY TYPE BREAKDOWN*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	5,283,404		49.6	%
Governments—Treasuries		3,180,867		29.8
Corporates—Investment Grade		462,528		4.3
Governments—Sovereign Agencies		302,218		2.8
Inflation-Linked Securities		254,371		2.4
Emerging Markets—Treasuries		178,630		1.7
Mortgage Pass-Throughs		87,323		0.8
Corporates—Non-Investment Grade		56,631		0.5
Collateralized Mortgage Obligations		54,211		0.5
Commercial Mortgage-Backed Securities		39,192		0.4
Local Governments—Provincial Bonds		20,293		0.2
Short-Term Investments		742,013		7.0
Total Investments	$	10,661,681		100.0	%

COUNTRY BREAKDOWN^†

June 30, 2016 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	7,315,142		68.6	%
Canada		623,951		5.8
Italy		581,824		5.5
United Kingdom		454,921		4.3
Brazil		189,662		1.8
Germany		142,410		1.3
France		138,511		1.3
Australia		124,201		1.2
Mexico		112,492		1.0
Spain		83,563		0.8
Portugal		76,535		0.7
Belgium		51,463		0.5
Turkey		12,405		0.1
Other		12,588		0.1
Short-Term Investments		742,013		7.0
Total Investments	$	10,661,681		100.0	%

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

† All data are as of June 30, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.1% or less in the following countries: Greece, New Zealand and Switzerland.

2

GLOBAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES–49.9%
FUNDS AND INVESTMENT TRUSTS–49.9%
AB Global Bond Fund, Inc.– Class Z(a) (cost $5,222,893)			617,942	$	5,283,404
	Principal Amount (000)
GOVERNMENTS– TREASURIES–30.0%
AUSTRALIA–1.2%
Australia Government Bond
Series 142 4.25%, 4/21/26(b)		AUD	110		98,507
Series 144 3.75%, 4/21/37(b)			29		25,694
					124,201
BELGIUM–0.5%
Belgium Government Bond Series 71 3.75%, 6/22/45(b)		EUR	27		51,463
CANADA–2.6%
Canadian Government Bond 1.25%, 8/01/17		CAD	360		280,791
FRANCE–1.3%
France Government Bond OAT
0.50%, 5/25/25(b)		EUR	10		11,516
2.50%, 5/25/30(b)			12		17,040
3.50%, 4/25/20(b)			86		109,955
					138,511
GERMANY–1.3%
Bundesrepublik Deutschland
0.50%, 2/15/25(b)			30		35,045
2.25%, 9/04/21(b)			26		33,128
2.50%, 7/04/44(b)			35		61,195
Series 00 6.25%, 1/04/30(b)			3		6,198
					135,566
GREECE–0.0%
Hellenic Republic Government Bond 4.75%, 4/17/19(b)			3		3,000
ITALY–5.5%
Italy Buoni Poliennali Del Tesoro
1.35%, 4/15/22			75		87,012
3.25%, 9/01/46(b)			20		26,668
3.75%, 5/01/21			262		338,104
5.50%, 11/01/22			65		93,689
6.00%, 5/01/31			21		36,351
					581,824
MEXICO–1.1%
Mexican Bonos
Series M 5.75%, 3/05/26		MXN	660	$	35,803
8.00%, 6/11/20			1,280		76,689
					112,492
PORTUGAL–0.7%
Portugal Obrigacoes do Tesouro OT
2.875%, 10/15/25(b)		EUR	35		39,212
4.80%, 6/15/20(b)			30		37,323
					76,535
SPAIN–0.8%
Spain Government Bond
1.95%, 7/30/30(b)			13		15,092
2.15%, 10/31/25(b)			20		24,109
4.20%, 1/31/37(b)			21		31,917
5.15%, 10/31/44(b)			7		12,445
					83,563
TURKEY–0.1%
Turkey Government Bond 9.40%, 7/08/20		TRY	35		12,405
UNITED KINGDOM–4.1%
United Kingdom Gilt
1.75%, 7/22/19–9/07/22(b)		GBP	135		190,418
2.25%, 9/07/23(b)			78		115,125
2.50%, 7/22/65(b)			10		17,912
3.25%, 1/22/44(b)			65		115,435
					438,890
UNITED STATES–10.8%
U.S. Treasury Bonds
2.875%, 5/15/43		U.S.$	54		60,723
3.00%, 11/15/44–11/15/45			95		109,233
3.625%, 8/15/43			90		116,118
6.25%, 5/15/30			90		141,465
U.S. Treasury Notes
0.875%, 4/30/17			325		325,987
1.375%, 4/30/20			50		50,941
2.00%, 2/15/25			108		112,995
2.125%, 6/30/21			65		68,466
2.25%, 11/15/25			15		16,003
2.50%, 5/15/24			42		45,618
2.625%, 8/15/20			88		94,077
					1,141,626
Total Governments–Treasuries (cost $3,102,274)					3,180,867
CORPORATES–INVESTMENT GRADE–4.4%
INDUSTRIAL–3.6%
BASIC–0.2%
Glencore Funding LLC 4.00%, 4/16/25(b)			5		4,425
Mosaic Co. (The) 5.625%, 11/15/43			5		5,546

3

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

Company	Principal Amount (000)			U.S. $ Value
Rio Tinto Finance USA Ltd. 3.75%, 6/15/25		U.S.$	10	$	10,461
Vale Overseas Ltd. 5.875%, 6/10/21			6		6,007
					26,439
CAPITAL GOODS–0.1%
General Electric Co. Series D 5.00%, 1/21/21(c)			5		5,305
COMMUNICATIONS– MEDIA–0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.579%, 7/23/20			5		5,227
4.908%, 7/23/25			15		16,400
Cox Communications, Inc. 2.95%, 6/30/23(b)			8		7,710
S&P Global, Inc. 4.40%, 2/15/26			15		16,835
Time Warner, Inc. 3.60%, 7/15/25			5		5,291
					51,463
COMMUNICATIONS– TELECOMMUNICATIONS–0.3%
AT&T, Inc. 3.60%, 2/17/23			15		15,648
Deutsche Telekom International Finance BV Series E 4.25%, 7/13/22(b)		EUR	5		6,844
Verizon Communications, Inc. 4.862%, 8/21/46		U.S.$	5		5,465
					27,957
CONSUMER CYCLICAL–AUTOMOTIVE– 0.1%
General Motors Financial Co., Inc. 3.25%, 5/15/18			12		12,249
CONSUMER NON- CYCLICAL–0.9%
AbbVie, Inc.
2.50%, 5/14/20			4		4,089
3.60%, 5/14/25			10		10,478
Baxalta, Inc. 5.25%, 6/23/45			5		5,423
Biogen, Inc. 2.90%, 9/15/20			4		4,169
Gilead Sciences, Inc. 3.65%, 3/01/26			3		3,265
Kraft Heinz Foods Co.
2.80%, 7/02/20(b)			7		7,269
3.50%, 7/15/22(b)			7		7,435
Mylan NV 3.15%, 6/15/21			11		11,158
Newell Brands, Inc.
3.15%, 4/01/21			9		9,376
3.85%, 4/01/23			6		6,364
Philip Morris International, Inc. 2.125%, 5/10/23	U.S.$		10	$	10,037
Reynolds American, Inc.
4.45%, 6/12/25			10		11,199
5.85%, 8/15/45			3		3,833
					94,095
ENERGY–0.7%
ConocoPhillips 5.75%, 2/01/19			12		13,202
Energy Transfer Partners LP 4.65%, 6/01/21			5		5,162
EnLink Midstream Partners LP 4.15%, 6/01/25			13		11,981
Enterprise Products Operating LLC 3.70%, 2/15/26			10		10,407
Halliburton Co. 5.00%, 11/15/45			6		6,599
Husky Energy, Inc. 7.25%, 12/15/19			6		6,750
Marathon Oil Corp. 6.60%, 10/01/37			2		2,022
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			12		11,269
Schlumberger Holdings Corp. 2.35%, 12/21/18(b)			12		12,234
					79,626
SERVICES–0.0%
eBay, Inc. 3.80%, 3/09/22			4		4,250
TECHNOLOGY–0.8%
Diamond 1 Finance Corp./Diamond 2 Finance Corp.
4.42%, 6/15/21			10		10,293
5.45%, 6/15/23			10		10,376
Fidelity National Information Services, Inc.
3.50%, 4/15/23			3		3,115
5.00%, 10/15/25			3		3,406
Hewlett Packard Enterprise Co. 4.90%, 10/15/25(b)			10		10,448
HP, Inc. 4.65%, 12/09/21			10		10,814
KLA-Tencor Corp. 4.65%, 11/01/24			5		5,454
Lam Research Corp. 2.80%, 6/15/21			8		8,190
Micron Technology, Inc. 7.50%, 9/15/23			6		6,375
Seagate HDD Cayman 4.75%, 6/01/23			5		4,226
Total System Services, Inc. 3.75%, 6/01/23			7		7,109
					79,806
					381,190

4

AB Variable Products Series Fund

Company	Principal Amount (000)			U.S. $ Value
FINANCIAL INSTITUTIONS–0.6%
BANKING–0.5%
Bank of America Corp. 3.875%, 8/01/25		U.S.$	20	$	21,216
Goldman Sachs Group, Inc. (The)
3.85%, 7/08/24			10		10,603
5.15%, 5/22/45			3		3,090
Morgan Stanley Series G 4.00%, 7/23/25			11		11,779
					46,688
INSURANCE–0.1%
Aetna, Inc. 2.40%, 6/15/21			12		12,243
MetLife, Inc. Series C 5.25%, 6/15/20(c)			1		993
					13,236
					59,924
UTILITY–0.2%
ELECTRIC–0.2%
Entergy Corp. 4.00%, 7/15/22			8		8,585
Exelon Corp. 3.95%, 6/15/25			12		12,829
					21,414
Total Corporates–Investment Grade (cost $444,105)					462,528
GOVERNMENTS–SOVEREIGN AGENCIES–2.8%
BRAZIL–0.0%
Petrobras Global Finance BV 8.75%, 5/23/26			5		5,025
CANADA–2.8%
Canada Housing Trust No. 1
3.80%, 6/15/21(b)		CAD	285		250,044
1.70%, 12/15/17(b)			60		47,149
					297,193
Total Governments–Sovereign Agencies (cost $303,423)					302,218
INFLATION-LINKED SECURITIES–2.4%
UNITED STATES – 2.4%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS) (cost $253,035)		U.S.$	249		254,371
EMERGING MARKETS–TREASURIES – 1.7%
BRAZIL–1.7%
Brazil Notas do Tesouro Nacional Series B 6.00%, 8/15/50-5/15/55		BRL	37		33,108
Series F 10.00%, 1/01/25		BRL	260	$	72,634
10.00%, 1/01/27			265		72,888
Total Emerging Markets–Treasuries (cost $157,891)					178,630
MORTGAGE PASS-THROUGHS–0.8%
AGENCY FIXED RATE 30-YEAR–0.7%
Federal National Mortgage Association 4.00%, 12/01/44		U.S.$	22		24,330
Government National Mortgage Association 3.50%, 7/01/46, TBA			48		50,415
					74,745
OTHER AGENCY FIXED RATE PROGRAMS–0.1%
Canadian Mortgage Pools 6.125%, 12/15/24		CAD	13		12,578
Total Mortgage Pass-Throughs (cost $85,837)					87,323
CORPORATES–NON-INVESTMENT GRADE–0.5%
INDUSTRIAL–0.5%
CAPITAL GOODS–0.2%
Herc Spinoff Escrow Issuer LLC/Herc Spinoff Escrow Issuer Corp. 7.75%, 6/01/24		U.S.$	10		9,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.75%, 10/15/20			5		5,163
					14,913
COMMUNICATIONS– TELECOMMUNICATIONS–0.0%
Communications Sales & Leasing, Inc./CSL Capital LLC 6.00%, 4/15/23(b)			2		2,030
T-Mobile USA, Inc. 6.50%, 1/15/26			2		2,110
					4,140
CONSUMER CYCLICAL–RETAILERS–0.0%
Sally Holdings LLC/Sally Capital, Inc. 5.625%, 12/01/25			4		4,190
ENERGY–0.2%
Cenovus Energy, Inc. 5.70%, 10/15/19			6		6,346
Continental Resources, Inc./OK 5.00%, 9/15/22			4		3,910

5

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

Company	Principal Amount (000)			U.S. $ Value
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43	U.S.$		10	$	7,125
Noble Holding International Ltd. 3.95%, 3/15/22			8		5,570
					22,951
TECHNOLOGY–0.1%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24			5		5,222
					51,416
FINANCIAL INSTITUTIONS–0.0%
REITS–0.0%
VEREIT Operating Partnership LP 4.125%, 6/01/21			5		5,215
Total Corporates–Non-Investment Grade (cost $53,472)					56,631
COLLATERALIZED MORTGAGE OBLIGATIONS–0.5%
RISK SHARE FLOATING RATE–0.5%
Federal National Mortgage Association Connecticut Avenue Securities Series 2015-C03, Class 1M1 1.936% (LIBOR 1 Month + 1.50%), 7/25/25(d)			11		11,112
Series 2016-C01, Class 1M2 7.177% (LIBOR 1 Month + 6.75%), 8/25/28(d)			13		13,632
Series 2016-C01, Class 2M2 7.377% (LIBOR 1 Month + 6.95%), 8/25/28(d)			13		13,615
Series 2016-C02, Class 1M2 6.446% (LIBOR 1 Month + 6.00%), 9/25/28(d)			15		15,852
Total Collateralized Mortgage Obligations (cost $51,094)					54,211
COMMERCIAL MORTGAGE-BACKED SECURITIES–0.4%
NON-AGENCY FIXED RATE CMBS–0.4%
JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.81%, 11/15/48	U.S.$		10	$	9,317
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			30		29,875
Total Commercial Mortgage-Backed Securities (cost $40,359)					39,192
LOCAL GOVERNMENTS–PROVINCIAL BONDS–0.2%
CANADA–0.2%
Province of Ontario Canada
2.40%, 6/02/26		CAD	15		12,064
2.60%, 6/02/25			10		8,229
Total Local Governments–Provincial Bonds (cost $18,780)					20,293
	Shares
SHORT-TERM INVESTMENTS–7.0%
INVESTMENT COMPANIES–7.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB 0.25%(a)(e) (cost $742,013)			742,013		742,013
TOTAL INVESTMENTS–100.6%
(cost $10,475,176)					10,661,681
Other assets less liabilities–(0.6)%					(64,515	)
NET ASSETS–100.0%				$	10,597,166

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		6		September 2016	$	883,646	$	887,987	$	4,341
Long Gilt Futures		1		September 2016		163,052		171,052		8,000
									$	12,341

6

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)
BNP Paribas SA		ARS	17		USD	1		7/01/16	$	10
BNP Paribas SA		USD	1		ARS	17		7/01/16		38
BNP Paribas SA		BRL	178		USD	49		7/05/16		(6,630	)
BNP Paribas SA		USD	55		BRL	178		7/05/16		(43	)
BNP Paribas SA		ZAR	273		USD	18		7/12/16		(711	)
BNP Paribas SA		ARS	52		USD	3		12/12/16		156
BNP Paribas SA		USD	3		ARS	52		12/12/16		326
Nomura Global Financial Products, Inc.		USD	23		MYR	95		7/15/16		559
Standard Chartered Bank		BRL	353		USD	110		7/05/16		86
Standard Chartered Bank		USD	107		BRL	353		7/05/16		3,247
Standard Chartered Bank		CNY	688		USD	105		7/20/16		1,044
Standard Chartered Bank		BRL	353		USD	106		8/02/16		(3,112	)
Standard Chartered Bank		CAD	1,031		USD	800		9/08/16		2,357
State Street Bank & Trust Co.		BRL	176		USD	50		7/05/16		(4,490	)
State Street Bank & Trust Co.		USD	46		ZAR	696		7/12/16		1,295
State Street Bank & Trust Co.		MYR	252		USD	65		7/15/16		1,501
State Street Bank & Trust Co.		SGD	107		USD	79		7/15/16		(91	)
State Street Bank & Trust Co.		USD	38		INR	2,580		7/15/16		(122	)
State Street Bank & Trust Co.		USD	39		MYR	159		7/15/16		733
State Street Bank & Trust Co.		EUR	48		SEK	443		7/20/16		(329	)
State Street Bank & Trust Co.		EUR	987		USD	1,130		7/20/16		34,114
State Street Bank & Trust Co.		USD	14		EUR	12		7/20/16		(138	)
State Street Bank & Trust Co.		GBP	536		USD	774		7/21/16		59,860
State Street Bank & Trust Co.		USD	258		GBP	176		7/21/16		(23,194	)
State Street Bank & Trust Co.		BRL	135		USD	40		8/02/16		(1,749	)
State Street Bank & Trust Co.		MXN	2,062		USD	107		8/04/16		(5,335	)
State Street Bank & Trust Co.		USD	26		MXN	489		8/04/16		887
State Street Bank & Trust Co.		JPY	15,060		USD	140		8/05/16		(5,670	)
State Street Bank & Trust Co.		TWD	5,097		USD	157		8/05/16		(1,580	)
State Street Bank & Trust Co.		USD	102		JPY	10,803		8/05/16		2,282
State Street Bank & Trust Co.		USD	106		TWD	3,423		8/05/16		422
State Street Bank & Trust Co.		TRY	106		USD	35		8/10/16		(929	)
State Street Bank & Trust Co.		USD	49		TRY	148		8/11/16		2,489
State Street Bank & Trust Co.		AUD	218		USD	163		8/12/16		314
State Street Bank & Trust Co.		USD	53		RUB	3,440		8/18/16		603
									$	58,200

7

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

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00	%		3.99	%	$	218	$	8,963	$	13,101
CDX-NAIG Series 26, 5 Year Index, 6/20/21*		1.00			0.79			1,100		11,404		(504	)
									$	20,367	$	12,597

* Termination date

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			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	%		2.60	%	$	147	$	(8,643	)	$	(10,011	)	$	1,368
Barclays Bank PLC
CDX-CMBX.NA.BBB Series 7, 1/17/47*		3.00			4.70			100		(10,127	)		(613	)		(9,514	)
CDX-CMBX.NA.BB.6, 5/11/63*		5.00			7.89			6		(820	)		(101	)		(719	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB.6, 5/11/63*		5.00			7.89			6		(821	)		(105	)		(716	)
Goldman Sachs International
CDX-CMBX.NA.BB.6, 5/11/63*		5.00			7.89			12		(1,640	)		(196	)		(1,444	)
CDX-CMBX.NA.BB.6, 5/11/63*		5.00			7.89			11		(1,504	)		(204	)		(1,300	)
									$	(23,555)		$	(11,230)		$	(12,325)

* Termination date

8

AB Variable Products Series Fund

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the aggregate market value of these securities amounted to $1,433,985 or 13.5% 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 rate was in effect at June 30, 2016.

(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

MXN—Mexican Peso

MYR—Malaysian Ringgit

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:

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

CDX-EM—Emerging Market Credit Default Swap Index

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

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

CMBS—Commercial Mortgage-Backed Securities

INTRCONX—Inter-Continental Exchange

LIBOR—London Interbank Offered Rates

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
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $4,510,270)	$	4,636,264
Affiliated issuers (cost $5,964,906)		6,025,417
Cash		5,340
Cash collateral due from broker		43,291
Foreign currencies, at value (cost $7,190)		7,181
Unrealized appreciation on forward currency exchange contracts		112,323
Interest and dividends receivable		45,111
Receivable due from Adviser		13,007
Receivable for variation margin on exchange-traded derivatives		2,079
Unrealized appreciation on credit default swaps		1,368
Receivable for investment securities sold and foreign currency transactions		1,049
Total assets		10,892,430
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		148,456
Unrealized depreciation on forward currency exchange contracts		54,123
Audit and tax fee payable		23,650
Legal fee payable		23,439
Unrealized depreciation on credit default swaps		13,693
Upfront premium received on credit default swaps		11,230
Payable for variation margin on exchange-traded derivatives		371
Transfer Agent fee payable		63
Distribution fee payable		3
Accrued expenses		20,236
Total liabilities		295,264
NET ASSETS	$	10,597,166
COMPOSITION OF NET ASSETS
Capital stock, at par	$	1,000
Additional paid-in capital		9,999,541
Undistributed net investment income		386,407
Accumulated net realized loss on investment transactions and foreign currency transactions		(47,429	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		257,647
	$	10,597,166

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	10,582,673		999,000	$	10.59
B	$	14,493		1,372	$	10.56

See notes to financial statements.

10

GLOBAL BOND PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends—Affiliated issuers	$	62,730
Interest		40,762
		103,492
EXPENSES
Advisory fee (see Note B)		25,438
Distribution fee—Class B		16
Transfer agency—Class A		1,309
Transfer agency—Class B		1
Custodian		39,168
Audit and tax		23,684
Administrative		23,508
Legal		16,334
Amortization of offering expenses		14,997
Directors’ fees		10,665
Printing		6,625
Miscellaneous		473
Total expenses		162,218
Less: expenses waived and reimbursed by the Adviser (see Note B)		(142,932	)
Net expenses		19,286
Net investment income		84,206
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		31,007
Futures		19,366
Swaps		(9,494	)
Foreign currency transactions		(78,713	)
Net change in unrealized appreciation of:
Affiliated Underlying Portfolios		245,659
Investments		265,490
Futures		10,816
Swaps		24,408
Foreign currency denominated assets and liabilities		44,186
Net gain on investment and foreign currency transactions		552,725
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	636,931

See notes to financial statements.

11

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

	Six Months Ended June 30, 2016 (unaudited)			April 29, 2015(a)  to December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	84,206		$	183,378
Net realized gain (loss) on investment transactions and foreign currency transactions		(37,834	)		106,018
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		590,559			(332,912	)
Net increase (decrease) in net assets from operations		636,931			(43,516	)
CAPITAL STOCK TRANSACTIONS
Net increase		2,500			10,001,251
Total increase		639,431			9,957,735
NET ASSETS
Beginning of period		9,957,735			–0	–
End of period (including undistributed net investment income of $386,407 and $302,201, respectively)	$	10,597,166		$	9,957,735

(a) Commencement of operations.

See notes to financial statements.

12

GLOBAL BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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”). AB Global Bond Portfolio commenced operations on April 29, 2015. The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. As of June 30, 2016 AllianceBernstein L.P. (the “Adviser”) was the sole shareholder of Class A shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

13

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

markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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

14

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

5,283,404

$

–0

–

$

–0

–

$

5,283,404

Governments—Treasuries

–0

–

3,180,867

–0

–

3,180,867

Corporates—Investment Grade

–0

–

462,528

–0

–

462,528

Governments—Sovereign Agencies

–0

–

302,218

–0

–

302,218

Inflation-Linked Securities

–0

–

254,371

–0

–

254,371

Emerging Markets—Treasuries

–0

–

178,630

–0

–

178,630

Mortgage Pass-Throughs

–0

–

87,323

–0

–

87,323

Corporates—Non-Investment Grade

–0

–

56,631

–0

–

56,631

Collateralized Mortgage Obligations

–0

–

54,211

–0

–

54,211

Commercial Mortgage-Backed Securities

–0

–

–0

–

39,192

39,192

Local Governments—Provincial Bonds

–0

–

20,293

–0

–

20,293

Short-Term Investments

742,013

–0

–

–0

–

742,013

Total Investments in Securities

6,025,417

4,597,072

39,192

10,661,681

Other Financial Instruments(a):

Assets:

Futures

12,341

–0

–

–0

–

12,341

(b)

Forward Currency Exchange Contracts

–0

–

112,323

–0

–

112,323

Centrally Cleared Credit Default Swaps

–0

–

13,101

–0

–

13,101

(b)

Credit Default Swaps

–0

–

1,368

–0

–

1,368

Liabilities:

Forward Currency Exchange Contracts

–0

–

(54,123

)

–0

–

(54,123

)

Centrally Cleared Credit Default Swaps

–0

–

(504

)

–0

–

(504

)(b)

Credit Default Swaps

–0

–

(13,693

)

–0

–

(13,693

)

Total(c)

$

6,037,758

$

4,655,544

$

39,192

$

10,732,494

(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 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 12/31/15	$	38,998		$	38,998
Accrued discounts/(premiums)		(12	)		(12	)
Realized gain (loss)		–0	–		–0	–
Change in unrealized appreciation/depreciation		206			206
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 06/30/16	$	39,192		$	39,192
Net change in unrealized appreciation/depreciation from investments held as of 06/30/16(a)	$	206		$	206

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and a 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.

8. Offering Expenses

Offering expenses of $46,000 were deferred and amortized on a straight line basis over a one year period starting from April 29, 2015 (commencement of operations).

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding 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 may be reimbursed by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the Expense Caps. The Expense Caps may not be terminated by the Adviser before May 1, 2017. For the six months ended June 30, 2016, such reimbursement amounted to $106,130.

The Portfolio may invest in AB mutual funds managed by the Adviser. In addition to the Expense Caps, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through May 1, 2017 in an amount equal to the Portfolio’s share of all fees and expenses of any AB mutual funds in which the Portfolio invests. For the six months ended June 30, 2016, such waiver amounted to $13,196.

17

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

A summary of the Portfolio’s transactions in AB mutual fund for the six months ended June 30, 2016 is as follows:

AB Global Bond Fund, Inc.
												Distributions
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 06/30/16 (000)		Income (000)		Realized Gains (000)
$	4,977	$	61	$	0	$	0	$	245	$	5,283	$	61	$	0

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, 2016, the Adviser voluntarily agreed to waive such fees amounting to $23,508.

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 $569 for the six months ended June 30, 2016.

The AB Fixed-Income Shares, Inc.—Government STIF Portfolio (the “Government STIF Portfolio”), prior to June 1, 2016, was offered as a cash management option to mutual funds and other institutional accounts of the Adviser, and was not available for direct purchase by members of the public. Prior to June 1, 2016, the Government STIF Portfolio paid no investment management fees but did bear its own expenses. As of June 1, 2016, the Government STIF Portfolio, which was renamed “AB Government Money Market Portfolio” (the “Government Money Market Portfolio”), will have a contractual investment management fee rate of .20% and will continue to bear its own expenses. In connection with the investment by the Portfolio in the Government Money Market Portfolio, the Adviser will waive its investment management fee from the Portfolio in an amount equal to Government Money Market Portfolio’s effective management fee. For the six months ended June 30, 2016, such waiver amounted to $98. A summary of the Portfolio’s transactions in shares of the Government Money Market Portfolio for the six months ended June 30, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)		Dividend Income (000)
$	909	$	842	$	1,009	$	742	$	1

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.

18

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, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	1,693,494	$	1,218,604
U.S. government securities		743,691		921,376

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	$	225,277
Gross unrealized depreciation		(38,772	)
Net unrealized appreciation	$	186,505

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, 2016, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

19

GLOBAL 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, 2016, the Portfolio held forward currency exchange contracts for hedging and nonhedging purposes.

• Swaps

The Portfolio may enter into swaps to hedge its exposure to interest rates, credit risk, or currencies. The Portfolio may also enter into swaps for non-hedging purposes as a means of gaining market exposures, including by making direct investments in foreign currencies. 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.

20

AB Variable Products Series Fund

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, 2016, 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, 2016, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain derivative financial instrument’s 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.

21

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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	12,341	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		13,101	*		$	504	*
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts		112,323		Unrealized depreciation on forward currency exchange contracts		54,123
Credit contracts	Unrealized appreciation on credit default swaps		1,368		Unrealized depreciation on credit default swaps		13,693
Total		$	139,133			$	68,320

* 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	$	19,366		$	10,816
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		1,024			43,401
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(9,494	)		24,408
Total		$	10,896		$	78,625

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2016:

Futures:
Average original value of buy contracts	$	927,351
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	469,895
Average principal amount of sale contracts	$	3,270,788
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	282,000
Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	1,633,029

22

AB Variable Products Series Fund

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co. LLC/Morgan Stanley & Co., Inc.*	$	2,079	$	(371	)	$	–0	–	$	–0	–	$	1,708
Total	$	2,079	$	(371	)	$	–0	–	$	–0	–	$	1,708
OTC Derivatives:
BNP Paribas SA	$	530	$	(530	)	$	–0	–	$	–0	–	$	–0	–
Nomura Global Financial Products, Inc.		559		–0	–		–0	–		–0	–		559
Standard Chartered Bank		6,734		(3,112	)		–0	–		–0	–		3,622
State Street Bank & Trust Co.		104,500		(43,627	)		–0	–		–0	–		60,873
Total	$	112,323	$	(47,269	)	$	–0	–	$	–0	–	$	65,054	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
Exchange-Traded Derivatives:
Morgan Stanley & Co. LLC/Morgan Stanley & Co., Inc.*	$	371	$	(371	)	$	–0	–	$	–0	–	$	–0	–
Total	$	371	$	(371	)	$	–0	–	$	–0	–	$	–0	–
OTC Derivatives:
Bank of America, NA	$	8,643	$	–0	–	$	–0	–	$	–0	–	$	8,643
Barclays Bank PLC		10,947		–0	–		–0	–		–0	–		10,947
BNP Paribas SA		7,384		(530	)		–0	–		–0	–		6,854
Citibank, N.A.		821		–0	–		–0	–		–0	–		821
Goldman Sachs International		3,144		–0	–		–0	–		–0	–		3,144
Standard Chartered Bank		3,112		(3,112	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		43,627		(43,627	)		–0	–		–0	–		–0	–
Total	$	77,678	$	(47,269	)	$	–0	–	$	–0	–	$	30,409	^

* Cash and securities have been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2016.

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

23

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, 2016, the Portfolio had no transactions in dollar rolls.

NOTE E: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2016 (unaudited)			April 29, 2015(a)  to December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			April 29, 2015(a)  to December 31, 2015
Class A
Shares sold		–0	–		999,000		$	–0	–	$	9,990,000
Net increase		–0	–		999,000		$	–0	–	$	9,990,000
Class B
Shares sold		248			1,125		$	2,513		$	11,252
Shares redeemed		(1	)		–0	–(b)		(13	)		(1	)
Net increase		247			1,125		$	2,500		$	11,251

(a) Commencement of operations.

(b) Share is less than 0.5

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.

24

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 each Portfolio’s assets can decline as can the value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio invests a significant portion of its assets in fixed-income securities with longer maturities.

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

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

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

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

Leverage Risk—When the Portfolio borrows money or otherwise leverages its portfolio, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures contracts or by borrowing money. The use of derivative instruments by the Portfolio, such as forwards, futures, options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

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

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

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

25

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

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2016.

NOTE H: Tax Information

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	290,931
Accumulated capital and other losses		(7,908	)(a)
Unrealized appreciation/(depreciation)		(323,329	)(b)
Total accumulated earnings/(deficit)	$	(40,306	)

(a) As of December 31, 2015, the Portfolio had a net capital loss carryforward of $7,908.

(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 realization for tax purposes of gains/losses on certain derivative instruments.

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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio had a net short-term capital loss carryforward of $7,908 which may be carried forward for an indefinite period.

NOTE I: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE J: Subsequent Events

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

26

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, 2016 (unaudited)			April 29, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.96			$10.00
Income From Investment Operations
Net investment income (b)(c)		.08			.18
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.55			(.22	)
Net increase (decrease) in net asset value from operations		.63			(.04	)
Net asset value, end of period		$10.59			$9.96
Total Return
Total investment return based on net asset value (d)		6.33	%		(.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,583			$9,947
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)^		.38	%		.38	%
Expenses, before waivers/reimbursements (e)^		3.19	%		3.63	%
Net investment income (c)^		1.66	%		2.74	%
Portfolio turnover rate		22	%		62	%

See footnote summary on page 28.

27

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, 2016 (unaudited)			April 29, 2015(a) to December 31, 2015
Net asset value, beginning of period		$9.94			$10.00
Income From Investment Operations
Net investment income (b)(c)		.07			.17
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.55			(.23	)
Net increase (decrease) in net asset value from operations		.62			(.06	)
Net asset value, end of period		$10.56			$9.94
Total Return
Total investment return based on net asset value (d)		6.24	%		(.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)^		.63	%		.64	%
Expenses, before waivers/reimbursements (e)^		3.41	%		3.90	%
Net investment income (c)^		1.42	%		2.55	%
Portfolio turnover rate		22	%		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) Expense ratios do not include expenses of ABGB in which the Portfolio invests. For the six months ended June 30, 2016 and period ended December 31, 2015, the estimated annualized blended expense ratios of acquired funds were .26% and .26%, respectively, for Class A and Class B Class Shares.

^ Annualized.

See notes to financial statements.

28

GLOBAL BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of Global Bond Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the initial approval of the Investment Advisory Agreement.

The Portfolio’s investment objective is to generate current income consistent with the preservation of capital. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. Under normal market conditions, the Portfolio invests significantly in fixed-income securities of companies located in at least three countries (including the United States). The Portfolio may invest in a broad range of fixed-income securities in both developed and emerging markets. The Portfolio may invest across all fixed-income sectors, including U.S. and non-U.S. government and corporate debt securities. The Portfolio’s investments may be denominated in local currency or U.S. dollar denominated. The Portfolio may invest in debt securities with a range of maturities from short- to long-term. Under normal market circumstances invest at least 75% of its net assets in fixed-income securities rated investment grade at the time of investment and may invest up to 25% of its net assets in below investment grade fixed-income securities.

The Adviser expects to utilize a variety of derivatives, including futures, interest rate and credit default swaps and currency derivatives, in its management of the Portfolio, and exposure through derivatives will generally count towards the percentage minimums and limits applicable to the Portfolio. In addition, the Portfolio is expected to enter into transactions such as reverse repurchase agreements and dollar rolls that are functionally equivalent to borrowings. These derivatives and borrowings are expected to create gross exposure to fixed income securities for the Portfolio substantially in excess of the Portfolio’s net assets, effectively leveraging the Portfolio.

The Adviser proposed the Barclays Capital Global Aggregate Bond Index (USD hedged) as the Portfolio’s benchmark. The Adviser expects Lipper and Morningstar to place the Portfolio in their respective World Bond and Global Income categories.

The Portfolio’s investment strategy would be substantially similar to that of AB Global Bond Fund, Inc. (“Global Bond Fund, Inc.”). At launch and for some period of time thereafter until Global Bond Portfolio can gather sufficient assets to make direct securities investments on a more efficient basis, the Portfolio intends to invest approximately 50% of its assets in Global Bond Fund, Inc.³

The Senior Officer’s evaluation considered the following factors:

1. Management fees charged to institutional and other clients of the Adviser for like services;

2. Management fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

1 The information in the fee evaluation was completed on January 22, 2015 and discussed with the Board of Directors on February 3-4, 2015.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratios refer to the Class A shares of the Portfolio.

3 The Adviser proposed an Acquired Fund Fee Waiver Agreement so that shareholders of Global Bond Portfolio will not have to bear the fund expenses of any affiliated underlying funds in which the Global Bond Portfolio may invest.

29

GLOBAL BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.” ⁴

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The proposed advisory fee schedule for the Portfolio follows the advisory fee schedule of the High Income category of the NYAG settlement related fee categories.

Portfolio	Advisory Fee
Global Bond Portfolio	0.50% on the first $2.5 billion 0.45% on the next $2.5 billion 0.40% on the balance

In addition to paying the advisory fee, the Investment Advisory Agreement provides for the Adviser to be reimbursed for providing certain clerical, legal, accounting, administrative and other services.

The Adviser proposed an Acquired Fund Fee Agreement, which provides for the Adviser to waive all fees or reimburse expenses for a one year period after shares of the Portfolio are offered to the public in an amount equal to the Portfolio’s share of all fees and expenses of any AB Mutual Fund, in which the Portfolio may invest, so shareholders of the Portfolio will not bear those expenses. At present, it is not expected that the Portfolio will invest in any AB Mutual Fund other than Global Bond Fund, Inc.

The Portfolio‘s Expense Limitation Agreement calls for the Adviser to establish expense caps, set forth below, for a two year period after the date the date that shares of the Portfolio is first offered to the public.⁵ The Expense Limitation Agreement also provides a mechanism for reimbursing the Adviser for its expense cap subsidies. Under the Expense Limitation Agreement, the Adviser may be able to recoup all or a portion of the amounts waived or reimbursed until the end of three fiscal years after the fiscal period in which the amounts were waived or reimbursed to the extent that the reimbursements do not cause the expense ratios of the Portfolio’s share classes to exceed the expense caps. The Adviser will have the ability to recoup expenses during the three year fiscal period after an advisory fee waiver and/or expense reimbursement was made even if the Portfolio’s Expense Limitation Agreement terminates prior to the end of such three year fiscal period.

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Estimated Gross Expense Ratio6		Fiscal Year End
Global Bond Portfolio	Class A    0.64%		0.65%	December 31
	Class B    0.89%		0.90%

4 Jones v. Harris at 1427.

5 Prior to discussions between the Board of Directors and the Adviser at the February 3-5, 2015 meetings, the period after shares of the Portfolio are first offered to the public, in which the Adviser will waive all or a portion of its advisory fees and/or reimburse the Portfolio for fund expenses exceeding the Portfolio’s expense caps under the original terms of the Expense Limitation Undertaking, was for one year.

6 The Portfolio’s estimated gross expense ratios are based on an initial estimate of the Portfolio’s net assets at $250 million.

30

AB Variable Products Series Fund

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services to be provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio will be more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser will be entitled to be reimbursed by the Portfolio for providing such services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors will be more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Portfolio.⁷ In addition to the institutional fee schedule, set forth below are what would have been the effective advisory fee of the Portfolio had the institutional fee schedule been applicable to the Portfolio, the Portfolio’s advisory fee and the differences between those fees based on an initial estimate of the Portfolio’s net assets at $250 million.⁸

Portfolio	Projected Net Assets ($MM)	AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee			Difference
Global Bond Portfolio	$250.0	Global Plus Fixed Income 0.50% on first $30 million 0.25% on the balance Minimum account size: $25 million		0.280	%		0.500	%		0.220	%

The Adviser manages Global Bond Fund Inc., a retail mutual fund that has a similar investment style as the Portfolio. Set forth below is the advisory fee schedule of Global Bond Fund, Inc. and what would have been the effective advisory fee of the Portfolio had the fee schedule of Global Bond Fund Inc. been applicable to the Portfolio based on an initial estimate of the Portfolio’s net asset at $250 million.

7 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

8 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

31

GLOBAL BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Portfolio	AB Fund	Fee	ABMF Effective Fee (%)		Portfolio Advisory Fee (%)
Global Bond Portfolio	Global Bond Fund, Inc.	0.50% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance		0.500%		0.500%

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the fees set forth for Global Plus Fixed Income, a Luxembourg fund that has a somewhat similar investment style as the Portfolio.

Fund	Fee9
Global Plus Fixed Income
Class A2	1.10%
Class I2 (Institutional)	0.55%

The AllianceBernstein Investment Trust Management mutual funds (“ITM”), which are offered to investors in Japan, have an “all-in” fee to compensate the Adviser for investment advisory as well as fund accounting and administrative related services. The fee schedule of the ITM mutual fund that has a somewhat similar investment style as the Portfolio is as follows:

Portfolio	ITM Mutual Fund	Fee
Global Bond Portfolio	AB Global Plus Bond Fund D/P (Hedged)10	0.10%11,12

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families. The Adviser charges the fee set forth below for the sub-advisory relationship that has a somewhat similar investment style as the Portfolio. Also shown are the Portfolio’s advisory fee and the effective fee of the sub-advisory relationship based on initial estimate of the Portfolio’s net assets at $250 million:

Portfolio		Fee Schedule	Effective Sub-Adv. Fee		Portfolio Advisory Fee
Global Bond Portfolio	Client #1	AB Sub-Advisory Fee Schedule: 0.15% of average daily net assets		0.150%		0.500%

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser.

While it appears that the sub-advisory relationship is paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such lower fees due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationship. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management, generally required by a registered investment company.

9 Class A shares of the fund are charged an “all-in” fee, which includes investment advisory services and distribution related services, unlike Class I shares, whose fee is for only investment advisory services.

10 The ITM fund is privately placed or institutional.

11 In addition to the fee shown above, the ITM fund’s four institutional clients are charged an additional fee. Three of the four institutional clients are charged the following: 0.33% on the first ¥3 billion, 0.08% thereafter. The fourth institutional client is charged the following fee: 0.34% on the first ¥3 billion, 0.09% thereafter.

12 The Japanese Yen-U.S. dollar currency exchange rate quoted at 4 p.m. on October 31, 2014 by Reuters was ¥112 per $1. At that currency exchange rate, ¥3 billion would be equivalent to approximately $26.8 million.

32

AB Variable Products Series Fund

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.¹³ Lipper’s analysis included the Portfolio’s contractual management fee¹⁴ estimated at the approximate current asset level of the Portfolio to the median of the Portfolio’s Lipper Expense Group (“EG”).¹⁵

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee16		Lipper EG Median (%)		Lipper EG Rank
Global Bond Portfolio17		0.500		0.625		1/8

Lipper also compared the Portfolio’s most recently completed fiscal year total expense ratio to the medians of the Portfolio’s EG and Lipper Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹⁸

Portfolio	Total Expense Ratio (%)19		Lipper EG Median (%)		Lipper EG Rank		Lipper EU Median (%)		Lipper EU Rank
Global Bond Portfolio		0.640		0.733		1/8		0.723		2/17

Based on this analysis, the Portfolio has equally favorable rankings on a contractual management fee basis and on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

13 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arm’s length.” Jones v. Harris at 1429.

14 The contractual management fee is calculated by Lipper using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Portfolio had the lowest effective fee rate in the Lipper peer group.

15 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. In addition, there are limitations in Lipper’s expense category data because different funds categorize expenses differently.

16 The contractual management fee would not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waivers for expense caps that would effectively reduce the actual management fee.

17 The contractual management fee shown for the Portfolio does not take into consideration any advisory fee waivers or expense reimbursements made by the Adviser in connection with plans by the Portfolio to invest in Global Bond Funds, Inc.

18 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

19 Projected total expense ratio information, based on an initial net asset estimate of $250 million, pertains to the Portfolio’s Class A shares.

33

GLOBAL BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio has not yet commenced operations. Therefore, there is no historic profitability data with respect to the Adviser’s investment services to the Portfolio.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees and Rule 12b-1 payments.

The Portfolio will adopt a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares.

Financial intermediaries, such as insurers, will market and sell shares of the Portfolio and will typically receive compensation from ABI, the Adviser and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries will receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, and payments related to providing contract-holder record-keeping and/or administrative services. Payments related to providing contract-holder record keeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of each Portfolio attributable to the firm over the year. With respect to the Fund, ABI paid approximately $600,000 in 2013 and expects to pay approximately $600,000 in 2014 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Fund is AB Investor Services (“ABIS”), an affiliate of the Adviser.²⁰ The Fund pays ABIS a flat fee of $18,000 for each calendar year, which is allocated evenly among its separate Portfolios.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM have experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of the Deli study on advisory fees and various fund characteristics.^21,22 The independent consultant first reiterated the results of his previous two dimensional

20 It should be noted that the insurance companies, linked to the variable products, will provide additional shareholder services for the Portfolio, including record keeping, administration and customer service for contract holders.

21 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

22 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

34

AB Variable Products Series Fund

comparison analysis (fund size and family size) with the Board of Directors.²³ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $474 billion as of December 31, 2014, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

Since the Portfolio has not yet commenced operations, the Portfolio has no performance history. The Adviser does manage Global Bond Fund, Inc. and its 1, 3, 5 year and since inception performance returns as of December 31, 2014 against its benchmarks are shown in the table below.

	Periods Ended December 31, 2014 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		Since Inception (%)
Global Bond Fund, Inc.24		6.92		3.84		5.07		5.13
Barclays Capital Global Aggregate Index (USD hedged)		7.59		4.34		4.60		4.79
Barclays Capital Global Treasury Index (USD hedged)		8.14		4.19		4.33		4.50
Inception Date: December 1, 2007

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. The Senior Officer recommended that the Directors discuss with the Adviser the Acquired Fund Fee Agreement, which the Adviser proposed for a one year period after shares are offered to the public in an amount equal to the Portfolio’s share of all fees and expenses of any AB Mutual Fund, in which the Portfolio may invest. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: February 27, 2015

23 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

24 Global Bond Fund, Inc.’s actual inception date of the fund is March 27, 1992. However, inception performance is shown only from December 1, 2007, which is the first full month since the retail mutual fund has been operating in with its current investment strategy.

35

VPS-GB-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	997.90	$	3.43		0.69	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.43	$	3.47		0.69	%
Class B
Actual	$	1,000	$	997.90	$	4.57		0.92	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.29	$	4.62		0.92	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	24,338,808		39.2	%
Inflation-Linked Securities		2,794,153		4.5
Options Purchased—Puts		68,379		0.1
Short-Term Investments		34,915,758		56.2
Total Investments	$	62,117,098		100.0	%

COUNTRY BREAKDOWN^†

June 30, 2016 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	27,152,340		43.7	%
Japan		30,650		0.1
Germany		17,019		0.0
United Kingdom		1,331		0.0
Short-Term Investments		34,915,758		56.2
Total Investments	$	62,117,098		100.0	%

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

† All data are as of June 30, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES–38.2%
FUNDS AND INVESTMENT TRUSTS–38.2%
iShares Core S&P 500 ETF		23,730	$	4,999,911
iShares MSCI EAFE ETF		90,720		5,063,083
iShares MSCI Emerging Markets ETF		27,800		955,208
iShares Russell 2000 ETF		11,040		1,269,269
SPDR S&P 500 ETF Trust		32,820		6,876,775
Vanguard S&P 500 ETF		26,920		5,174,562
Total Investment Companies (cost $23,800,128)				24,338,808
	Principal Amount (000)
INFLATION-LINKED SECURITIES–4.4%
UNITED STATES–4.4%
U.S. Treasury Inflation Index 0.375%, 7/15/25 (cost $2,756,860)	$	2,714		2,794,153
	Contracts
OPTIONS PURCHASED–PUTS–0.1%
OPTIONS ON EQUITY INDICES–0.1%
Euro STOXX 50 Index Expiration: Jul 2016, Exercise Price: EUR 2,775.00(a)(b)		54		17,019
FTSE 100 Index Expiration: Jul 2016, Exercise Price: GBP 5,900.00(a)(b)		8		1,331
Nikkei 225 Index Expiration: Jul 2016, Exercise Price: JPY 16,000.00(b)(c)		6		30,650
				49,000
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.0%
SPDR S&P 500 ETF Trust Expiration: Jul 2016, Exercise Price: $ 202.00(b)(d)		343	$	19,379
Total Options Purchased–Puts (premiums paid $164,654)				68,379
	Shares
SHORT-TERM INVESTMENTS–54.9%
INVESTMENT COMPANIES–44.0%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(e)(f) (cost $27,994,027)		27,994,027		27,994,027
	Principal Amount (000)
U.S. TREASURY BILLS–10.9%
U.S. Treasury Bill 0.01%, 7/07/16–10/06/16 (cost $6,921,731)	$	6,924		6,921,731
Total Short-Term Investments (cost $34,915,758)				34,915,758
TOTAL INVESTMENTS–97.6% (cost $61,637,400)				62,117,098
Other assets less liabilities–2.4%				1,509,575
NET ASSETS–100.0%			$	63,626,673

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Australian Bond Futures		12		September 2016	$	1,202,352	$	1,218,931	$	16,579
10 Yr Canadian Bond Futures		16		September 2016		1,787,097		1,833,384		46,287
Euro BTP Futures		11		September 2016		1,725,265		1,740,876		15,611
Euro STOXX 50 Futures		81		September 2016		2,508,161		2,566,352		58,191
FTSE 100 Index Futures		8		September 2016		634,857		683,996		49,139
Long Gilt Futures		9		September 2016		1,467,474		1,539,470		71,996
Mini MSCI EAFE Futures		50		September 2016		4,047,077		4,038,000		(9,077	)
S&P 500 E Mini Futures		29		September 2016		3,058,348		3,030,790		(27,558	)
S&P TSX 60 Index Futures		9		September 2016		1,154,235		1,134,517		(19,718	)

3

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

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts: (continued)
SPI 200 Futures		5		September 2016	$	482,509	$	482,533	$	24
TOPIX Index Futures		12		September 2016		1,496,999		1,447,344		(49,655	)
U.S. T-Note 5 Yr (CBT) Futures		21		September 2016		2,518,532		2,565,445		46,913
U.S. T-Note 10 Yr (CBT) Futures		7		September 2016		907,551		930,891		23,340
U.S. Ultra Bond (CBT) Futures		2		September 2016		350,160		372,750		22,590
									$	244,662

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Citibank		EUR	1,120		USD	1,240		9/20/16	$	(6,170	)
Citibank		USD	1,240		EUR	1,105		9/20/16		(10,089	)
Credit Suisse International		EUR	2,204		USD	2,506		7/06/16		59,845
Deutsche Bank AG		GBP	858		USD	1,178		9/20/16		34,837
Morgan Stanley & Co.		USD	1,237		GBP	877		9/20/16		(68,216	)
Royal Bank of Scotland PLC		AUD	784		USD	581		9/20/16		(2,536	)
Royal Bank of Scotland PLC		EUR	1,505		USD	1,708		9/20/16		33,208
Royal Bank of Scotland PLC		GBP	1,207		USD	1,749		9/20/16		141,030
State Street Bank & Trust Co.		USD	2,511		EUR	2,204		7/06/16		(64,606	)
State Street Bank & Trust Co.		AUD	192		USD	140		9/20/16		(3,294	)
State Street Bank & Trust Co.		CAD	107		USD	84		9/20/16		1,205
State Street Bank & Trust Co.		CHF	795		USD	830		9/20/16		12,008
State Street Bank & Trust Co.		DKK	1,178		USD	180		9/20/16		3,739
State Street Bank & Trust Co.		EUR	1,031		USD	1,173		9/20/16		25,668
State Street Bank & Trust Co.		HKD	2,304		USD	297		9/20/16		(250	)
State Street Bank & Trust Co.		JPY	230,433		USD	2,157		9/20/16		(80,243	)
State Street Bank & Trust Co.		SEK	2,210		USD	272		9/20/16		9,747
State Street Bank & Trust Co.		SGD	158		USD	115		9/20/16		(2,010	)
									$	83,873

CALL OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price			Expiration Month		Premiums Received		U.S. $ Value
FTSE 100 Index(a)		4		GBP	6,500.00		July 2016	$	1,028	$	(4,473	)
Nikkei 225 Index(c)		13		JPY	17,750.00		July 2016		4,825		(189	)
								$	5,853	$	(4,662	)

INTEREST RATE SWAPTIONS WRITTEN (see Note D)

Description	Index		Counterparty	Strike Rate			Expiration Date		Notional Amount (000)		Premiums Received		Market Value
Call—IRS RTR Swaption		3 Month LIBOR	JPMorgan Chase Bank, NA		1.26	%		7/18/16	$	6,200	$	13,635	$	(12,183	)

4

AB Variable Products Series Fund

PUT OPTIONS WRITTEN (see Note D)

Description	Contracts		Exercise Price			Expiration Month		Premiums Received		U.S. $ Value
Euro STOXX 50 Index(a)		54		EUR	2,675.00		July 2016		$  33,299		$  (7,071	)
FTSE 100 Index(a)		8		GBP	5,700.00		July 2016		11,594		(958	)
iShares MSCI Emerging Markets(d)		1,311		$	30.50		July 2016		32,721		(5,244	)
Nikkei 225 Index(c)		6		JPY	15,375.00		July 2016		8,724		(9,878	)
SPDR S&P 500 ETF Trust(d)		343		$	193.00		July 2016		29,826		(4,974	)
									$  116,164		$  (28,125	)

(a) One contract relates to 10 shares.

(b) Non-income producing security.

(c) One contract relates to 1000 shares.

(d) One contract relates to 100 shares.

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

(f) 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

DKK—Danish Krone

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

JPY—Japanese Yen

SEK—Swedish Krona

SGD—Singapore Dollar

USD—United States Dollar

Glossary:

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

IRS—Interest Rate Swaption

MSCI—Morgan Stanley Capital International

RTR—Right To Receive

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

5

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $33,643,373)	$	34,123,071
Affiliated issuers (cost $27,994,027)		27,994,027
Cash collateral due from broker		1,055,783
Foreign currencies, at value (cost $61,817)		60,816
Unrealized appreciation on forward currency exchange contracts		321,287
Receivable for capital stock sold		249,545
Receivable for variation margin on exchange-traded derivatives		169,967
Dividends and interest receivable		39,965
Receivable due from Adviser		5,110
Total assets		64,019,571
LIABILITIES
Due to custodian		9,340
Options written, at value (premiums received $122,017)		32,787
Swaptions written, at value (premiums received $13,635)		12,183
Unrealized depreciation on forward currency exchange contracts		237,414
Legal fee payable		30,004
Audit and tax fee payable		25,798
Distribution fee payable		12,810
Payable for capital stock redeemed		8,984
Administrative fee payable		3,940
Transfer Agent fee payable		65
Accrued expenses		19,573
Total liabilities		392,898
NET ASSETS	$	63,626,673
COMPOSITION OF NET ASSETS
Capital stock, at par	$	6,805
Additional paid-in capital		64,422,962
Undistributed net investment income		307,951
Accumulated net realized loss on investment transactions and foreign currency transactions		(2,012,617	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		901,572
	$	63,626,673

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	10,312		1,100	$	9.37
B	$	63,616,361		6,804,394	$	9.35

See notes to financial statements.

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	267,433
Affiliated issuers		50,666
Interest		10,331
		328,430
EXPENSES
Advisory fee (see Note B)		168,764
Distribution fee—Class B		70,306
Transfer agency—Class B		1,309
Custodian		34,880
Audit and tax		25,838
Legal		18,347
Administrative		17,360
Amortization of offering expenses		14,871
Directors’ fees		10,665
Printing		6,645
Miscellaneous		14,728
Total expenses		383,713
Less: expenses waived and reimbursed by the Adviser (see Note B)		(124,137	)
Net expenses		259,576
Net investment income		68,854
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(435,614	)
Futures		(222,271	)
Options written		210,985
Swaps		351
Foreign currency transactions		(509,700	)
Net change in unrealized appreciation/depreciation of:
Investments		513,803
Futures		155,106
Options written		60,531
Swaptions written		1,452
Foreign currency denominated assets and liabilities		129,180
Net loss on investment and foreign currency transactions		(96,177	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(27,323	)

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, 2016 (unaudited)			April 28, 2015(a) to December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	68,854		$	59,321
Net realized loss on investment transactions and foreign currency transactions		(956,249	)		(890,383	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		860,072			41,500
Net decrease in net assets from operations		(27,323	)		(789,562	)
CAPITAL STOCK TRANSACTIONS
Net increase		12,528,683			51,914,875
Total increase		12,501,360			51,125,313
NET ASSETS
Beginning of period		51,125,313			–0	–
End of period (including undistributed net investment income of $307,951 and $239,097, respectively)	$	63,626,673		$	51,125,313

(a) Commencement of operations.

See notes to financial statements.

8

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen 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, 2016 AllianceBernstein L.P. (the “Adviser”) was the sole shareholder of Class A shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

9

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

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.

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, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Investment Companies	$	24,338,808		$	–0	–	$	–0	–	$	24,338,808
Inflation-Linked Securities		–0	–		2,794,153			–0	–		2,794,153
Options Purchased—Puts		–0	–		68,379			–0	–		68,379
Short-Term Investments:
Investment Companies		27,994,027			–0	–		–0	–		27,994,027
U.S. Treasury Bills		–0	–		6,921,731			–0	–		6,921,731
Total Investments in Securities		52,332,835			9,784,263			–0	–		62,117,098
Other Financial Instruments(a):
Assets:
Futures		243,316			107,354			–0	–		350,670	(b)
Forward Currency Exchange Contracts		–0	–		321,287			–0	–		321,287
Liabilities:
Futures		(56,353	)		(49,655	)		–0	–		(106,008	)(b)
Forward Currency Exchange Contracts		–0	–		(237,414	)		–0	–		(237,414	)
Call Options Written		–0	–		(4,662	)		–0	–		(4,662	)
Interest Rate Swaptions Written		–0	–		(12,183	)		–0	–		(12,183	)
Put Options Written		–0	–		(28,125	)		–0	–		(28,125	)
Total(c)	$	52,519,798		$	9,880,865		$	–0	–	$	62,400,663

(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 and swaptions written which are valued at market value.

(b) Only variation margin receivable/payable at period end is reported within the statement of assets and liabilities. This amount reflects cumulative 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 a 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

11

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

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.

8. Offering Expenses

Offering expenses of $46,000 were deferred and amortized on a straight line basis over a one year period starting from April 28, 2015 (commencement of operations).

12

AB Variable Products Series Fund

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .60% of the 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, respectively. Any fees waived and expenses borne by the Adviser through April 28, 2016 may be reimbursed by the Portfolio until December 31, 2019, provided that 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. The Expense Caps may not be terminated by the Adviser before May 1, 2017. For the six months ended June 30, 2016, such reimbursement amounted to $119,220.

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, 2016, the reimbursement for such services amounted to $17,360.

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 $569 for the six months ended June 30, 2016.

The AB Fixed-Income Shares, Inc.—Government STIF Portfolio (the “Government STIF Portfolio”), prior to June 1, 2016, was offered as a cash management option to mutual funds and other institutional accounts of the Adviser, and was not available for direct purchase by members of the public. Prior to June 1, 2016, the Government STIF Portfolio paid no investment management fees but did bear its own expenses. As of June 1, 2016, the Government STIF Portfolio, which was renamed “AB Government Money Market Portfolio” (the “Government Money Market Portfolio”), will have a contractual investment management fee rate of .20% and will continue to bear its own expenses. In connection with the investment by the Portfolio in the Government Money Market Portfolio, the Adviser will waive its investment management fee from the Portfolio in an amount equal to Government Money Market Portfolio’s effective management fee. Such waiver amounted to $4,917. A summary of the Portfolio’s transactions in shares of the Government Money Market Portfolio for the six months ended June 30, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)		Dividend Income (000)
$	25,515	$	23,233	$	20,754	$	27,994	$	51

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $31,338, 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.

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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, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	21,658,090	$	17,019,206
U.S. government securities		2,753,143		–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	$	1,162,255
Gross unrealized depreciation		(682,557	)
Net unrealized appreciation	$	479,698

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, 2016, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

14

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, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. 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.

At June 30, 2016, the maximum payments for written put options amounted to $104,768,950. 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.

During the six months ended June 30, 2016, the Portfolio held purchased options for hedging and non-hedging purposes. During the six months ended June 30, 2016, the Portfolio held written options for hedging and non-heding purposes. During the six months ended June 30, 2016, 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, 2016, the Portfolio had the following transactions in written options and swaptions:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/15		224		$	41,766
Options written		4,179			453,411
Options assigned		(136	)		(38,002	)
Options expired		(2,303	)		(280,232	)
Options bought back		(225	)		(54,926	)
Options exercised		–0	–		–0	–
Options written outstanding as of 06/30/16		1,739		$	122,017
	Notional Amount			Premiums Received
Swaptions written outstanding as of 12/31/15		–0	–	$	–0	–
Swaptions written		6,200,000			13,635
Swaptions expired		–0	–		–0	–
Swaptions bought back		–0	–		–0	–
Swaptions exercised		–0	–		–0	–
Swaptions written outstanding as of 06/30/16		6,200,000		$	13,635

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 instrument’s 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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	243,316	*
Equity contracts	Receivable/Payable for variation margin on exchange-traded derivatives		107,354	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	106,008	*

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	$	321,287	Unrealized depreciation on forward currency exchange contracts	$	237,414
Equity contracts	Investments in securities, at value		68,379
Interest rate contracts				Swaptions written, at value		12,183
Equity contracts				Options written, at value		32,787
Total		$	740,336		$	388,392

* 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	$	544,944		$	286,037
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(767,215	)		(130,931	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(544,125	)		128,678
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(294	)		–0	–
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(212,375	)		25,591
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written					1,452
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		210,985			60,531
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		351			–0	–
Total		$	(767,729	)	$	371,358

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, 2016:

Futures:
Average original value of buy contracts	$	28,128,671
Average original value of sale contracts	$	371,723	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	3,962,834
Average principal amount of sale contracts	$	13,606,289
Purchased Options:
Average monthly cost	$	160,396

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

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

All 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, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co., Inc./Morgan Stanley & Co., LLC*	$	238,265	$	(32,787	)	$	–0	–	$	–0	–	$	205,478
Total	$	238,265	$	(32,787	)	$	–0	–	$	–0	–	$	205,478
OTC Derivatives:
Credit Suisse International	$	59,845	$	–0	–	$	–0	–	$	–0	–	$	59,845
Deutsche Bank AG		34,837		–0	–		–0	–		–0	–		34,837
Royal Bank of Scotland PLC		174,238		(2,536	)		–0	–		–0	–		171,702
State Street Bank & Trust Co.		52,367		(52,367	)		–0	–		–0	–		–0	–
Total	$	321,287	$	(54,903	)	$	–0	–	$	–0	–	$	266,384	^
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*	$	32,787	$	(32,787	)	$	–0	–	$	–0	–	$	–0	–
Total	$	32,787	$	(32,787	)	$	–0	–	$	–0	–	$	–0	–
OTC Derivatives:
Citibank	$	16,259	$	–0	–	$	–0	–	$	–0	–	$	16,259
JPMorgan Chase Bank, NA		12,183		–0	–		–0	–		–0	–		12,183
Morgan Stanley & Co.		68,216		–0	–		–0	–		–0	–		68,216
Royal Bank of Scotland PLC		2,536		(2,536	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		150,403		(52,367	)		–0	–		–0	–		98,036
Total	$	249,597	$	(54,903	)	$	–0	–	$	–0	–	$	194,694	^

* Cash and securities have been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2016.

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

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AB Variable Products Series Fund

2. Currency Transactions

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

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, 2016, the Portfolio had no transactions in dollar rolls.

NOTE E: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2016 (unaudited)			April 28, 2015(a)  to December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			April 28, 2015(a)  to December 31, 2015
Class A
Shares sold		–0	–		999,000		$	–0	–	$	9,989,999
Shares redeemed		–0	–		(997,900	)		–0	–		(9,260,512	)
Net increase		–0	–		1,100		$	–0	–	$	729,487
Class B
Shares sold		1,733,028			5,664,403		$	15,969,163		$	53,289,350
Shares redeemed		(372,073	)		(220,964	)		(3,440,480	)		(2,103,962	)
Net increase		1,360,955			5,443,439		$	12,528,683		$	51,185,388

(a) Commencement of operations.

NOTE F: Risks Involved in Investing in the Portfolio

Allocation Risk—The allocation of investments among asset classes may have a significant effect on the Portfolio’s net asset value, or NAV, when asset classes in which the Portfolio has invested more heavily perform worse than the asset classes invested in less heavily.

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for

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

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.

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

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

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

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

Leverage Risk—When the Portfolio borrows money or otherwise leverages its portfolio, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures contracts or by borrowing money. The use of derivative instruments by the Portfolio, such as forwards, futures, 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.

High Yield Debt Securities—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.

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

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

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, 2016.

20

AB Variable Products Series Fund

NOTE H: Tax Information

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	193,254
Accumulated capital and other losses		(946,504	)(a)
Unrealized appreciation/(depreciation)		(22,521	)(b)
Total accumulated earnings/(deficit)	$	(775,771	)

(a) As of December 31, 2015, the Portfolio had a net capital loss carryforward of $771,662. As of that date, the cumulative deferred loss on straddles was $174,842.

(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 realization for tax purposes of gains/losses on certain derivative instruments.

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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio had a net short-term capital loss carryforward of $246,484 and a net long-term capital loss carryforward of $525,178 which may be carried forward for an indefinite period.

NOTE I: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE J: Subsequent Events

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

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2016 (unaudited)			April 28, 2015(a)  to December 31, 2015
Net asset value, beginning of period		$9.40			$10.00
Income From Investment Operations
Net investment income (b)(c)		.02			.05
Net realized and unrealized loss on investment transactions and foreign currency transactions		(.05	)		(.65	)
Net decrease in net asset value from operations		(.03	)		(.60	)
Net asset value, end of period		$9.37			$9.40
Total Return
Total investment return based on net asset value (d)		(.21	)%		(6.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)^		.67	%		.69	%
Expenses, before waivers/reimbursements (e)^		1.12	%		3.21	%
Net investment income (c)^		.44	%		.82	%
Portfolio turnover rate		72	%		111	%

See footnote summary on page 23.

22

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2016 (unaudited)			April 28, 2015(a)  to December 31, 2015
Net asset value, beginning of period		$9.39			$10.00
Income From Investment Operations
Net investment income (b)(c)		.01			.01
Net realized and unrealized loss on investment transactions and foreign currency transactions		(.05	)		(.62	)
Net decrease in net asset value from operations		(.04	)		(.61	)
Net asset value, end of period		$9.35			$9.39
Total Return
Total investment return based on net asset value (d)		(.21	)%		(6.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$63,617			$51,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)^		.92	%		.94	%
Expenses, before waivers/reimbursements (e)^		1.36	%		1.62	%
Net investment income (c)^		.24	%		.19	%
Portfolio turnover rate		72	%		111	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

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

(e) Expense ratios do not include expenses of acquired funds in which the Portfolio invests. For the six months ended June 30, 2016 and the period ended December 31, 2015, the estimated annualized blended expense ratios of acquired funds in which the Portfolio invests were .08% and .06%, respectively, for both Class A and Class B Shares.

^ Annualized.

See notes to financial statements.

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of Global Risk Allocation—Moderate Portfolio (“Risk Allocation Portfolio” or the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the initial approval of the of the Investment Advisory Agreement.

The Portfolio seeks long term growth of capital with consideration of reducing volatility. The Portfolio will invest dynamically in a number of global equity and fixed-income asset classes, including equity securities of all types, corporate fixed-income securities, fixed income securities of U.S. and foreign governments and their agencies and instrumentalities, and inflation-indexed instruments (including Treasury Inflation Protected Securities). The Portfolio will invest in fixed-income securities with a range of maturities from short- to long-term. The Portfolio’s investments in each asset class may generally be global in nature, and may generally include investments in developed markets only. In making decisions on the allocation of asset classes, the Portfolio may use a risk-weighted allocation methodology based on the expected “tail risk” of each asset class. This strategy attempts to provide investors with favorable long-term total return while minimizing exposure to volatility and material downside or “tail” events. To execute this strategy, an expected tail loss for each asset class is calculated based on historical market behavior and on a forward-looking basis through options prices. Portfolio assets are then allocated among asset classes so that growth assets, such as global equities, contribute the majority of the expected tail risk of the Portfolio, and safety assets, such as government securities of developed countries, contribute a lesser amount of tail risk. The Adviser will make frequent adjustments to the Portfolio’s asset class exposures based on these tail risk determinations. The specified tail risk allocations will generally result in an asset allocation for the Portfolio of approximately 60% equities and 40% fixed income securities.

To help limit tail risk, the Portfolio may utilize a risk management system strategy involving the purchase of put options and sale of call options on equity indexes, equity index futures or ETFs. The Adviser may also assess tail risk on a security, sector and country basis, and make adjustments to the Portfolio’s allocations within each asset class where possible. The Adviser expects to utilize a variety of derivatives in managing the Portfolio to gain exposure to various equity and fixed-income asset classes to limit tail risk. These derivatives are expected to create gross exposure for the Portfolio that will at times be substantially in excess of the Portfolio’s net assets.

The Adviser proposed the MSCI World Index (Net) as the Portfolio’s benchmark. The Adviser also proposed a secondary benchmark for the Portfolio, 60% MSCI World Index (Net) / 40% Barclays Capital G7 Global Treasury Index. The Adviser anticipates that Lipper and Morningstar will place the Portfolio in their respective Flexible and Tactical Allocation categories.

The Senior Officer’s evaluation considered the following factors:

1. Management fees charged to institutional and other clients of the Adviser for like services;

2. Management fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

1 The information in the fee evaluation was completed on January 22, 2015 and discussed with the Board of Directors on February 3-4, 2015.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratios refer to the Class A shares of the Portfolio.

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AB Variable Products Series Fund

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth below for receiving the services to be provided pursuant to the Investment Advisory Agreement.

Portfolio	Advisory Fee
Risk Allocation Portfolio	0.60% of average daily net assets

In addition to paying the advisory fee, the Investment Advisory Agreement provides for the Adviser to be reimbursed for providing certain clerical, legal, accounting, administrative and other services.

The Portfolio‘s Expense Limitation Agreement calls for the Adviser to establish expense caps, set forth below, for a one year period after the date the date that shares of the Portfolio is first offered to the public. The Expense Limitation Agreement also provides a mechanism for reimbursing the Adviser for its expense cap subsidies. Under the Expense Limitation Agreement, the Adviser may be able to recoup all or a portion of the amounts waived or reimbursed until the end of three fiscal years after the fiscal period in which the amounts were waived or reimbursed to the extent that the reimbursements do not cause the expense ratios of the Portfolio’s share classes to exceed the expense caps. The Adviser will have the ability to recoup expenses during the three year fiscal period after an advisory fee waiver and/or expense reimbursement was made even if the Portfolio’s Expense Limitation Agreement terminates prior to the end of such three year fiscal period. The Adviser will have the ability to recoup expenses during the three year fiscal period after an advisory fee waiver and/or expense reimbursement was made even if the Portfolio’s Expense Limitation Agreement terminates prior to the end of such three year fiscal period.

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Estimated Gross Expense Ratio4			Fiscal Year End
Risk Allocation Portfolio	Class A    0.75%		0.81	%	December 31
	Class B    1.00%		1.06	%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services to be provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio will be more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser will be entitled to be reimbursed by the Portfolio for providing such services. Also, retail mutual funds managed

3 Jones v. Harris at 1427.

4 The Portfolio’s estimated gross expense ratios are based on an initial estimate of the Portfolio’s net assets at $250 million.

25

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

by the Adviser are widely held. Servicing the Portfolio’s investors will be more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Portfolio.⁵ In addition to the institutional fee schedule, set forth below are what would have been the effective advisory fee of the Portfolio had the institutional fee schedule been applicable to the Portfolio, the Portfolio’s advisory fee and the differences between those fees based on an initial estimate of the Portfolio’s net assets at $250 million.⁶

Portfolio	Projected Net Assets ($MM)	AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee			Difference
Risk Allocation Portfolio7	$250	Tail Risk Parity		0.440	%		0.600	%		0.160	%
		0.50% on first $100 million
		0.40% on next $400 million
		0.30% on the balance
		Minimum account size: $100 million

The Adviser manages AB Global Risk Allocation Fund Inc., (“Global Risk Allocation Fund, Inc.”), a retail mutual fund which has a somewhat similar investment style as the Portfolio. Set forth below is the retail mutual fund’s advisory fee schedule and what would have been the effective advisory fee of the Portfolio had the retail mutual fund’s fee schedule been applicable to the Portfolio based on an initial estimate of the Portfolio’s net asset at $250 million.

Portfolio	AB Fund	Fee	ABMF Effective Fee (%)		Portfolio Advisory Fee (%)
Risk Allocation Portfolio	Global Risk Allocation Fund, Inc.	0.60% on first $200 million 0.50% on next $200 million 0.40% on the balance		0.580		0.600

The Adviser has represented that it does not manage any sub-advisory relationship that has a substantially similar investment style as any of the Portfolio.

5 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

6 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

7 There are some differences in the investment strategy between the Portfolio and the institutional mandate, among the differences in the management of the tail risk for each asset class and that, unlike the institutional mandate, the Portfolio will generally not have exposure to commodities or exposure to currencies other than through its securities investments denominated in foreign currencies

26

AB Variable Products Series Fund

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.⁸ Lipper’s analysis included the Portfolio’s contractual management fee⁹ estimated at the approximate current asset level of the Portfolio to the median of the Portfolio’s Lipper Expense Group (“EG”).¹⁰

Traditionally, Lipper chooses a Portfolio’s peers among the Portfolio’s Lipper investment classification/objective. However, in selecting Risk Allocation Portfolio’s peers, Lipper has departed from its traditional methodology. Instead, Lipper selected peer funds that have a managed volatility attribute that allows a fund to shift its portfolio assets from one asset class to another based on its manager’s perception of the markets. This managed volatility attribute was given greater weight by Lipper than a peer fund’s investment classification/objective during the peer fund selection process.

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee11		Lipper EG Median (%)		Lipper EG Rank
Risk Allocation Portfolio12		0.600		0.660		4/11

However, because Lipper had expanded the EG of the Portfolio, under Lipper’s standard guidelines, the Lipper Expense Universe (“EU”) was also expanded to include the universe of those peers that had a similar but not the same Lipper investment classification/objective. A “normal” EU will include funds that have the same investment classification/objective as the subject Portfolio.¹³

It should be noted that Lipper compared the Portfolio to a number of non-Class A share peers, which may have a 12b-1 or non 12b-1 service fee. Since the Portfolio’s Class A shares do not have a 12b-1 or non 12b-1 service fee, the Senior Officer compared the Portfolio’s total expenses to that of its peers excluding 12b-1/non 12b-1 service fees. In addition, the EU does not include funds with a 12b-1 or non 12b-1 service fee other than funds in the EG.

Portfolio	Total Expense Ratio (%)14		Lipper EG Median (%)		Lipper EG Rank		Lipper EU Median (%)		Lipper EU Rank
Risk Allocation Portfolio15		0.750		0.750		6/11		0.750		9/17

8 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arm’s length.” Jones v. Harris at 1429.

9 The contractual management fee is calculated by Lipper using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Portfolio had the lowest effective fee rate in the Lipper peer group.

10 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. In addition, there are limitations in Lipper’s expense category data because different funds categorize expenses differently.

11 The contractual management fee would not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waivers for expense caps that would effectively reduce the actual management fee.

12 The Portfolio’s EG includes the Portfolio, two other Flexible (“FX”) funds, three Mixed-Asset Target Allocation Moderate (“MTAM”) funds, two Mixed-Asset Target Allocation Growth (“MTAG”) funds, one Mixed-Asset Target Allocation Conservative (“MTAC”) fund and one Alternative Other Fund (“ALT”) fund.

13 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

14 Projected total expense ratio information, based on an initial net asset estimate of $250 million, pertains to the Portfolio’s Class A shares.

15 The Portfolio’s EU includes the Portfolio, EG and all other FX, MTAM, MTAG, MTAC and ALT funds.

27

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio has not yet commenced operations. Therefore, there is no historic profitability data with respect to the Adviser’s investment services to the Portfolio.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio will adopt a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares.

Financial intermediaries, such as insurers, will market and sell shares of the Portfolio and will typically receive compensation from ABI, the Adviser and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries will receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, and payments related to providing contract-holder record-keeping and/or administrative services. Payments related to providing contract-holder record keeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of each Portfolio attributable to the firm over the year. With respect to the Fund, ABI paid approximately $600,000 in 2013 and expects to pay approximately $600,000 in 2014 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Fund is AB Investor Services (“ABIS”), an affiliate of the Adviser.¹⁶ The Fund pays ABIS a flat fee of $18,000 for each calendar year, which is allocated evenly among its separate Portfolios.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM have experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the

16 It should be noted that the insurance companies, linked to the variable products, will provide additional shareholder services for the Portfolio, including record keeping, administration and customer service for contract holders.

28

AB Variable Products Series Fund

independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of the Deli study on advisory fees and various fund characteristics.^17,18 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁹ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $474 billion as of December 31, 2014, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

Since the Portfolio has not yet commenced operations, the Portfolio has no performance history. The Adviser does manage Global Risk Allocation Fund, Inc. and its 1 year and since inception performance returns as of December 31, 2014 against its benchmarks are shown in the table below.

	Periods Ended December 31, 2014 Annualized Performance
	1 Year (%)		Since Inception (%)
Global Risk Allocation Fund, Inc.20		7.35		3.94
60% MSCI World Index (Net) / 40%		3.23		8.76
Barclays Capital Global Aggregate Index MSCI World Index (Net)		4.94		15.70
Barclays Capital U.S. Aggregate Index		0.59		–1.10
Inception Date: November 1, 2012

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. The Senior Officer recommended that the Directors consider discussing with the Adviser the addition of breakpoints to the proposed advisory fee schedule for the Portfolio. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: February 27, 2015

17 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

18 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

19 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

20 Global Risk Allocation Fund, Inc.’s actual inception date is June 8, 1932. However, inception performance is shown only from November 1, 2012, which is the first full month since the retail mutual fund has been operating in with its current investment strategy.

29

VPS-GRA-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During  Period*		Annualized Expense  Ratio*
Class A
Actual	$	1,000	$	967.50	$	5.09		1.04	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.69	$	5.22		1.04	%
Class B
Actual	$	1,000	$	965.90	$	6.31		1.29	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.45	$	6.47		1.29	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Essilor International SA	$	2,374,527		2.2	%
UnitedHealth Group, Inc.		2,370,748		2.1
Anheuser-Busch InBev SA/NV		2,340,583		2.1
Tencent Holdings Ltd.		2,340,207		2.1
Broadcom Ltd.		2,315,460		2.1
AIA Group Ltd.		2,305,488		2.1
Alphabet, Inc.—Class C		2,240,328		2.0
Facebook, Inc.—Class A		2,239,888		2.0
Roche Holding AG		2,200,757		2.0
Reckitt Benckiser Group PLC		2,174,890		2.0
	$	22,902,876		20.7	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	27,640,715		25.3	%
Financials		20,222,340		18.5
Health Care		18,715,982		17.2
Consumer Discretionary		14,243,827		13.0
Consumer Staples		13,072,626		12.0
Industrials		8,471,702		7.8
Materials		3,027,205		2.8
Utilities		2,368,428		2.2
Short-Term Investments		1,294,553		1.2
Total Investments	$	109,057,378		100.0	%

* Long-term investments.

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

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

2

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	53,329,577		48.9	%
China		9,314,814		8.5
Switzerland		7,823,913		7.2
United Kingdom		6,054,242		5.6
India		3,897,792		3.6
France		3,684,602		3.4
Denmark		2,904,618		2.7
Belgium		2,340,583		2.1
Japan		2,334,975		2.1
Singapore		2,315,460		2.1
Hong Kong		2,305,488		2.1
Netherlands		1,903,109		1.7
Philippines		1,801,364		1.7
Other		7,752,288		7.1
Short-Term Investments		1,294,553		1.2
Total Investments	$	109,057,378		100.0	%

* All data are as of June 30, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.2% or less in the following countries: Austria, Germany, Indonesia, Ireland, Italy, Mexico, Norway and South Korea.

3

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.6%
INFORMATION TECHNOLOGY–25.0%
COMMUNICATIONS EQUIPMENT–1.4%
Palo Alto Networks, Inc.(a)		12,530	$	1,536,679
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.0%
TE Connectivity Ltd.		19,030		1,086,804
INTERNET SOFTWARE & SERVICES–8.0%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		25,640		2,039,149
Alphabet, Inc.–Class C(a)		3,237		2,240,328
Facebook, Inc.–Class A(a)		19,600		2,239,888
Tencent Holdings Ltd.		101,900		2,340,207
				8,859,572
IT SERVICES–1.8%
Visa, Inc.–Class A		26,460		1,962,538
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–6.9%
ams AG(b)		27,570		765,410
Broadcom Ltd.		14,900		2,315,460
Infineon Technologies AG		77,120		1,116,420
NVIDIA Corp.		30,298		1,424,309
NXP Semiconductors NV(a)		15,029		1,177,372
Skyworks Solutions, Inc.		12,650		800,492
				7,599,463
SOFTWARE–4.4%
Fortinet, Inc.(a)		49,233		1,555,270
Mobileye NV(a)(b)		37,530		1,731,634
salesforce.com, Inc.(a)		20,772		1,649,505
				4,936,409
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
Apple, Inc.		11,525		1,101,790
Thin Film Electronics ASA(a)		1,183,690		557,460
				1,659,250
				27,640,715
FINANCIALS–18.3%
BANKS–1.4%
Wells Fargo & Co.		32,160		1,522,133
CAPITAL MARKETS–6.8%
Affiliated Managers Group, Inc.(a)		6,890		969,905
Azimut Holding SpA		64,490		1,052,210
Charles Schwab Corp. (The)		57,940		1,466,461
Flow Traders(c)		21,245		725,737
Partners Group Holding AG		4,430		1,898,545
UBS Group AG(a)		36,980		479,261
WisdomTree Investments, Inc.(b)		98,356	$	962,905
				7,555,024
CONSUMER FINANCE–2.1%
Gentera SAB de CV		515,410		923,267
SKS Microfinance Ltd.(a)		132,660		1,456,584
				2,379,851
DIVERSIFIED FINANCIAL SERVICES–2.3%
Intercontinental Exchange, Inc.		6,070		1,553,677
London Stock Exchange Group PLC		28,020		952,076
				2,505,753
INSURANCE–3.0%
AIA Group Ltd.		384,200		2,305,488
St James’s Place PLC		96,470		1,017,350
				3,322,838
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.9%
Ayala Land, Inc.		1,145,100		949,889
THRIFTS & MORTGAGE FINANCE–1.8%
Housing Development Finance Corp., Ltd.		106,730		1,986,852
				20,222,340
HEALTH CARE–17.0%
BIOTECHNOLOGY–2.0%
Cepheid(a)		37,707		1,159,490
Regeneron Pharmaceuticals, Inc.(a)		3,080		1,075,629
				2,235,119
HEALTH CARE EQUIPMENT & SUPPLIES–6.3%
Abbott Laboratories		43,170		1,697,013
Align Technology, Inc.(a)		20,950		1,687,523
Cerus Corp.(a)(b)		194,585		1,214,210
Essilor International SA		18,067		2,374,527
				6,973,273
HEALTH CARE PROVIDERS & SERVICES–3.1%
HealthEquity, Inc.(a)		32,972		1,001,854
UnitedHealth Group, Inc.		16,790		2,370,748
				3,372,602
LIFE SCIENCES TOOLS & SERVICES–2.6%
Illumina, Inc.(a)		8,321		1,168,102
Quintiles Transnational Holdings, Inc.(a)		25,078		1,638,095
				2,806,197

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
PHARMACEUTICALS–3.0%
Perrigo Co. PLC		7,430	$	673,678
Roche Holding AG		8,340		2,200,757
Sun Pharmaceutical Industries Ltd.		39,999		454,356
				3,328,791
				18,715,982
CONSUMER DISCRETIONARY–12.9%
AUTO COMPONENTS–1.7%
Delphi Automotive PLC		30,510		1,909,926
DIVERSIFIED CONSUMER SERVICES–1.5%
New Oriental Education & Technology Group, Inc. (Sponsored ADR)		40,720		1,705,354
HOTELS, RESTAURANTS & LEISURE–1.5%
Starbucks Corp.		29,570		1,689,038
HOUSEHOLD DURABLES–0.6%
Panasonic Corp.		71,100		611,712
INTERNET & CATALOG RETAIL–3.7%
Amazon.com, Inc.(a)		1,873		1,340,356
Ctrip.com International Ltd. (ADR)(a)(b)		39,630		1,632,756
Netflix, Inc.(a)		12,610		1,153,563
				4,126,675
MULTILINE RETAIL–1.2%
Matahari Department Store Tbk PT		831,500		1,267,296
TEXTILES, APPAREL & LUXURY GOODS–2.7%
NIKE, Inc.–Class B		31,140		1,718,928
Pandora A/S		8,920		1,214,898
				2,933,826
				14,243,827
CONSUMER STAPLES–11.8%
BEVERAGES–2.1%
Anheuser-Busch InBev SA/NV		17,700		2,340,583
FOOD & STAPLES RETAILING–1.2%
CVS Health Corp.		13,280		1,271,427
FOOD PRODUCTS–5.0%
Danone SA		18,720		1,310,075
Mead Johnson Nutrition Co.–Class A		13,690		1,242,367
Nestle SA (REG)		27,860		2,158,546
Universal Robina Corp.		191,981		851,475
				5,562,463
HOUSEHOLD PRODUCTS–3.5%
Reckitt Benckiser Group PLC		21,690	$	2,174,890
Unicharm Corp.		76,700		1,723,263
				3,898,153
				13,072,626
INDUSTRIALS–7.7%
AEROSPACE & DEFENSE–1.5%
Hexcel Corp.		38,869		1,618,505
BUILDING PRODUCTS–0.9%
Kingspan Group PLC		46,700		1,010,594
COMMERCIAL SERVICES & SUPPLIES–0.6%
China Everbright International Ltd.		571,000		638,462
ELECTRICAL EQUIPMENT–1.5%
Vestas Wind Systems A/S		24,860		1,689,720
INDUSTRIAL CONGLOMERATES–1.8%
Danaher Corp.		19,350		1,954,350
MACHINERY–1.4%
Xylem, Inc./NY		34,940		1,560,071
				8,471,702
MATERIALS–2.7%
CHEMICALS–2.7%
Ecolab, Inc.		16,590		1,967,574
LG Chem Ltd.		4,640		1,059,631
				3,027,205
UTILITIES–2.2%
WATER UTILITIES–2.2%
American Water Works Co., Inc.		16,679		1,409,542
Beijing Enterprises Water Group Ltd.(b)		1,580,000		958,886
				2,368,428
Total Common Stocks (cost $95,687,033)				107,762,825
WARRANTS–0.0%
INFORMATION TECHNOLOGY–0.0%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.0%
Thin Film Electronics ASA, expiring 7/14/18(a)(d)(e) (cost $0)		591,845		–0	–^

5

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company		Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–1.2%
TIME DEPOSIT–1.2%
State Street Time Deposit 0.01%, 7/01/16 (cost $1,294,553)	U.S.$		1,295	$	1,294,553
Total Investments Before Security Lending Collateral for Securities Loaned–98.8% (cost $96,981,586)					109,057,378

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–6.5%
INVESTMENT COMPANIES–6.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(f)(g) (cost $7,213,726)		7,213,726	$	7,213,726
TOTAL INVESTMENTS–105.3% (cost $104,195,312)				116,271,104
Other assets less liabilities–(5.3)%				(5,880,524	)
NET ASSETS–100.0%			$	110,390,580

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Credit Suisse International		USD	591		JPY	63,210		9/20/16	$	22,567
HSBC Bank USA		CNY	1,191		USD	180		9/20/16		1,920
HSBC Bank USA		USD	701		GBP	485		9/20/16		(54,940	)
JPMorgan Chase Bank		EUR	816		USD	930		9/20/16		22,213
JPMorgan Chase Bank		USD	1,134		GBP	784		9/20/16		(89,964	)
Morgan Stanley & Co., Inc.		USD	1,123		SEK	9,126		9/20/16		(41,012	)
Royal Bank of Scotland PLC		CHF	3,127		USD	3,257		9/20/16		40,446
Royal Bank of Scotland PLC		USD	2,498		AUD	3,374		9/20/16		10,915
Royal Bank of Scotland PLC		USD	2,078		CAD	2,651		9/20/16		(26,135	)
Royal Bank of Scotland PLC		USD	6,117		JPY	649,393		9/20/16		188,014
Standard Chartered Bank		CNY	34,362		USD	5,205		9/20/16		67,081
Standard Chartered Bank		HKD	7,979		USD	1,029		9/20/16		(120	)
State Street Bank & Trust Co.		EUR	1,507		USD	1,721		9/20/16		44,100
State Street Bank & Trust Co.		USD	290		GBP	200		9/20/16		(23,109	)
									$	161,976

^ Less than $0.50.

(a) Non-income producing security.

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

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the market value of this security amounted to $725,737 or 0.7% of net assets.

(d) Illiquid security.

(e) Fair valued by the Adviser.

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

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

6

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

JPY—Japanese Yen

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

7

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value Unaffiliated issuers (cost $96,981,586)	$	109,057,378	(a)
Affiliated issuers (cost $7,213,726—investment of cash collateral for securities loaned)		7,213,726
Foreign currencies, at value (cost $83,373)		82,948
Receivable for investment securities sold and foreign currency transactions		1,754,379
Unrealized appreciation on forward currency exchange contracts		397,256
Dividends and interest receivable		155,873
Receivable for capital stock sold		17,987
Total assets		118,679,547
LIABILITIES
Payable for collateral received on securities loaned		7,213,726
Payable for investment securities purchased		620,845
Unrealized depreciation on forward currency exchange contracts		235,280
Advisory fee payable		68,524
Payable for capital stock redeemed		34,796
Distribution fee payable		16,974
Administrative fee payable		11,625
Transfer Agent fee payable		112
Accrued expenses		87,085
Total liabilities		8,288,967
NET ASSETS	$	110,390,580
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,219
Additional paid-in capital		136,868,522
Accumulated net investment loss		(25,350	)
Accumulated net realized loss on investment and foreign currency transactions		(38,691,339	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		12,233,528
	$	110,390,580

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	28,646,650		1,320,500	$	21.69
B	$	81,743,930		3,898,440	$	20.97

(a) Includes securities on loan with a value of $7,216,303 (see Note E).

See notes to financial statements.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $71,331)	$	872,200
Affiliated issuers		9,313
Interest		56
Securities lending income		30,587
		912,156
EXPENSES
Advisory fee (see Note B)		419,259
Distribution fee—Class B		103,847
Transfer agency—Class A		845
Transfer agency—Class B		2,444
Custodian		49,596
Printing		27,482
Audit and tax		24,842
Administrative		24,077
Legal		15,711
Directors’ fees		10,665
Miscellaneous		6,241
Total expenses		685,009
Less: expenses waived and reimbursed by the Adviser (see Note E)		(166	)
Net expenses		684,843
Net investment income		227,313
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		774,268
Foreign currency transactions		859,843
Net change in unrealized appreciation/depreciation of:
Investments		(6,191,035	)
Foreign currency denominated assets and liabilities		23,572
Net loss on investment and foreign currency transactions		(4,533,352	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(4,306,039	)

See notes to financial statements.

9

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	227,313		$	(148,001	)
Net realized gain on investment and foreign currency transactions		1,634,111			4,664,510
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(6,167,463	)		(954,384	)
Contributions from Affiliates (see Note B)		–0	–		33,342
Net increase (decrease) in net assets from operations		(4,306,039	)		3,595,467
CAPITAL STOCK TRANSACTIONS
Net decrease		(9,135,773	)		(7,377,270	)
Total decrease		(13,441,812	)		(3,781,803	)
NET ASSETS
Beginning of period		123,832,392			127,614,195
End of period (including accumulated net investment loss of ($25,350) and ($252,663), respectively)	$	110,390,580		$	123,832,392

See notes to financial statements.

10

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

11

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

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Information Technology

$

22,861,218

$

4,779,497

$

–0

–

$

27,640,715

Financials

7,877,609

12,344,731

–0

–

20,222,340

Health Care

13,686,342

5,029,640

–0

–

18,715,982

Consumer Discretionary

11,149,921

3,093,906

–0

–

14,243,827

Consumer Staples

2,513,794

10,558,832

–0

–

13,072,626

Industrials

6,143,520

2,328,182

–0

–

8,471,702

Materials

1,967,574

1,059,631

–0

–

3,027,205

Utilities

1,409,542

958,886

–0

–

2,368,428

Warrants

–0

–

–0

–

–0

–(a)

–0

–(a)

Short-Term Investments

–0

–

1,294,553

–0

–

1,294,553

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

7,213,726

–0

–

–0

–

7,213,726

Total Investments in Securities

74,823,246

41,447,858

(c)

–0

–(a)

116,271,104

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	397,256		$	–0	–	$	397,256
Liabilities:
Forward Currency Exchange Contracts		–0	–		(235,280	)		–0	–		(235,280	)
Total(d)	$	74,823,246		$	41,609,834		$	–0	–(a)	$	116,433,080

(a) Less than $0.50.

(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) 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.

(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			Total
Balance as of 12/31/15	$	–0	–(a)	$	–0	–(a)
Accrued discounts/(premiums)		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–
Change in unrealized appreciation/depreciation		–0	–(a)		–0	–(a)
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 6/30/16	$	–0	–(a)	$	–0	–(a)
Net change in unrealized appreciation/depreciation from investments held as of 6/30/16(b)	$	–0	–(a)	$	–0	–(a)

(a) Less than $0.50.

(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 a 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.

During the year ended December 31, 2015, the Adviser reimbursed the Portfolio $33,342 for trading losses incurred due to a trade entry error.

14

AB Variable Products Series Fund

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, 2016, the reimbursement for such services amounted to $24,077.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $39,886, 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 $569 for the six months ended June 30, 2016.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	25,835,805		$	33,960,864
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	$	18,448,328
Gross unrealized depreciation		(6,372,536	)
Net unrealized appreciation	$	12,075,792

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, 2016, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain derivative financial instrument’s 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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	397,256	Unrealized depreciation on forward currency exchange contracts	$	235,280
Total		$	397,256		$	235,280

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	$	876,864	$	16,045
Total		$	876,864	$	16,045

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, 2016:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	17,415,193
Average principal amount of sale contracts	$	14,682,423

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, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
OTC Derivatives:
Credit Suisse International	$	22,567	$	–0	–	$	–0	–	$	–0	–	$	22,567
HSBC Bank USA		1,920		(1,920	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank		22,213		(22,213	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		239,375		(26,135	)		–0	–		–0	–		213,240
Standard Chartered Bank		67,081		(120	)		–0	–		–0	–		66,961
State Street Bank & Trust Co.		44,100		(23,109	)		–0	–		–0	–		20,991
Total	$	397,256	$	(73,497	)	$	–0	–	$	–0	–	$	323,759	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
OTC Derivatives:
HSBC Bank USA	$	54,940	$	(1,920	)	$	–0	–	$	–0	–	$	53,020
JPMorgan Chase Bank		89,964		(22,213	)		–0	–		–0	–		67,751
Morgan Stanley & Co., Inc.		41,012		–0	–		–0	–		–0	–		41,012
Royal Bank of Scotland PLC		26,135		(26,135	)		–0	–		–0	–		–0	–
Standard Chartered Bank		120		(120	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		23,109		(23,109	)		–0	–		–0	–		–0	–
Total	$	235,280	$	(73,497	)	$	–0	–	$	–0	–	$	161,783	^

^ 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

17

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

of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $7,216,303 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $7,213,726. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $30,587, $8,975 and $338 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $166. A principal risk of lending portfolio securities is that the borrower will 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market  Portfolio (000)		Market Value June 23, 2016 (000)
$	6,022	$	29,877	$	27,975	$	7,924	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	7,924	$	1,018	$	1,728	$	7,214

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		73,479			219,493		$	1,551,863		$	5,007,537
Shares redeemed		(158,860	)		(230,239	)		(3,369,013	)		(5,294,797	)
Net decrease		(85,381	)		(10,746	)	$	(1,817,150	)	$	(287,260	)
Class B
Shares sold		383,321			659,569		$	7,958,985		$	14,703,428
Shares redeemed		(736,791	)		(980,504	)		(15,277,608	)		(21,793,438	)
Net decrease		(353,470	)		(320,935	)	$	(7,318,623	)	$	(7,090,010	)

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 derivative instruments by the Portfolio, such as forwards, futures, 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, 2016.

NOTE I: Components of Accumulated Earnings (Deficit)

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(40,339,371	)(a)
Unrealized appreciation/(depreciation)		18,162,249	(b)
Total accumulated earnings/(deficit)	$	(22,177,122	)

(a) On December 31, 2015, the Portfolio had a net capital loss carryforward of $40,232,799. During the fiscal year, the Portfolio utilized $5,183,475 of capital loss carryforwards to offset current year net realized gains. At December 31, 2015, the Portfolio had a qualified late-year ordinary loss deferral of $106,572 which is deemed to arise on January 1, 2016.

(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 realization for tax purposes of gains/losses on certain derivative instruments.

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 incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-

19

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

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, 2015, the Portfolio had a net capital loss carryforward of $40,232,799 which will expire as follows:

SHORT-TERM AMOUNT	LONG-TERM AMOUNT	EXPIRATION
$  21,432,239	n/a	2016
18,800,560	n/a	2017

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$22.43			$21.80			$20.75			$16.88			$14.87			$19.47
Income From Investment Operations
Net investment income (a)		.06	(b)		.02			.06			.04			.13			.02
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.80	)		.60			.99			3.88			1.88			(4.52	)
Contributions from Affiliates		–0	–		.01			–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.74	)		.63			1.05			3.92			2.01			(4.50	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.05	)		–0	–		(.10	)
Tax return of capital		–0	–		–0	–		–0	–		(.00	)(c)		–0	–		–0	–
Total dividends and distributions		–0	–		–0	–		–0	–		(.05	)		–0	–		(.10	)
Net asset value, end of period		$21.69			$22.43			$21.80			$20.75			$16.88			$14.87
Total Return
Total investment return based on net asset value (d)		(3.25	)%		2.89	%*		5.06	%*		23.26	%*		13.52	%*		(23.23	)%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$28,647			$31,534			$30,886			$32,195			$40,231			$42,094
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.04	%^		1.01	%		1.01	%		.98	%		.99	%		.94	%
Expenses, before waivers/reimbursements		1.04	%^		1.01	%		1.01	%		.98	%		.99	%		.94	%
Net investment income		.60	%^(b)		.07	%		.26	%		.22	%		.83	%		.10	%
Portfolio turnover rate		23	%		47	%		48	%		96	%		152	%		163	%

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$21.71			$21.15			$20.18			$16.42			$14.50			$18.99
Income From Investment Operations
Net investment income (loss) (a)		.03	(b)		(.04	)		.00	(c)		(.01	)		.09			(.03	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.77	)		.59			.97			3.77			1.83			(4.40	)
Contributions from Affiliates		–0	–		.01			–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(.74	)		.56			.97			3.76			1.92			(4.43	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.00	)(c)		–0	–		(.06	)
Tax return of capital		–0	–		–0	–		–0	–		(.00	)(c)		–0	–		–0	–
Total dividends and distributions		–0	–		–0	–		–0	–		(.00	)		–0	–		(.06	)
Net asset value, end of period		$20.97			$21.71			$21.15			$20.18			$16.42			$14.50
Total Return
Total investment return based on net asset value (d)		(3.41	)%		2.65	%*		4.81	%*		22.93	%*		13.24	%*		(23.41	)%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$81,744			$92,298			$96,728			$101,388			$91,864			$99,084
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.29	%^		1.26	%		1.26	%		1.23	%		1.24	%		1.19	%
Expenses, before waivers/reimbursements		1.29	%^		1.26	%		1.26	%		1.23	%		1.24	%		1.19	%
Net investment income (loss)		.34	%^(b)		(.17	)%		.01	%		(.06	)%		.58	%		(.14	)%
Portfolio turnover rate		23	%		47	%		48	%		96	%		152	%		163	%

(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.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012 and December 31, 2011 by 0.01%, 0.02%, 0.05%, 0.07% and 0.04%, 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 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

23

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund except that the Fund’s fee rate is a monthly fee based on average daily net assets whereas the AB Fund’s fee rate is a quarterly fee based on net asset value at the end of each quarter.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of

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

GLOBAL THEMATIC GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Global Thematic Growth Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 03/31/16 ($MIL)
Global Thematic Growth Portfolio	Specialty	0.75% on 1st $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$	117.3

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,998 (0.039% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

26

AB Variable Products Series Fund

Set forth below are the Portfolio’s total expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio	Fiscal Year
Global Thematic Growth Portfolio	Class A    1.01%		December 31
	Class B    1.26%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio versus the Portfolio’s advisory fee based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Global Thematic Growth Portfolio	$	117.3	Global Thematic Research Schedule		0.570	%		0.750	%
			0.80% on 1st $25m
			0.60% on next $25m
			0.50% on next $50m
			0.40% on the balance
			Minimum account size $25m

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

27

GLOBAL THEMATIC GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser also manages AB Global Thematic Growth Fund, Inc. (“Global Thematic Growth Fund, Inc.), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below is the fee schedule of Global Thematic Growth Fund, Inc. and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Global Thematic Growth Portfolio	Global Thematic Growth Fund, Inc.7	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750	%

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the fees set forth for Thematic Research Growth Portfolio, a Luxembourg fund that has a somewhat similar investment style as the Portfolio.

Portfolio	Fee8
Thematic Research Growth Portfolio
Class A		1.70	%
Class I (Institutional)		0.90	%

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolios with fees charged to other investment companies for similar services by other investment advisers.^9,10 Broadridge’s analysis included each Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.^11,12

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

The original EG for the Portfolio had an insufficient number of peers. Consequently, Broadridge expanded the EGs of the Portfolio to include peers that had a similar but not the same Lipper investment classification/objective.

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 The advisory fees of AB Global Thematic Growth Fund, Inc. are based on the mutual fund’s net assets at the end of each quarter and are paid to the Adviser quarterly, in contrast to the Portfolio, whose advisory fees are based on the Portfolio’s average daily net assets and are paid on a monthly basis.

8 Class A shares of the fund are charged an “all-in” fee, which includes investment advisory services and distribution related services, unlike Class I shares, whose fee is for only investment advisory services.

9 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

10 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

11 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

12 The contractual management fee does not reflect any expense reimbursement made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

28

AB Variable Products Series Fund

Portfolio	Contractual Management Fee (%)13		Broadridge EG Median (%)		Broadridge EG Rank
Global Thematic Growth Portfolio14		0.750		0.750		3/8

However, because Broadridge had expanded those Portfolio’s EGs to include peers that had a similar but not the same Lipper investment classification/objective, under Broadridge’s standard guidelines, each of the Portfolio’s Broadridge Expense Universe (“EU”) was also expanded to include the universes of those peers that had a similar but not the same Lipper investment classification/objective. A “normal” EU will include funds that have the same investment classification/objective and load type as the subject Portfolio.¹⁵ Set forth below is a comparison of the Portfolio’s total expense ratio and the medians of the Portfolio’s EG and EU. The Portfolio’s total expense ratio ranking is also shown in the table below.

Portfolio	Expense Ratio (%)16		Broadridge EG Median (%)		Broadridge EG Rank		Broadridge EU Median (%)		Broadridge EU Rank
Global Thematic Growth Portfolio17		1.005		0.881		6/8		0.876		10/12

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than it does on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio decreased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $247,899 in Rule 12b-1 fees.

13 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

14 The Portfolio’s EG includes the Portfolio, four other variable insurance product (“VIP”) Global Multi-Cap Growth (“GMLG”) funds and four VIP Global Multi-Cap Core (“GMLC”) funds.

15 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

16 Most recently completed fiscal year end Class A total expense ratio.

17 Portfolio’s EU includes the Portfolio, EG and all other VIP GMLG and VIP GMLC funds, excluding outliers.

29

GLOBAL THEMATIC GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $505,616 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁸

The Portfolio did not effect any brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and pay commissions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from any future business conducted with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^19,20 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.²¹ The independent consultant then discussed the

18 The Fund, which includes the Portfolio and other Portfolios of the Fund pays ABIS a fee of $18,000 for each calendar year.

19 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

20 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

21 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

30

AB Variable Products Series Fund

results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below shows the 1, 3, 5 and 10 year net performance returns, rankings and quintiles²² of the Portfolios relative to their Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²³ for the periods ended February 29, 2016.²⁴

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Global Thematic Growth Portfolio25
1 year		–12.47		–12.47		–10.50		3/5		5/7
3 year		5.51		4.75		4.75		1/5		2/7
5 year		0.22		2.06		2.27		5/5		7/7
10 year		2.46		3.56		3.56		4/5		5/7

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²⁶ versus its benchmarks. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²⁷

	Period Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Global Thematic Growth Portfolio		–12.47		5.51		0.22		2.46		4.42		17.45		0.10		5
MSCI AC World Index (Net)		–12.32		3.67		3.71		3.55		N/A		13.23		0.33		5
MSCI World Index (Net)28		–11.00		5.32		4.92		3.82		5.58		N/A		N/A		N/A
Inception Date: January 11, 1996

22 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

23 The Portfolio’s PG/PU are not identical to the Portfolio’s EG/EU as the criteria for including/excluding a fund in a PG/PU is different from that of an EG/EU.

24 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if the fund had a different investment classification/objective at a different point in time.

25 The Portfolio’s Lipper classification changed in 2009 from VA Science/Technology Funds to VA Global Growth as a result of changes to the Portfolio’s strategy. Consequently, for the 10 year period, the Portfolio’s performance is being compared to funds that did not have the same Lipper investment category/objective during the entirety of that period.

26 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

27 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

28 Benchmark since inception date is the nearest month end after the Portfolio’s inception date.

31

GLOBAL THEMATIC GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

CONCLUSION:

The Senior Officer observed that the Portfolio had a relatively high total expense ratio compared to the Portfolio’s Broadridge peers, and recommended that the Directors discuss with the Adviser possible actions to reduce the Portfolio’s total expense ratio. Based on the factors discussed above, the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

32

VPS-GTG-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	980.00	$	5.56		1.13	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.24	$	5.67		1.13	%
Class B
Actual	$	1,000	$	978.80	$	6.79		1.38	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.00	$	6.92		1.38	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class A & Class C	$	4,050,958		6.1	%
Facebook, Inc.—Class A		3,607,477		5.5
UnitedHealth Group, Inc.		2,565,321		3.9
Visa, Inc.—Class A		2,511,396		3.8
Home Depot, Inc. (The)		2,431,090		3.7
Starbucks Corp.		2,284,800		3.5
Apple, Inc.		2,276,714		3.4
CVS Health Corp.		2,238,402		3.4
Biogen, Inc.		2,174,929		3.3
NIKE, Inc.—Class B		1,867,526		2.8
	$	26,008,613		39.4	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	22,110,350		33.0	%
Consumer Discretionary		17,842,152		26.6
Health Care		11,977,960		17.9
Consumer Staples		6,145,457		9.2
Industrials		4,190,166		6.2
Financials		347,274		0.5
Short-Term Investments		4,429,664		6.6
Total Investments	$	67,043,023		100.0	%

* Long-term investments.

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

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

2

GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.0%
INFORMATION TECHNOLOGY–33.5%
Communications Equipment–1.5%
Arista Networks, Inc.(a)		8,520	$	548,517
Palo Alto Networks, Inc.(a)		3,370		413,297
				961,814
INTERNET SOFTWARE & SERVICES–12.4%
Alphabet, Inc.–Class A(a)		1,159		815,391
Alphabet, Inc.–Class C(a)		4,675		3,235,567
CoStar Group, Inc.(a)		2,510		548,837
Facebook, Inc.–Class A(a)		31,567		3,607,477
				8,207,272
IT SERVICES–6.0%
Cognizant Technology Solutions Corp.–Class A(a)		12,340		706,342
Vantiv, Inc.–Class A(a)		12,850		727,310
Visa, Inc.–Class A		33,860		2,511,396
				3,945,048
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.7%
NVIDIA Corp.		33,360		1,568,254
Texas Instruments, Inc.		5,370		336,430
Xilinx, Inc.		25,230		1,163,860
				3,068,544
SOFTWARE–5.5%
Adobe Systems, Inc.(a)		12,180		1,166,722
HubSpot, Inc.(a)		9,340		405,543
Microsoft Corp.		15,736		805,211
ServiceNow, Inc.(a)		7,727		513,073
Ultimate Software Group, Inc. (The)(a)		3,616		760,409
				3,650,958
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–3.4%
Apple, Inc.		23,815		2,276,714
				22,110,350
CONSUMER DISCRETIONARY–27.1%
DIVERSIFIED CONSUMER SERVICES–0.5%
Bright Horizons Family Solutions, Inc.(a)		5,070		336,192
HOTELS, RESTAURANTS & LEISURE–4.2%
Planet Fitness, Inc.(a) (b)		26,660		503,341
Starbucks Corp.		40,000		2,284,800
				2,788,141
INTERNET & CATALOG RETAIL–2.0%
Priceline Group, Inc. (The)(a)		1,067		1,332,053
MEDIA–6.7%
AMC Networks, Inc.–Class A(a)		21,777		1,315,766
Comcast Corp.–Class A		27,185		1,772,190
Walt Disney Co. (The)		13,458		1,316,462
				4,404,418
MULTILINE RETAIL–2.4%
Dollar Tree, Inc.(a)		16,490	$	1,554,018
SPECIALTY RETAIL–8.4%
Five Below, Inc.(a)		21,469		996,376
Home Depot, Inc. (The)		19,039		2,431,090
O’Reilly Automotive, Inc.(a)		1,756		476,052
Tractor Supply Co.		10,090		920,006
Ulta Salon Cosmetics & Fragrance, Inc.(a)		3,022		736,280
				5,559,804
TEXTILES, APPAREL & LUXURY GOODS–2.9%
NIKE, Inc.–Class B		33,832		1,867,526
				17,842,152
HEALTH CARE–18.2%
BIOTECHNOLOGY–7.6%
Alexion Pharmaceuticals, Inc.(a)		13,250		1,547,070
Biogen, Inc.(a)		8,994		2,174,929
Gilead Sciences, Inc.		15,590		1,300,518
				5,022,517
HEALTH CARE EQUIPMENT & SUPPLIES–5.7%
Align Technology, Inc.(a)		9,523		767,078
DexCom, Inc.(a)		7,560		599,735
Edwards Lifesciences Corp.(a)		6,070		605,361
Intuitive Surgical, Inc.(a)		2,720		1,799,035
				3,771,209
HEALTH CARE PROVIDERS & SERVICES–4.9%
Premier, Inc.–Class A(a)		18,927		618,913
UnitedHealth Group, Inc.		18,168		2,565,321
				3,184,234
				11,977,960
CONSUMER STAPLES–9.3%
BEVERAGES–2.6%
Monster Beverage Corp.(a)		10,816		1,738,239
FOOD & STAPLES RETAILING–5.9%
Costco Wholesale Corp.		10,555		1,657,557
CVS Health Corp.		23,380		2,238,402
				3,895,959
PERSONAL PRODUCTS–0.8%
Estee Lauder Cos., Inc. (The)–Class A		5,617		511,259
				6,145,457

3

GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INDUSTRIALS–6.4%
AEROSPACE & DEFENSE–1.9%
Hexcel Corp.		8,240	$	343,114
Rockwell Collins, Inc.		10,460		890,564
				1,233,678
AIRLINES–0.8%
Spirit Airlines, Inc.(a)		11,940		535,748
BUILDING PRODUCTS–0.5%
Allegion PLC		4,960		344,373
ELECTRICAL EQUIPMENT–1.3%
Acuity Brands, Inc.		3,390		840,584
INDUSTRIAL CONGLOMERATES–1.4%
Danaher Corp.		9,126		921,726
PROFESSIONAL SERVICES–0.5%
Robert Half International, Inc.		8,230		314,057
				4,190,166
FINANCIALS–0.5%
CAPITAL MARKETS–0.5%
Virtu Financial, Inc.–Class A		19,293		347,274
Total Common Stocks (cost $46,538,905)				62,613,359
	Principal Amount (000)
SHORT-TERM INVESTMENTS–6.7%
TIME DEPOSIT–6.7%
State Street Bank & Trust Co. 0.01%, 7/01/16 (cost $4,429,664)	$	4,430		4,429,664
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–101.7% (cost $50,968,569)				67,043,023
Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
Investment Companies–0.3%
AB Fixed Income Shares, Inc.-Government Money Market Portfolio- Class AB, 0.25%(c)(d) (cost $213,991)		213,991	$	213,991
TOTAL INVESTMENTS–102.0% (cost $51,182,560)				67,257,014
Other assets less liabilities–(2.0)%				(1,303,016	)
NET ASSETS–100.0%			$	65,953,998

(a) Non-income producing security.

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

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

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

See notes to financial statements.

4

GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Investments in securities, at value (cost $50,968,569)	$	67,043,023	(a)
Affiliated issuers (cost $213,991—investment of cash collateral for securities loaned)		213,991
Receivable for investment securities sold		360,570
Receivable for capital stock sold		40,461
Dividends and interest receivable		7,160
Total assets		67,665,205
LIABILITIES
Payable for investment securities purchased		1,371,913
Payable for collateral received on securities loaned		213,991
Advisory fee payable		40,860
Administrative fee payable		11,625
Distribution fee payable		8,250
Payable for capital stock redeemed		265
Transfer Agent fee payable		112
Accrued expenses		64,191
Total liabilities		1,711,207
NET ASSETS	$	65,953,998
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,229
Additional paid-in capital		42,321,503
Accumulated net investment loss		(163,092	)
Accumulated net realized gain on investment and foreign currency transactions		7,718,904
Net unrealized appreciation on investments		16,074,454
	$	65,953,998

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,073,681		856,829	$	30.43
B	$	39,880,317		1,371,962	$	29.07

(a) Includes securities on loan with a value of $204,565 (see Note E).

See notes to financial statements.

5

GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	254,652
Affiliated issuers		1,246
Interest		125
Securities lending income		2,031
	$	258,054
EXPENSES
Advisory fee (see Note B)		246,968
Distribution fee—Class B		50,328
Transfer agency—Class A		974
Transfer agency—Class B		1,528
Custodian		36,557
Administrative		24,077
Audit and tax		19,364
Legal		14,690
Printing		13,712
Directors’ fees		10,665
Miscellaneous		2,294
Total expenses		421,157
Less: expenses waived and reimbursed by the Adviser (see Note E)		(11	)
Net expenses		421,146
Net investment loss		(163,092	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		25,643
Foreign currency transactions		(2,313	)
Net change in unrealized appreciation/depreciation of:
Investments		(1,382,111	)
Foreign currency denominated assets and liabilities		2,716
Net loss on investment and foreign currency transactions		(1,356,065	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(1,519,157	)

See notes to financial statements.

6

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(163,092	)	$	(285,850	)
Net realized gain on investment and foreign currency transactions		23,330			8,045,915
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(1,379,395	)		(1,472,302	)
Net increase (decrease) in net assets from operations		(1,519,157	)		6,287,763
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(4,892,406	)
Class B		–0	–		(8,198,796	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(2,969,560	)		2,774,676
Total decrease		(4,488,717	)		(4,028,763	)
NET ASSETS
Beginning of period		70,442,715			74,471,478
End of period (including accumulated net investment loss of ($163,092) and ($0), respectively)	$	65,953,998		$	70,442,715

See notes to financial statements.

7

GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

8

AB Variable Products Series Fund

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

62,613,359

$

–0

–

$

–0

–

$

62,613,359

Short-Term Investments

–0

–

4,429,664

–0

–

4,429,664

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

213,991

–0

–

–0

–

213,991

Total Investments in Securities

62,827,350

4,429,664

–0

–

67,257,014

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

62,827,350

$

4,429,664

$

–0

–

$

67,257,014

(a) See Portfolio of Investments for sector classifications.

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

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

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

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the

9

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

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

10

AB Variable Products Series Fund

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, 2016, the reimbursement for such services amounted to $24,077.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $14,850, of which $150 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	15,075,470		$	19,404,732
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	$	17,249,145
Gross unrealized depreciation		(1,174,691	)
Net unrealized appreciation	$	16,074,454

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, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $204,565 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $213,991. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $2,031, $1,225 and $21 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $11. A principal risk of lending portfolio securities is that the borrower will 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

12

AB Variable Products Series Fund

summary of the Portfolio’s transactions in shares of AB Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	1,065	$	3,828	$	4,433	$	460	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)	Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$0	$	460	$	60	$	306	$	214

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		41,122			82,273		$	1,246,919		$	2,900,736
Shares issued in reinvestment of distributions		–0	–		158,074			–0	–		4,892,406
Shares redeemed		(55,707	)		(185,439	)		(1,667,781	)		(6,409,176	)
Net increase (decrease)		(14,585	)		54,908		$	(420,862	)	$	1,383,966
Class B
Shares sold		33,021			63,838		$	958,116		$	2,088,138
Shares issued in reinvestment of distributions		–0	–		276,706			–0	–		8,198,796
Shares redeemed		(121,802	)		(270,982	)		(3,506,814	)		(8,896,224	)
Net increase (decrease)		(88,781	)		69,562		$	(2,548,698	)	$	1,390,710

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.

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	542,864	$	–0	–
Net long-term capital gains		12,548,338		1,402,051
Total taxable distributions paid	$	13,091,202	$	1,402,051

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	7,775,008
Accumulated capital and other losses		(32,750	)(a)
Unrealized appreciation/(depreciation)		17,407,166	(b)
Total accumulated earnings/(deficit)	$	25,149,424

(a) At December 31, 2015, the Portfolio had a post-October short-term capital loss deferral of $32,750, which is deemed to arise on January 1, 2016.

(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 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, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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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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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$31.05			$34.47			$31.03			$23.22			$20.40			$20.15
Income From Investment Operations
Net investment income (loss) (a)		(.05	)(b)		(.08	)		(.09	)		(.03	)		.06			.03
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.57	)		3.18			4.15			7.92			2.77			.22
Net increase (decrease) in net asset value from operations		(.62	)		3.10			4.06			7.89			2.83			.25
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.08	)		(.01	)		–0	–
Distributions from net realized gain on investment transactions		–0	–		(6.52	)		(.62	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(6.52	)		(.62	)		(.08	)		(.01	)		–0	–
Net asset value, end of period		$30.43			$31.05			$34.47			$31.03			$23.22			$20.40
Total Return
Total investment return based on net asset value(c)*		(2.00	)%		9.06	%		13.28	%		34.01	%		13.89	%		1.24	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,074			$27,060			$28,141			$28,650			$25,220			$30,833
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.13	%^		1.09	%		1.08	%		1.06	%		1.06	%		1.00	%
Expenses, before waivers/reimbursements		1.13	%^		1.09	%		1.08	%		1.06	%		1.06	%		1.00	%
Net investment income (loss)		(.34	)%(b)^		(.24	)%		(.28	)%		(.10	)%		.27	%		.17	%
Portfolio turnover rate		23	%		51	%		66	%		63	%		83	%		97	%

See footnote summary on page 16.

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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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$29.70			$33.30			$30.08			$22.50			$19.81			$19.62
Income From Investment Operations
Net investment income (loss) (a)		(.08	)(b)		(.16	)		(.16	)		(.09	)		.01			(.02	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.55	)		3.08			4.00			7.68			2.68			.21
Net increase (decrease) in net asset value from operations		(.63	)		2.92			3.84			7.59			2.69			.19
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		(.01	)		–0	–		–0	–
Distributions from net realized gain on investment transactions		–0	–		(6.52	)		(.62	)		–0	–		–0	–		–0	–
Total dividends and distributions		–0	–		(6.52	)		(.62	)		(.01	)		–0	–		–0	–
Net asset value, end of period		$29.07			$29.70			$33.30			$30.08			$22.50			$19.81
Total Return
Total investment return based on net asset value(c)*		(2.12	)%		8.82	%		12.96	%		33.72	%		13.58	%		.97	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,880			$43,383			$46,330			$51,993			$46,948			$51,114
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.38	%^		1.34	%		1.33	%		1.31	%		1.31	%		1.25	%
Expenses, before waivers/reimbursements		1.38	%^		1.34	%		1.33	%		1.31	%		1.31	%		1.25	%
Net investment income (loss)		(.59	)%(b)^		(.49	)%		(.52	)%		(.35	)%		.03	%		(.08	)%
Portfolio turnover rate		23	%		51	%		66	%		63	%		83	%		97	%

(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.

* 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, 2016 and years ended December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012 and December 31, 2011 by 0.01%, 0.06%, 0.03%, 0.06%, 0.28% and 0.07%, respectively.

^ Annualized.

See notes to financial statements.

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GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

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 Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

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.

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GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Growth Portfolio (the “Portfolio”)². The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
Growth Portfolio	Growth	0.75% on 1st $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$	68.1

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,998 (0.070% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

20

AB Variable Products Series Fund

Set forth below are the Portfolio’s total expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio		Fiscal Year
Growth Portfolio	Class A	1.09%	December 31
	Class B	1.34%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Growth Portfolio	$	68.1	U.S. Growth Schedule 0.80% on 1st $25m 0.50% on next $25m 0.40% on next $50m 0.30% on next $100m 0.25% on the balance Minimum account size $25m		0.564	%		0.750	%

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

21

GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser also manages The AB Portfolios—Growth Fund (“Growth Fund”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below are the fee schedule of Growth Fund and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Growth Portfolio	Growth Fund	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%

The AB Investment Trust Management mutual funds (“ITM”), which are offered to investors in Japan, have an “all-in” fee to compensate the Adviser for investment advisory as well as fund accounting and administrative related services. The fee schedule of the ITM mutual fund that has a somewhat similar investment style as the Portfolio is as follows:

Portfolio	ITM Mutual Fund	Fee
Growth Portfolio	AB U.S. Growth Stock Fund A, B-Hedged/Unhedged	0.75%

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolios with fees charged to other investment companies for similar services by other investment advisers.^7,8 Broadridge’s analysis included each Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.⁹

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)10		Broadridge EG Median (%)		Broadridge EG Rank
Growth Portfolio		0.750		0.750		5/10

Broadridge also analyzed the Portfolio’s most recently completed fiscal year total expense ratio in comparison to the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹¹

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

8 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

9 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

10 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

11 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

22

AB Variable Products Series Fund

Portfolio	Expense Ratio (%)12		Broadridge EG Median (%)		Broadridge EG Rank		Broadridge EU Median (%)		Broadridge EU Rank
Growth Portfolio		1.095		0.771		10/10		0.744		31/31

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than it does on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $113,273 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $231,822 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹³

The Portfolio effected brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business

12 Most recently completed fiscal year end Class A total expense ratio.

13 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 for each calendar year.

23

GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

conducted with the Portfolio is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients, including the Portfolio. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.¹⁴,¹⁵ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁶ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below shows the 1, 3, 5 and 10 year net performance returns, rankings and quintiles¹⁷ of the Portfolios relative to their Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)¹⁸ for the periods ended February 29, 2016.¹⁹

14 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

15 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones V. Harris at 1429.

16 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

17 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

18 The Portfolio’s PG is identical to the Portfolio’s EG. The Portfolio’s PU is not identical to the Portfolio’s EU as the criteria for including/excluding a fund in/from a PU is different from that of an EU.

19 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if the fund had a different investment classification/objective at a different point in time.

24

AB Variable Products Series Fund

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Growth Portfolio
1 year		–3.43		–11.40		–10.60		1/10		1/38
3 year		13.73		9.43		11.11		1/9		3/37
5 year		10.82		8.19		9.40		1/9		8/32
10 year		5.71		5.71		6.50		5/9		20/29

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²⁰ versus its benchmarks. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²¹

	Periods Ending February 29, 2016
	Annualized Performance
	1		3		5		10		Since		Annualized				Risk Period (Year)
	Year (%)		Year (%)		Year (%)		Year (%)		Inception (%)		Volatility (%)		Sharpe (%)
Growth Portfolio		–3.43		13.73		10.82		5.71		8.47		16.09		0.35		10
Russell 3000 Growth Index22		–5.98		12.11		10.63		7.57		8.25		15.66		0.47		10
Russell 1000 Growth Index		–5.05		12.54		10.95		7.74		8.29		N/A		N/A		N/A
Inception Date: September 15, 1994

CONCLUSION:

The Senior Officer observed that the Portfolio had a relatively high total expense ratio compared to the Portfolio’s Broadridge peers, and recommended that the Directors discuss with the Adviser possible actions to reduce the Portfolio’s total expense ratio. Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

20 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

21 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

22 On April 1, 2013, the Portfolio’s benchmark changed from the Russell 1000 Growth Index to the Russell 3000 Growth Index to more closely reflect the Portfolio’s investments and performance.

25

VPS-GTH-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,011.30	$	3.00		0.60	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.88	$	3.02		0.60	%
Class B
Actual	$	1,000	$	1,010.10	$	4.25		0.85	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.64	$	4.27		0.85	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

GROWTH & INCOME PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
JPMorgan Chase & Co.	$	49,042,131		5.0	%
Pfizer, Inc.		41,776,665		4.2
Wells Fargo & Co.		34,700,463		3.5
Gilead Sciences, Inc.		33,773,422		3.4
Chubb Ltd.		32,197,794		3.3
Biogen, Inc.		29,311,002		3.0
Aetna, Inc.		28,992,441		2.9
Cisco Systems, Inc.		27,632,487		2.8
Allstate Corp. (The)		25,781,472		2.6
Raytheon Co.		25,104,527		2.5
	$	328,312,404		33.2	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	222,202,975		22.5	%
Health Care		185,379,942		18.8
Information Technology		145,506,775		14.8
Consumer Discretionary		134,169,648		13.6
Industrials		120,615,263		12.2
Energy		55,673,651		5.7
Consumer Staples		24,799,863		2.5
Telecommunication Services		20,651,586		2.1
Short-Term Investments		76,650,446		7.8
Total Investments	$	985,650,149		100.0	%

* Long-term investments.

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

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

2

GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–92.0%
FINANCIALS–22.5%
BANKS–8.5%
JPMorgan Chase & Co.		789,220	$	49,042,131
Wells Fargo & Co.		733,160		34,700,463
				83,742,594
CAPITAL MARKETS–2.3%
Goldman Sachs Group, Inc. (The)		100,160		14,881,773
Virtu Financial, Inc.–Class A		451,256		8,122,608
				23,004,381
CONSUMER FINANCE–2.1%
Capital One Financial Corp.		334,390		21,237,109
DIVERSIFIED FINANCIAL SERVICES–2.1%
Berkshire Hathaway, Inc.–Class B(a)		142,222		20,592,323
INSURANCE–7.5%
Allstate Corp. (The)		368,570		25,781,472
Chubb Ltd.		246,330		32,197,794
Hartford Financial Services Group, Inc. (The)		174,760		7,755,849
Validus Holdings Ltd.		162,409		7,891,453
				73,626,568
				222,202,975
HEALTH CARE–18.8%
BIOTECHNOLOGY–6.4%
Biogen, Inc.(a)		121,210		29,311,002
Gilead Sciences, Inc.		404,860		33,773,422
				63,084,424
HEALTH CARE PROVIDERS & SERVICES–8.2%
Aetna, Inc.		237,390		28,992,441
Cigna Corp.		186,160		23,826,618
Express Scripts Holding Co.(a)		115,110		8,725,338
UnitedHealth Group, Inc.		134,380		18,974,456
				80,518,853
PHARMACEUTICALS–4.2%
Pfizer, Inc.		1,186,500		41,776,665
				185,379,942
INFORMATION TECHNOLOGY–14.7%
COMMUNICATIONS EQUIPMENT–3.4%
Cisco Systems, Inc.		963,140		27,632,487
F5 Networks, Inc.(a)		56,350		6,414,884
				34,047,371
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.6%
Flextronics International Ltd.(a)		488,950		5,769,610
IT SERVICES–2.4%
International Business Machines Corp.		155,270	$	23,566,881
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.3%
Intel Corp.		548,252		17,982,665
Xilinx, Inc.		311,630		14,375,492
				32,358,157
SOFTWARE–3.2%
Activision Blizzard, Inc.		230,431		9,131,980
Check Point Software Technologies Ltd.(a)		45,071		3,591,257
Microsoft Corp.		371,580		19,013,749
				31,736,986
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.8%
Apple, Inc.		188,575		18,027,770
				145,506,775
CONSUMER DISCRETIONARY–13.6%
AUTO COMPONENTS–1.7%
BorgWarner, Inc.		234,990		6,936,905
Delphi Automotive PLC		53,710		3,362,246
Johnson Controls, Inc.		151,270		6,695,210
				16,994,361
HOTELS, RESTAURANTS & LEISURE–0.6%
Wyndham Worldwide Corp.		86,120		6,134,328
HOUSEHOLD DURABLES–0.7%
DR Horton, Inc.		215,890		6,796,217
INTERNET & CATALOG RETAIL–2.6%
Liberty Interactive Corp. QVC Group–Class A(a)		817,698		20,744,998
Liberty TripAdvisor Holdings, Inc.–Class A(a)		203,147		4,444,857
				25,189,855
MEDIA–6.8%
Comcast Corp.–Class A		295,770		19,281,246
Discovery Communications, Inc.–Class A(a)		346,780		8,749,259
Interpublic Group of Cos., Inc. (The)		973,020		22,476,762
Time Warner, Inc.		223,640		16,446,486
				66,953,753
SPECIALTY RETAIL–1.2%
Lowe’s Cos., Inc.		152,850		12,101,134
				134,169,648

3

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

Company	Shares		U.S. $ Value
INDUSTRIALS–12.2%
AEROSPACE & DEFENSE–6.0%
Boeing Co. (The)		108,010	$	14,027,259
General Dynamics Corp.		97,640		13,595,393
Honeywell International, Inc.		58,460		6,800,067
Raytheon Co.		184,660		25,104,527
				59,527,246
AIRLINES–1.7%
Delta Air Lines, Inc.		448,670		16,345,048
CONSTRUCTION & ENGINEERING–1.3%
Chicago Bridge & Iron Co. NV		99,275		3,437,893
Fluor Corp.		73,300		3,612,224
Jacobs Engineering Group, Inc.(a)		126,850		6,318,399
				13,368,516
ELECTRICAL EQUIPMENT–1.3%
EnerSys		94,559		5,623,424
Hubbell, Inc.		64,950		6,850,276
				12,473,700
INDUSTRIAL CONGLOMERATES–0.6%
Carlisle Cos., Inc.		55,109		5,823,919
MACHINERY–1.3%
Actuant Corp.–Class A		69,600		1,573,656
Kennametal, Inc.		77,133		1,705,411
Parker-Hannifin Corp.		52,239		5,644,424
Xylem, Inc./NY		93,020		4,153,343
				13,076,834
				120,615,263
ENERGY–5.6%
ENERGY EQUIPMENT & SERVICES–2.1%
Dril-Quip, Inc.(a)		99,090		5,789,829
FMC Technologies, Inc.(a)		108,920		2,904,896
Oil States International, Inc.(a)		113,006		3,715,637
Schlumberger Ltd.		110,311		8,723,394
				21,133,756
OIL, GAS & CONSUMABLE FUELS–3.5%
Exxon Mobil Corp.		212,750	$	19,943,185
Valero Energy Corp.		286,210		14,596,710
				34,539,895
				55,673,651
CONSUMER STAPLES–2.5%
FOOD & STAPLES RETAILING–2.5%
CVS Health Corp.		161,541		15,465,935
Wal-Mart Stores, Inc.		127,827		9,333,928
				24,799,863
TELECOMMUNICATION SERVICES–2.1%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.1%
Verizon Communications, Inc.		369,835		20,651,586
Total Common Stocks (cost $820,578,104)				908,999,703
	Principal Amount (000)
SHORT-TERM INVESTMENTS–7.7%
TIME DEPOSIT–7.7%
State Street Time Deposit 0.01%, 7/01/16 (cost $76,650,446)	$	76,650		76,650,446
TOTAL INVESTMENTS–99.7% (cost $897,228,550)				985,650,149
Other assets less liabilities–0.3%				2,531,519
NET ASSETS–100.0%			$	988,181,668

(a) Non-income producing security.

See notes to financial statements.

4

GROWTH & INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $897,228,550)	$	985,650,149
Receivable for investment securities sold		3,752,494
Dividends and interest receivable		549,729
Receivable for capital stock sold		320,207
Total assets		990,272,579
LIABILITIES
Payable for investment securities purchased		846,092
Payable for capital stock redeemed		512,513
Advisory fee payable		448,554
Distribution fee payable		173,253
Administrative fee payable		11,623
Transfer Agent fee payable		112
Accrued expenses		98,764
Total liabilities		2,090,911
NET ASSETS	$	988,181,668
COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,789
Additional paid-in capital		785,362,771
Undistributed net investment income		13,785,614
Accumulated net realized gain on investment transactions		100,578,895
Net unrealized appreciation on investments		88,421,599
	$	988,181,668

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	148,084,886		4,862,143	$	30.46
B	$	840,096,782		27,927,164	$	30.08

See notes to financial statements.

5

GROWTH & INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $33,799)	$	8,688,234
Affiliated issuers		6,281
Interest		2,682
Securities lending income		2,773
		8,699,970
EXPENSES
Advisory fee (see Note B)		2,289,026
Distribution fee—Class B		859,016
Transfer agency—Class A		796
Transfer agency—Class B		3,743
Custodian		74,153
Printing		52,612
Legal		29,319
Administrative		24,077
Audit and tax		19,681
Directors’ fees		10,665
Miscellaneous		13,001
Total expenses		3,376,089
Net investment income		5,323,881
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		40,653,301
Net change in unrealized appreciation/depreciation of investments		(37,814,334	)
Net gain on investment transactions		2,838,967
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	8,162,848

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, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	5,323,881		$	8,467,042
Net realized gain on investment transactions		40,653,301			75,832,751
Net change in unrealized appreciation/depreciation of investments		(37,814,334	)		(72,224,366	)
Net increase in net assets from operations		8,162,848			12,075,427
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(2,239,317	)
Class B		–0	–		(7,965,992	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		182,793,499			(74,221,929	)
Total increase (decrease)		190,956,347			(72,351,811	)
NET ASSETS
Beginning of period		797,225,321			869,577,132
End of period (including undistributed net investment income of $13,785,614 and $8,461,733, respectively)	$	988,181,668		$	797,225,321

See notes to financial statements.

7

GROWTH & INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

8

AB Variable Products Series Fund

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

908,999,703

$

–0

–

$

–0

–

$

908,999,703

Short-Term Investments

–0

–

76,650,446

–0

–

76,650,446

Total Investments in Securities

908,999,703

76,650,446

–0

–

985,650,149

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

908,999,703

$

76,650,446

$

–0

–

$

985,650,149

(a) See Portfolio of Investments for sector classifications.

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

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

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

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to imple-

9

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

10

AB Variable Products Series Fund

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, 2016, the reimbursement for such services amounted to $24,077.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $359,205, 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	472,512,647		$	314,296,865
U.S. government securities		–0	–		–0	–

11

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

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

Gross unrealized appreciation	$	115,103,373
Gross unrealized depreciation		(26,681,774	)
Net unrealized appreciation	$	88,421,599

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, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had no securities out on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $2,773, $6,281 and $0 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. A principal risk of lending portfolio securities is that the borrower will 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	5,671	$	20,543	$	26,214	$	0	$	0

12

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	0	$	0	$	0	$	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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		267,905			560,733		$	7,989,049		$	16,929,785
Shares issued in reinvestment of dividends		–0	–		73,832			–0	–		2,239,317
Shares redeemed		(413,123	)		(1,223,938	)		(12,205,823	)		(36,953,264	)
Net decrease		(145,218	)		(589,373	)	$	(4,216,774	)	$	(17,784,162	)
Class B
Shares sold		7,988,234			1,209,171		$	238,726,319		$	36,060,846
Shares issued in reinvestment of dividends		–0	–		265,356			–0	–		7,965,992
Shares redeemed		(1,766,875	)		(3,377,728	)		(51,716,046	)		(100,464,605	)
Net increase (decrease)		6,221,359			(1,903,201	)	$	187,010,273		$	(56,437,767	)

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 are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2016.

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GROWTH & INCOME 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, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	10,205,309	$	9,935,104
Total taxable distributions paid	$	10,205,309	$	9,935,104

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	8,461,733
Undistributed capital gains		60,679,228	(a)
Unrealized appreciation/(depreciation)		125,482,300	(b)
Total accumulated earnings/(deficit)	$	194,623,261

(a) During the fiscal year ended December 31, 2015, the Portfolio utilized $14,562,823 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 capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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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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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$30.12			$30.04			$27.80			$20.88			$18.05			$17.19
Income From Investment Operations
Net investment income (a)		.22			.37			.40			.33			.29			.27
Net realized and unrealized gain on investment transactions		.12			.14			2.23			6.92			2.86			.83
Net increase in net asset value from operations		.34			.51			2.63			7.25			3.15			1.10
Less: Dividends
Dividends from net investment income		–0	–		(.43	)		(.39	)		(.33	)		(.32	)		(.24	)
Net asset value, end of period		$30.46			$30.12			$30.04			$27.80			$20.88			$18.05
Total Return
Total investment return based on net asset value (b)*		1.13	%		1.70	%		9.54	%		34.96	%		17.53	%		6.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$148,085			$150,801			$168,135			$164,154			$131,402			$138,731
Ratio to average net assets of:
Expenses		.60	%^		.60	%		.60	%		.60	%		.60	%		.60	%
Net investment income		1.48	%^		1.21	%		1.39	%		1.35	%		1.48	%		1.52	%
Portfolio turnover rate		39	%		73	%		51	%		63	%		80	%		76	%

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$29.78			$29.71			$27.49			$20.66			$17.86			$17.01
Income From Investment Operations
Net investment income (a)		.18			.29			.32			.27			.24			.23
Net realized and unrealized gain on investment transactions		.12			.14			2.22			6.83			2.83			.81
Net increase in net asset value from operations		.30			.43			2.54			7.10			3.07			1.04
Less: Dividends
Dividends from net investment income		–0	–		(.36	)		(.32	)		(.27	)		(.27	)		(.19	)
Net asset value, end of period		$30.08			$29.78			$29.71			$27.49			$20.66			$17.86
Total Return
Total investment return based on net asset value (b)*		1.01	%		1.43	%		9.29	%		34.59	%		17.24	%		6.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$840,097			$646,424			$701,442			$709,257			$764,198			$735,514
Ratio to average net assets of:
Expenses		.85	%^		.85	%		.85	%		.85	%		.85	%		.85	%
Net investment income		1.24	%^		.96	%		1.14	%		1.11	%		1.23	%		1.28	%
Portfolio turnover rate		39	%		73	%		51	%		63	%		80	%		76	%

(a) Based on average shares outstanding.

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

* 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, 2016 and years ended December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012 and December 31, 2011 by 0.02%, 0.14%, 0.11%, 0.08%, 0.19% and 0.13%, 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 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution

17

GROWTH & INCOME PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

GROWTH & INCOME PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Growth and Income Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
Growth and Income Portfolio	Value	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance	$	779.7

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,998 (0.006% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

20

AB Variable Products Series Fund

Set forth below are the Portfolio’s total expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio	Fiscal Year
Growth and Income Portfolio	Class A    0.60%		December 31
	Class B     0.85%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio advisory fee based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)	AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee		Portfolio Advisory Fee
Growth and Income Portfolio	$779.7	U.S. Growth and Income 0.65% on first $25m 0.50% on next $25m 0.40% on next $50m 0.30% on next $100m 0.25% on the balance Minimum account size $25m		0.287%		0.550%

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

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GROWTH & INCOME PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser also manages AB Growth and Income Fund, Inc. (“Growth and Income Fund, Inc.”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below are the fee schedule of Growth and Income Fund, Inc. and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Growth and Income Portfolio	Growth and Income Fund, Inc.	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance		0.550%

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolios with fees charged to other investment companies for similar services by other investment advisers.⁷ Broadridge’s analysis included each Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.⁸

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)9		EG Median (%)		EG Rank
Growth and Income Portfolio		0.550		0.687		4/12

Broadridge also analyzed the Portfolio’s most recently completed fiscal year total expense ratio in comparison to the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹⁰

Portfolio	Expense Ratio (%)11		EG Median (%)		EG Rank		EU Median (%)		EU Rank
Growth and Income Portfolio		0.601		0.731		3/12		0.741		5/30

Based on this analysis, the Portfolio has a more favorable ranking on a total expense ratio basis than on a contractual management fee basis.

6 The retailmutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

8 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

9 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

10 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

11 Most recently completed fiscal year end Class A total expense ratio.

22

AB Variable Products Series Fund

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio decreased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $1,694,691 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $3,465,172 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹²

The Portfolio effected brokerage transactions during the most recently completed fiscal year through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions for such transactions. The Adviser represented that SCB’s profitability from any business conducted with the Portfolio is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

12 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 for each calendar year.

23

GROWTH & INCOME PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

Previously in February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^13,14 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁵ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

13 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

14 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones V. Harris at 1429.

15 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

24

AB Variable Products Series Fund

The information in the table below shows the 1, 3, 5 and 10 year net performance returns, rankings and quintiles¹⁶ of the Portfolios relative to their Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)¹⁷ for the periods ended February 29, 2016.¹⁸

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Growth and Income Portfolio
1 year		–4.92		–11.41		–10.82		1/12		1/49
3 year		10.46		7.87		7.70		2/12		5/48
5 year		10.95		6.82		7.55		1/12		3/45
10 year		5.77		5.03		5.94		5/11		23/40

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)¹⁹ versus its benchmarks. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²⁰

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Growth and Income Portfolio	–	4.92		10.46		10.95		5.77		9.13		15.49		0.36		10
Russell 1000 Value Index	–	9.41		8.27		8.81		5.13		10.20		15.91		0.32		10
Inception Date: February 25, 1994

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

16 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

17 The Portfolio’s PG is identical to the Portfolio’s EG. The Portfolio’s PU is not identical to the Portfolio’s EU as the criteria for including/excluding a fund in/from a PU is different from that of an EU.

18 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if the fund had a different investment classification/objective at a different point in time.

19 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

20 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

25

VPS-GI-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,058.30	$	5.12		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.89	$	5.02		1.00	%
Class B
Actual	$	1,000	$	1,056.00	$	6.39		1.25	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.65	$	6.27		1.25	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

INTERMEDIATE BOND PORTFOLIO
June 30, 2016 (unaudited)	AB Variable Products Series Fund

TOP TEN SECTORS (including derivatives)*
Corporates—Investment Grade(a)	27.7	%
Governments—Treasuries(b)	19.2
Mortgage Pass-Throughs	18.4
Asset-Backed Securities	14.5
Commercial Mortgage-Backed Securities	12.3
Collateralized Mortgage Obligations	7.1
Corporates—Non Investment Grade(a)	6.2
Inflation-Linked Securities	6.1
Agencies	2.5
Interest Rate Swaps(c)	-30.7

SECTOR BREAKDOWN (excluding derivatives)†
Corporates—Investment Grade	25.7	%	Agencies	2.4	%
Mortgage Pass-Throughs	17.3		Governments—Sovereign Agencies	1.0
Asset-Backed Securities	13.7		Emerging Markets—Treasuries	0.9
Commercial Mortgage-Backed Securities	11.0		Local Governments—Municipal Bonds	0.5
Governments—Treasuries	7.8		Governments—Sovereign Bonds	0.4
Collateralized Mortgage Obligations	6.9		Short-Term Investments	1.0
Inflation-Linked Securities	5.8		Other	0.6
Corporates—Non-Investment Grade	5.0

* All data are as of June 30, 2016. The Portfolio’s sectors include derivative exposure and are expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

(a) Includes Credit Default Swaps.

(b) Includes Treasury Futures.

(c) Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

† All data are as of June 30, 2016. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” represents less than 0.4% weightings in the following security types: Emerging Markets—Corporate Bonds, Preferred Stocks and Quasi-Sovereigns.

2

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CORPORATES–INVESTMENT GRADE–27.2%
INDUSTRIAL–19.2%
BASIC–1.4%
Barrick Gold Corp. 4.10%, 5/01/23		U.S.$	15	$	15,823
Dow Chemical Co. (The) 8.55%, 5/15/19			86		102,085
Eastman Chemical Co. 3.80%, 3/15/25			65		68,697
Glencore Funding LLC 4.125%, 5/30/23(a)			58		53,360
International Paper Co. 4.75%, 2/15/22			45		49,994
LyondellBasell Industries NV 5.75%, 4/15/24			200		238,041
Mosaic Co. (The) 5.625%, 11/15/43			53		58,784
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(a)			260		251,030
Vale Overseas Ltd. 6.875%, 11/21/36			40		36,400
					874,214
CAPITAL GOODS–0.2%
General Electric Co. Series D 5.00%, 1/21/21(b)			40		42,440
Owens Corning 6.50%, 12/01/16(c)			10		10,141
Yamana Gold, Inc. 4.95%, 7/15/24			81		79,688
					132,269
COMMUNICATIONS–MEDIA–3.0%
21st Century Fox America, Inc. 4.00%, 10/01/23			64		70,365
4.50%, 2/15/21			300		334,951
CBS Corp. 3.50%, 1/15/25			190		195,356
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			135		147,596
Cox Communications, Inc. 2.95%, 6/30/23(a)			51		49,150
Discovery Communications LLC 3.45%, 3/15/25			105		102,731
NBCUniversal Enterprise, Inc. 5.25%, 3/19/21(a)(b)			128		132,000
S&P Global, Inc. 4.40%, 2/15/26			127		142,539
TCI Communications, Inc. 7.875%, 2/15/26			115		164,796
Time Warner Cable, Inc. 4.125%, 2/15/21			200		211,728
Time Warner, Inc.
3.55%, 6/01/24		U.S.$	114	$	121,113
7.625%, 4/15/31			69		94,643
Viacom, Inc. 3.875%, 4/01/24			53		53,832
5.625%, 9/15/19			60		66,139
					1,886,939
COMMUNICATIONS– TELECOMMUNICATIONS–2.4%
American Tower Corp. 5.05%, 9/01/20			260		289,102
AT&T, Inc. 3.40%, 5/15/25			270		276,185
3.80%, 3/15/22			57		60,552
4.45%, 4/01/24			206		226,313
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	27		22,839
Telefonica Emisiones SAU 5.462%, 2/16/21		U.S.$	120		136,907
Verizon Communications, Inc. 3.50%, 11/01/24 393					417,968
3.85%, 11/01/42			89		83,701
4.862%, 8/21/46			40		43,724
					1,557,291
CONSUMER CYCLICAL– AUTOMOTIVE–1.2%
Ford Motor Credit Co. LLC 5.875%, 8/02/21			455		521,844
General Motors Co. 3.50%, 10/02/18			80		82,366
General Motors Financial Co., Inc. 3.10%, 1/15/19			110		112,371
3.25%, 5/15/18			9		9,187
4.00%, 1/15/25			23		23,272
4.30%, 7/13/25			30		30,779
					779,819
CONSUMER CYCLICAL– RETAILERS–0.7%
CVS Health Corp. 3.875%, 7/20/25			124		136,397
Kohl’s Corp. 5.55%, 7/17/45			95		88,479
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24			195		206,599
					431,475
CONSUMER NON-CYCLICAL–4.4%
AbbVie, Inc. 3.60%, 5/14/25			97		101,640
Actavis Funding SCS 3.80%, 3/15/25			165		171,902
3.85%, 6/15/24			54		56,510
Altria Group, Inc. 2.625%, 1/14/20			195		202,711

3

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

	Principal Amount (000)			U.S. $ Value
AstraZeneca PLC 6.45%, 9/15/37		U.S.$	50	$	68,246
Baxalta, Inc. 5.25%, 6/23/45			75		81,347
Bayer US Finance LLC 3.375%, 10/08/24(a)			200		207,899
Becton Dickinson and Co. 3.734%, 12/15/24			85		91,557
Biogen, Inc. 4.05%, 9/15/25			144		155,009
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			2		2,339
Celgene Corp. 3.875%, 8/15/25			155		165,333
Gilead Sciences, Inc. 3.65%, 3/01/26			69		75,084
Grupo Bimbo SAB de CV 3.875%, 6/27/24(a)			201		209,169
Kraft Heinz Foods Co. 2.80%, 7/02/20(a)			70		72,691
3.50%, 7/15/22(a)			94		99,834
Laboratory Corp. of America Holdings 3.60%, 2/01/25			60		62,277
Medtronic, Inc. 3.50%, 3/15/25			195		212,574
Newell Brands, Inc. 3.15%, 4/01/21			165		171,894
3.85%, 4/01/23			49		51,973
Perrigo Finance Unlimited Co. 3.50%, 12/15/21			200		205,827
Reynolds American, Inc. 5.85%, 8/15/45			44		56,220
Thermo Fisher Scientific, Inc. 4.15%, 2/01/24			78		85,129
Tyson Foods, Inc. 2.65%, 8/15/19			39		40,066
3.95%, 8/15/24			123		132,772
					2,780,003
ENERGY–3.6%
Encana Corp. 3.90%, 11/15/21			45		43,639
Energy Transfer Partners LP 7.50%, 7/01/38			149		164,511
EnLink Midstream Partners LP 5.05%, 4/01/45			125		102,139
Enterprise Products Operating LLC 3.70%, 2/15/26			161		167,546
5.20%, 9/01/20			55		61,880
Halliburton Co. 5.00%, 11/15/45			170		186,980
Husky Energy, Inc. 7.25%, 12/15/19			23		25,875
Kinder Morgan Energy Partners LP 3.95%, 9/01/22		U.S.$	321	$	326,686
4.15%, 3/01/22			89		90,037
Noble Energy, Inc. 3.90%, 11/15/24			107		108,702
8.25%, 3/01/19			238		272,584
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			137		128,656
Schlumberger Holdings Corp. 3.625%, 12/21/22(a)			165		174,544
TransCanada PipeLines Ltd. 6.35%, 5/15/67			235		166,263
Valero Energy Corp. 6.125%, 2/01/20			177		199,765
Williams Partners LP 4.125%, 11/15/20			97		96,078
					2,315,885
OTHER INDUSTRIAL–0.3%
Hutchison Whampoa International 14 Ltd. 1.625%, 10/31/17(a)			200		200,912
SERVICES–0.1%
eBay, Inc. 3.80%, 3/09/22			45		47,816
TECHNOLOGY–1.9%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 5.45%, 6/15/23			160		166,012
Fidelity National Information Services, Inc. 3.50%, 4/15/23			24		24,919
5.00%, 10/15/25			2		2,270
Hewlett Packard Enterprise Co. 4.90%, 10/15/25(a)			170		177,620
HP, Inc. 4.65%, 12/09/21			107		115,706
KLA-Tencor Corp. 4.65%, 11/01/24			134		146,177
Lam Research Corp. 2.80%, 6/15/21			39		39,926
Micron Technology, Inc. 7.50%, 9/15/23			41		43,562
Motorola Solutions, Inc. 3.50%, 3/01/23			82		79,161
7.50%, 5/15/25			23		27,077
Seagate HDD Cayman 4.75%, 1/01/25			75		59,344
Tencent Holdings Ltd. 3.375%, 5/02/19(a)			205		212,652
Total System Services, Inc. 2.375%, 6/01/18			74		74,570
3.75%, 6/01/23			69		70,078
					1,239,074
					12,245,697

4

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
FINANCIAL INSTITUTIONS–6.5%
BANKING–4.8%
Compass Bank 5.50%, 4/01/20	U.S.$	250	$	269,450
Cooperatieve Rabobank UA 4.375%, 8/04/25		250		261,132
Credit Suisse Group Funding Guernsey Ltd. 4.55%, 4/17/26		255		264,532
Goldman Sachs Group, Inc. (The) 3.75%, 5/22/25		53		55,352
3.85%, 7/08/24		210		222,665
Series D 6.00%, 6/15/20		395		450,709
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26		200		218,197
Morgan Stanley 5.625%, 9/23/19		143		158,660
Murray Street Investment Trust I 4.647%, 3/09/17		27		27,607
Nationwide Building Society 6.25%, 2/25/20(a)		230		263,579
Rabobank Capital Funding Trust III 5.254%, 10/21/16(a)(b)		90		89,662
Santander Issuances SAU 5.179%, 11/19/25		200		199,807
Standard Chartered PLC 6.409%, 1/30/17(a)(b)		100		90,000
UBS AG/Stamford CT 7.625%, 8/17/22		250		283,125
UBS Group Funding Jersey Ltd. 4.125%, 9/24/25(a)		200		207,342
				3,061,819
FINANCE–0.3%
Aviation Capital Group Corp. 7.125%, 10/15/20(a)		155		176,748
INSURANCE–1.1%
American International Group, Inc. 4.875%, 6/01/22		75		83,552
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20		200		225,838
Lincoln National Corp. 8.75%, 7/01/19		113		133,670
MetLife, Inc. 10.75%, 8/01/39		85		132,132
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		55		83,619
Prudential Financial, Inc. 5.625%, 6/15/43		63		65,698
				724,509
REITS–0.3%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23	U.S.$	6	$	6,044
Welltower, Inc. 5.25%, 1/15/22		183		205,573
				211,617
				4,174,693
UTILITY–1.5%
ELECTRIC–1.0%
Berkshire Hathaway Energy Co. 6.125%, 4/01/36		170		225,426
CMS Energy Corp. 5.05%, 3/15/22		37		42,300
Constellation Energy Group, Inc. 5.15%, 12/01/20		64		71,227
Entergy Corp. 4.00%, 7/15/22		125		134,136
Exelon Corp. 5.10%, 6/15/45		45		51,711
Exelon Generation Co. LLC 4.25%, 6/15/22		78		83,192
				607,992
NATURAL GAS–0.5%
Talent Yield Investments Ltd. 4.50%, 4/25/22(a)		305		331,239
				939,231
Total Corporates–Investment Grade (cost $16,392,272)				17,359,621
MORTGAGE PASS-THROUGHS–18.4%
AGENCY FIXED RATE 15-YEAR–2.6%
Federal National Mortgage Association 2.50%, 7/01/31, TBA		1,038		1,073,903
3.50%, 1/12/30		543		576,401
				1,650,304
AGENCY FIXED RATE 30-YEAR–15.8%
Federal Home Loan Mortgage Corp. Gold 4.00%, 1/01/45		667		731,886
Series 2007 5.50%, 7/01/35		34		38,590
Series 2005 5.50%, 1/01/35		126		143,892
Federal National Mortgage Association 3.50%, 7/01/46, TBA		305		321,823
4.50%, 7/25/46, TBA		1,533		1,673,357
Series 2003 5.50%, 4/01/33-7/01/33		116		130,872

5

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

	Principal Amount (000)			U.S. $ Value
Series 2004 5.50%, 4/01/34–11/01/34		U.S.$	104	$	117,485
Series 2005 5.50%, 2/01/35			126		142,522
3.50%, 5/01/42–9/01/45			2,882		3,093,247
4.00%, 10/01/44–1/01/46			2,010		2,188,547
Government National Mortgage Association Series 1994 9.00%, 9/15/24			1		1,517
3.00%, 7/20/45			355		371,517
3.50%, 7/01/46, TBA			1,064		1,129,295
					10,084,550
Total Mortgage Pass-Throughs (cost $11,507,324)					11,734,854
ASSET-BACKED SECURITIES–14.5%
AUTOS–FIXED RATE–7.6%
Ally Auto Receivables Trust Series 2015-2, Class A3 1.49%, 11/15/19			174		175,261
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20			259		260,264
AmeriCredit Automobile Receivables Trust Series 2013-4, Class A3 0.96%, 4/09/18			1		1,304
ARI Fleet Lease Trust Series 2014-A, Class A2 0.81%, 11/15/22(a)			22		22,044
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97%, 2/20/20(a)			288		295,234
Series 2016-1A, Class A 2.99%, 6/20/22			100		103,499
Bank of The West Auto Trust Series 2015-1, Class A3 1.31%, 10/15/19(a)			259		259,934
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19			122		122,347
Series 2015-2, Class A3 1.31%, 8/15/19			118		118,246
Capital Auto Receivables Asset Trust Series 2014-1, Class B 2.22%, 1/22/19			60		60,461
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(a)			168		170,201
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(a)			74		73,769
Series 2014-B, Class A 1.11%, 11/15/18(a)		U.S.$	25	$	24,622
Drive Auto Receivables Trust Series 2015-DA, Class A2A 1.23%, 6/15/18(a)			26		26,433
Series 2016-AA, Class A2A 1.50%, 3/15/18(a)			45		44,941
Enterprise Fleet Financing LLC Series 2014-2, Class A2 1.05%, 3/20/20(a)			102		101,834
Series 2015-1, Class A2 1.30%, 9/20/20(a)			194		193,642
Exeter Automobile Receivables Trust Series 2014-2A, Class A 1.06%, 8/15/18(a)			5		4,526
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21			165		165,574
Ford Credit Auto Lease Trust Series 2014-B, Class A3 0.89%, 9/15/17			62		62,064
Ford Credit Auto Owner Trust Series 2012-D, Class B 1.01%, 5/15/18			100		99,828
Series 2014-2, Class A 2.31%, 4/15/26(a)			257		264,175
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			198		201,155
Series 2016-1, Class A1 1.76%, 2/15/21			131		132,350
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18			232		233,869
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(a)			128		128,634
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			137		137,518
Hertz Vehicle Financing LLC Series 2013-1A, Class A2 1.83%, 8/25/19(a)			485		485,205
Hyundai Auto Lease Securitization Trust Series 2015-A, Class A2 1.00%, 10/16/17(a)			84		84,074
Series 2015-B, Class A3 1.40%, 11/15/18(a)			126		126,500
Mercedes Benz Auto Lease Trust Series 2015-B, Class A3 1.34%, 7/16/18			128		128,315

6

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Nissan Auto Lease Trust Series 2015-A, Class A3 1.40%, 6/15/18		U.S.$	202	$	202,771
Santander Drive Auto Receivables Trust Series 2015-3, Class A2A 1.02%, 9/17/18			40		40,325
Series 2015-4,Class A2A 1.20%, 12/17/18			61		60,806
TCF Auto Receivables Owner Trust Series 2015-1A, Class A2 1.02%, 8/15/18(a)			60		59,545
Westlake Automobile Receivables Trust Series 2015-3A, Class A2A 1.42%, 5/17/21(a)			88		88,234
Series 2016-2A, Class A2 1.57%, 6/17/19			88		88,104
					4,847,608
CREDIT CARDS–FIXED RATE– 2.8%
American Express Credit Account Master Trust Series 2014-2, Class A 1.26%, 1/15/20			161		161,610
Barclays Dryrock Issuance Trust
Series 2014-3, Class A 2.41%, 7/15/22			320		329,861
Series 2015-2, Class A 1.56%, 3/15/21			183		184,292
Discover Card Execution Note Trust Series 2015-A2, Class A 1.90%, 10/17/22			242		247,610
Synchrony Credit Card Master Note Trust
Series 2012-2, Class A 2.22%, 1/15/22			232		236,398
Series 2015-3, Class A 1.74%, 9/15/21			173		175,123
Series 2016-1, Class A 2.04%, 3/15/22			130		132,476
World Financial Network Credit Card Master Trust
Series 2012-B, Class A 1.76%, 5/17/21			190		191,208
Series 2015-B,Class A 2.55%, 6/17/24			113		117,575
					1,776,153
AUTOS–FLOATING RATE–1.7%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 0.931% (LIBOR 1 Month + 0.50%), 7/15/20(a)(d)			214		214,000
GE Dealer Floorplan Master Note Trust
Series 2014-1, Class A 0.812% (LIBOR 1 Month + 0.38%), 7/20/19(d)			120		119,719
Series 2015-1, Class A 0.932% (LIBOR 1 Month + 0.50%), 1/20/20(d)		U.S.$	227	$	226,452
Hertz Fleet Lease Funding LP Series 2013-3, Class A 0.979% (LIBOR 1 Month + 0.55%), 12/10/27(a)(d)			48		48,071
Navistar Financial Dealer Note Master Trust Series 2014-1, Class A 1.203% (LIBOR 1 Month + 0.75%), 10/25/19(a)(d)			197		197,249
NCF Dealer Floorplan Master Trust Series 2014-1A, Class A 1.932% (LIBOR 1 Month + 1.50%), 10/20/20(a)(d)			197		197,000
Volkswagen Credit Auto Master Trust Series 2014-1A, Class A1 0.782% (LIBOR 1 Month + 0.35%), 7/22/19(a)(d)			70		69,141
					1,071,632
OTHER ABS–FIXED RATE–1.3%
Ascentium Equipment Receivables LLC
Series 2015-2A, Class A1 1.00%, 11/10/16(a)			8		7,591
Series 2016-1A, Class A2 1.75%, 11/13/18			50		50,093
CIT Equipment Collateral Series 2014-VT1, Class A2 0.86%, 5/22/17(a)			41		40,752
CNH Equipment Trust
Series 2014-B, Class A4 1.61%, 5/17/21			101		101,627
Series 2015-A, Class A4 1.85%, 4/15/21			134		135,271
Dell Equipment Finance Trust
Series 2015-1, Class A3 1.30%, 3/23/20(a)			119		118,988
Series 2015-2, Class A2A 1.42%, 12/22/17(a)			103		103,091
SBA Tower Trust 3.156%, 10/15/20(a)			147		149,021
Taco Bell Funding LLC Series 2016-1A, Class A2I 3.832%, 5/25/46			129		131,513
					837,947
CREDIT CARDS–FLOATING RATE–0.9%
Cabela’s Credit Card Master Note Trust Series 2014-1, Class A 0.781% (LIBOR 1 Month + 0.35%), 3/16/20(d)			205		203,937
Discover Card Execution Note Trust Series 2015-A1, Class A1 0.881% (LIBOR 1 Month + 0.35%), 8/17/20(d)			263		263,530

7

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

	Principal Amount (000)			U.S. $ Value
World Financial Network Credit Card Master Trust Series 2015-A, Class A 0.911% (LIBOR 1 Month + 0.48%), 2/15/22(d)		U.S.$	150	$	149,816
					617,283
HOME EQUITY LOANS–FIXED RATE–0.1%
Credit-Based Asset Servicing and Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33			71		71,882
HOME EQUITY LOANS–FLOATING RATE–0.1%
Asset Backed Funding Certificates Trust Series 2003-WF1, Class A2 1.561% (LIBOR 1 Month + 1.13%), 12/25/32(d)			35		33,755
Total Asset-Backed Securities (cost $9,186,878)					9,256,260
COMMERCIAL MORTGAGE-BACKED SECURITIES–11.9%
NON-AGENCY FIXED RATE CMBS–10.4%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51			78		80,127
Bear Stearns Commercial Mortgage Securities Trust Series 2006-PW13, Class AJ 5.611%, 9/11/41			108		108,197
Series 2006-PW14, Class A4 5.201%, 12/11/38			314		316,243
BHMS Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(a)			200		210,114
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(a)			260		276,910
Citigroup Commercial Mortgage Trust Series 2012-GC8, Class D 4.877%, 9/10/45(a)			96		89,150
Series 2015-GC27, Class A5 3.137%, 2/10/48			144		150,786
Series 2016-C1, Class A4 3.209%, 5/10/49			192		201,839
COBALT CMBS Commercial Mortgage Trust Series 2007-C3, Class A4 5.767%, 5/15/46			157		161,559
Commercial Mortgage Trust Series 2006-C8, Class A1A 5.292%, 12/10/46		U.S.$	228	$	230,598
Series 2006-C8, Class A4 5.306%, 12/10/46			139		140,119
Series 2007-GG9, Class A4 5.444%, 3/10/39			423		426,386
Series 2013-SFS, Class A1 1.873%, 4/12/35(a)			94		94,151
Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class AM 5.699%, 6/15/39			95		95,961
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4 3.718%, 8/15/48			189		205,363
Series 2015-C4, Class A4 3.808%, 11/15/48			150		165,127
DBUBS Mortgage Trust Series 2011-LC1A, Class E 5.646%, 11/10/46(a)			100		105,615
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(a)			251		257,195
GS Mortgage Securities Trust
Series 2007-GG10, Class A4 5.794%, 8/10/45			113		115,616
Series 2013-G1, Class A2 3.557%, 4/10/31(a)			136		141,432
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-LDP8, Class AJ 5.48%, 5/15/45			76		75,679
Series 2006-LDP9, Class AM 5.372%, 5/15/47			76		75,369
Series 2007-LDPX, Class A1A 5.439%, 1/15/49			114		116,027
Series 2010-C2, Class A1 2.749%, 11/15/43(a)			4		4,488
Series 2011-C5, Class D 5.323%, 8/15/46(a)			100		101,501
Series 2012-C6, Class E 5.192%, 5/15/45(a)			132		124,937
JPMBB Commercial Mortgage Securities Trust Series 2015-C31, Class A3 3.801%, 8/15/48			206		227,722
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39			52		51,563
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.57%, 3/10/49			159		159,092

8

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Merrill Lynch Mortgage Trust Series 2006-C2, Class AJ 5.802%, 8/12/43		U.S.$	66	$	65,551
ML-CFC Commercial Mortgage Trust
Series 2006-4, Class A1A 5.166%, 12/12/49			230		231,012
Series 2007-9, Class A4 5.70%, 9/12/49			1,049		1,090,726
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class A4 3.091%, 8/10/49			60		63,037
Series 2012-C4, Class A5 2.85%, 12/10/45			112		117,149
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class A1A 6.009%, 6/15/45			27		27,229
Series 2007-C32, Class A3 5.722%, 6/15/49			125		128,722
WF-RBS Commercial Mortgage Trust
Series 2013-C14, Class A5 3.337%, 6/15/46			233		249,666
Series 2014-C20, Class A2 3.036%, 5/15/47			125		130,556
					6,612,514
NON-AGENCY FLOATING RATE CMBS–1.5%
Banc of America Commercial Mortgage Trust Series 2007-4, Class A1A 5.774%, 2/10/51(c)			334		344,689
Commercial Mortgage Trust Series 2014-SAVA, Class A 1.577% (LIBOR 1 Month + 1.15%), 6/15/34(a)(d)			54		53,750
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2014-INN, Class A 1.351% (LIBOR 1 Month + 0.92%), 6/15/29(a)(d)			201		198,604
Series 2015-SGP, Class A 2.127% (LIBOR 1 Month + 1.70%), 7/15/36(a)(d)			138		138,259
Resource Capital Corp., Ltd. Series 2014-CRE2, Class A 1.48% (LIBOR 1 Month + 1.05%), 4/15/32(a)(d)			57		55,609
Starwood Retail Property Trust Series 2014-STAR, Class A 1.647% (LIBOR 1 Month + 1.22%), 11/15/27(a)(d)			196		193,726
					984,637
Total Commercial Mortgage-Backed Securities (cost $7,610,180)					7,597,151
GOVERNMENTS– TREASURIES–8.3%
UNITED KINGDOM–0.8%
United Kingdom Gilt 3.75%, 9/07/21(a)		GBP	320	$	498,786
UNITED STATES–7.5%
U.S. Treasury Bonds
2.875%, 8/15/45		U.S.$	230		258,265
3.00%, 11/15/45			65		74,280
3.625%, 8/15/43–2/15/44			845		1,090,364
6.25%, 5/15/30			386		606,100
U.S. Treasury Notes
1.25%, 3/31/21			475		480,732
1.50%, 8/31/18			115		117,169
1.625%, 5/15/26			409		413,596
2.125%, 8/31/20			597		625,626
2.25%, 11/15/24–11/15/25			826		880,785
2.50%, 8/15/23			215		232,914
					4,779,831
Total Governments–Treasuries (cost $4,989,074)					5,278,617
COLLATERALIZED MORTGAGE OBLIGATIONS–7.1%
RISK SHARE FLOATING RATE–5.2%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 6.953% (LIBOR 1 Month + 6.50%), 4/25/26(d)			150		150,938
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2014-DN3, Class M2 2.827% (LIBOR 1 Month + 2.40%), 8/25/24(d)			229		230,551
Series 2014-DN4, Class M3 4.977% (LIBOR 1 Month + 4.55%), 10/25/24(d)			250		254,786
Series 2014-HQ3, Class M2 3.077% (LIBOR 1 Month + 2.65%), 10/25/24(d)			250		252,537
Series 2015-DNA1, Class M3 3.736% (LIBOR 1 Month + 3.30%), 10/25/27(d)			250		246,282
Series 2015-HQA1, Class M2 3.086% (LIBOR 1 Month + 2.65%), 3/25/28(d)			250		255,801
Series 2016-DNA2, Class M3 5.103% (LIBOR 1 Month + 4.65%), 10/25/28(d)			250		244,816
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C03, Class 1M1 1.636% (LIBOR 1 Month + 1.20%), 7/25/24(d)			38		38,329

9

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

	Principal Amount (000)			U.S. $ Value
Series 2014-C04, Class 1M2 5.336% (LIBOR 1 Month + 4.90%), 11/25/24(d)		U.S.$	169	$	173,201
Series 2014-C04, Class 2M2 5.436% (LIBOR 1 Month + 5.00%), 11/25/24(d)			65		65,987
Series 2015-C01, Class 1M2 4.736% (LIBOR 1 Month + 4.30%), 2/25/25(d)			95		96,429
Series 2015-C01, Class 2M2 4.986% (LIBOR 1 Month + 4.55%), 2/25/25(d)			119		122,366
Series 2015-C02, Class 1M2 4.436% (LIBOR 1 Month + 4.00%), 5/25/25(d)			113		113,000
Series 2015-C02, Class 2M2 4.436% (LIBOR 1 Month + 4.00%), 5/25/25(d)			130		129,959
Series 2015-C03, Class 1M1 1.936% (LIBOR 1 Month + 1.50%), 7/25/25(d)			61		61,023
Series 2015-C03, Class 1M2 5.436% (LIBOR 1 Month + 5.00%), 7/25/25(d)			130		130,772
Series 2015-C03, Class 2M2 5.436% (LIBOR 1 Month + 5.00%), 7/25/25(d)			105		106,069
Series 2015-C04, Class 2M2 5.986% (LIBOR 1 Month + 5.55%), 4/25/28(d)			138		140,435
Series 2016-C01, Class 1M2 7.177% (LIBOR 1 Month + 6.75%), 8/25/28(d)			85		92,469
Series 2016-C01, Class 2M2 7.377% (LIBOR 1 Month + 6.95%), 8/25/28(d)			92		100,338
Series 2016-C02, Class 1M2 6.453% (LIBOR 1 Month + 6.00%), 9/25/28(d)			130		137,384
Series 2016-C03, Class 1M2 5.753% (LIBOR 1 Month + 5.30%), 10/25/28(d)			37		37,649
Series 2016-C03, Class 2M2 6.353% (LIBOR 1 Month + 5.90%), 10/25/28(d)			83		86,118
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.686% (LIBOR 1 Month + 5.25%), 11/25/25(d)(e)			48		47,488
Series 2015-WF1, Class 2M2 5.936% (LIBOR 1 Month + 5.50%), 11/25/25(d)(e)			21		20,251
					3,334,978
NON-AGENCY FIXED RATE–1.5%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35			27		24,507
Series 2005-57CB, Class 4A3 5.50%, 12/25/35		U.S.$	61	$	50,380
Series 2006-23CB, Class 1A7 6.00%, 8/25/36			36		31,478
Series 2006-24CB, Class A16 5.75%, 6/25/36			101		77,563
Series 2006-28CB, Class A14 6.25%, 10/25/36			69		53,706
Series 2006-9T1, Class A1 5.75%, 5/25/36			43		31,079
Series 2006-J1, Class 1A13 5.50%, 2/25/36			61		49,845
Series 2007-2CB, Class 2A4 5.75%, 3/25/37			56		44,786
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			33		27,150
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 2.628%, 5/25/35			78		72,753
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			52		43,683
Series 2006-13, Class 1A18 6.25%, 9/25/36			76		63,098
Series 2006-13, Class 1A19 6.25%, 9/25/36			28		22,744
Series 2007-HYB2, Class 3A1 2.819%, 2/25/47			125		95,386
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36			95		73,534
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 2.723%, 7/25/36			196		160,144
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37			46		40,010
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37			35		34,381
					996,227
NON-AGENCY FLOATING RATE–0.3%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.626% (LIBOR 1 Month + 0.19%), 12/25/36(d)			181		107,140
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.686% (LIBOR 1 Month + 0.25%), 3/25/35(d)			78		65,521
					172,661

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.898%, 5/28/35		U.S.$	50	$	43,316
					43,316
Total Collateralized Mortgage Obligations (cost $4,673,079)					4,547,182
INFLATION-LINKED SECURITIES–6.1%
UNITED STATES–6.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19 (TIPS)			2,471		2,522,863
0.25%, 1/15/25 (TIPS)			632		641,892
0.375%, 7/15/25 (TIPS)			712		733,335
Total Inflation-Linked Securities (cost $3,850,853)					3,898,090
CORPORATES– NON-INVESTMENT GRADE–5.3%
INDUSTRIAL–3.1%
BASIC–0.1%
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas, Inc. 6.50%, 11/15/20			31		31,066
Novelis, Inc. 8.375%, 12/15/17			18		18,405
					49,471
CAPITAL GOODS–0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.75%, 10/15/20			65		67,112
COMMUNICATIONS– MEDIA–0.8%
Arqiva Broadcast Finance PLC 9.50%, 3/31/20(a)		GBP	100		141,906
CCO Holdings LLC/CCO Holdings Capital Corp. 5.50%, 5/01/26		U.S.$	63		63,945
CSC Holdings LLC 8.625%, 2/15/19			29		31,990
Quebecor Media, Inc. 5.75%, 1/15/23			75		76,125
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH 5.50%, 1/15/23(a)			200		201,000
					514,966
COMMUNICATIONS– TELECOMMUNICATIONS–0.6%
Numericable-SFR SA 5.375%, 5/15/22(a)		EUR	120	$	134,981
Sprint Capital Corp. 6.90%, 5/01/19		U.S.$	210		200,550
Windstream Services LLC 6.375%, 8/01/23			80		67,200
					402,731
CONSUMER CYCLICAL– OTHER–0.1%
KB Home 4.75%, 5/15/19			63		63,158
CONSUMER CYCLICAL–RETAILERS–0.2%
CST Brands, Inc. 5.00%, 5/01/23			75		76,125
Hanesbrands, Inc. 4.625%, 5/15/24			39		39,097
					115,222
CONSUMER NON-CYCLICAL–0.3%
First Quality Finance Co., Inc. 4.625%, 5/15/21(a)			85		80,325
Voyage Care Bondco PLC 6.50%, 8/01/18(a)		GBP	100		127,441
					207,766
ENERGY–0.6%
Cenovus Energy, Inc. 3.00%, 8/15/22		U.S.$	12		10,954
5.70%, 10/15/19			36		38,078
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			68		48,449
ONEOK, Inc. 4.25%, 2/01/22			203		186,760
SM Energy Co. 6.50%, 1/01/23			9		8,370
Transocean, Inc. 6.50%, 11/15/20			75		66,653
					359,264
TECHNOLOGY–0.2%
Advanced Micro Devices, Inc. 6.75%, 3/01/19			59		56,640
Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 6/15/24			69		72,065
					128,705
TRANSPORTATION– SERVICES–0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(a)			52		47,060
					1,955,455

11

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

	Principal Amount (000)			U.S. $ Value
FINANCIAL INSTITUTIONS–1.8%
BANKING–1.4%
Bank of America Corp.
Series Z 6.50%, 10/23/24(b)		U.S.$	49	$	52,185
Barclays Bank PLC 6.86%, 6/15/32(a)(b)			29		32,480
7.75%, 4/10/23			200		206,500
Intesa Sanpaolo SpA 5.017%, 6/26/24(a)			202		184,930
Lloyds Banking Group PLC 7.50%, 6/27/24(b)			200		195,500
Royal Bank of Scotland PLC (The) 9.50%, 3/16/22(a)			12		12,478
UniCredit Luxembourg Finance SA 6.00%, 10/31/17(a)			190		198,172
					882,245
FINANCE–0.4%
AerCap Aviation Solutions BV 6.375%, 5/30/17			200		206,500
International Lease Finance Corp. 5.875%, 4/01/19			55		58,644
					265,144
					1,147,389
UTILITY–0.3%
ELECTRIC–0.3%
AES Corp./VA 7.375%, 7/01/21			70		78,925
NRG Energy, Inc. 7.875%, 5/15/21			43		44,505
Series WI 6.25%, 5/01/24			54		51,401
					174,831
NON CORPORATE SECTORS–0.1%
AGENCIES–NOT GOVERNMENT GUARANTEED–0.1%
NOVA Chemicals Corp. 5.25%, 8/01/23(a)			74		74,370
Total Corporates–Non-Investment Grade (cost $3,539,011)					3,352,045
AGENCIES–2.5%
AGENCY DEBENTURES–2.5%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,434,857)			1,677		1,600,978
GOVERNMENTS– SOVEREIGN AGENCIES–1.0%
BRAZIL–0.2%
Petrobras Global Finance BV 5.75%, 1/20/20		U.S.$	147	$	142,017
COLOMBIA–0.1%
Ecopetrol SA 5.875%, 5/28/45			57		49,519
GERMANY–0.1%
Landwirtschaftliche Rentenbank 5.125%, 2/01/17			70		71,777
ISRAEL–0.3%
Israel Electric Corp. Ltd. Series 6 5.00%, 11/12/24(a)			200		213,500
UNITED KINGDOM–0.3%
Royal Bank of Scotland Group PLC 7.50%, 8/10/20(b)			200		183,000
Total Governments–Sovereign Agencies (cost $673,334)					659,813
EMERGING MARKETS–TREASURIES–1.0%
BRAZIL–1.0%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/17–1/01/27 (cost $644,655)		BRL	2,170		628,340
LOCAL GOVERNMENTS–MUNICIPAL BONDS–0.5%
UNITED STATES–0.5%
State of California Series 2010 7.625%, 3/01/40 (cost $203,154)		U.S.$	200		316,150
GOVERNMENTS– SOVEREIGN BONDS–0.4%
MEXICO–0.1%
Mexico Government International Bond Series E 5.95%, 3/19/19			42		46,914
QATAR–0.3%
Qatar Government International Bond 2.375%, 6/02/21			200		202,000
Total Governments–Sovereign Bonds (cost $244,151)					248,914
QUASI-SOVEREIGNS–0.3%
QUASI-SOVEREIGN BONDS–0.3%
CHILE–0.3%
Empresa de Transporte de Pasajeros Metro SA 4.75%, 2/04/24(a) (cost $208,729)			210		223,141

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
PREFERRED STOCKS–0.2%
FINANCIAL INSTITUTIONS–0.2%
REITS–0.2%
Sovereign Real Estate Investment Trust 12.00%(a) (cost $87,658)		93	$	118,110
	Principal Amount (000)
EMERGING MARKETS–CORPORATE BONDS–0.1%
INDUSTRIAL–0.1%
CAPITAL GOODS–0.1%
Odebrecht Finance Ltd. 7.125%, 6/26/42(a) (cost $58,510)	U.S.$	200		86,000

	Principal Amount (000)			U.S. $ Value
SHORT-TERM INVESTMENTS–1.1%
TIME DEPOSIT–1.1%
State Street Time Deposit 0.01%, 7/01/16 (cost $698,213)		U.S.$	698	$	698,213
TOTAL INVESTMENTS–105.9% (cost $66,001,932)					67,603,479
Other assets less liabilities–(5.9)%					(3,781,462	)
NET ASSETS–100.0%				$	63,822,017

FUTURES (see Note D)

Type	Number of Contracts		Expiration Month		Original Value		Value at June 30, 2016		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		92		September 2016	$	11,038,105	$	11,239,094	$	200,989
U.S. Ultra Bond (CBT) Futures		18		September 2016		3,151,327		3,354,750		203,423
Sold Contracts
Euro-BOBL Futures		16		September 2016		2,349,097		2,372,201		(23,104	)
U.S. T-Note 2 Yr (CBT) Futures		10		September 2016		2,177,954		2,193,281		(15,327	)
U.S. T-Note 10 Yr (CBT) Futures		25		September 2016		3,241,172		3,324,610		(83,438	)
									$	282,543

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Barclays Bank PLC		USD	160		INR	10,742		7/15/16	$	(689	)
Deutsche Bank AG		MYR	1,011		USD	259		7/15/16		5,754
Goldman Sachs Bank USA		BRL	1,024		USD	319		7/05/16		248
Goldman Sachs Bank USA		USD	306		BRL	1,024		7/05/16		12,916
Goldman Sachs Bank USA		USD	248		MYR	1,013		7/15/16		5,860
Goldman Sachs Bank USA		BRL	1,024		USD	303		8/02/16		(12,504	)
Goldman Sachs Bank USA		BRL	1,082		USD	235		1/04/17		(83,800	)
HSBC Bank USA		GBP	848		USD	1,225		7/21/16		96,346
Morgan Stanley & Co., Inc.		USD	129		INR	8,722		7/15/16		(2	)
Standard Chartered Bank		BRL	1,024		USD	282		7/05/16		(36,816	)
Standard Chartered Bank		USD	319		BRL	1,024		7/05/16		(248	)
Standard Chartered Bank		SGD	710		USD	525		7/15/16		(2,288	)
Standard Chartered Bank		TWD	16,796		USD	515		8/05/16		(7,608	)

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF 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.		EUR	401		USD	453		7/20/16	$	7,892
State Street Bank & Trust Co.		USD	96		EUR	86		7/20/16		(558	)
State Street Bank & Trust Co.		USD	369		GBP	267		7/21/16		(13,584	)
State Street Bank & Trust Co.		USD	305		MXN	5,779		8/04/16		10,474
State Street Bank & Trust Co.		AUD	467		USD	348		8/12/16		(396	)
State Street Bank & Trust Co.		CAD	413		USD	320		9/08/16		1,154
State Street Bank & Trust Co.		CAD	392		USD	302		9/08/16		(1,552	)
									$	(19,401	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Clearing Broker/(Exchange) & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			Notional Amount (000)		Market Value		Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co., LLC/(INTRCONX)
CDX-NAHY Series 25, 5 Year Index, 12/20/20*		5.00	%		3.99	%	$	849	$	34,954	$	32,920

* 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)		AUD	4,720		3/11/17		2.140	%		3 Month BBSW		$	(5,650	)
Morgan Stanley & Co., LLC/(CME Group)			4,100		6/09/17		2.218	%		3 Month BBSW			(10,370	)
Morgan Stanley & Co., LLC/(CME Group)			2,250		10/30/17		1.915	%		3 Month BBSW			(1,241	)
Morgan Stanley & Co., LLC/(CME Group)			3,820		4/27/18		2.213	%		3 Month BBSW			(20,801	)
Morgan Stanley & Co., LLC/(CME Group)		NOK	37,710		5/12/18		0.954	%		6 Month NIBOR			(2,331	)
Morgan Stanley & Co., LLC/(CME Group)			12,420		5/19/18		1.007	%		6 Month NIBOR			(2,209	)
Morgan Stanley & Co., LLC/(CME Group)		USD	530		1/14/24		2.980	%		3 Month LIBOR			(75,556	)
Morgan Stanley & Co., LLC/(CME Group)			650		4/28/24		2.817	%		3 Month LIBOR			(80,978	)
Morgan Stanley & Co., LLC/(CME Group)		AUD	720		3/11/25		6 Month BBSW			2.973	%		35,529
Morgan Stanley & Co., LLC/(CME Group)			440		6/09/25		6 Month BBSW			3.384	%		32,756
Morgan Stanley & Co., LLC/(CME Group)		USD	740		11/10/25		2.256	%		3 Month LIBOR			(62,909	)

14

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)		NOK	4,680		5/12/26		6 Month NIBOR			1.556	%	$	12,175
Morgan Stanley & Co., LLC/(CME Group)		USD	420		6/28/26		1.460	%		3 Month LIBOR			(3,303	)
												$	(184,888	)

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Implied Credit Spread at June 30, 2016			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Advanced Micro Devices, Inc., 7.75%, 8/01/20, 3/20/19*		(5.00	)%		5.90	%	$	58	$	1,337		$	2,821		$	(1,484	)
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		7.33			98		5,753			(3,577	)		9,330
Sprint Communications, Inc., 8.375%, 8/15/17, 6/20/19*		(5.00	)		7.33			112		6,574			(4,239	)		10,813
Sale Contracts
Credit Suisse International
Anadarko Petroleum Corp., 5.95%, 9/15/16, 9/20/17*		1.00			0.78			270		288			(2,321	)		2,609
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.41			94		(6,925	)		(6,569	)		(356	)
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.41			28		(2,063	)		(2,091	)		28
Deutsche Bank AG
CDX-CMBX.NA.BBB Series 6, 5/11/63*		3.00			4.41			132		(9,361	)		(9,993	)		632
									$	(4,397	)	$	(25,969	)	$	21,572

* Termination date

INTEREST RATE SWAPS (see Note D)

					Rate Type
Swap Counterparty	Notional Amount (000)		Termination Date		Payments made by the Fund			Payments received by the Fund		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA	$	1,390		1/30/17		1.059	%		3 Month LIBOR	$	(7,809)

15

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

(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, 2016, the aggregate market value of these securities amounted to $11,101,622 or 17.4% 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) Variable rate coupon, rate shown as of June 30, 2016.

(d) Floating Rate Security. Stated interest rate was in effect at June 30, 2016.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.10% of net assets as of June 30, 2016, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.686%, 11/25/25		09/28/15	$	48,010	$	47,488		0.07	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.936%, 11/25/25		09/28/15		20,554		20,251		0.03	%

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

EUR—Euro

GBP—Great British Pound

INR—Indian Rupee

MXN—Mexican Peso

MYR—Malaysian Ringgit

NOK—Norwegian Krone

SGD—Singapore Dollar

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

BBSW—Bank Bill Swap Reference Rate (Australia)

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

LIBOR—London Interbank Offered Rates

NIBOR—Norwegian Interbank Offered Rate

REIT—Real Estate Investment Trust

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

16

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $66,001,932)	$	67,603,479
Cash		116
Cash collateral due from broker		314,378
Foreign currencies, at value (cost $582)		596
Interest and dividends receivable		396,055
Receivable for investment securities sold		277,727
Unrealized appreciation on forward currency exchange contracts		140,644
Unrealized appreciation on credit default swaps		23,412
Receivable for capital stock sold		19,689
Upfront premium paid on credit default swaps		2,821
Receivable for variation margin on exchange-traded derivatives		2,725
Total assets		68,781,642
LIABILITIES
Payable for investment securities purchased		4,595,689
Unrealized depreciation on forward currency exchange contracts		160,045
Payable for capital stock redeemed		38,240
Upfront premium received on credit default swaps		28,790
Advisory fee payable		23,441
Administrative fee payable		11,625
Payable for variation margin on exchange-traded derivatives		9,100
Unrealized depreciation on interest rate swaps		7,809
Distribution fee payable		3,411
Unrealized depreciation on credit default swaps		1,840
Transfer Agent fee payable		112
Accrued expenses		79,523
Total liabilities		4,959,625
NET ASSETS	$	63,822,017
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,692
Additional paid-in capital		58,255,769
Undistributed net investment income		2,698,239
Accumulated net realized gain on investment and foreign currency transactions		1,134,172
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		1,728,145
	$	63,822,017

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	47,151,713		4,192,242	$	11.25
B	$	16,670,304		1,499,417	$	11.12

See notes to financial statements.

17

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	1,181,911
Dividends		8,337
		1,190,248
EXPENSES
Advisory fee (see Note B)		144,236
Distribution fee—Class B		20,911
Transfer agency—Class A		1,658
Transfer agency—Class B		582
Custodian		72,006
Audit and tax		37,624
Administrative		24,077
Legal		14,727
Printing		12,538
Directors’ fees		10,665
Miscellaneous		2,852
Total expenses		341,876
Net investment income		848,372
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		137,919
Futures		389,048
Swaps		(98,357	)
Foreign currency transactions		(72,268	)
Net change in unrealized appreciation/depreciation of:
Investments		2,199,461
Futures		261,150
Swaps		(34,191	)
Foreign currency denominated assets and liabilities		(48,867	)
Net gain on investment and foreign currency transactions		2,733,895
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,582,267

See notes to financial statements.

18

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31,  2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	848,372		$	1,704,463
Net realized gain on investment and foreign currency transactions		356,342			1,313,401
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		2,377,553			(2,946,458	)
Net increase in net assets from operations		3,582,267			71,406
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,846,751	)
Class B		–0	–		(628,301	)
Net realized gain on investment transactions
Class A		–0	–		(1,514,588	)
Class B		–0	–		(559,008	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,995,710	)		(6,615,195	)
Total decrease		(1,413,443	)		(11,092,437	)
NET ASSETS
Beginning of period		65,235,460			76,327,897
End of period (including undistributed net investment income of $2,698,239 and $1,849,867, respectively)	$	63,822,017		$	65,235,460

See notes to financial statements.

19

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

20

AB Variable Products Series Fund

markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

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

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

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

21

INTERMEDIATE BOND 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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Corporates—Investment Grade

$

–0

–

$

17,359,621

$

–0

–

$

17,359,621

Mortgage Pass-Throughs

–0

–

11,734,854

–0

–

11,734,854

Asset-Backed Securities

–0

–

8,870,089

386,171

9,256,260

Commercial Mortgage-Backed Securities

–0

–

6,220,071

1,377,080

7,597,151

Governments—Treasuries

–0

–

5,278,617

–0

–

5,278,617

Collateralized Mortgage Obligations

–0

–

4,396,244

150,938

4,547,182

Inflation-Linked Securities

–0

–

3,898,090

–0

–

3,898,090

Corporates—Non-Investment Grade

–0

–

3,352,045

–0

–

3,352,045

Agencies

–0

–

1,600,978

–0

–

1,600,978

Governments—Sovereign Agencies

–0

–

659,813

–0

–

659,813

Emerging Markets—Treasuries

–0

–

628,340

–0

–

628,340

Local Governments—Municipal Bonds

–0

–

316,150

–0

–

316,150

Governments—Sovereign Bonds

–0

–

248,914

–0

–

248,914

Quasi-Sovereigns

–0

–

223,141

–0

–

223,141

Preferred Stocks

–0

–

118,110

–0

–

118,110

Emerging Markets—Corporate Bonds

–0

–

86,000

–0

–

86,000

Short-Term Investments

–0

–

698,213

–0

–

698,213

Total Investments in Securities

–0

–

65,689,290

1,914,189

67,603,479

Other Financial Instruments(a):

Assets:

Futures

404,412

–0

–

–0

–

404,412

(b)

Forward Currency Exchange Contracts

–0

–

140,644

–0

–

140,644

Centrally Cleared Credit Default Swaps

–0

–

32,920

–0

–

32,920

(b)

Centrally Cleared Interest Rate Swaps

–0

–

80,460

–0

–

80,460

(b)

Credit Default Swaps

–0

–

23,412

–0

–

23,412

Liabilities:

Futures

(121,869

)

–0

–

–0

–

(121,869

)(b)

Forward Currency Exchange Contracts

–0

–

(160,045

)

–0

–

(160,045

)

Centrally Cleared Interest Rate Swaps

–0

–

(265,348

)

–0

–

(265,348

)(b)

Credit Default Swaps

–0

–

(1,840

)

–0

–

(1,840

)

Interest Rate Swaps

–0

–

(7,809

)

–0

–

(7,809

)

Total(c)

$

282,543

$

65,531,684

$

1,914,189

$

67,728,416

(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 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.

22

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.

	Asset- Backed Securities			Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/15	$	1,050,365		$	742,820		$	3,618,583
Accrued discounts/(premiums)		19			(789	)		–0	–
Realized gain (loss)		46			(231	)		40,229
Change in unrealized appreciation/depreciation		6,944			(10,218	)		938
Purchases/Payups		129,000			648,563			150,000
Sales/Paydowns		(8,275	)		(3,065	)		(40,230	)
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		(791,928	)		–0	–		(3,618,582	)
Balance as of 6/30/16	$	386,171		$	1,377,080		$	150,938
Net change in unrealized appreciation/depreciation from investments held as of 6/30/16(b)	$	6,944		$	(10,218	)	$	938
	Total
Balance as of 12/31/15	$	5,411,768
Accrued discounts/(premiums)		(770	)
Realized gain (loss)		40,044
Change in unrealized appreciation/depreciation		(2,336	)
Purchases/Payups		927,563
Sales/Paydowns		(51,570	)
Transfers in to Level 3		–0	–
Transfers out of Level 3		(4,410,510	)(a)
Balance as of 6/30/16	$	1,914,189
Net change in unrealized appreciation/depreciation from investments held as of 6/30/16(b)	$	(2,336	)

(a) An amount of $4,410,510 was transferred out of Level 3 into Level 2 due to increase in observability of inputs during the reporting period.

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

As of June 30, 2016, all Level 3 securities were priced i) by third party vendors, or ii) using prior transaction prices, which approximates fair value.

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 a 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

23

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

diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

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.

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AB Variable Products Series Fund

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, 2016, the reimbursement for such services amounted to $24,077.

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 $569 for the six months ended June 30, 2016.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the six months ended June 30, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	5,937,144	$	5,669,849
U.S. government securities		29,595,853		27,121,926

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	$	2,450,676
Gross unrealized depreciation		(849,129	)
Net unrealized appreciation	$	1,601,547

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”.

25

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

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, 2016, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. 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

26

AB Variable Products Series Fund

Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

During the six months ended June 30, 2016, the Portfolio held written options for non-hedging purposes.

For the six months ended June 30, 2016, the Portfolio had the following transactions in written options:

	Number of Contracts			Premiums Received
Options written outstanding as of 12/31/15		–0	–	$	–0	–
Options written		56,742,000			2,531
Options assigned		(56,742,000	)		(2,531	)
Options expired		–0	–		–0	–
Options bought back		–0	–		–0	–
Options exercised		–0	–		–0	–
Options written outstanding as of 06/30/16		–0	–	$	–0	–

• Swaps

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

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

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

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

27

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

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

Interest Rate Swaps:

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

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

During the six months ended June 30, 2016, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Inflation (CPI) Swaps:

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

During the six months ended June 30, 2016, the Portfolio held inflation (CPI) swaps for 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, 2016, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligation and same counterparty for its Sale Contracts outstanding.

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AB Variable Products Series Fund

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

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

During the six months ended June 30, 2016, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain derivative financial instrument’s 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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on exchange-traded derivatives	$	484,872	*	Receivable/Payable for variation margin on exchange-traded derivatives	$	387,217	*
Credit contracts	Receivable/Payable for variation margin on exchange-traded derivatives		32,920	*	Receivable/Payable for variation margin on exchange-traded derivatives

29

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

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	140,644	Unrealized depreciation on forward currency exchange contracts	$	160,045
Interest rate contracts				Unrealized depreciation on interest rate swaps		7,809
Credit contracts	Unrealized appreciation on credit default swaps		23,412	Unrealized depreciation on credit default swaps		1,840
Total		$	681,848		$	556,911

* 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	$	389,048		$	261,150
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(57,594	)		(21,151	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(116,669	)		(32,388	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		18,312			(1,803	)
Total		$	233,097		$	205,808

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2016:

Futures:
Average original value of buy contracts	$	19,070,180
Average original value of sale contracts	$	6,981,159
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	1,711,754
Average principal amount of sale contracts	$	5,673,751
Interest Rate Swaps:
Average notional amount	$	2,475,714
Inflation Swaps:
Average notional amount	$	1,120,000	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	25,245,342
Credit Default Swaps:
Average notional amount of buy contracts	$	268,000
Average notional amount of sale contracts	$	349,143

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AB Variable Products Series Fund

Centrally Cleared Credit Default Swaps:
Average notional amount of sale contracts	$	942,017

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

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

All 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, 2016:

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received			Security Collateral Received			Net Amount of Derivatives Assets
Exchange-Traded Derivatives:
Morgan Stanley & Co., LLC*	$	2,725	$	–0	–	$	–0	–	$	–0	–	$	2,725
Total	$	2,725	$	–0	–	$	–0	–	$	–0	–	$	2,725
OTC Derivatives:
Citibank, NA	$	13,664	$	–0	–	$	–0	–	$	–0	–	$	13,664
Credit Suisse International		288		(288	)		–0	–		–0	–		–0	–
Deutsche Bank AG		5,754		(5,754	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		19,024		(19,024	)		–0	–		–0	–		–0	–
HSBC Bank USA		96,346		–0	–		–0	–		–0	–		96,346
State Street Bank & Trust Co.		19,520		(16,090	)		–0	–		–0	–		3,430
Total	$	154,596	$	(41,156	)	$	–0	–	$	–0	–	$	113,440	^
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*	$	9,100	$	–0	–	$	(9,100	)	$	–0	–	$	–0	–
Total	$	9,100	$	–0	–	$	(9,100	)	$	–0	–	$	–0	–
OTC Derivatives:
Barclays Bank PLC	$	689	$	–0	–	$	–0	–	$	–0	–	$	689
Credit Suisse International		8,988		(288	)		–0	–		–0	–		8,700
Deutsche Bank AG		9,361		(5,754	)		–0	–		–0	–		3,607
Goldman Sachs Bank USA		96,304		(19,024	)		–0	–		–0	–		77,280
JPMorgan Chase Bank, NA		7,809		–0	–		–0	–		–0	–		7,809
Morgan Stanley & Co., Inc.		2		–0	–		–0	–		–0	–		2
Standard Chartered Bank		46,960		–0	–		–0	–		–0	–		46,960
State Street Bank & Trust Co.		16,090		(16,090	)		–0	–		–0	–		–0	–
Total	$	186,203	$	(41,156	)	$	–0	–	$	–0	–	$	145,047	^

* Cash and securities have been posted for initial margin requirements for exchange-traded derivatives outstanding at June 30, 2016.

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

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

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The

31

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, 2016, the Portfolio earned drop income of $31,785 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, 2016, the Portfolio had no transactions in reverse repurchase agreements.

5. Short Sales

The Portfolio may sell securities short. A short sale is a transaction in which the Portfolio sells securities it does not own, but has borrowed, in anticipation of a decline in the market price of the securities. The Portfolio is obligated to replace the borrowed securities at their market price at the time of settlement. The Portfolio’s obligation to replace the securities borrowed in connection with a short sale will be fully secured by collateral deposited with the broker. The Portfolio is liable to the buyer for any dividends/interest payable on securities while those securities are in a short position. These dividends/interest are recorded as an expense of the Portfolio. Short sales by the Portfolio involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security because losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. For the period ended June 30, 2016, the Portfolio had no short sales.

32

AB Variable Products Series Fund

NOTE E: Capital Stock

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

	SHARES						AMOUNT
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		77,143			195,721		$	832,602		$	2,249,979
Shares issued in reinvestment of dividends and distributions		–0	–		314,732			–0	–		3,361,339
Shares redeemed		(356,492	)		(1,002,381	)		(3,898,132	)		(11,220,799	)
Net decrease		(279,349	)		(491,928	)	$	(3,065,530	)	$	(5,609,481	)
Class B
Shares sold		59,129			68,692		$	642,955		$	754,645
Shares issued in reinvestment of dividends and distributions		–0	–		112,222			–0	–		1,187,309
Shares redeemed		(239,555	)		(268,223	)		(2,573,135	)		(2,947,668	)
Net decrease		(180,426	)		(87,309	)	$	(1,930,180	)	$	(1,005,714	)

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.

33

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

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 contracts or by borrowing money. The use of derivative instruments by the Portfolio, such as forwards, futures, options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Liquidity Risk—Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Over recent years liquidity risk has also increased because the capacity of dealers in the secondary market for fixed-income securities to make markets in these securities has decreased, even as the overall bond market has grown significantly, due to, among other things, structural changes, additional regulatory requirements and capital and risk restraints that have led to reduced inventories. Liquidity risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

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

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

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the six months ended June 30, 2016.

NOTE H: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	3,320,511	$	2,731,013
Net long-term capital gains		1,228,137		1,077,101
Total taxable distributions paid	$	4,548,648	$	3,808,114

34

AB Variable Products Series Fund

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,674,769
Accumulated capital and other losses		(3,710	)(a)
Unrealized appreciation/(depreciation)		(692,770	)(b)
Total accumulated earnings/(deficit)	$	1,978,289

(a) As of December 31, 2015, the Portfolio had cumulative deferred loss on straddles of $3,710.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax treatment of swaps and Treasury inflation-protected securities, and the realization for tax purposes of gains/losses on certain derivative instruments.

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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE I: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE J: Subsequent Events

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

35

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.63			$11.37			$11.22			$12.30			$12.54			$12.39
Income From Investment Operations
Net investment income (a)		.15			.27			.28			.32			.33			.42
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.47			(.27	)		.44			(.59	)		.35	#		.38
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.05	#		–0	–
Net increase (decrease) in net asset value from operations		.62			–0	–		.72			(.27	)		.73			.80
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.40	)		(.41	)		(.45	)		(.58	)		(.60	)
Distributions from net realized gain on investment transactions		–0	–		(.34	)		(.16	)		(.36	)		(.39	)		(.05	)
Total dividends and distributions		–0	–		(.74	)		(.57	)		(.81	)		(.97	)		(.65	)
Net asset value, end of period		$11.25			$10.63			$11.37			$11.22			$12.30			$12.54
Total Return
Total investment return based on net asset value (b)		5.83	%		.01	%*		6.48	%		(2.16	)%*		6.05	%*		6.64	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$47,152			$47,554			$56,437			$61,848			$79,104			$106,028
Ratio to average net assets of:
Expenses		1.00	%^		.96	%		.88	%		.77	%		.70	%		.65	%
Net investment income		2.71	%^		2.44	%		2.46	%		2.74	%		2.67	%		3.42	%
Portfolio turnover rate**		50	%		230	%		262	%		217	%		116	%		108	%

See footnote summary on page 37.

36

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$10.53			$11.26			$11.11			$12.17			$12.41			$12.26
Income From Investment Operations
Net investment income (a)		.13			.24			.25			.29			.30			.39
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.46			(.26	)		.43			(.58	)		.35	#		.37
Contributions from Affiliates		–0	–		–0	–		–0	–		–0	–		.05	#		–0	–
Net increase (decrease) in net asset value from operations		.59			(.02	)		.68			(.29	)		.70			.76
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.37	)		(.37	)		(.41	)		(.55	)		(.56	)
Distributions from net realized gain on investment transactions		–0	–		(.34	)		(.16	)		(.36	)		(.39	)		(.05	)
Total dividends and distributions		–0	–		(.71	)		(.53	)		(.77	)		(.94	)		(.61	)
Net asset value, end of period		$11.12			$10.53			$11.26			$11.11			$12.17			$12.41
Total Return
Total investment return based on net asset value (b)		5.60	%		(.18	)%*		6.22	%		(2.34	)%*		5.79	%*		6.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,670			$17,681			$19,891			$22,450			$29,363			$33,973
Ratio to average net assets of:
Expenses		1.25	%^		1.21	%		1.13	%		1.02	%		.96	%		.90	%
Net investment income		2.46	%^		2.19	%		2.21	%		2.49	%		2.43	%		3.17	%
Portfolio turnover rate**		50	%		230	%		262	%		217	%		116	%		108	%

(a) Based on average shares outstanding.

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

# Amount reclassified from realized gain (loss) on investment transactions.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2015, December 31, 2013, and December 31, 2012 by 0.03%, 0.02% and 0.05%, respectively.

^ Annualized.

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

See notes to financial statements

37

INTERMEDIATE BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund, Inc. (the “Fund”), in respect of AB Intermediate Bond Portfolio (the “Portfolio”),^2,3 prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of this summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement.

The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.” ⁴

INVESTMENT ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.⁵ Also shown are the Portfolio’s net assets on September 30, 2015.

1 The information in the fee evaluation was completed on October 22, 2015 and discussed with the Board of Directors on November 3-5, 2015.

2 Future references to the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratios refer to Class A shares of the Portfolio.

3 On April 25, 2008, the Adviser’s variable fixed-income offerings were reorganized and U.S. Government/ High Grade Securities Portfolio acquired the assets of other fixed income series of the Fund, including Americas Government Income Portfolio, Global Bond Portfolio, Global Dollar Government Portfolio and High Yield Portfolio. On April 28, 2008 the investment guidelines of U.S. Government/ High Grade Securities Portfolio were broadened to match those of the Adviser’s U.S. Strategic Core Plus Strategy and the Portfolio’s name was changed to Intermediate Bond Portfolio.

4 Jones v. Harris at 1427.

5 Most of the AB Mutual Funds, which the Adviser manages, were affected by the Adviser’s settlement with the NYAG.

38

AB Variable Products Series Fund

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets ($MM)
Intermediate Bond Portfolio	Low Risk Income	0.45% on 1st $2.5 billion 0.40% on next $2.5 billion 0.35% on the balance	$	68.9

The Portfolio’s Investment Advisory Agreement provides for the Adviser to be reimbursed for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $49,294 (0.061% of the Portfolio’s average daily net assets) for providing such services.

Set forth below are the Portfolio’s total expense ratios for the most recent annual period:

Portfolio	Total Expense Ratio6			Fiscal Year
Intermediate Bond Portfolio		Class A    0.88 Class B    1.13	%  %		December 31, 2014

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing such services. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund since establishing a new mutual fund requires a large upfront investment and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. Finally, in recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Portfolio.⁷ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio versus the Portfolio’s advisory fee based on September 30, 2015 net assets.⁸

6 Annualized.

7 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

8 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

39

INTERMEDIATE BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Portfolio	Net Assets 9/30/15 ($MM)		AllianceBernstein Institutional Fee Schedule	Effective AB Inst. Adv. Fee (%)		Fund Advisory Fee (%)
Intermediate Bond Portfolio	$	68.9	U.S. Strategic Core Plus		0.331		0.450
			0.50% on the first $30 million
			0.20% on the balance
			Minimum account size: $25 million

Certain of the AB Mutual Funds (“ABMF”), which the Adviser manages, have a similar investment style as the Portfolio and their fee schedules are set forth below. The AB Mutual Funds were also affected by the Adviser’s settlement with the NYAG. As a result, the Portfolio has the same breakpoints as AB Bond Fund, Inc.—Intermediate Bond Portfolio. Sanford C. Bernstein Fund II, Inc.—Intermediate Duration Institutional Portfolio, which is managed similarly as the Portfolio, was not affected by the settlement since the fund has lower breakpoints than the NYAG related fee schedule. Also shown are what would have been the effective advisory fees of the Portfolio had the ABMF fee schedules been applicable to the Portfolio based on September 30, 2015 net assets:

Portfolio	ABMF Fund	Fee Schedule	ABMF Effective Fee (%)		Portfolio Advisory Fee (%)
Intermediate Bond Portfolio	Bond Fund, Inc.—Intermediate Bond Portfolio	0.45% on first $2.5 billion 0.40% on next $2.5 billion 0.35% on the balance		0.450		0.450
Intermediate Bond Portfolio	Intermediate Duration Institutional Portfolio9	0.50% on first $1 billion 0.45% on the balance		0.500		0.450

The Adviser manages Intermediate Duration Portfolio of the Sanford C. Bernstein Fund, Inc. (“SCB Fund”), an open-end management investment company which has a similar investment style as the Portfolio. Set forth below is Intermediate Duration Portfolio’s advisory fee and what would have been the effective advisory fee of the Portfolio had the fee schedule of Intermediate Duration Portfolio been applicable to the Portfolio based on September 30, 2015 net assets:

Portfolio	SCB Fund Portfolio	Fee Schedule	SCB Fund Effective Fee (%)		Portfolio Advisory Fee (%)
Intermediate Bond Portfolio	Intermediate Duration Portfolio	0.50% on 1st $1 billion 0.45% on next $2 billion 0.40% on next $2 billion 0.35% on next $2 billion 0.30% the balance		0.500		0.450

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families. The Adviser charges the fee set forth below for the sub-advisory relationship that has a somewhat similar investment style as the Portfolio. Also shown are the Portfolio’s advisory fee and what would have been the effective advisory fee of the Portfolio had the fee schedule of the sub-advisory relationship been applicable to the Portfolio based on September 30, 2015 net assets:

Portfolio		Fee Schedule	Effective Sub-Adv. Fee (%)		Portfolio Advisory Fee (%)
Intermediate Bond Portfolio10	Client #111	AB Sub-Advisory Fee Schedule:     0.29% on first $100 million     0.20% thereafter		0.290		0.450

9 Intermediate Duration Institutional Portfolio has an expense cap of 0.45%, which effectively reduces the advisory fee of the fund. During the fiscal year ended September 30, 2014, Intermediate Duration Institutional Portfolio’s gross expense ratio was 0.58%; accordingly, the fund’s advisory fee was reduced by 0.13% from 0.50% to 0.37%.

10 It should be noted that the advisory fee paid by the shareholders of the sub-advisory relationship is higher than the fee charged to the Portfolio.

11 The sub-advisory relationship is with an affiliate of the Adviser.

40

AB Variable Products Series Fund

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser. In addition, to the extent that this is the only sub-advisory relationship and it is with an affiliate of the Adviser, the fee schedule may not reflect arm’s-length bargaining or negotiations.

While it appears that the sub-advisory relationship is paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such a lower fee due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationship. There could be various business reasons why an investment adviser would be willing to provide a sub-advised relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management service generally required by a registered investment company.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers_.^12,13 Broadridge’s analysis included the comparison of the Portfolio’s contractual management fee, estimated at the approximate current asset level of the Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”)¹⁴ and the Portfolio’s contractual management fee ranking.¹⁵

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, Lipper investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

The Portfolio’s original EG had an insufficient number of peers. Consequently, Broadridge expanded the Portfolio’s EG to include peers that have a similar but not the same Lipper classification/objective as the Portfolio. However, because Broadridge had expanded the Portfolio’s EG, under Broadridge’s standard guidelines, the Portfolio’s Broadridge Expense Universe (“EU”) was also expanded to include universes of those peers that had a similar but not the same Lipper investment objective/classification. A “normal” EU will include funds that have the same investment objective/classification as the subject portfolio.¹⁶

Portfolio	Contractual Management Fee (%)17		Broadridge Exp. Group Median (%)		Broadridge Group Rank
Intermediate Bond Portfolio18		0.450		0.500		2/11

12 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

13 On June 5, 2015, Broadridge acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) reports, from Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classifications/objectives continue to be determined by Lipper.

14 Broadridge does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. Note that there are limitations on Lipper expense category data because different funds categorize expenses differently.

15 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Portfolio had the lowest effective fee rate in the Broadridge peer group.

16 Except for asset size comparability, Broadridge uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

17 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative, and other services.

18 The Portfolio’s EG includes the Portfolio, four other A-rated Corporate Debt (“A”) funds underlying variable insurance products (“VIPs”) and six BBB-rated Corporate Debt (“BBB”) funds underlying VIPs.

41

INTERMEDIATE BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Set forth below is a comparison of the Portfolio’s total expense ratio and the medians of the Portfolio’s EG and EU.

Portfolio	Total Expense Ratio (%)19		Broadridge Exp. Group Median (%)		Broadridge Group Rank		Broadridge Exp. Universe Median (%)		Broadridge Universe Rank
Intermediate Bond Portfolio20		0.878		0.652		11/11		0.639		23/23

Based on this analysis, the Portfolio has more favorable ranking on a contractual management fee basis than on a total expense basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE MANAGEMENT FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio decreased during calendar year 2014, relative to 2013.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive and the relationship otherwise complies with the 40 Act restrictions. These affiliates provide transfer agent and distribution services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments and front-end sales loads.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2014, ABI received $53,389 in Rule 12b-1 fees from the Portfolio.

During the fiscal year ended December 31, 2014, distribution expenses were incurred by ABI in the amount of $108,041 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI, is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Adviser and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, and payments related to providing contract-holder record-keeping and/or administrative services. Payments related to providing contract-holder record keeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the firm over the year. With respect to the Fund,²¹ ABI paid approximately $350,000 in 2014 and expects to pay approximately $400,000 in 2015 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”), an affiliate of the Adviser. During the most recently completed fiscal year, the Portfolio paid ABIS a fee of approximately $1,385.²²

19 Most recently completed fiscal year Class A share total expense ratio.

20 The Portfolio’s EU includes the Portfolio, EG and all other A funds underlying VIPs and BBB funds underlying VIPs, excluding outliers.

21 The fee is inclusive of other Portfolios of the Fund (Equity and Multi-Asset), which are not discussed in this summary.

22 The Fund (which includes the Portfolio and other Portfolios of the Fund) paid ABIS a flat fee of $18,000 in 2014.

42

AB Variable Products Series Fund

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AllianceBernstein Mutual Funds managed by the Adviser through lower fees.

Previously, in February 2008, the independent consultant provided the Board of Directors an update of the Deli²³ study on advisory fees and various fund characteristics.²⁴ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.²⁵ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE FUND

With assets under management of approximately $463 billion as of September 30, 2015, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information prepared by Broadridge shows the 1, 3, 5 and 10 year performance rankings²⁶ of the Portfolio relative to its Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²⁷ for the periods ended July 31, 2015.²⁸

	Fund Return (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Intermediate Bond Portfolio
1 year		2.66		2.34		2.36		1/5		5/17
3 year		2.15		2.02		2.07		2/5		7/16
5 year		3.75		3.61		3.63		2/5		7/16
10 year		4.65		4.18		4.35		1/5		3/13

23 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

24 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

25 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

26 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns of the Portfolio were provided by Broadridge.

27 The Portfolio’s PG/PU is not identical to its respective EG/EU as the criteria for including/excluding a fund to/from PG/PU is somewhat different than that of EG/EU.

28 The current Lipper investment classification/objective dictates the PG and PU throughout the life of the Portfolio even if a Portfolio had a different investment classification/objective at a different point in time.

43

INTERMEDIATE BOND PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²⁹ versus its benchmarks.³⁰ Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.³¹

	Periods Ending July 31, 2015 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Intermediate Bond Portfolio32		2.66		2.15		3.75		4.65		5.27		4.30		0.74		10
Barclays Capital U.S. Aggregate Index		2.82		1.60		3.27		4.61		5.72		3.25		0.96		10
Inception Date: September 17, 1992

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: November 25, 2015

29 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

30 The Adviser provided Portfolio and benchmark performance return information for periods through July 31, 2015.

31 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

32 On or around April 25, 2008, the Portfolio’s name was changed from U.S. Government/U.S. High Grade Portfolio to Intermediate Bond Portfolio. Also at this time, the Portfolio’s strategy and the benchmark changed from Barclays Capital U.S. Government Index to Barclays Capital U.S. Aggregate Index.

44

VPS-IB-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	975.30	$	5.89		1.20	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.90	$	6.02		1.20	%
Class B
Actual	$	1,000	$	974.40	$	7.12		1.45	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.65	$	7.27		1.45	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Partners Group Holding AG	$	2,048,542		3.1	%
AIA Group Ltd.		2,041,455		3.1
Nestle SA (REG)		1,973,992		3.0
Roche Holding AG		1,965,905		2.9
Anheuser-Busch InBev SA/NV		1,847,209		2.8
Housing Development Finance Corp., Ltd.		1,769,179		2.6
Essilor International SA		1,689,125		2.5
Tencent Holdings Ltd.		1,671,905		2.5
Reckitt Benckiser Group PLC		1,564,236		2.3
Siemens AG (REG)		1,562,920		2.3
	$	18,134,468		27.1	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	16,276,232		24.7	%
Consumer Staples		11,399,863		17.3
Consumer Discretionary		10,918,961		16.5
Industrials		7,739,817		11.7
Information Technology		7,499,988		11.4
Health Care		5,819,740		8.8
Telecommunication Services		2,406,191		3.6
Materials		2,379,065		3.6
Utilities		619,028		0.9
Short-Term Investments		984,117		1.5
Total Investments	$	66,043,002		100.0	%

* Long-term investments.

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

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

2

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United Kingdom	$	10,850,665		16.4	%
India		6,971,976		10.6
Switzerland		6,571,276		9.9
France		6,191,663		9.4
China		6,040,484		9.1
Japan		5,497,222		8.3
Germany		3,662,712		5.5
Denmark		3,115,111		4.7
Hong Kong		2,041,455		3.1
Mexico		1,892,511		2.9
Belgium		1,847,209		2.8
Indonesia		1,767,150		2.7
South Korea		1,573,821		2.4
Other		7,035,630		10.7
Short-Term Investments		984,117		1.5
Total Investments	$	66,043,002		100.0	%

* All data are as of June 30, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.1% or less in the following countries: Austria, Ireland, Italy, Netherlands, Philippines and Taiwan.

3

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.2%
FINANCIALS–24.3%
BANKS–1.7%
HDFC Bank Ltd.		55,360	$	1,119,462
CAPITAL MARKETS–6.3%
Azimut Holding SpA		55,705		908,875
Flow Traders(a)		19,504		666,264
Partners Group Holding AG		4,780		2,048,542
UBS Group AG		44,918		582,837
				4,206,518
CONSUMER FINANCE–2.9%
Gentera SAB de CV		463,620		830,494
SKS Microfinance Ltd.(b)		98,460		1,081,074
				1,911,568
DIVERSIFIED FINANCIAL SERVICES–3.1%
IG Group Holdings PLC		92,690		1,003,672
London Stock Exchange Group PLC		31,180		1,059,448
				2,063,120
INSURANCE–6.7%
AIA Group Ltd.		340,200		2,041,455
Prudential PLC		90,845		1,541,540
St James’s Place PLC		87,840		926,340
				4,509,335
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.0%
Ayala Land, Inc.		840,300		697,050
THRIFTS & MORTGAGE FINANCE–2.6%
Housing Development Finance Corp., Ltd.		95,037		1,769,179
				16,276,232
CONSUMER STAPLES–17.0%
BEVERAGES–2.8%
Anheuser-Busch InBev SA/NV		13,969		1,847,209
FOOD & STAPLES RETAILING–1.7%
Tsuruha Holdings, Inc.		9,500		1,150,342
FOOD PRODUCTS–5.9%
Danone SA		20,780		1,454,239
Nestle SA (REG)		25,478		1,973,992
Universal Robina Corp.		123,110		546,018
				3,974,249
HOUSEHOLD PRODUCTS–5.6%
Pigeon Corp.(c)		32,900		983,528
Reckitt Benckiser Group PLC		15,600		1,564,236
Unicharm Corp.		54,400		1,222,236
				3,770,000
PERSONAL PRODUCTS–1.0%
Cosmax, Inc.		4,390		658,063
				11,399,863
CONSUMER DISCRETIONARY–16.3%
AUTO COMPONENTS–1.8%
Delphi Automotive PLC		19,740	$	1,235,724
AUTOMOBILES–1.9%
Tata Motors Ltd.–Class A(b)		290,924		1,267,461
DIVERSIFIED CONSUMER SERVICES–1.8%
New Oriental Education & Technology Group, Inc. (Sponsored ADR)		27,970		1,171,384
HOTELS, RESTAURANTS & LEISURE–1.6%
Alsea SAB de CV		278,971		1,062,017
HOUSEHOLD DURABLES–1.6%
Panasonic Corp.		123,600		1,063,397
INTERNET & CATALOG RETAIL–1.6%
Ctrip.com International Ltd. (ADR)(b)		26,530		1,093,036
MULTILINE RETAIL–3.8%
Don Quijote Holdings Co., Ltd.		29,000		1,077,719
Matahari Department Store Tbk PT		963,000		1,467,716
				2,545,435
SPECIALTY RETAIL–0.4%
Ace Hardware Indonesia Tbk PT		4,260,000		299,434
TEXTILES, APPAREL & LUXURY GOODS–1.8%
Pandora A/S		4,480		610,173
Titan Co., Ltd.		94,390		570,900
				1,181,073
				10,918,961
INDUSTRIALS–11.6%
AEROSPACE & DEFENSE–2.3%
Safran SA		22,750		1,532,025
BUILDING PRODUCTS–1.3%
Kingspan Group PLC		39,940		864,306
ELECTRICAL EQUIPMENT–4.0%
Schneider Electric SE (Paris)		25,990		1,516,274
Vestas Wind Systems A/S		16,640		1,131,011
				2,647,285
INDUSTRIAL CONGLOMERATES–2.3%
Siemens AG (REG)		15,230		1,562,920
PROFESSIONAL SERVICES–1.7%
Capita PLC		87,950		1,133,281
				7,739,817

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INFORMATION TECHNOLOGY–11.2%
INTERNET SOFTWARE & SERVICES–4.6%
Alibaba Group Holding Ltd. (Sponsored ADR)(b)		17,550	$	1,395,751
Tencent Holdings Ltd.		72,800		1,671,905
				3,067,656
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.7%
ams AG(c)		25,560		709,608
Infineon Technologies AG		74,550		1,079,215
Taiwan Semiconductor Manufacturing Co., Ltd.		275,000		1,385,917
				3,174,740
SOFTWARE–1.9%
Mobileye NV(b)(c)		27,256		1,257,592
				7,499,988
HEALTH CARE–8.7%
HEALTH CARE EQUIPMENT & SUPPLIES–2.5%
Essilor International SA		12,852		1,689,125
HEALTH CARE PROVIDERS & SERVICES–1.1%
Apollo Hospitals Enterprise Ltd.		36,970		722,096
PHARMACEUTICALS–5.1%
Roche Holding AG		7,450		1,965,905
Sun Pharmaceutical Industries Ltd.		38,894		441,804
Vectura Group PLC(b)		465,500		1,000,810
				3,408,519
				5,819,740
TELECOMMUNICATION SERVICES–3.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.5%
Deutsche Telekom AG (REG)		59,850		1,020,577
WIRELESS TELECOMMUNICATION SERVICES–2.1%
Vodafone Group PLC		454,470		1,385,614
				2,406,191
MATERIALS–3.6%
CHEMICALS–3.6%
Bloomage BioTechnology Corp., Ltd.(c)		57,500		89,380
Chr Hansen Holding A/S		20,920		1,373,927
LG Chem Ltd.		4,010		915,758
				2,379,065
UTILITIES–0.9%
WATER UTILITIES–0.9%
Beijing Enterprises Water Group Ltd.(c)		1,020,000		619,028
Total Common Stocks (cost $51,854,712)				65,058,885
	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–1.5%
TIME DEPOSIT–1.5%
State Street Bank & Trust Co. 0.01%, 7/01/16 (cost $984,117)	$	984	$	984,117
	Shares
Total Investments Before Security Lending Collateral for Securities Loaned–98.7% (cost $52,838,829)				66,043,002
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–3.4%
INVESTMENT COMPANIES–3.4%
AB Fixed Income Shares, Inc.– Government Money Market Portfolio–Class AB, 0.25%(d)(e) (cost $2,324,568)		2,324,568		2,324,568
TOTAL INVESTMENTS–102.1% (cost $55,163,397)				68,367,570
Other assets less liabilities–(2.1)%				(1,437,595	)
NET ASSETS–100.0%				$66,929,975

5

INTERNATIONAL GROWTH 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)
Barclays Bank PLC		INR	161,741		USD	2,400		8/16/16	$	21,891
Barclays Bank PLC		USD	204		CNY	1,347		8/16/16		(2,574	)
Barclays Bank PLC		USD	694		SEK	5,621		8/16/16		(28,208	)
BNP Paribas SA		CNY	13,545		USD	2,056		8/16/16		26,262
BNP Paribas SA		JPY	336,788		USD	3,079		8/16/16		(186,981	)
HSBC Bank USA		USD	2,295		CAD	2,965		8/16/16		508
JPMorgan Chase Bank		USD	6,523		JPY	703,950		8/16/16		302,380
Morgan Stanley & Co., Inc.		GBP	524		USD	705		8/16/16		7,300
Morgan Stanley & Co., Inc.		USD	677		CHF	670		8/16/16		10,797
Royal Bank of Scotland PLC		EUR	971		USD	1,079		8/16/16		27
Royal Bank of Scotland PLC		USD	3,186		AUD	4,398		8/16/16		88,798
Standard Chartered Bank		USD	296		CNY	1,973		8/16/16		(66	)
Standard Chartered Bank		USD	718		INR	48,579		8/16/16		(3,380	)
State Street Bank & Trust Co.		IDR	790,612		USD	60		7/11/16		(100	)
State Street Bank & Trust Co.		AUD	221		USD	164		8/16/16		(545	)
State Street Bank & Trust Co.		CHF	3,882		USD	4,002		8/16/16		16,851
State Street Bank & Trust Co.		CNY	5,151		USD	786		8/16/16		13,718
State Street Bank & Trust Co.		EUR	3,285		USD	3,733		8/16/16		81,878
State Street Bank & Trust Co.		GBP	379		USD	521		8/16/16		16,236
State Street Bank & Trust Co.		HKD	7,825		USD	1,009		8/16/16		(493	)
State Street Bank & Trust Co.		JPY	91,426		USD	879		8/16/16		(7,900	)
State Street Bank & Trust Co.		NOK	899		USD	108		8/16/16		487
State Street Bank & Trust Co.		USD	204		AUD	279		8/16/16		3,425
State Street Bank & Trust Co.		USD	393		EUR	348		8/16/16		(6,290	)
State Street Bank & Trust Co.		USD	927		GBP	644		8/16/16		(69,060	)
State Street Bank & Trust Co.		USD	1,991		JPY	213,101		8/16/16		75,445
State Street Bank & Trust Co.		USD	401		NOK	3,284		8/16/16		(8,227	)
State Street Bank & Trust Co.		USD	659		SEK	5,414		8/16/16		(18,166	)
State Street Bank & Trust Co.		USD	1,089		CHF	1,056		11/16/16		1,039
									$	335,052

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the market value of this security amounted to $666,264 or 1.0% of net assets.

(b) Non-income producing security.

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

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

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

IDR—Indonesian Rupiah

INR—Indian Rupee

JPY—Japanese Yen

NOK—Norwegian Krone

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

6

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $52,838,829)	$	66,043,002	(a)
Affiliated issuers (cost $2,324,568—investment of cash collateral for securities loaned)		2,324,568
Foreign currencies, at value (cost $180,790)		180,546
Receivable for investment securities sold and foreign currency transactions		2,810,323
Unrealized appreciation on forward currency exchange contracts		667,042
Dividends and interest receivable		360,164
Receivable for capital stock sold		21,938
Total assets		72,407,583
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		2,667,380
Payable for collateral received on securities loaned		2,324,568
Unrealized depreciation on forward currency exchange contracts		331,990
Advisory fee payable		41,591
Payable for capital stock redeemed		23,486
Administrative fee payable		11,217
Distribution fee payable		7,708
Transfer Agent fee payable		112
Accrued expenses		69,556
Total liabilities		5,477,608
NET ASSETS	$	66,929,975
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,713
Additional paid-in capital		86,317,081
Undistributed net investment income		323,920
Accumulated net realized loss on investment and foreign currency transactions		(33,241,646	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		13,526,907
	$	66,929,975

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	29,981,594		1,650,804	$	18.16
B	$	36,948,381		2,061,746	$	17.92

(a) Includes securities on loan with a value of $2,368,230 (see Note E).

See notes to financial statements.

7

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $86,501)	$	853,439
Affiliated issuers		5,130
Securities lending income		14,206
		872,775
EXPENSES
Advisory fee (see Note B)		251,567
Distribution fee—Class B		46,243
Transfer agency—Class A		1,057
Transfer agency—Class B		1,303
Custodian		47,831
Audit and tax		25,398
Administrative		23,999
Printing		19,132
Legal		14,916
Directors’ fees		10,665
Miscellaneous		6,061
Total expenses		448,172
Less: expenses waived and reimbursed by the Adviser (see Note E)		(58	)
Net expenses		448,114
Net investment income		424,661
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		(803,697	)
Foreign currency transactions		515,406
Net change in unrealized appreciation/depreciation of:
Investments		(2,425,489	)
Foreign currency denominated assets and liabilities		236,802
Net loss on investment and foreign currency transactions		(2,476,978	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(2,052,317	)

See notes to financial statements.

8

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	424,661		$	531,932
Net realized gain (loss) on investment and foreign currency transactions		(288,291	)		2,788,389
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(2,188,687	)		(4,603,184	)
Net decrease in net assets from operations		(2,052,317	)		(1,282,863	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(126,565	)
Class B		–0	–		(26,794	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,673,927	)		(11,715,834	)
Total decrease		(6,726,244	)		(13,152,056	)
NET ASSETS
Beginning of period		73,656,219			86,808,275
End of period (including undistributed net investment income of $323,920 and distributions in excess of net investment income of $(100,741), respectively)	$	66,929,975		$	73,656,219

See notes to financial statements.

9

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

10

AB Variable Products Series Fund

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.

11

INTERNATIONAL GROWTH 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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Financials

$

830,494

$

15,445,738

$

–0

–

$

16,276,232

Consumer Staples

–0

–

11,399,863

–0

–

11,399,863

Consumer Discretionary

4,562,161

6,356,800

–0

–

10,918,961

Industrials

864,306

6,875,511

–0

–

7,739,817

Information Technology

2,653,343

4,846,645

–0

–

7,499,988

Health Care

1,000,810

4,818,930

–0

–

5,819,740

Telecommunication Services

–0

–

2,406,191

–0

–

2,406,191

Materials

–0

–

2,379,065

–0

–

2,379,065

Utilities

–0

–

619,028

–0

–

619,028

Short-Term Investments

–0

–

984,117

–0

–

984,117

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

2,324,568

–0

–

–0

–

2,324,568

Total Investments in Securities

12,235,682

56,131,888

(b)

–0

–

68,367,570

Other Financial Instruments(a):

Assets:

Forward Currency Exchange Contracts

–0

–

667,042

–0

–

667,042

Liabilities:

Forward Currency Exchange Contracts

–0

–

(331,990

)

–0

–

(331,990

)

Total(c)

$

12,235,682

$

56,466,940

$

–0

–

$

68,702,622

(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) 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) 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 a 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.

12

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, 2016, the reimbursement for such services amounted to $23,999.

13

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

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $46,365, 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	26,693,482		$	31,618,112
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	$	14,750,719
Gross unrealized depreciation		(1,546,546	)
Net unrealized appreciation	$	13,204,173

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

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, 2016, the Portfolio held forward currency exchange contracts for [                ] 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 instrument’s 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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	667,042	Unrealized depreciation on forward currency exchange contracts	$	331,990
Total			$667,042		$	331,990

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	$	477,137	$	224,894
Total		$	477,137	$	224,894

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2016:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	14,042,880
Average principal amount of sale contracts	$	13,874,514

15

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

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

All derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by counterparty net of amounts available for offset under Master Agreements (“MA”) and net of the related collateral received/pledged by the Portfolio as of June 30, 2016:

Counterparty

Derivative Assets Subject to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Barclays Bank PLC

$

21,891

$

(21,891

)

$

–0

–

$

–0

–

$

–0

–

BNP Paribas SA

26,262

(26,262

)

–0

–

–0

–

–0

–

HSBC Bank USA

508

–0

–

–0

–

–0

–

508

JPMorgan Chase Bank

302,380

–0

–

–0

–

–0

–

302,380

Morgan Stanley & Co., Inc.

18,097

–0

–

–0

–

–0

–

18,097

Royal Bank of Scotland PLC

88,825

–0

–

–0

–

–0

–

88,825

State Street Bank & Trust Co.

209,079

(110,781

)

–0

–

–0

–

98,298

Total

$

667,042

$

(158,934

)

$

–0

–

$

–0

–

$

508,108

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged

Security Collateral Pledged

Net Amount of Derivatives Liabilities

OTC Derivatives:

Barclays Bank PLC

$

30,782

$

(21,891

)

$

–0

–

$

–0

–

$

8,891

BNP Paribas SA

186,981

(26,262

)

–0

–

–0

–

160,719

Standard Chartered Bank

3,446

–0

–

–0

–

–0

–

3,446

State Street Bank & Trust Co.

110,781

(110,781

)

–0

–

–0

–

–0

–

Total

$

331,990

$

(158,934

)

$

–0

–

$

–0

–

$

173,056

^

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

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower.

16

AB Variable Products Series Fund

Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $2,368,230 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $2,324,568. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $14,206, $5,013 and $117 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $58. A principal risk of lending portfolio securities is that the borrower will 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	2,835	$	21,435	$	21,899	$	2,371	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	2,371	$	1,036	$	1,082	$	2,325

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		26,418			129,045		$	470,476		$	2,512,012
Shares issued in reinvestment of dividends		–0	–		6,544			–0	–		126,565
Shares redeemed		(152,951	)		(402,478	)		(2,701,166	)		(7,834,655	)
Net decrease		(126,533	)		(266,889	)	$	(2,230,690	)	$	(5,196,078	)
Class B
Shares sold		147,370			260,706		$	2,638,463		$	4,992,035
Shares issued in reinvestment of dividends		–0	–		1,402			–0	–		26,794
Shares redeemed		(291,100	)		(602,977	)		(5,081,700	)		(11,538,585	)
Net decrease		(143,730	)		(340,869	)	$	(2,443,237	)	$	(6,519,756	)

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.

17

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

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 derivative instruments by the Portfolio, such as forwards, futures, 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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	153,359	$	–0	–
Total taxable distributions paid	$	153,359	$	–0	–

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Accumulated capital and other losses	$	(32,860,285	)(a)
Unrealized appreciation/(depreciation)		15,521,784	(b)
Total accumulated earnings/(deficit)	$	(17,338,501	)

(a) As of December 31, 2015, the Portfolio had a net capital loss carryforward of $32,845,011. During the fiscal year, the Portfolio utilized $3,977,282 of capital loss carryforwards to offset current year net realized gains. At December 31, 2015, the Portfolio had a post-October short-term capital loss deferral of $15,274 which is deemed to arise on January 1, 2016.

(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 realization for tax purposes of gain/losses on certain derivative instruments.

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AB Variable Products Series Fund

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 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, 2015, the Portfolio had a net short-term capital loss carryforward of $32,845,011 which will expire in 2017.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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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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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$18.62			$19.04			$19.27			$17.13			$15.08			$18.42
Income From Investment Operations
Net investment income (a)		.12	(b)		.15			.24			.21			.21			.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.58	)		(.50	)		(.47	)		2.11			2.12			(3.08	)
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		(.46	)		(.35	)		(.23	)		2.32			2.33			(2.82	)
Less: Dividends
Dividends from net investment income		–0	–		(.07	)		–0	–		(.18	)		(.28	)		(.52	)
Net asset value, end of period		$18.16			$18.62			$19.04			$19.27			$17.13			$15.08
Total Return
Total investment return based on net asset value (d)		(2.47	)%		(1.87	)%		(1.19	)%		13.60	%		15.54	%		(15.85	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$29,982			$33,090			$38,924			$102,467			$97,611			$90,912
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.20	%^		1.11	%		1.07	%		.94	%		.97	%		.94	%
Expenses, before waivers/reimbursements		1.20	%^		1.11	%		1.07	%		.94	%		.97	%		.94	%
Net investment income		1.38	%^(b)		.78	%		1.20	%		1.15	%		1.33	%		1.53	%
Portfolio turnover rate		40	%		17	%		29	%		31	%		52	%		66	%

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$18.39			$18.81			$19.08			$16.96			$14.93			$18.24
Income From Investment Operations
Net investment income (a)		.10	(b)		.10			.20			.16			.18			.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(.57	)		(.51	)		(.47	)		2.09			2.08			(3.06	)
Contributions from Affiliates		–0	–		–0	–		.00	(c)		–0	–		–0	–		.00	(c)
Net increase (decrease) in net asset value from operations		(.47	)		(.41	)		(.27	)		2.25			2.26			(2.84	)
Less: Dividends
Dividends from net investment income		–0	–		(.01	)		–0	–		(.13	)		(.23	)		(.47	)
Net asset value, end of period		$17.92			$18.39			$18.81			$19.08			$16.96			$14.93
Total Return
Total investment return based on net asset value (d)		(2.56	)%		(2.17	)%		(1.41	)%		13.32	%		15.23	%		(16.04	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$36,948			$40,566			$47,884			$54,643			$58,694			$58,322
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.45	%^		1.36	%		1.36	%		1.19	%		1.22	%		1.19	%
Expenses, before waivers/reimbursements		1.45	%^		1.36	%		1.36	%		1.19	%		1.22	%		1.19	%
Net investment income		1.17	%^(b)		.52	%		1.02	%		.92	%		1.11	%		1.27	%
Portfolio turnover rate		40	%		17	%		29	%		31	%		52	%		66	%

(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.

^ 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 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected

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 Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund. The directors also considered that a portfolio of Sanford C. Bernstein Fund, Inc. pursuing a somewhat similar investment style has higher fee rates at each breakpoint of its fee schedule, and that the Adviser has been waiving 5 basis points of the advisory fee payable by that portfolio under its contract since November 2011.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

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

INTERNATIONAL GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB International Growth Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In Jones, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
International Growth Portfolio	International	0.75% on 1st $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$69.3

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,338 (0.060% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

25

INTERNATIONAL GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Set forth below are the Portfolio’s total expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio	Fiscal Year
International Growth Portfolio	Class A    1.11%		December 31
	Class B    1.36%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
International Growth Portfolio	$	69.3	International Growth Trends Schedule		0.694	%		0.750	%
			0.85% on first $25m
			0.65% on next $25m
			0.55% on next $50m
			0.45% on the balance
			Minimum account size $25m

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

26

AB Variable Products Series Fund

The Adviser also manages AB International Growth Fund, Inc. (“International Growth Fund, Inc.”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below is the fee schedule of International Growth Fund, Inc. and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
International Growth Portfolio	International Growth Fund, Inc.	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750	%

The Adviser manages Sanford C. Bernstein Fund, Inc. (“SCB Fund”), an open-end management investment company. The International Portfolio of SCB Fund (“SCB International Portfolio”) has a somewhat similar investment style as the Portfolio. Set forth below is the fee schedule of SCB International Portfolio and what would have been the effective advisory fee of the Portfolio had the fee schedule of SCB International Portfolio been applicable to the Portfolio based on March 31, 2016 net assets:

Portfolio	SCB Fund Portfolio	Fee Schedule	SCB Fund Effective Fee			Portfolio Advisory Fee
International Growth Portfolio7	International Portfolio	0.925% on 1st $1 billion 0.850% on next $3 billion 0.800% on next $2 billion 0.750% on next $2 billion 0.650% thereafter The Adviser is waving 5 basis points in advisory fees effective through October 31, 2016.		0.875	%		0.750	%

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolios with fees charged to other investment companies for similar services by other investment advisers.^8,9 Broadridge’s analysis included each Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.^10,11

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 The investment guidelines of the Portfolio are more restrictive than the SCB Fund portfolio. The Portfolio invests primarily in international growth equity securities, in contrast to the SCB Fund portfolio, which invests in both international growth and international value equity securities.

8 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

9 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

10 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

11 The contractual management fee does not reflect any expense reimbursement made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

27

INTERNATIONAL GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)12		EG Median (%)		EG Rank
International Growth Portfolio		0.750		0.865		4/12

Broadridge also analyzed the Portfolio’s most recently completed fiscal year total expense ratio in comparison to the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹³

Portfolio	Expense Ratio (%)14		EG Median (%)		EG Rank		EU Median (%)		EU Rank
International Growth Portfolio		1.114		1.014		9/12		0.923		19/23

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than they do on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio decreased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $114,712 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2014, the Adviser incurred distribution expenses in the amount of $234,511 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

12 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

13 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

14 Most recently completed fiscal year end Class A total expense ratio.

28

AB Variable Products Series Fund

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁵

The Portfolio did not effect brokerage transactions and pay commissions to the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted in the future with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^16,17 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁸ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund

15 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 for each calendar year.

16 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

17 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

18 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

29

INTERNATIONAL GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below shows the 1, 3, 5 and 10 year net performance returns, rankings and quintiles¹⁹ of the Portfolios relative to their Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²⁰ for the periods ended February 29, 2016.²¹

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
International Growth Portfolio
1 year		–16.14		–12.72		–12.32		12/12		25/27
3 year		–1.26		0.71		0.69		12/12		26/27
5 year		–0.84		1.31		1.38		12/12		25/26
10 year		0.75		2.87		2.04		11/11		21/23

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²² versus its benchmarks. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²³

Periods Ending February 29, 2016 Annualized Performance

1 Year (%)

3 Year (%)

5 Year (%)

10 Year (%)

Since Inception (%)

Annualized

Risk Period (Year)

Volatility (%)

Sharpe (%)

International Growth Portfolio

–16.14

–1.26

–0.84

0.75

6.63

20.43

0.08

10

MSCI AC World Ex US Net Index24

–17.37

–2.20

–1.29

1.43

4.32

19.03

0.11

10

MSCI World X-US Net Index

–15.69

–0.25

–0.11

1.45

4.14

N/A

N/A

N/A

Inception Date: September 23, 1994

CONCLUSION:

The Senior Officer observed that the Portfolio had a relatively high total expense ratio compared to the Portfolio’s Broadridge peers, and recommended that the Directors discuss with the Adviser possible actions to reduce the Portfolio’s total expense ratio. Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

19 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

20 The Portfolio’s PG is identical to the Portfolio’s EG. The Portfolio’s PU is not identical to the Portfolio’s EU as the criteria for including/excluding a fund in/from a PU is different from that of an EU.

21 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if the fund had a different investment classification/objective at a different point in time.

22 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

23 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

24 Effective November 1, 2013, MSCI AC World Ex US Net Index became the Portfolio’s primary benchmark.

30

VPS-IG-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	934.20	$	4.18		0.87	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.54	$	4.37		0.87	%
Class B
Actual	$	1,000	$	932.10	$	5.38		1.12	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.29	$	5.62		1.12	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

INTERNATIONAL VALUE PORTFOLIO
TEN LARGERST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Roche Holding AG	$	19,500,715		4.0	%
Royal Dutch Shell PLC—Class A		19,001,886		3.9
BT Group PLC		18,021,140		3.7
Nippon Telegraph & Telephone Corp.		16,671,130		3.4
British American Tobacco PLC		16,513,245		3.3
Delhaize Group		15,350,771		3.1
Mitsubishi UFJ Financial Group, Inc.		13,019,101		2.6
ING Groep NV		11,891,682		2.4
Vodafone Group PLC		11,768,783		2.4
JX Holdings, Inc.		10,992,524		2.2
	$	152,730,977		31.0	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	86,902,365		17.7	%
Consumer Discretionary		79,982,824		16.3
Industrials		61,255,754		12.5
Telecommunication Services		53,912,285		11.0
Energy		52,783,420		10.8
Information Technology		44,700,788		9.1
Consumer Staples		40,036,232		8.2
Health Care		36,084,745		7.3
Materials		17,836,580		3.6
Utilities		13,694,660		2.8
Short-Term Investments		3,471,170		0.7
Total Investments	$	490,660,823		100.0	%

* Long-term investments.

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

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

2

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	124,365,415		25.3	%
United Kingdom		83,066,797		16.9
France		56,916,830		11.6
Netherlands		40,341,322		8.2
Germany		27,994,441		5.7
South Korea		23,267,144		4.7
Australia		23,113,116		4.7
Belgium		21,930,188		4.5
Switzerland		19,500,715		4.0
Denmark		14,693,547		3.0
Canada		11,527,467		2.4
Taiwan		10,169,710		2.1
Portugal		7,769,065		1.6
Other		22,533,896		4.6
Short-Term Investments		3,471,170		0.7
Total Investments	$	490,660,823		100.0	%

* All data are as of June 30, 2016. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.2% or less in the following countries: Argentina, China, Hungary, India, Italy and Turkey.

3

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.9%
FINANCIALS–17.7%
BANKS–11.9%
Australia & New Zealand Banking Group Ltd.		280,480	$	5,110,359
Bank of Queensland Ltd.		942,411		7,518,783
Danske Bank A/S		275,160		7,242,315
ING Groep NV		1,149,410		11,891,682
KB Financial Group, Inc.		128,860		3,664,255
KBC Groep NV(a)		133,780		6,579,417
Mitsubishi UFJ Financial Group, Inc.		2,904,200		13,019,101
OTP Bank PLC		153,134		3,426,736
				58,452,648
CAPITAL MARKETS–1.3%
Amundi SA(b)		81,705		3,394,883
Azimut Holding SpA		168,540		2,749,874
				6,144,757
DIVERSIFIED FINANCIAL SERVICES–1.0%
Challenger Ltd./Australia		745,470		4,870,326
INSURANCE–3.5%
Dongbu Insurance Co., Ltd.		82,600		4,971,735
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		36,460		6,114,160
NN Group NV		230,625		6,348,739
				17,434,634
				86,902,365
CONSUMER DISCRETIONARY–16.2%
AUTO COMPONENTS–5.1%
Hankook Tire Co., Ltd.(a)		85,884		3,821,011
Magna International, Inc. (New York)–Class A		184,940		6,485,846
Plastic Omnium SA		113,530		3,173,848
Sumitomo Electric Industries Ltd.(c)		531,400		7,033,313
Valeo SA		104,580		4,642,731
				25,156,749
AUTOMOBILES–4.8%
Honda Motor Co., Ltd.		386,000		9,682,904
Peugeot SA(a)		677,700		8,122,973
Tata Motors Ltd.–Class A(a)		1,327,986		5,785,602
				23,591,479
LEISURE PRODUCTS–1.1%
Bandai Namco Holdings, Inc.		211,300		5,452,916
MEDIA–5.2%
Altice NV–Class A(a)(c)		455,770		6,805,301
Liberty Global PLC–Series C(a)		287,567		8,238,795
Liberty Global PLC LiLAC(a)		35,879		1,165,722
Vivendi SA		511,626		9,571,862
				25,781,680
				79,982,824
INDUSTRIALS–12.4%
AEROSPACE & DEFENSE–1.4%
Airbus Group SE		120,540		6,909,344
AIRLINES–4.6%
International Consolidated Airlines Group SA(c)		1,416,060		7,023,216
Japan Airlines Co., Ltd.		311,800		10,031,415
Qantas Airways Ltd.(a)		2,650,045		5,613,648
				22,668,279
INDUSTRIAL CONGLOMERATES–1.2%
Rheinmetall AG		102,930		6,122,143
MACHINERY–3.1%
IHI Corp.		2,337,000		6,299,362
JTEKT Corp.		793,500		8,993,900
				15,293,262
ROAD & RAIL–2.1%
Central Japan Railway Co.		57,700		10,262,726
				61,255,754
TELECOMMUNICATION SERVICES–11.0%
DIVERSIFIED TELECOMMUNICATION SERVICES–8.6%
BT Group PLC		3,278,600		18,021,140
Nippon Telegraph & Telephone Corp.		355,500		16,671,130
TDC A/S		1,520,514		7,451,232
				42,143,502
WIRELESS TELECOMMUNICATION SERVICES–2.4%
Vodafone Group PLC		3,860,064		11,768,783
				53,912,285
ENERGY–10.7%
OIL, GAS & CONSUMABLE FUELS–10.7%
Canadian Natural Resources Ltd.		163,410		5,041,621
JX Holdings, Inc.		2,816,200		10,992,524
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		339,360		9,308,778
Royal Dutch Shell PLC–Class A		352,924		9,693,108
TOTAL SA		163,856		7,857,877
Tupras Turkiye Petrol Rafinerileri AS		225,240		5,000,289
YPF SA (Sponsored ADR)		254,647		4,889,223
				52,783,420

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INFORMATION TECHNOLOGY–9.1%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.9%
Largan Precision Co., Ltd.		48,000	$	4,439,192
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.8%
Infineon Technologies AG		524,020		7,585,922
Novatek Microelectronics Corp.		1,529,000		5,730,518
SCREEN Holdings Co., Ltd.		803,000		8,740,013
Sumco Corp.(c)		988,100		6,330,033
				28,386,486
SOFTWARE–1.3%
Nintendo Co., Ltd.		43,900		6,308,390
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.1%
Samsung Electronics Co., Ltd.		4,470		5,566,720
				44,700,788
CONSUMER STAPLES–8.1%
FOOD & STAPLES RETAILING–3.1%
Delhaize Group		145,320		15,350,771
HOUSEHOLD PRODUCTS–1.7%
Henkel AG & Co. KGaA (Preference Shares)		66,870		8,172,216
TOBACCO–3.3%
British American Tobacco PLC		254,720		16,513,245
				40,036,232
HEALTH CARE–7.3%
PHARMACEUTICALS–7.3%
GlaxoSmithKline PLC		495,590		10,642,788
Roche Holding AG		73,900		19,500,715
Sanofi		71,510		5,941,242
				36,084,745
MATERIALS–3.6%
CHEMICALS–3.6%
Arkema SA		95,511		7,302,070
JSR Corp.		343,400		4,547,688
Koninklijke DSM NV		103,775		5,986,822
				17,836,580
UTILITIES–2.8%
ELECTRIC UTILITIES–2.7%
EDP–Energias de Portugal SA		2,537,610		7,769,065
Korea Electric Power Corp.		99,890		5,243,423
				13,012,488
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
Huaneng Power International, Inc.–Class H		1,096,000		682,172
				13,694,660
Total Common Stocks (cost $507,862,595)				487,189,653
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.7%
TIME DEPOSIT–0.7%
State Street Time Deposit 0.01%, 7/01/16 (cost $3,471,170)	$	3,471		3,471,170
	Shares
Total Investments Before Security Lending Collateral for Securities Loaned–99.6% (cost $511,333,765)				490,660,823
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–4.1%
INVESTMENT COMPANIES–4.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(d)(e) (cost $20,021,274)		20,021,274		20,021,274
TOTAL INVESTMENTS–103.7% (cost $531,355,039)				510,682,097
Other assets less liabilities–(3.7)%				(18,253,024	)
NET ASSETS–100.0%			$	492,429,073

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		USD	4,144		EUR	3,747		7/15/16	$	15,867
Barclays Bank PLC		KRW	4,569,183		USD	3,985		7/15/16		22,723
Barclays Bank PLC		TWD	115,373		USD	3,564		7/15/16		(22,228	)
BNP Paribas SA		USD	20,445		AUD	27,290		7/15/16		(99,630	)
BNP Paribas SA		USD	3,606		EUR	3,191		7/15/16		(63,725	)
BNP Paribas SA		USD	33,013		JPY	3,637,483		7/15/16		2,221,847
BNP Paribas SA		CAD	5,379		USD	4,242		10/19/16		77,862
BNP Paribas SA		GBP	1,583		USD	2,112		10/19/16		2,282
Citibank		CAD	8,429		USD	6,414		7/15/16		(110,365	)
Citibank		EUR	12,821		USD	14,402		7/15/16		168,478
Citibank		NOK	11,286		USD	1,379		7/15/16		30,473
Citibank		SEK	43,925		USD	5,339		7/15/16		145,636
Citibank		USD	12,677		CHF	12,542		7/15/16		175,022
Citibank		USD	981		ILS	3,696		7/15/16		(23,390	)
Citibank		USD	3,248		NOK	27,015		7/15/16		(20,192	)
Citibank		USD	30,218		SEK	245,263		7/15/16		(1,218,145	)
Citibank		EUR	4,508		USD	5,023		10/19/16		750
Credit Suisse International		AUD	9,847		USD	7,450		7/15/16		109,028
Credit Suisse International		CHF	14,612		USD	14,771		7/15/16		(202,368	)
Credit Suisse International		HUF	857,088		USD	3,042		7/15/16		29,921
Credit Suisse International		JPY	862,569		USD	7,678		7/15/16		(677,228	)
Credit Suisse International		NZD	13,132		USD	8,850		7/15/16		(521,095	)
Credit Suisse International		SEK	91,088		USD	10,956		7/15/16		185,622
Credit Suisse International		USD	27,757		CHF	27,008		7/15/16		(81,782	)
Credit Suisse International		USD	7,431		JPY	825,212		7/15/16		562,249
Credit Suisse International		USD	11,347		NOK	96,291		7/15/16		159,102
Deutsche Bank AG		USD	6,033		JPY	653,993		7/15/16		301,970
Goldman Sachs Bank USA		CNY	25,389		USD	3,859		7/15/16		45,582
Goldman Sachs Bank USA		JPY	4,655,886		USD	41,919		7/15/16		(3,181,546	)
HSBC Bank USA		AUD	7,338		USD	5,259		7/15/16		(211,802	)
HSBC Bank USA		EUR	2,253		USD	2,557		7/15/16		56,350
HSBC Bank USA		GBP	1,251		USD	1,827		7/15/16		161,555
HSBC Bank USA		ILS	7,630		USD	2,017		7/15/16		39,339
HSBC Bank USA		USD	3,875		CNY	25,389		7/15/16		(61,485	)
HSBC Bank USA		USD	9,208		GBP	6,261		7/15/16		(872,630	)
JPMorgan Chase Bank		AUD	5,710		USD	4,103		7/15/16		(153,478	)
JPMorgan Chase Bank		GBP	3,428		USD	4,687		7/15/16		123,493
JPMorgan Chase Bank		NOK	87,249		USD	10,471		7/15/16		45,943
JPMorgan Chase Bank		GBP	14,310		USD	19,580		10/19/16		509,313
Morgan Stanley & Co., Inc.		CAD	1,861		USD	1,436		7/15/16		(4,179	)
Morgan Stanley & Co., Inc.		EUR	5,096		USD	5,757		7/15/16		99,829
Morgan Stanley & Co., Inc.		USD	19,278		EUR	17,179		7/15/16		(206,565	)
Morgan Stanley & Co., Inc.		EUR	2,775		USD	3,143		10/19/16		51,549
Morgan Stanley & Co., Inc.		JPY	271,795		USD	2,568		10/19/16		(73,709	)
Morgan Stanley & Co., Inc.		USD	4,438		CHF	4,259		10/19/16		(49,679	)
Morgan Stanley & Co., Inc.		USD	14,739		GBP	10,305		10/19/16		(1,005,215	)
Nomura Global Financial Products, Inc.		USD	8,519		JPY	945,671		7/15/16		641,397
Royal Bank of Scotland PLC		KRW	21,134,634		USD	18,127		7/15/16		(199,646	)
Royal Bank of Scotland PLC		USD	1,656		CAD	2,134		7/15/16		(3,723	)

6

AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Royal Bank of Scotland PLC		USD	8,997		NZD	13,132		7/15/16	$	374,508
Royal Bank of Scotland PLC		USD	1,560		TWD	50,661		7/15/16		14,581
Standard Chartered Bank		JPY	173,749		USD	1,544		7/15/16		(139,189	)
Standard Chartered Bank		TWD	182,877		USD	5,629		7/15/16		(56,169	)
State Street Bank & Trust Co.		CHF	1,376		USD	1,418		7/15/16		8,224
State Street Bank & Trust Co.		EUR	4,892		USD	5,556		7/15/16		125,015
State Street Bank & Trust Co.		GBP	1,582		USD	2,242		7/15/16		135,578
State Street Bank & Trust Co.		JPY	1,154,127		USD	10,735		7/15/16		(444,500	)
State Street Bank & Trust Co.		USD	1,042		ILS	3,934		7/15/16		(22,183	)
State Street Bank & Trust Co.		EUR	3,294		USD	3,729		10/19/16		59,188
State Street Bank & Trust Co.		USD	5,686		CHF	5,450		10/19/16		(71,072	)
UBS AG		CHF	2,291		USD	2,361		7/15/16		13,283
UBS AG		EUR	2,178		USD	2,468		7/15/16		50,367
									$	(3,032,992)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2016, the market value of this security amounted to $3,394,883 or 0.7% of net assets.

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

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

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HUF—Hungarian Forint

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

7

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $511,333,765)	$	490,660,823	(a)
Affiliated issuers (cost $20,021,274—investment of cash collateral for securities loaned)		20,021,274
Foreign currencies, at value (cost $1,783,508)		1,777,799
Unrealized appreciation on forward currency exchange contracts		6,763,926
Receivable for investment securities sold and foreign currency transactions		3,690,332
Dividends and interest receivable		3,671,741
Receivable for capital stock sold		487,779
Total assets		527,073,674
LIABILITIES
Payable for collateral received on securities loaned		20,021,274
Unrealized depreciation on forward currency exchange contracts		9,796,918
Payable for investment securities purchased and foreign currency transactions		3,776,326
Payable for capital stock redeemed		367,842
Advisory fee payable		313,289
Distribution fee payable		95,074
Administrative fee payable		11,524
Transfer Agent fee payable		112
Accrued expenses		262,242
Total liabilities		34,644,601
NET ASSETS	$	492,429,073
COMPOSITION OF NET ASSETS
Capital stock, at par	$	39,357
Additional paid-in capital		1,536,637,999
Undistributed net investment income		9,221,755
Accumulated net realized loss on investment and foreign currency transactions		(1,029,698,545	)
Net unrealized depreciation on investments and foreign currency denominated assets and liabilities		(23,771,493	)
	$	492,429,073

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	44,924,740		3,558,257	$	12.63
B	$	447,504,333		35,798,774	$	12.50

(a) Includes securities on loan with a value of $19,183,095 (see Note E).

See notes to financial statements.

8

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,359,985)	$	10,975,622
Affiliated issuers		21,055
Securities lending income		163,425
		11,160,102
EXPENSES
Advisory fee (see Note B)		2,028,598
Distribution fee—Class B		618,960
Transfer agency—Class A		226
Transfer agency—Class B		2,434
Printing		109,606
Custodian		107,993
Legal		25,580
Audit and tax		25,398
Administrative		24,058
Directors’ fees		10,665
Miscellaneous		16,397
Total expenses		2,969,915
Less: expenses waived and reimbursed by the Adviser (see Note E)		(373	)
Net expenses		2,969,542
Net investment income		8,190,560
REALIZED AND UNREALIZED LOSS ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized loss on:
Investment transactions		(20,003,614	)
Futures		(1,659,059	)
Foreign currency transactions		(1,328,171	)
Net change in unrealized appreciation/depreciation of:
Investments		(20,298,225	)
Futures		(16,405	)
Foreign currency denominated assets and liabilities		(2,883,260	)
Net loss on investment and foreign currency transactions		(46,188,734	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(37,998,174	)

See notes to financial statements.

9

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	8,190,560		$	12,425,614
Net realized gain (loss) on investment and foreign currency transactions		(22,990,844	)		28,496,624
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		(23,197,890	)		(21,603,964	)
Net increase (decrease) in net assets from operations		(37,998,174	)		19,318,274
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,256,699	)
Class B		–0	–		(13,020,683	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(68,984,275	)		(71,815,762	)
Total decrease		(106,982,449	)		(66,774,870	)
NET ASSETS
Beginning of period		599,411,522			666,186,392
End of period (including undistributed net investment income of $9,221,755 and $1,031,195, respectively)	$	492,429,073		$	599,411,522

See notes to financial statements.

10

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

11

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

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, 2016:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	–0	–	$	86,902,365		$	–0	–	$	86,902,365
Consumer Discretionary		15,890,363			64,092,461			–0	–		79,982,824
Industrials		–0	–		61,255,754			–0	–		61,255,754
Telecommunication Services		–0	–		53,912,285			–0	–		53,912,285
Energy		9,930,844			42,852,576			–0	–		52,783,420
Information Technology		–0	–		44,700,788			–0	–		44,700,788
Consumer Staples		–0	–		40,036,232			–0	–		40,036,232
Health Care		–0	–		36,084,745			–0	–		36,084,745
Materials		–0	–		17,836,580			–0	–		17,836,580
Utilities		–0	–		13,694,660			–0	–		13,694,660
Short-Term Investments		–0	–		3,471,170			–0	–		3,471,170
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		20,021,274			–0	–		–0	–		20,021,274
Total Investments in Securities		45,842,481			464,839,616	(b)		–0	–		510,682,097

12

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(a):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	6,763,926		$	–0	–	$	6,763,926
Liabilities:
Forward Currency Exchange Contracts		–0	–		(9,796,918	)		–0	–		(9,796,918	)
Total(c)(d)	$	45,842,481		$	461,806,624		$	–0	–	$	507,649,105

(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) 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) An amount of $20,217,504 was transferred from Level 1 to Level 2 due to the above mentioned foreign equity fair valuation using third party vendor modeling tools during the reporting period.

(d) There were no transfers from Level 2 to Level 1 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 a 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, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2016, the reimbursement for such services amounted to $24,058.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $353,853, 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	163,495,141		$	224,440,379
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	$	33,922,449
Gross unrealized depreciation		(54,595,391	)
Net unrealized appreciation	$	(20,672,942	)

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.

15

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

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

During the six months ended June 30, 2016, the Portfolio held futures for non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the six months ended June 30, 2016, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) or similar master agreements (collectively, “Master Agreements”) with its derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the counterparty certain derivative financial instrument’s 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.

At June 30, 2016, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign exchange contracts	Unrealized appreciation on forward currency exchange contracts	$	6,763,926	Unrealized depreciation on forward currency exchange contracts	$	9,796,918
Total		$	6,763,926		$	9,796,918

16

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	(1,659,059	)	$	(16,405	)
Foreign exchange contracts	Net realized gain (loss) on foreign currency transactions; Net change in unrealized appreciation/depreciation of foreign currency denominated assets and liabilities		(1,457,822	)		(3,019,043	)
Total		$	(3,116,881	)	$	(3,035,448	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the six months ended June 30, 2016:

Futures:
Average original value of buy contracts	$	4,004,957	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	174,253,688
Average principal amount of sale contracts	$	177,211,493

(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, 2016:

Counterparty

Derivative Assets Subject  to a MA

Derivative Available for Offset

Cash Collateral Received

Security Collateral Received

Net Amount of Derivatives Assets

OTC Derivatives:

Bank of America, NA

$

15,867

$

–0

–

$

–0

–

$

–0

–

$

15,867

Barclays Bank PLC

22,723

(22,228

)

–0

–

–0

–

495

BNP Paribas SA

2,301,991

(163,355

)

–0

–

–0

–

2,138,636

Citibank

520,358

(520,358

)

–0

–

–0

–

–0

–

Credit Suisse International

1,045,922

(1,045,922

)

–0

–

–0

–

–0

–

Deutsche Bank AG

301,970

–0

–

–0

–

–0

–

301,970

Goldman Sachs Bank USA

45,582

(45,582

)

–0

–

–0

–

–0

–

HSBC Bank USA

257,244

(257,244

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank

678,748

(153,478

)

–0

–

–0

–

525,270

Morgan Stanley & Co., Inc.

151,378

(151,378

)

–0

–

–0

–

–0

–

Nomura Global Financial Products, Inc.

641,397

–0

–

–0

–

–0

–

641,397

Royal Bank of Scotland PLC

389,089

(203,369

)

–0

–

–0

–

185,720

State Street Bank & Trust Co.

328,005

(328,005

)

–0

–

–0

–

–0

–

UBS AG

63,650

–0

–

–0

–

–0

–

63,650

Total

$

6,763,924

$

(2,890,919

)

$

–0

–

$

–0

–

$

3,873,005

^

17

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

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged			Security Collateral Pledged			Net Amount of Derivatives Liabilities
OTC Derivatives:
Barclays Bank PLC	$	22,228	$	(22,228	)	$	–0	–	$	–0	–	$	–0	–
BNP Paribas SA		163,355		(163,355	)		–0	–		–0	–		–0	–
Citibank		1,372,092		(520,358	)		–0	–		–0	–		851,734
Credit Suisse International		1,482,473		(1,045,922	)		–0	–		–0	–		436,551
Goldman Sachs Bank USA		3,181,546		(45,582	)		–0	–		–0	–		3,135,964
HSBC Bank USA		1,145,917		(257,244	)		–0	–		–0	–		888,673
JPMorgan Chase Bank		153,478		(153,478	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc.		1,339,346		(151,378	)		–0	–		–0	–		1,187,968
Royal Bank of Scotland PLC		203,369		(203,369	)		–0	–		–0	–		–0	–
Standard Chartered Bank		195,358		0			–0	–		–0	–		195,358
State Street Bank & Trust Co.		537,754		(328,005	)		–0	–		–0	–		209,749
Total	$	9,796,916	$	(2,890,919	)	$	–0	–	$	–0	–	$	6,905,997	^

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

2. Currency Transactions

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

NOTE E : Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $19,183,095 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $20,021,274. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $163,425, $20,273 and $782 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the

18

AB Variable Products Series Fund

cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $373. 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	3,408	$	177,576	$	163,704	$	17,280	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	17,280	$	5,855	$	3,114	$	20,021

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		152,982			410,557		$	1,963,082		$	5,859,389
Shares issued in reinvestment of dividends		–0	–		93,564			–0	–		1,256,699
Shares redeemed		(193,073	)		(639,799	)		(2,486,187	)		(9,165,278	)
Net decrease		(40,091	)		(135,678	)	$	(523,105	)	$	(2,049,190	)
Class B
Shares sold		1,118,901			3,059,597		$	14,326,020		$	43,344,961
Shares issued in reinvestment of dividends		–0	–		977,218			–0	–		13,020,682
Shares redeemed		(6,397,755	)		(8,879,432	)		(82,787,190	)		(126,132,215	)
Net decrease		(5,278,854	)		(4,842,617	)	$	(68,461,170	)	$	(69,766,572	)

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.

19

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

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of derivative instruments by the Portfolio, such as forwards, futures, 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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	14,277,382	$	24,579,997
Total taxable distributions paid	$	14,277,382	$	24,579,997

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	902,312
Accumulated capital and other losses		(1,005,255,357	)(a)
Unrealized appreciation/(depreciation)		(1,897,065	)(b)
Total accumulated earnings/(deficit)	$	(1,006,250,110	)

(a) As of December 31, 2015, the Portfolio had a net capital loss carryforward of $1,002,884,088. During the fiscal year, the Portfolio utilized $25,558,363 of capital loss carryforwards to offset current year net realized gains. At December 31, 2015, the Portfolio had a post-October net short-term loss deferral of $2,371,269 which is deemed to arise on January 1, 2016.

(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 realization for tax purposes of gains/losses on certain derivative instruments.

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 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, 2015, the Portfolio had a net capital loss carryforward of $1,002,884,088 which will expire as follows:

SHORT-TERM AMOUNT	LONG-TERM AMOUNT	EXPIRATION
$   35,584,681	n/a	2016
917,130,062	n/a	2017
50,169,345	n/a	2018

20

AB Variable Products Series Fund

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

21

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.52			$13.53			$14.99			$12.96			$11.50			$14.90
Income From Investment Operations
Net investment income (a)		.21	(b)		.30			.48			.33			.36			.36
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.10	)		.05			(1.40	)		2.59			1.31			(3.19	)
Net increase (decrease) in net asset value from operations		(.89	)		.35			(.92	)		2.92			1.67			(2.83	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.36	)		(.54	)		(.89	)		(.21	)		(.56	)
Tax return of capital		–0	–		–0	–		–0	–		–0	–		–0	–		(.01	)
Total dividends and distributions		–0	–		(.36	)		(.54	)		(.89	)		(.21	)		(.57	)
Net asset value, end of period		$12.63			$13.52			$13.53			$14.99			$12.96			$11.50
Total Return
Total investment return based on net asset value (c)		(6.58	)%		2.59	%		(6.21	)%		23.00	%		14.53	%		(19.25	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$44,925			$48,665			$50,504			$58,723			$48,029			$62,003
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.87	%^		.85	%		.85	%		.82	%		.81	%		.82	%
Expenses, before waivers/reimbursements		.87	%^		.85	%		.85	%		.82	%		.81	%		.82	%
Net investment income		3.28	%^(b)		2.09	%		3.25	%		2.33	%		2.97	%		2.55	%
Portfolio turnover rate		30	%		74	%		64	%		59	%		41	%		62	%

See footnote summary on page 23.

22

AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$13.41			$13.41			$14.86			$12.84			$11.40			$14.77
Income From Investment Operations
Net investment income (a)		.19	(b)		.26			.45			.30			.32			.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.10	)		.06			(1.40	)		2.56			1.29			(3.14	)
Net increase (decrease) in net asset value from operations		(.91	)		.32			(.95	)		2.86			1.61			(2.83	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.32	)		(.50	)		(.84	)		(.17	)		(.53	)
Tax return of capital		–0	–		–0	–		–0	–		–0	–		–0	–		(.01	)
Total dividends and distributions		–0	–		(.32	)		(.50	)		(.84	)		(.17	)		(.54	)
Net asset value, end of period		$12.50			$13.41			$13.41			$14.86			$12.84			$11.40
Total Return
Total investment return based on net asset value (c)		(6.79	)%		2.40	%		(6.46	)%		22.73	%		14.19	%		(19.44	)%
Ratios/Supplemental Data
Net assets, end of period (000,000’s omitted)		$448			$551			$616			$744			$1,058			$1,033
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.12	%^		1.10	%		1.10	%		1.07	%		1.06	%		1.07	%
Expenses, before waivers/reimbursements		1.12	%^		1.10	%		1.10	%		1.07	%		1.06	%		1.07	%
Net investment income		3.01	%^(b)		1.85	%		3.06	%		2.20	%		2.70	%		2.23	%
Portfolio turnover rate		30	%		74	%		64	%		59	%		41	%		62	%

(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.

^ Annualized.

See notes to financial statements.

23

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution

24

AB Variable Products Series Fund

expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund. The directors also considered that a portfolio of Sanford C. Bernstein Fund, Inc. pursuing a somewhat similar investment style has higher fee rates at each breakpoint of its fee schedule, and that the Adviser has been waiving 5 basis points of the advisory fee payable by that portfolio under its contract since November 2011.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or expense reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

25

INTERNATIONAL VALUE 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.

26

INTERNATIONAL VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB International Value Portfolio (the “Portfolio”)². The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
International Value Portfolio	International	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$568.8

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,834 (0.008% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

27

INTERNATIONAL VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser has agreed to waive that portion of its management fees and/or reimburse the Portfolio for that portion of its total operating expenses to the degree necessary to limit the Portfolio’s expense ratios to the amounts set forth below for the Portfolio’s fiscal year. The waiver is terminable by the Adviser upon at least 60 days’ notice prior to the Portfolio’s prospectus update. The Portfolio was operating below its expense caps during the most recently completed fiscal year; accordingly, the expense limitation undertaking of the Portfolio was of no effect. In addition, set forth below are the gross expense ratios of the Portfolio for the most recently completed fiscal year:

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Gross Expense Ratio		Fiscal Year End
International Value Portfolio	Class A    1.20%		0.85%	December 31
	Class B     1.45%		1.10%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

28

AB Variable Products Series Fund

addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
International Value Portfolio	$	568.8	International Value Schedule 0.80% on first $25m 0.60% on the next $25m 0.50% on the next $50m 0.40% on the balance Minimum account size $25m		0.435	%		0.750	%

The Adviser also manages AB Trust, Inc.—International Value Fund (“International Value Fund”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below are the fee schedule of International Value Fund and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
International Value Portfolio	International Value Fund	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%

The Adviser manages Sanford C. Bernstein Fund, Inc. (“SCB Fund”), an open-end management investment company. The International Portfolio of SCB Fund (“SCB International Portfolio”) has a somewhat similar investment style as the Portfolio. Set forth below are the fee schedule of SCB International Portfolio and what would have been the effective advisory fee of the Portfolio had the fee schedule of SCB International Portfolio been applicable to the Portfolio based on March 31, 2016 net assets:

Portfolio	SCB Fund Portfolio		Fee Schedule	SCB Fund Effective Fee			Portfolio Advisory Fee
International Value Portfolio7		International Portfolio	0.925% on 1st $1 billion 0.850% on next $3 billion 0.800% on next $2 billion 0.750% on next $2 billion 0.650% thereafter		0.875	%8		0.750	%
			The Adviser is waving 5 basis points in advisory fees effective through October 31, 2016.

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families. The Adviser charges the fees set forth below for the sub-advisory relationship that has a somewhat similar investment style as the

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 The investment guidelines of the Portfolio are more restrictive than the SCB Fund portfolio. The Portfolio invests primarily in international value equity securities, in contrast to the SCB Fund portfolio, which invests in both growth and value equity securities.

8 The SCB Fund portfolio effective fee of 0.875% reflects the five basis points advisory fee waiver.

29

INTERNATIONAL VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Portfolio. Also shown are the Portfolio’s advisory fee and what would have been the effective advisory fee of the Portfolio had the fee schedule of the sub-advisory relationship been applicable to the Portfolio based on March 31, 2016 net assets.

Portfolio		Fee Schedule	Effective Sub-Adv. Fee			Portfolio Advisory Fee
International Value Portfolio	Client # 19,10	0.60% on first $1 billion 0.55% on next $500 million 0.50% on next $500 million 0.45% on next $500 million 0.40% on the balance		0.600	%		0.750	%

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser. In addition, to the extent that the sub-advisory relationship is with an affiliate of the Adviser, the fee schedule may not reflect arm’s length bargaining or negotiations.

While it appears that the sub-advisory relationship is paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such lower fees due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationship. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management, generally required by a registered investment company.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services by other investment advisers.^11,12 Broadridge’s analysis included the Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.¹³

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

9 The client is an affiliate of the Adviser.

10 Assets are aggregated with other client portfolios for purposes of calculating the investment advisory fee.

11 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

12 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

13 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

30

AB Variable Products Series Fund

The Portfolio’s original EG had an insufficient number of peers. Consequently, Broadridge expanded the Portfolio’s EG to include peers that have a similar but not the same Lipper classification/objective as the Portfolio.

Portfolio	Contractual Management Fee14		EG Median (%)		EG Rank
International Value Portfolio15		0.750		0.829		4/10

However, because Broadridge had expanded the Portfolio’s EG, under Lipper’s standard guidelines, the Portfolio’s Broadridge Expense Universe (“EU”) was also expanded to include universes of those peers that had a similar but not the same Lipper investment objective/classification. A “normal” EU will include funds that have the same investment objective/classification as the subject Portfolio. Set forth below is a comparison of the Portfolio’s total expense ratio and the medians of the Portfolio’s EG and EU. The Portfolio’s total expense ratio ranking is also shown in the table below.¹⁶

Portfolio	Expense Ratio (%)17		EG Median (%)		EG Rank		EU Median (%)		EU Rank
International Value Portfolio18		0.854		0.857		5/10		0.875		8/18

Based on this analysis, the Portfolio has a high favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $1,533,880 in Rule 12b-1 fees.

14 The contractual management fee does not reflect any expense reimbursements for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waiver or expense cap that would effectively reduce the actual management fee.

15 The Portfolio’s EG includes the Portfolio, three other VIP International Multi-Cap Value (“IMLV”) funds and six VIP International Multi-Cap Core (“IMLC”) funds.

16 Except for asset size comparability, Broadridge uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

17 Most recently completed fiscal year end Class A total expense ratio.

18 The Portfolio’s EU includes the Portfolio, EG and all other VIP IMLV and VIP IMLC funds, excluding outliers.

31

INTERNATIONAL VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $3,139,938 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁹

The Portfolio did not effect brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and pay commissions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted in the future with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^20,21 The independent consultant first reiterated the results of his previous two dimensional

19 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 for each calendar year.

20 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.”Journal of Finance, 57(1): 109-133 (2002).

21 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones V. Harris at 1429.

32

AB Variable Products Series Fund

comparison analysis (fund size and family size) with the Board of Directors.²² The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below shows the 1, 3, 5 and 10 year net performance returns and rankings²³ of the Portfolio relative to the Portfolio’s Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²⁴ for the period ended February 29, 2016.²⁵

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
International Value Portfolio
1 year		–12.84		–17.73		–17.85		1/4		2/14
3 year		1.73		–2.12		–1.40		1/4		3/14
5 year		–1.36		–1.77		–1.36		1/4		7/13
10 year		–1.36		0.00		0.76		4/4		9/9

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²⁶ versus its benchmark. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²⁷

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
International Value Portfolio	–	12.84		1.73	–	1.36	–	1.36		4.32		21.53	–	0.01		10
MSCI EAFE Index (Net)	–	15.18		0.38		0.56		1.49		3.47		18.47		0.11		10
Inception Date: May 10, 2001

22 The two dimensional analysis showedpatterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

23 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

24 The Portfolio’s PG/PU are not identical to the Portfolio’s EG/EU as the criteria for including/excluding a fund in/from a PG/PU is different from that of an EG/EU.

25 The current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if thefund had a different investment classification/objective at a different point in time.

26 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

27 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

33

INTERNATIONAL VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

34

VPS-IV-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	979.60	$	4.09		0.83	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.74	$	4.17		0.83	%
Class B
Actual	$	1,000	$	978.50	$	5.31		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.49	$	5.42		1.08	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class A & Class C	$	26,731,770		6.4	%
Facebook, Inc.—Class A		24,667,224		5.9
Home Depot, Inc. (The)		18,872,710		4.5
Apple, Inc.		18,635,499		4.4
UnitedHealth Group, Inc.		18,100,569		4.3
Biogen, Inc.		15,813,819		3.8
Visa, Inc.—Class A		15,808,594		3.8
Intuitive Surgical, Inc.		13,575,440		3.2
CVS Health Corp.		12,364,725		2.9
Starbucks Corp.		12,214,541		2.9
	$	176,784,891		42.1	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Technology	$	132,060,759		31.5	%
Consumer Discretionary		108,745,525		25.9
Health Care		83,931,532		20.0
Producer Durables		29,958,177		7.1
Financial Services		23,016,353		5.5
Consumer Staples		21,243,310		5.1
Materials & Processing		5,005,321		1.2
Short-Term Investments		15,779,941		3.7
Total Investments	$	419,740,918		100.0	%

* Long-term investments.

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

Please note: The sector breakdown is classified in the above chart and throughout this report according to the Russell sector classification scheme. The Russell sector scheme was developed by Russell Investments. Russell classifies index members into industries that most closely describe the nature of its business and its primary economic orientation. Multiple resources are used to obtain overall information about the company. Additional Russell sector scheme information can be found within Russell Index methodology documents available on www.russell.com. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

2

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.1%
TECHNOLOGY–31.4%
COMPUTER SERVICES, SOFTWARE & SYSTEMS–19.6%
Adobe Systems, Inc.(a)		61,580	$	5,898,748
Alphabet, Inc.–Class A(a)		4,550		3,201,062
Alphabet, Inc.–Class C(a)		33,999		23,530,708
ANSYS, Inc.(a)		44,292		4,019,499
Aspen Technology, Inc.(a)		65,701		2,643,808
Cognizant Technology Solutions Corp.–Class A(a)		133,060		7,616,354
Facebook, Inc.–Class A(a)		215,849		24,667,224
Intuit, Inc.		15,118		1,687,320
Palo Alto Networks, Inc.(a)		46,620		5,717,477
ServiceNow, Inc.(a)		38,081		2,528,578
Ultimate Software Group, Inc. (The)(a)		4,599		967,124
				82,477,902
COMPUTER TECHNOLOGY–4.4%
Apple, Inc.		194,932		18,635,499
ELECTRONIC COMPONENTS–1.2%
Amphenol Corp.–Class A		86,004		4,930,609
SEMICONDUCTORS & COMPONENT–5.0%
NVIDIA Corp.		156,102		7,338,355
Texas Instruments, Inc.		93,780		5,875,317
Xilinx, Inc.		170,710		7,874,852
				21,088,524
TELECOMMUNICATIONS EQUIPMENT–1.2%
Arista Networks, Inc.(a)		76,549		4,928,225
				132,060,759
CONSUMER DISCRETIONARY–25.9%
CABLE TELEVISION SERVICES–4.3%
AMC Networks, Inc.–Class A(a)		107,261		6,480,710
Comcast Corp.–Class A		174,090		11,348,927
				17,829,637
COSMETICS–1.3%
Estee Lauder Cos., Inc. (The)–Class A		61,950		5,638,689
DIVERSIFIED RETAIL–3.8%
Costco Wholesale Corp.		31,370		4,926,345
Dollar Tree, Inc.(a)		118,460		11,163,670
				16,090,015
EDUCATION SERVICES–0.0%
Bright Horizons Family Solutions, Inc.(a)		117		7,758
ENTERTAINMENT–1.9%
Walt Disney Co. (The)		79,940	$	7,819,731
LEISURE TIME–1.7%
Priceline Group, Inc. (The)(a)		5,570		6,953,644
RESTAURANTS–2.9%
Starbucks Corp.		213,840		12,214,541
SPECIALTY RETAIL–7.3%
Home Depot, Inc. (The)		147,801		18,872,710
O’Reilly Automotive, Inc.(a)		12,980		3,518,878
Tractor Supply Co.		43,130		3,932,593
Ulta Salon Cosmetics & Fragrance, Inc.(a)		18,130		4,417,193
				30,741,374
TEXTILES, APPAREL & SHOES–2.7%
NIKE, Inc.–Class B		207,430		11,450,136
				108,745,525
HEALTH CARE–20.0%
BIOTECHNOLOGY–6.2%
Alexion Pharmaceuticals, Inc.(a)		86,660		10,118,422
Biogen, Inc.(a)		65,395		15,813,819
				25,932,241
HEALTH CARE FACILITIES–0.2%
VCA, Inc.(a)		11,900		804,559
HEALTH CARE MANAGEMENT SERVICES–4.3%
UnitedHealth Group, Inc.		128,191		18,100,569
HEALTH CARE SERVICES–0.9%
Premier, Inc.–Class A(a)		117,594		3,845,324
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES–1.9%
Align Technology, Inc.(a)		64,310		5,180,171
Edwards Lifesciences Corp.(a)		28,980		2,890,175
				8,070,346
MEDICAL EQUIPMENT–4.0%
Illumina, Inc.(a)		23,976		3,365,751
Intuitive Surgical, Inc.(a)		20,525		13,575,440
				16,941,191
PHARMACEUTICALS–2.5%
Gilead Sciences, Inc.		122,720		10,237,302
				83,931,532
PRODUCER DURABLES–7.1%
AEROSPACE–1.8%
Rockwell Collins, Inc.		91,095		7,755,828
DIVERSIFIED MANUFACTURING OPERATIONS–2.7%
3M Co.		29,000		5,078,480
Danaher Corp.		62,242		6,286,442
				11,364,922

3

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

Company	Shares		U.S. $ Value
SCIENTIFIC INSTRUMENTS: CONTROL & FILTER–0.7%
Allegion PLC		11,340	$	787,336
Roper Technologies, Inc.		13,810		2,355,434
				3,142,770
SCIENTIFIC INSTRUMENTS: ELECTRICAL–1.0%
AO Smith Corp.		46,390		4,087,423
SCIENTIFIC INSTRUMENTS: GAUGES & METERS–0.9%
Mettler-Toledo International, Inc.(a)		9,885		3,607,234
				29,958,177
FINANCIAL SERVICES–5.5%
ASSET MANAGEMENT & CUSTODIAN–0.8%
BlackRock, Inc.–Class A		9,380		3,212,931
FINANCIAL DATA & SYSTEMS–4.7%
Vantiv, Inc.–Class A(a)		70,580		3,994,828
Visa, Inc.–Class A		213,140		15,808,594
				19,803,422
				23,016,353
CONSUMER STAPLES–5.0%
BEVERAGE: SOFT DRINKS–2.1%
Monster Beverage Corp.(a)		55,246		8,878,585
DRUG & GROCERY STORE CHAINS–2.9%
CVS Health Corp.		129,149	$	12,364,725
				21,243,310
MATERIALS & PROCESSING–1.2%
BUILDING MATERIALS–1.2%
Acuity Brands, Inc.		20,186		5,005,321
Total Common Stocks (cost $320,918,672)				403,960,977
	Principal Amount (000)
SHORT-TERM INVESTMENTS–3.8%
TIME DEPOSIT–3.8%
State Street Time Deposit 0.01%, 7/01/16 (cost $15,779,941)	$	15,780		15,779,941
TOTAL INVESTMENTS–99.9% (cost $336,698,613)				419,740,918
Other assets less liabilities–0.1%				601,710
NET ASSETS–100.0%			$	420,342,628

(a) Non-income producing security.

See notes to financial statements.

4

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $336,698,613)	$	419,740,918
Cash		1,361
Receivable for investment securities sold		976,433
Receivable for capital stock sold		60,146
Dividends and interest receivable		55,354
Total assets		420,834,212
LIABILITIES
Advisory fee payable		261,198
Payable for capital stock redeemed		108,504
Distribution fee payable		50,568
Administrative fee payable		11,625
Transfer Agent fee payable		112
Accrued expenses		59,577
Total liabilities		491,584
NET ASSETS	$	420,342,628
COMPOSITION OF NET ASSETS
Capital stock, at par	$	8,857
Additional paid-in capital		285,234,818
Accumulated net investment loss		(427,303	)
Accumulated net realized gain on investment transactions		52,483,951
Net unrealized appreciation on investments		83,042,305
	$	420,342,628

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	176,242,959		3,634,450	$	48.49
B	$	244,099,669		5,222,788	$	46.74

See notes to financial statements.

5

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	1,624,752
Affiliated issuers		8,891
Interest		912
Securities lending income		18,558
		1,653,113
EXPENSES
Advisory fee (see Note B)		1,592,849
Distribution fee—Class B		308,707
Transfer agency—Class A		1,891
Transfer agency—Class B		2,628
Custodian		58,451
Printing		33,715
Administrative		24,077
Legal		21,181
Audit and tax		19,364
Directors’ fees		10,665
Miscellaneous		6,929
Total expenses		2,080,457
Less: expenses waived and reimbursed by the Adviser (see Note E)		(41	)
Net expenses		2,080,416
Net investment loss		(427,303	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		3,004,759
Net change in unrealized appreciation/depreciation of investments		(12,865,311	)
Net loss on investment transactions		(9,860,552	)
Contributions from Affiliates (see Note B)		214
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(10,287,641	)

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, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(427,303	)	$	(451,105	)
Net realized gain on investment transactions		3,004,759			50,330,010
Net change in unrealized appreciation/depreciation of investments		(12,865,311	)		(3,725,632	)
Contributions from Affiliates (see Note B)		214			–0	–
Net increase (decrease) in net assets from operations		(10,287,641	)		46,153,273
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(17,054,341	)
Class B		–0	–		(23,201,920	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(28,108,647	)		25,770,154
Total increase (decrease)		(38,396,288	)		31,667,166
NET ASSETS
Beginning of period		458,738,916			427,071,750
End of period (including accumulated net investment loss of ($427,303) and $0, respectively)	$	420,342,628		$	458,738,916

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

8

AB Variable Products Series Fund

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

403,960,977

$

–0

–

$

–0

–

$

403,960,977

Short-Term Investments

–0

–

15,779,941

–0

–

15,779,941

Total Investments in Securities

403,960,977

15,779,941

–0

–

419,740,918

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

403,960,977

$

15,779,941

$

–0

–

$

419,740,918

(a) See Portfolio of Investments for sector classifications.

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

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

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

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to

9

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

10

AB Variable Products Series Fund

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .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, 2016, the reimbursement for such services amounted to $24,077.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $105,588, 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	131,043,522		$	146,121,592
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	$	89,317,211
Gross unrealized depreciation		(6,274,906	)
Net unrealized appreciation	$	83,042,305

11

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

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had no securities out on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $18,558, $8,818 and $73 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $41. A principal risk of lending portfolio securities is that the borrower will 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	3,763	$	32,425	$	32,465	$	3,723	$	0

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	3,723	$	128	$	3,851	$	0

12

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		47,852			199,525		$	2,279,114		$	10,118,836
Shares issued in reinvestment of distributions		–0	–		350,336			–0	–		17,054,341
Shares redeemed		(283,610	)		(562,984	)		(13,502,035	)		(28,506,471	)
Net decrease		(235,758	)		(13,123	)	$	(11,222,921	)	$	(1,333,294	)
Class B
Shares sold		317,190			904,381		$	14,447,910		$	43,681,497
Shares issued in reinvestment of distributions		–0	–		493,448			–0	–		23,201,920
Shares redeemed		(687,724	)		(815,662	)		(31,333,636	)		(39,779,969	)
Net increase (decrease)		(370,534	)		582,167		$	(16,885,726	)	$	27,103,448

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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015			2014
Distributions paid from:
Ordinary income	$	–0	–	$	–0	–
Net long-term capital gains		40,256,261			–0	–
Total taxable distributions paid	$	40,256,261		$	–0	–

13

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

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	237,824
Undistributed capital gains		49,545,304
Unrealized appreciation/(depreciation)		95,603,679	(a)
Total accumulated earnings/(deficit)	$	145,386,807

(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 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, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$49.50			$48.83			$42.78			$31.17			$26.86			$27.79
Income From Investment Operations
Net investment income (loss) (a)		(.01	)(b)		.02			.02			(.04	)		.05			.09
Net realized and unrealized gain (loss) on investment transactions		(1.00	)		5.33			6.03			11.68			4.35			(.93	)
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		(1.01	)		5.35			6.05			11.64			4.40			(.84	)
Less: Dividends
Dividends from net investment income		–0	–		–0	–		–0	–		(.03	)		(.09	)		(.09	)
Distributions from net realized gain on investment transactions		–0	–		(4.68	)		–0	–		–0	–		–0	–		–0	–
Net asset value, end of period		$48.49			$49.50			$48.83			$42.78			$31.17			$26.86
Total Return
Total investment return based on net asset value (d)*		(2.04	)%		11.11	%		14.14	%		37.35	%		16.39	%		(3.04	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$176,243			$191,568			$189,620			$190,488			$160,226			$166,654
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.83	%^		.82	%		.83	%		.85	%		.86	%		.84	%
Expenses, before waivers/reimbursements		.83	%^		.82	%		.83	%		.85	%		.86	%		.84	%
Net investment income (loss)		(.06	)%^(b)		.04	%		.04	%		(.11	)%		.18	%		.33	%
Portfolio turnover rate		32	%		65	%		65	%		60	%		94	%		89	%

See footnote summary on page 16.

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$47.77			$47.38			$41.62			$30.38			$26.17			$27.08
Income From Investment Operations
Net investment income (loss) (a)		(.07	)(b)		(.10	)		(.09	)		(.13	)		(.02	)		.02
Net realized and unrealized gain (loss) on investment transactions		(.96	)		5.17			5.85			11.37			4.24			(.91	)
Net increase (decrease) in net asset value from operations		(1.03	)		5.07			5.76			11.24			4.22			(.89	)
Less: Dividends
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.01	)		(.02	)
Distributions from net realized gain on investment transactions		–0	–		(4.68	)		–0	–		–0	–		–0	–		–0	–
Net asset value, end of period		$46.74			$47.77			$47.38			$41.62			$30.38			$26.17
Total Return
Total investment return based on net asset value (d)*		(2.15	)%		10.86	%		13.84	%		37.00	%		16.12	%		(3.27	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$244,100			$267,171			$237,452			$230,350			$190,896			$194,729
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%^		1.07	%		1.08	%		1.10	%		1.11	%		1.09	%
Expenses, before waivers/reimbursements		1.08	%^		1.07	%		1.08	%		1.10	%		1.11	%		1.09	%
Net investment income (loss)		(.31	)%^(b)		(.21	)%		(.21	)%		(.36	)%		(.07	)%		.08	%
Portfolio turnover rate		32	%		65	%		65	%		60	%		94	%		89	%

(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.

* 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, 2016 and years ended December 31, 2015, December 31, 2014, December 31, 2013, December 31, 2012 and December 31, 2011 by 0.01%, 0.09%, 0.02%, 0.10%, 0.95% and 0.46%, respectively.

^ Annualized.

See notes to financial statements.

16

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the

17

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

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

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

LARGE CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Large Cap Growth Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
Large Cap Growth Portfolio	Growth	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$	440.3

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,998 (0.011% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

20

AB Variable Products Series Fund

Set forth below are the Portfolio’s gross expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio	Fiscal Year
Large Cap Growth Portfolio	Class A    0.82% Class B    1.07%		December 31

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Large Cap Growth Portfolio	$	440.3	U.S. Large Cap Growth 0.80% on first $25 million 0.50% on next $25 million 0.40% on next $50 million 0.30% on next $100 million 0.25% on the balance Minimum account size: $25m		0.324	%		0.750	%

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

21

LARGE CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser also manages AB Large Cap Growth Fund, Inc. (“Large Cap Growth Fund, Inc.), retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below are the fee schedule of Large Cap Growth Fund, Inc. and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Large Cap Growth Portfolio	Large Cap Growth Fund, Inc.	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the fees set forth for American Growth Portfolio, a Luxembourg fund that has a somewhat similar investment style as the Portfolio.

Portfolio	Fee7
American Growth Portfolio
Class A		1.50	%
Class I (Institutional)		0.70	%

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families. The Adviser charges the fees set forth below for the sub-advisory relationship that has a somewhat similar investment style as the Portfolio. Also shown are the Portfolio’s advisory fee and what would have been the effective advisory fee of the Portfolio had the fee schedules of the sub-advisory relationship been applicable to the Portfolio based on March 31, 2016 net assets.

Portfolio		Fee Schedule	Effective Sub-Adv. Fee (%)		Portfolio Advisory Fee (%)
Large Cap Growth Portfolio	Client #1	0.35% on the first $50 million 0.30% on the next $100 million 0.25% on the balance		0.273 (Fee to AB)		0.750

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser.

While it appears that the sub-advisory relationship is paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such a lower fee due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationship. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management, generally required by a registered investment company.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services by other investment advisers.^8,9 Broadridge’s analysis included

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 Class A shares of the fund are charged an “all-in” fee, which includes investment advisory services and distribution related services, unlike Class I shares, whose fee is for only investment advisory services.

8 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

9 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

22

AB Variable Products Series Fund

the Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.¹⁰

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)11		EG Median (%)		EG Rank
Large Cap Growth Portfolio		0.750		0.750		7/14

Broadridge also analyzed the Portfolio’s most recently completed fiscal year total expense ratio in comparison to the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹²

Portfolio	Expense Ratio (%)13		EG Median (%)		EG Rank		EU Median (%)		EU Rank
Large Cap Growth Portfolio		0.824		0.793		10/14		0.789		44/64

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s

10 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

11 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

12 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

13 Most recently completed fiscal year end Class A total expense ratio.

23

LARGE CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI, an affiliate of the Adviser, received $635,197 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $1,275,236 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁴

The Portfolio did not effect brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and pay commissions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted in the future with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^15,16 The independent consultant first reiterated the results of his previous two dimensional

14 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 for each calendar year.

15 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

16 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

24

AB Variable Products Series Fund

comparison analysis (fund size and family size) with the Board of Directors.¹⁷ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below shows the 1, 3, 5 and 10 year net performance returns and rankings¹⁸ of the Portfolio relative to the Portfolio’s Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)¹⁹ for the period ended February 29, 2016.²⁰

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Large Cap Growth Portfolio
1 year		–2.12		–7.69		–6.96		2/14		3/82
3 year		15.24		11.15		11.63		2/14		5/81
5 year		11.36		10.18		9.95		4/13		13/75
10 year		6.60		6.45		6.80		6/12		34/63

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²¹ versus its benchmark. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²²

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Large Cap Growth Portfolio		–2.12		15.24		11.36		6.60		9.27		16.30		0.40		10
Russell 1000 Growth Index		–5.05		12.54		10.95		7.74		8.36		15.39		0.48		10
Inception Date: June 26, 1992

17 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

18 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

19 The Portfolio’s PG is identical to the Portfolio’s EG. The Portfolio’s PU is not identical to the Portfolio’s PG as the criteria for including/excluding a fund in/from a PU is different from that of an EU.

20 The current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if the fund had a different investment classification/objective at a different point in time.

21 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

22 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

25

LARGE CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

CONCLUSION:

The Senior Officer observed that the Portfolio has a relatively high total expense ratio compared to the Portfolio’s Broadridge peers, and recommended that the Directors discuss with the Adviser possible actions to reduce the Portfolio’s total expense ratio. Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

26

VPS-LCG-0152-0616

JUN^06.30.16

SEMI-ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO

A discussion of the Portfolio’s investment performance is not included in this report since the Portfolio only recently commenced operations on December 16, 2015. AllianceBernstein L.P. would like to thank you for your interest and investment in the 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.abglobal.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227-4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

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

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	993.00	$	1.88		0.38	%
Hypothetical**	$	1,000	$	1,022.97	$	1.91		0.38	%
Class B
Actual	$	1,000	$	993.00	$	3.12		0.63	%
Hypothetical**	$	1,000	$	1,021.73	$	3.17		0.63	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STRATEGY BREAKDOWN*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

STRATEGY	CURRENT WEIGHTING
Long/Short Equity		56.7	%
Special Situations		23.3	%
Relative Value/Credit		17.8	%
Global Macro		1.8	%
Cash		0.4	%

* All data are as of June 30, 2016. The Portfolio’s strategy breakdown is expressed as a percentage of total net assets and may vary over time.

2

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INVESTMENT COMPANIES–100.2%
FUNDS AND INVESTMENT TRUSTS–100.2%(a)
AB Long/Short Multi-Manager Portfolio–Class Z		14,745	$	145,089
AB Multi-Manager Alternative Strategies Fund–Class Z		50,403		493,951
AQR Long-Short Equity Fund–Class R6		4,085		50,453
DoubleLine Total Return Bond Fund–Class I		9,422		102,980
Gotham Absolute Return Fund–Institutional Class		8,032		99,591
Kellner Merger Fund–Institutional Class		9,634		98,844
TOTAL INVESTMENTS–100.2% (cost $1,007,937)				990,908
Other assets less liabilities–(0.2)%				(1,719	)
NET ASSETS–100.0%			$	989,189

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

See notes to financial statements.

3

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $355,545)	$	351,868
Affiliated issuers (cost $652,392)		639,040
Cash		139
Receivable due from Adviser		203,808
Prepaid expenses		39,583
Dividends receivable		314
Total assets		1,234,752
LIABILITIES
Offering cost payable		86,000
Audit and tax fee payable		67,231
Custody fee payable		42,680
Printing fee payable		23,644
Legal fee payable		17,227
Transfer Agent fee payable		38
Distribution fee payable		13
Accrued expenses		8,730
Total liabilities		245,563
NET ASSETS	$	989,189
COMPOSITION OF NET ASSETS
Capital stock, at par	$	100
Additional paid-in capital		999,884
Undistributed net investment income		4,703
Accumulated net realized gain on investment transactions		1,531
Net unrealized depreciation on investments		(17,029	)
	$	989,189

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	979,310		99,000	$	9.89
B	$	9,879		1,000	$	9.88

See notes to financial statements.

4

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends—Income distributions from unaffiliated Underlying Portfolios	$	1,821
EXPENSES
Advisory fee (see Note B)		9,300
Distribution fee—Class B		12
Transfer agency—Class A		38
Audit and tax		47,702
Amortization of offering expenses		42,883
Custodian		39,365
Printing		16,935
Legal		15,901
Directors’ fees		7,656
Miscellaneous		992
Total expenses		180,784
Less: expenses waived and reimbursed by the Adviser (see Note B)		(178,912	)
Net expenses		1,872
Net investment loss		(51	)
UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios		(7,510	)
Unaffiliated Underlying Portfolios		1,192
Net loss on investment transactions		(6,318	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(6,369	)

See notes to financial statements.

5

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Six Months Ended June 30, 2016 (unaudited)			December 16, 2015(a) to December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(51	)	$	4,738
Net realized gain distributions from Underlying Portfolios		–0	–		129
Net realized gain distributions from unaffiliated Underlying Portfolios		–0	–		1,402
Net change in unrealized appreciation/depreciation of affiliated Underlying Portfolios		(7,510	)		(5,842	)
Net change in unrealized appreciation/depreciation of unaffiliated Underlying Portfolios		1,192			(4,869	)
Net decrease in net assets from operations		(6,369	)		(4,442	)
CAPITAL STOCK TRANSACTIONS
Net increase		–0	–		1,000,000
Total increase (decrease)		(6,369	)		995,558
NET ASSETS
Beginning of period		995,558			–0	–
End of period (including undistributed net investment income of $4,703 and $4,754, respectively)	$	989,189		$	995,558

(a) Commencement of operations.

See notes to financial statements.

6

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Multi-Manager Alternative Strategies Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). AB Multi-Manager Alternative Strategies Portfolio commenced operations on December 16, 2015. The Portfolio’s investment objective is long-term growth of capital. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. As of June 30, 2016 AllianceBernstein L.P. (the “Adviser”) was the sole shareholder of each class of shares of the Portfolio. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share. The Portfolio invests primarily in a combination of portfolios managed by the Adviser and by certain unaffiliated third parties (the “Underlying Portfolios”).

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

1. Security Valuation

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

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

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

7

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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, 2016:

	Level 1		Level 2			Level 3			Total
Investments in Securities:
Assets:
Investment Companies	$	990,908	$	–0	–	$	–0	–	$	990,908
Total(a)	$	990,908	$	–0	–	$	–0	–	$	990,908

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

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

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

8

AB Variable Products Series Fund

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

Income and capital gain distributions from the Underlying Portfolios, if any, are recorded on the ex-dividend date. Transactions in shares of the Underlying Portfolios are accounted for on the trade date. Investment gains and losses are determined on the identified cost basis.

6. Class Allocations

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

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance 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.

9

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

8. Offering Expenses

Offering expenses of $86,000 were deferred and amortized on a straight line basis over a one year period starting from December 16, 2015 (commencement of operations).

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of 1.90% of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to 2.15% and 2.40% of daily average net assets for Class A and Class B, respectively. Any fees waived and expenses borne by the Adviser 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, provided that no repayments will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the Expense Caps. The Expense Caps may not be terminated by the Adviser before May 1, 2017. For the six months ended June 30, 2016, such reimbursement amounted to $160,987.

The Portfolio may invest in AB mutual funds managed by the Adviser. In addition to the Expense Caps and to the extent not effectively implemented as a result of the Expense Caps, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through December 16, 2016 in an amount equal to the Portfolio’s share of all fees and expenses of any AB mutual funds in which the Portfolio invests, and to waive its management fees so that the effective management fee payable with respect to Portfolio assets invested in mutual funds that are not advised by the Adviser is 0.20% of daily average net assets. For the six months ended June 30, 2016, such waiver amounted to $17,925.

A summary of the Portfolio’s transactions in AB mutual funds for the six months ended June 30, 2016 is as follows:

AB Multi-Manager Alternative Strategies Fund
													Distributions
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)			Market Value 06/30/16 (000)		Income (000)		Realized Gains (000)
$	497	$	0	$	0	$	0	$	(3	)	$	494	$	0	$	0

AB Long/Short Multi-Manager Fund
													Distributions
Market Value 12/31/15 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)			Market Value 06/30/16 (000)		Income (000)		Realized Gains (000)
$	149	$	0	$	0	$	0	$	(4	)	$	145	$	0	$	0

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 $469 for the six months ended June 30, 2016.

NOTE C: Distribution Plan

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

10

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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	1,857		$	–0	–
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	$	1,123
Gross unrealized depreciation		(18,152	)
Net unrealized appreciation	$	(17,029	)

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, 2016.

2. Currency Transactions

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

NOTE E: Capital Stock

Each class consists of 1,000,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES					AMOUNT
	Six Months Ended June 30, 2016 (unaudited)			December 16, 2015(a) to December 31, 2015		Six Months Ended June 30, 2016 (unaudited)			December 16, 2015(a) to December 31, 2015
Class A
Shares sold		–0	–		99,000	$	–0	–	$	990,000
Net increase		–0	–		99,000	$	–0	–	$	990,000
Class B
Shares sold		–0	–		1,000	$	–0	–	$	10,000
Net increase		–0	–		1,000	$	–0	–	$	10,000

(a) Commencement of operations.

NOTE F: Risks Involved in Investing in the Portfolio

Allocation and Management Risk—The Adviser will invest the assets of the Portfolio primarily by allocating Portfolio assets to the Underlying Funds. The success of the Portfolio depends, in part, upon the ability of the Underlying Funds to develop and implement Strategies to achieve the Portfolio’s investment objective. There is no assurance that the Adviser’s allocation

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MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

decisions will result in the desired effects. Subjective decisions made by the Adviser (e.g., with respect to allocation among Strategies) and/or the Underlying Funds may cause the Portfolio to incur losses or to miss profit opportunities on which it might otherwise have capitalized. The success of the Portfolio’s investment program depends primarily on the trading and investing skills of the investment advisers to Underlying Funds rather than on the trading and investing skills of the Adviser itself. To the extent that the Adviser is unable to select, manage, allocate appropriate levels of capital to, and invest with Underlying Funds that, in the aggregate, are able to produce consistently positive returns for the Portfolio, the performance of the Portfolio may be impaired.

Some investment advisers to Underlying Portfolios have little experience managing registered investment companies, which, unlike the private investment funds these investment advisers have been managing, are subject to daily inflows and outflows of investor cash and are subject to certain legal and tax-related restrictions on their investments and operations. Subject to the overall supervision of the Portfolio’s investment program by the Adviser, each investment adviser to an Underlying Fund is responsible, with respect to the Underlying Fund, for compliance with the Underlying Fund’s investment strategies and applicable law.

Strategies implemented by the Underlying Funds may fail to produce the intended results. The success of a particular Underlying Fund is dependent on the expertise of its portfolio managers. Certain investment advisers to Underlying Funds may have only one or a limited number of key individuals responsible for managing the Portfolio’s assets. The loss of one or more key individuals from an investment adviser could have a materially adverse effect on the performance of the Underlying Fund.

Counterparty Risk—The Portfolio is expected to establish relationships with third parties to engage in derivative transactions and obtain prime and other brokerage services that permit the Portfolio to trade in any variety of markets or asset classes. If the Portfolio is unable to establish or maintain such relationships, such inability may limit the Portfolio’s transactions and trading activity, prevent it from trading at optimal rates and terms, and result in losses.

Some of the markets in which the Portfolio may effect transactions are not “exchange-based,” including “over-the-counter” or “interdealer” markets. The participants in these markets are typically not subject to the credit evaluation and regulatory oversight to which members of “exchange-based” markets are subject. This exposes the Portfolio to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions. Such “counterparty risk” is heightened for contracts with longer maturities where events may intervene to prevent settlement, or where the Portfolio has concentrated its transactions with a single or small group of counterparties. Furthermore, there is a risk that any of the Portfolio’s counterparties could become insolvent and/or the subject of insolvency proceedings. If one or more of the Portfolio’s counterparties were to become insolvent or the subject of insolvency proceedings, there exists the risk that the recovery of the Portfolio’s assets from the counterparty will be delayed or be of a value less than the value of the assets originally entrusted to the counterparty.

Hedging Transactions Risk—The Portfolio may invest in securities and utilize financial instruments to seek to hedge fluctuations in the values of the Portfolio’s positions. However, hedging transactions will typically limit the opportunity for gain if the value of such positions should increase, and may not work as intended and actually compound losses. It may not be possible to hedge against certain price fluctuations at a reasonable cost. The Portfolio generally is not required to enter into hedging transactions and may choose not to do so.

Short Sales Risk—The Portfolio may engage in short-selling, which involves the sale of a security that the Portfolio does not own in the hope of purchasing the same or equivalent security at a later date at a lower price. A short sale involves the risk of an increase in the market price of the security, and therefore the possibility of a theoretically unlimited loss. The Portfolio must borrow the security to initiate the short sale, and it may be difficult and costly to effect the purchase of the security in order to return it to the lender, particularly if the security is illiquid. The Portfolio may for a number of reasons be forced to unwind a short sale at a disadvantageous price.

Volatility Risk—The Portfolio will frequently be subject to substantial volatility, which could result from a number of causes. Furthermore, there is the risk that a disproportionate share of the Portfolio’s assets may be committed to one or more investment strategies or techniques, which would result in less diversification than would be suggested by the number of investment advisers to Underlying Portfolios being employed. The allocation of Portfolio assets to Underlying Funds in response to particular market conditions could increase volatility and potential for loss if such market conditions continue to worsen or react in a manner not anticipated by the Adviser.

12

AB Variable Products Series Fund

Portfolio Turnover Risk—Certain Underlying Funds may invest and trade securities on the basis of certain short-term market considerations. The resultant high portfolio turnover could potentially involve substantial brokerage commissions and fees.

Special Situations Investment Risk—Special situations investing requires an investment adviser to an Underlying Fund to make predictions about the likelihood that an event will occur and the impact such event will have on the value of a company’s securities. If the event fails to occur or it does not have the effect foreseen, losses can result.

Fixed-Income Securities Risk—The Portfolio may invest in debt or other fixed-income securities of U.S. and non-U.S. issuers. The value of fixed-income securities will change in response to fluctuations in interest rates and changes in market perception of the issuer’s creditworthiness or other factors. The Portfolio may invest to a substantial degree in debt securities rated below investment grade, otherwise known as high-yield securities or “junk bonds.” High-yield securities may rank junior to other outstanding securities and obligations of the issuer. Moreover, high-yield securities may not be protected by financial covenants or limitations on additional indebtedness. Companies that issue high-yield securities are often highly leveraged and may not have available to them more traditional methods of financing. High-yield securities face ongoing uncertainties and exposure to adverse business, financial or economic conditions that could lead to the issuer’s inability to meet timely interest and principal payments.

Distressed Investments Risk—The Portfolio may invest in companies that are in poor financial condition, lack sufficient capital or that are involved in bankruptcy or reorganization proceedings. Securities and obligations of such distressed companies often trade at a discount to the expected enterprise value that could be achieved through a restructuring and an investor in such securities is exposed to risk that a restructuring will not occur, or will occur on unfavorable terms. Debt obligations of distressed companies are typically unrated, lower-rated or close to default. Securities of distressed companies are generally more likely to become worthless than securities of more financially stable companies.

Derivative Instruments Risk—The Portfolio may enter into options, futures contracts, forwards, swaps and other derivative instrument contracts. Derivative instruments may be subject to various types of risks, including market risk, liquidity risk, the risk of non-performance by the counterparty, including risks relating to the financial soundness and creditworthiness of the counterparty, legal risk and operations risk. The prices of derivative instruments can be highly volatile. Depending on the nature of the derivative, price movements may be influenced by interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies.

Small Capitalization and Recently Organized Companies Risk—Portfolio assets may be exposed, long and short, to securities of small capitalization companies and recently organized companies. Historically, such securities have been more volatile in price than those of larger capitalized, more established companies. These companies may have limited product lines, distribution channels and financial and managerial resources. Further, there is often less publicly available information concerning such companies than for larger, more established businesses. The equity securities of small capitalization companies may be traded in volumes that are lower than are typical of larger company securities.

Non-U.S. Investments Risk—The Portfolio may invest in securities of non-U.S. companies and foreign countries. Investing in the securities of such companies and countries involves political and economic considerations, such as: the potential difficulty of repatriating funds, general social, political and economic instability and adverse diplomatic developments; the possibility of imposition of withholding or other taxes on income or capital gains; the small size of the securities markets in such countries and the low volume of trading, resulting in potential lack of liquidity and price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; and certain government policies that may restrict the Portfolio’s investment opportunities. The economies of non-U.S. countries may differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. In addition, accounting and financial reporting standards that prevail in non-U.S. countries generally are not equivalent to U.S. standards and, consequently, less information may be available to investors in companies located in non-U.S. countries than is available to investors in companies located in the United States.

Currency Risk—The Portfolio may invest a portion of its assets in instruments denominated in currencies other than the U.S. Dollar, the prices of which are determined with reference to currencies other than the U.S. Dollar. The Portfolio, however, generally values its securities and other assets in U.S. Dollars. To the extent unhedged, the value of the Portfolio’s assets will fluctuate with currency exchange rates as well as with the price changes of the Portfolio’s investments. Thus, an increase in

13

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

the value of the U.S. Dollar compared to the other currencies in which the Portfolio makes its investments will reduce the effect of increases and magnify the effect of decreases in the prices of the Portfolio’s securities in their local markets. The Portfolio may utilize financial instruments such as currency options and forward contracts to hedge currency fluctuations, but there can be no assurance that such hedging transactions (if implemented) will be effective.

Emerging Markets Risk—Investment in emerging market securities involves a greater degree of risk than investment in securities of issuers based in developed countries. Among other things, emerging market securities investments may carry the risks of less publicly available information, more volatile markets, less strict securities market regulation, less favorable tax provisions, and a greater likelihood of severe inflation, unstable currency, war and expropriation of personal property than investments in securities of issuers based in developed countries.

Undervalued Securities Risk—The Portfolio may make certain investments in securities that an investment adviser to an Underlying Fund believes to be undervalued. However, there are no assurances that the securities will in fact be undervalued. In addition, it may take a substantial period of time before the securities realize their anticipated value, and such securities may never appreciate to the level anticipated by the investment adviser.

Quantitative Investment Risk—Certain investment advisers to Underlying Funds may attempt to execute strategies for an Underlying Fund using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that an investment adviser’s use of quantitative models will result in effective investment decisions for an Underlying Fund. The success of an investment adviser’s quantitative investment models is heavily dependent on the mathematical models used by the investment adviser. Models that have been formulated on the basis of past market data may not be predictive of future price movements. Models also may have hidden biases or exposure to broad structural or sentiment shifts. Furthermore, the effectiveness of such models tends to deteriorate over time as more traders seek to exploit the same market inefficiencies through the use of similar models.

Commodities-Related Investments Risk—To the extent the Portfolio invests in commodities or instruments whose performance is linked to the price of an underlying commodity or commodity index, the Portfolio will be subject to the risks of investing in commodities, including regulatory, economic and political developments, weather events and natural disasters and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments.

Multi-Manager Risk—The multi-manager strategy employed by the Portfolio involves special risks, which include:

• Offsetting positions. Investment advisers to Underlying Funds may make investment decisions that conflict with each other; for example, at any particular time, one investment adviser may be purchasing shares of an issuer whose shares are being sold by another investment adviser. Consequently, the Portfolio could indirectly incur transaction costs without accomplishing any net investment result.

• Proprietary investment strategy risk. Investment advisers to Underlying Funds may use proprietary or licensed investment strategies that are based on considerations and factors that are not fully disclosed to the Portfolio’s Board of Directors (the “Board”) or the Adviser. Moreover, these proprietary or licensed investment strategies, which may include quantitative mathematical models or systems, may be changed or refined over time. An investment adviser to an Underlying Fund (or the licensor of the strategies used by the investment adviser) may make certain changes to the strategies the investment adviser has previously used, may not use such strategies at all (or the investment adviser’s license may be revoked), and may use additional strategies, where such changes or discretionary decisions, and the reasons for such changes or decisions, are also not fully disclosed to the Board or the Adviser. These strategies may involve risks under some market conditions that are not anticipated by the Adviser or the Portfolio.

Non-Diversification Risk—The Portfolio is a “non-diversified” investment company, which means that the Portfolio may invest a larger portion of its assets in a small number of issuers than a diversified investment company. This increases the risks of investing in the Portfolio because the performance of each security in which the Portfolio invests has a greater impact on the Portfolio’s performance. To the extent that the Portfolio invests a relatively high percentage of its assets in securities of a limited number of companies, the Portfolio may also be more susceptible than a diversified investment company to any single economic, political or regulatory occurrence.

14

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 derivative instruments by the Portfolio, such as forwards, futures, options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Liquidity Risk—Liquidity risk exists when particular investments are difficult to purchase or sell, possibly preventing the Portfolio from selling out of these illiquid securities at an advantageous price. Illiquid securities may also be difficult to value. Derivatives and securities involving substantial market and credit risk tend to involve greater liquidity risk.

Mortgage-Related Securities Risk—In the case of investments in mortgage-related securities, a loss could be incurred if the collateral backing these securities is insufficient.

Real Estate Risk Related Securities Risk—The Portfolio may invest in real estate related securities and may indirectly invest in real assets, such as real estate, natural resources and commodities, and infrastructure assets. Investing in real estate related securities includes, among others, the following risks: possible declines in the value of real estate; risks related to general and local economic conditions, including increases in the rate of inflation; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition, property taxes and operating expenses; changes in zoning laws; costs resulting from the clean-up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters; limitations on and variations in rents; and changes in interest rates. Investments in real assets involve a substantial degree of risk, including significant financial, operating and competitive risks. Investing in real estate investment trusts, or REITs, involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs are dependent upon management skills, are not diversified, and are often subject to heavy cash flow dependency, default by borrowers and self-liquidation.

Investment in Other Investment Companies Risk—As with other investments, investments in Underlying Funds, including exchange-traded funds, or ETFs, are subject to market and selection risk. In addition, when the Portfolio acquires shares of Underlying Funds, Contractholders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the Underlying Funds.

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: Tax Information

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	4,754
Undistributed capital gains		1,531
Unrealized appreciation/(depreciation)		(10,711	)
Total accumulated earnings/(deficit)	$	(4,426	)

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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE H: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. At this time, management is evaluating the implications of these changes on the financial statements.

15

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE I: Subsequent Events

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

16

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Six Months Ended June 30, 2016 (unaudited)			December 16, 2015(a)  to December 31, 2015
Net asset value, beginning of period		$9.96			$10.00
Income From Investment Operations
Net investment income (loss) (b)(c)		.00	(d)		.05
Net realized and unrealized loss on investment transactions		(.07	)		(.09	)
Net decrease in net asset value from operations		(.07	)		(.04	)
Net asset value, end of period		$9.89			$9.96
Total Return
Total investment return based on net asset value (e)		(.70	)%		(.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$979			$986
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)^		.38	%		.39	%
Expenses, before waivers/reimbursements (f)^		36.93	%		85.71	%
Net investment income (loss) (c)^		(.01	)%		11.56	%
Portfolio turnover rate		0	%		0	%

See footnote summary on page 18.

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MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30, 2016 (unaudited)			December 16, 2015(a)  to December 31, 2015
Net asset value, beginning of period		$9.95			$10.00
Income From Investment Operations
Net investment income (loss) (b)(c)		(.01	)		.05
Net realized and unrealized loss on investment transactions		(.06	)		(.10	)
Net decrease in net asset value from operations		(.07	)		(.05	)
Net asset value, end of period		$9.88			$9.95
Total Return
Total investment return based on net asset value (e)		(.70	)%		(.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)^		.63	%		.64	%
Expenses, before waivers/reimbursements (f)^		37.17	%		85.78	%
Net investment income (loss) (c)^		(.27	)%		11.32	%
Portfolio turnover rate		0	%		0	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

(d) 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) Expense ratios do not include expenses of the Underlying Portfolios in which the Portfolio invests. For the six months ended June 30, 2016 and the period ended December 31, 2015 the estimated annualized blended expense ratios of Underlying Portfolios in which the Portfolio invests were 1.77% and 1.76%, respectively, for both Class A and Class B shares.

^ Annualized.

See notes to financial statements.

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MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of Multi-Manager Alternative Strategies Portfolio (“Alternative Strategies Portfolio” or the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by the August 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the initial approval of the Investment Advisory Agreement.

The Portfolio’s investment objective is long term capital appreciation. The Adviser seeks to achieve its investment objective by allocating its assets among alternative or non-traditional investment strategies (“Alternative Strategies”). The Adviser will allocate the Portfolio’s assets principally among the following types of Alternative Strategies: Long/Short Equity, Special Situations, Credit and Global Macro. The Adviser seeks to gain exposure across various Alternative Strategies, but may focus the Portfolio’s investments in particular Alternative Strategies in order to take advantage of perceived investment opportunities or based on its current market outlook.

The Portfolio will initially be a fund-of-funds, investing in various “Underlying Funds:” AB Cap Fund, Inc.—Multi-Manager Alternative Strategies Fund (“MMASF”), AB Cap Fund, Inc.—Long/Short Multi-Manager Portfolio (“LSMM”) and External Funds (funds not advised by the Adviser).³ Eventually, if the Portfolio’s assets grow as planned, the Adviser expects to retain unaffiliated sub-advisers (“Sub-Advisers”) to manage respective sleeves of the Portfolio. Set forth below is a brief description of each Alternative Strategy:

Long Short Equity: In a Long/Short Equity strategy, an Underlying Fund or Sub-Adviser generally will seek to buy certain securities in the expectation that they will increase in value and sell other securities short in the expectation that they will decrease in value.

Special Situations: Special Situations strategies seek to take advantage of information inefficiencies resulting from a particular corporate event and exploit differences between the market value and estimated actual value of a security or instrument that may not be related to a specific corporate event.

Credit: An Underlying Fund or Sub-Adviser that employs Credit Strategies generally invests in a variety of fixed income and other securities. This strategy also includes opportunistic trading and investing in securities of distressed companies and high yield. The Portfolio may invest in various Credit Strategies that involve taking a long or short position in different financial instruments.

Global Macro: Global Macro strategies aim to identify and exploit imbalances in global economies and asset classes. Through encompassing many approaches and styles, macro strategies are linked by the utilization of macroeconomic and technical factors, rather than “bottom-up” individual security analysis, as the primary basis for management.

Each Underlying Fund or Sub-Adviser may utilize derivatives, in the management of the fund or sleeve, which may create gross exposure exceeding the net assets of the Underlying Fund or sleeve.

The Adviser proposed the Bank of America/Merrill Lynch 3-Month T-Bill Index as the Portfolio’s benchmark. The Portfolio will have a secondary benchmark, the HFRX Global Hedge Fund Index. The Adviser expects Lipper to place the Portfolio in its Alternative Other category, and Morningstar to place it in its Multi-Alternative category.

1 The information in the fee evaluation was completed on January 22, 2015 and discussed with the Board of Directors on February 3-4, 2015.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratios refer to the Class A shares of the Portfolio.

3 The Adviser proposed an Acquired Fund Fee Waiver Agreement so that shareholders of the Portfolio will not have to bear the fund expenses of any affiliated underlying funds in which the Portfolio may invest.

19

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Senior Officer’s evaluation considered the following factors:

1. Management fees charged to institutional and other clients of the Adviser for like services;

2. Management fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the Assurance of Discontinuance between the NYAG and the Adviser. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”⁴

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth below for receiving the services to be provided pursuant to the Investment Advisory Agreement.

Portfolio	Advisory Fee
Alternative Strategies Portfolio		1.90	% (flat fee)

The Adviser proposed an Acquired Fund Fee Waiver Agreement, which provides for the Adviser to waive all fees and/or reimburse expenses for a one year period after shares of the Portfolio are offered to the public in an amount equal to the Portfolio’s share of all fees and expenses of other AB Funds in which the Portfolio may invest, including MMASF and LSMM, so shareholders of the Portfolio will not bear the expenses of affiliated Underlying Funds. Also, under the Fee Waiver Agreement, the Adviser will waive 1.70% of its 1.90% advisory fee on Portfolio assets invested in External Funds, retaining 0.20% for External fund selection and asset allocation.

The Portfolio‘s Expense Limitation Agreement calls for the Adviser to establish expense caps, set forth below, for a two year period after the date the date that shares of the Portfolio is first offered to the public.⁵ The Expense Limitation Agreement also provides a mechanism for reimbursing the Adviser for its expense cap subsidies. Under the Expense Limitation Agreement, the Adviser may be able to recoup all or a portion of the amounts waived or reimbursed until the end of three fiscal years after the fiscal period in which the amounts were waived or reimbursed to the extent that the reimbursements do not cause the expense ratios of the Portfolio’s share classes to exceed the expense caps. The Adviser will have the ability to recoup expenses during the three year fiscal period after an advisory fee waiver and/or expense reimbursement was made even if the Portfolio’s Expense Limitation Agreement terminates prior to the end of such three year fiscal period.

4 Jones v. Harris at 1427.

5 Prior to discussions between the Board of Directors and the Adviser at the February 3-5, 2015 meetings, the period after shares of the Portfolio are first offered to the public, in which the Adviser will waive all or a portion of its advisory fees and/or reimburse the Portfolio for fund expenses exceeding the Portfolio’s expense caps under the original terms of the Expense Limitation Undertaking, was for one year.

20

AB Variable Products Series Fund

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Estimated Acquired Funds Ratio		Projected Gross Expense Ratio6	Fiscal Year End
Alternative Strategies Portfolio7	Class A    2.15%		0.61%	2.42%	December 31
	Class B    2.40%		0.61%	2.67%

Under the terms of the Expense Limitation Agreement, the Portfolio’s expense cap for each of the Portfolio share classes would include the entire acquired funds ratio. The Expense Limitation Agreement excludes expenses associated with securities sold short, interest expenses, taxes, extraordinary expenses, brokerage commissions and other transaction costs.

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services to be provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio will be more costly than those for institutional assets due to the greater complexities and time required for investment companies for providing such services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors will be more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

The Investment Advisory Agreement for the Portfolio differs from other advisory fee agreements in place for other series of the Fund. The Investment Advisory Agreement for the Portfolio includes provisions addressing the possibility of the Adviser retaining Sub-Advisers for the Portfolio and specifying that the Adviser has an obligation to oversee the services provided by any Sub-adviser that is retained.⁸

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts with a similar investment style as the Portfolio.⁹However, the Adviser represented that there is no category in the Form ADV for institutional products that has a similar investment style as the Portfolio.

6 The Portfolio’s estimated gross expense ratios are based on an initial estimate of the Portfolio’s net assets at $300 million.

7 Prior to discussions between the Board of Directors and the Adviser at the February 3-5, 2015 meetings, the Adviser proposed that the expense caps for the Portfolios’ Class A and Class B shares not include the estimated acquired funds ratio of 0.61%, so that the expense caps for the Portfolio were 1.54% and 1.79%, respectively for Class A and Class B shares.

8 The Investment Advisory Agreement will require the Adviser to obtain Board approval before retaining any Sub-Adviser.

9 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

21

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser manages MMASF, a retail mutual fund which has a similar investment style as the Portfolio. Set forth below is the advisory fee schedule for MMASF and what would have been the effective advisory fee of the Portfolio had the fee schedule of MMASF been applicable to the Portfolio based on an initial estimate of the Portfolio’s net asset at $300 million.

Portfolio	AB Fund	Fee	ABMF Effective Fee (%)		Portfolio Advisory Fee (%)
Alternative Strategies Portfolio	MMASF	1.90% (flat fee)		1.900		1.900

The Adviser manages AB Multi-Manager Alternative Fund (the “MMA Fund”), a closed-end U.S. registered multi-manager fund of hedge funds. The MMA Fund has a somewhat similar investment style strategy as that contemplated for Alternative Strategies Portfolio. The MMA Fund allocates its assets among the following strategies: Long/Short Equity, Event Driven, Credit Distressed, Emerging Markets and Global Macro. The MMA Fund is offered and sold only to “accredited investors.” In addition, the MMA Fund invests in private investment vehicles (“hedge funds”) managed by entities unaffiliated with the Adviser. Set forth in the table below is the advisory fee charged to the MMA Fund:

Portfolio	Fund		Fee
Alternative Strategies Portfolio		MMA Fund	1.50% of average daily net assets

The Adviser has represented that it does not manage any sub-advisory relationship that has a substantially similar investment style as any of the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Lipper, Inc. (“Lipper”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.¹⁰ Lipper’s analysis included the Portfolio’s contractual management fee¹¹ estimated at the approximate current asset level of the Portfolio to the median of the Portfolio’s Lipper Expense Group (“EG”).¹²

Lipper describes an EG as a representative sample of comparable funds. Lipper’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

The Portfolio had an insufficient number of multi-managed Alternative Other (“ALT”) fund peers. Consequently, Lipper expanded the Portfolio’s EG to include peers that have a similar but not the same Lipper investment classification/objective. In this regard, the Portfolio’s EG was expanded to include Absolute Return (“ABR”) funds. Lipper does not have a separate category for multi-manager ALT funds. Accordingly, the EG that Lipper created for the Portfolio includes ALT and ABR funds that are not multi-managed. To show the impact caused by this difference, the tables below also include a contractual management fee and total expense ratio comparison between funds with multi-managers and funds with single-managers.

10 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of the negotiations conducted at arm’s length.” Jones v. Harris at 1429.

11 The contractual management fee is calculated by Lipper using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Lipper’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that the Portfolio had the lowest effective fee rate in the Lipper peer group.

12 Lipper does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. In addition, there are limitations in Lipper’s expense category data because different funds categorize expenses differently.

22

AB Variable Products Series Fund

Portfolio	Contractual Management Fee13		Lipper EG Median (%)		Lipper EG Rank
Alternative Strategies Portfolio (all funds)14,15		1.900		1.900		4/7
only multi-managed funds		1.900		1.995		1/4
only single-managed funds		N/A		1.150		N/A

However, because Lipper had expanded the EG of the Portfolio, under Lipper’s standard guidelines, the Lipper Expense Universe (“EU”) was also expanded to include the universe of those peers that had a similar but not the same Lipper investment classification/objective. A “normal” EU will include funds that have the same investment classification/objective as the subject Portfolio.¹⁶

It should be noted that Lipper compared the Portfolio to a number of non-Class A share peers, which may have a 12b-1 or non 12b-1 service fee. Since the Portfolio’s Class A shares do not have a 12b-1 or non 12b-1 service fee, the Senior Officer compared the Portfolio’s total expenses to that of its peers excluding 12b-1/non 12b-1 service fees. The total expense ratios for the Portfolio’s peers include any underlying expenses that the peers may have. In addition, the EU does not include funds with a 12b-1 or non 12b-1 service fee other than funds in the EG.

Portfolio	Total Expense Ratio (%)17		Lipper EG Median (%)		Lipper EG Rank		Lipper EU Median (%)		Lipper EU Rank
Alternative Strategies Portfolio (all funds)18		2.150		2.150		4/7		1.603		8/12
only multi-managed funds		2.150		2.291		N/A		N/A		N/A
only single-managed funds		N/A		1.203		N/A		N/A		N/A

Based on this analysis, the Portfolio’s contractual management fee is equal to the overall EG median, which includes multi-managed and single-managed funds, and is lower than the EG median for only multi-managed funds. The Portfolio’s total expense ratio is equal to the overall EG median and is lower than the EG median for only multi-managed funds.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems. See Section IV for additional discussion.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio has not yet commenced operations. Therefore, there is no historic profitability data with respect to the Adviser’s investment services to the Portfolio.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into

13 The contractual management fee would not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waivers for expense caps that would effectively reduce the actual management fee.

14 The Portfolio’s EG includes, the Portfolio, four other ALT and two ABR funds.

15 The contractual management fee shown for the Portfolio does not take into consideration any advisory fee waivers or expense reimbursements made by the Adviser in connection with plans by the Portfolio to invest in other AB Mutual Funds or other External Funds.

16 Except for asset (size) comparability, Lipper uses the same criteria for selecting an EG peer when selecting an EU peer. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

17 Projected total expense ratio information, based on an initial net asset estimate of $300 million, pertains to the Portfolio’s Class A shares.

18 The Portfolio’s EU includes the Portfolio, EG and all other ALT and ABR.

23

MULTI-MANAGER ALTERNATIVE STRATEGIES PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio will adopt a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AB Investments, Inc. (“ABI”), an affiliate of the Adviser, at an annual rate of up to 0.50% of each Portfolio’s average daily net assets attributable to Class B shares.

Financial intermediaries, such as insurers, will market and sell shares of the Portfolio and will typically receive compensation from ABI, the Adviser and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries will receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, and payments related to providing contract-holder record-keeping and/or administrative services. Payments related to providing contract-holder record keeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of each Portfolio attributable to the firm over the year. With respect to the Fund, ABI paid approximately $600,000 in 2013 and expects to pay approximately $600,000 in 2014 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Fund is AB Investor Services (“ABIS”), an affiliate of the Adviser.¹⁹ The Fund pays ABIS a flat fee of $18,000 for each calendar year, which is allocated evenly among its separate Portfolios.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM have experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of the Deli study on advisory fees and various fund characteristics.^20,21 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.²² The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model

19 It should be noted that the insurance companies, linked to the variable products will provide additional shareholder services for the Portfolio, including record keeping, administration and customer service for contract holders.

20 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry since 2008.

21 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

22 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

24

AB Variable Products Series Fund

output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $474 billion as of December 31, 2014, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

Since the Portfolio has not yet commenced operations, the Portfolio has no performance history.

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. The Senior Officer recommended that the Directors discuss with the Adviser the Acquired Fund Fee Agreement, which the Adviser proposed for a one year period after shares are offered to the public in an amount equal to the Portfolio’s share of all fees and expenses of any AB Mutual Fund, in which the Portfolio may invest. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: February 27, 2015

25

VPS-MMAS-0152-0616

JUN^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,138.80	$	5.64		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.59	$	5.32		1.06	%
Class B
Actual	$	1,000	$	1,136.80	$	6.96		1.31	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.35	$	6.57		1.31	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

REAL ESTATE INVESTMENT PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Simon Property Group, Inc.	$	5,487,570		9.7	%
Crown Castle International Corp.		3,181,859		5.6
AvalonBay Communities, Inc.		2,586,792		4.6
Boston Properties, Inc.		2,159,071		3.8
American Tower Corp.		2,089,288		3.7
Ventas, Inc.		2,088,478		3.7
National Retail Properties, Inc.		1,722,276		3.0
Welltower, Inc.		1,460,255		2.6
Sun Communities, Inc.		1,392,166		2.4
Regency Centers Corp.		1,309,537		2.3
	$	23,477,292		41.4	%

INDUSTRY BREAKDOWN^†

June 30, 2016 (unaudited)

INDUSTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Diversified/Specialty	$	11,789,518		20.7	%
Multi-Family		8,080,458		14.2
Regional Mall		7,083,034		12.5
Office		6,030,521		10.6
Health Care		5,598,420		9.8
Shopping Center/Other Retail		5,086,545		9.0
Self Storage		3,714,642		6.5
Triple Net		2,757,127		4.9
Industrial Warehouse Distribution		2,382,578		4.2
Lodging		2,111,194		3.7
Mortgage		877,269		1.5
Student Housing		574,905		1.0
Short-Term Investments		791,635		1.4
Total Investments	$	56,877,846		100.0	%

* Long-term investments.

† 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
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.9%
EQUITY: OTHER–35.6%
DIVERSIFIED/SPECIALTY–20.8%
Alexandria Real Estate Equities, Inc.		7,040	$	728,781
American Tower Corp.		18,390		2,089,288
Armada Hoffler Properties, Inc.		48,790		670,375
CBRE Group, Inc.–Class A(a)		13,510		357,745
Colony Starwood Homes		35,830		1,089,948
Crown Castle International Corp.		31,370		3,181,859
Digital Realty Trust, Inc.(b)		3,420		372,746
Equinix, Inc.		1,083		419,911
Gramercy Property Trust		112,513		1,037,370
Spirit Realty Capital, Inc.		52,580		671,447
STORE Capital Corp.		39,730		1,170,048
				11,789,518
HEALTH CARE–9.9%
Care Capital Properties, Inc.		35,130		920,757
HCP, Inc.		12,170		430,575
LTC Properties, Inc.		13,500		698,355
Ventas, Inc.		28,680		2,088,478
Welltower, Inc.		19,171		1,460,255
				5,598,420
TRIPLE NET–4.9%
National Retail Properties, Inc.		33,300		1,722,276
Realty Income Corp.		14,920		1,034,851
				2,757,127
				20,145,065
RESIDENTIAL–21.8%
MULTI-FAMILY–14.3%
Apartment Investment & Management Co.–Class A		19,070		842,131
AvalonBay Communities, Inc.		14,340		2,586,792
Camden Property Trust		11,470		1,014,177
Equity Residential		4,520		311,338
Independence Realty Trust, Inc.		90,210		737,918
Mid-America Apartment Communities, Inc.		11,240		1,195,936
Sun Communities, Inc.		18,165		1,392,166
				8,080,458
SELF STORAGE–6.5%
Extra Space Storage, Inc.		13,900		1,286,306
National Storage Affiliates Trust		32,032		666,906
Public Storage		4,170		1,065,810
Sovran Self Storage, Inc.		6,630		695,620
				3,714,642
STUDENT HOUSING–1.0%
Education Realty Trust, Inc.		12,460		574,905
				12,370,005
RETAIL–21.5%
REGIONAL MALL–12.5%
General Growth Properties, Inc.		14,260		425,233
Pennsylvania Real Estate Investment Trust		3,014		64,651

Company	Shares		U.S. $ Value
Simon Property Group, Inc.		25,300	$	5,487,570
Taubman Centers, Inc.		14,900		1,105,580
				7,083,034
SHOPPING CENTER/OTHER RETAIL–9.0%
DDR Corp.		47,603		863,519
Kite Realty Group Trust		44,476		1,246,662
Ramco-Gershenson Properties Trust		49,571		972,087
Regency Centers Corp.		15,640		1,309,537
Retail Opportunity Investments Corp.		32,060		694,740
				5,086,545
				12,169,579
OFFICE–10.6%
OFFICE–10.6%
Boston Properties, Inc.		16,369		2,159,071
Brandywine Realty Trust		51,200		860,160
Empire State Realty Trust, Inc.–Class A		33,170		629,898
Equity Commonwealth(a)		18,670		543,857
Highwoods Properties, Inc.		21,680		1,144,704
Vornado Realty Trust		6,920		692,831
				6,030,521
INDUSTRIALS–4.2%
INDUSTRIAL WAREHOUSE DISTRIBUTION–4.2%
DCT Industrial Trust, Inc.		16,760		805,150
Granite Real Estate Investment Trust		13,300		401,660
Rexford Industrial Realty, Inc.		55,750		1,175,768
				2,382,578
LODGING–3.7%
LODGING–3.7%
Chesapeake Lodging Trust		12,310		286,207
Pebblebrook Hotel Trust		20,200		530,250
Summit Hotel Properties, Inc.		72,020		953,545
Wyndham Worldwide Corp.		4,790		341,192
				2,111,194
MORTGAGE–1.5%
MORTGAGE–1.5%
Blackstone Mortgage Trust, Inc.–Class A		18,550		513,278
First American Financial Corp.		9,050		363,991
				877,269
Total Common Stocks (cost $44,306,655)				56,086,211

3

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

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–1.4%
TIME DEPOSIT–1.4%
State Street Time Deposit 0.01%, 7/01/16 (cost $791,635)	$	792	$	791,635
	Shares
Total Investments Before Security Lending Collateral for Securities Loaned–100.3% (cost $45,098,290)				56,877,846
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.7%
INVESTMENT COMPANIES–0.7%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(c)(d) (cost $377,910)		377,910		377,910
TOTAL INVESTMENTS–101.0% (cost $45,476,200)				57,255,756
Other assets less liabilities–(1.0)%				(585,640	)
NET ASSETS–100.0%			$	56,670,116

(a) Non-income producing security.

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

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

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

See notes to financial statements.

4

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $45,098,290)	$	56,877,846	(a)
Affiliated issuers (cost $377,910—investment of cash collateral for securities loaned)		377,910
Foreign currencies, at value (cost $8,390)		7,693
Receivable for investment securities sold		736,195
Dividends and interest receivable		204,734
Receivable for capital stock sold		5,669
Total assets		58,210,047
LIABILITIES
Payable for investment securities purchased		1,007,861
Payable for collateral received on securities loaned		377,910
Payable for capital stock redeemed		39,244
Advisory fee payable		24,215
Administrative fee payable		11,524
Distribution fee payable		3,285
Transfer Agent fee payable		112
Accrued expenses		75,780
Total liabilities		1,539,931
NET ASSETS	$	56,670,116
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,471
Additional paid-in capital		39,928,005
Undistributed net investment income		1,837,370
Accumulated net realized gain on investment and foreign currency transactions		3,120,389
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		11,778,881
	$	56,670,116

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	39,685,122		3,836,712	$	10.34
B	$	16,984,994		1,633,930	$	10.40

(a) Includes securities on loan with a value of $372,746 (see Note E).

See notes to financial statements.

5

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $4,400)	$	1,074,871
Affiliated issuers		468
Interest		30
Securities lending income		10,109
		1,085,478
EXPENSES
Advisory fee (see Note B)		138,525
Distribution fee—Class B		18,075
Transfer agency—Class A		1,406
Transfer agency—Class B		568
Custodian		34,425
Audit and tax		25,654
Administrative		24,058
Printing		14,573
Legal		14,269
Directors’ fees		10,665
Miscellaneous		2,997
Total expenses		285,215
Less: expenses waived and reimbursed by the Adviser (see Note E)		(8	)
Net expenses		285,207
Net investment income		800,271
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		795,096
Foreign currency transactions		(348	)
Net change in unrealized appreciation/depreciation of:
Investments		5,269,557
Foreign currency denominated assets and liabilities		(221	)
Net gain on investment and foreign currency transactions		6,064,084
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	6,864,355

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, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	800,271		$	942,030
Net realized gain on investment and foreign currency transactions		794,748			2,414,445
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		5,269,336			(3,144,022	)
Net increase in net assets from operations		6,864,355			212,453
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(575,020	)
Class B		–0	–		(180,481	)
Net realized gain on investment transactions
Class A		–0	–		(3,107,964	)
Class B		–0	–		(1,148,829	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(52,125	)		3,353,548
Total increase (decrease)		6,812,230			(1,446,293	)
NET ASSETS
Beginning of period		49,857,886			51,304,179
End of period (including undistributed net investment income of $1,837,370 and $1,037,099, respectively)	$	56,670,116		$	49,857,886

See notes to financial statements.

7

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

8

AB Variable Products Series Fund

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

56,086,211

$

–0

–

$

–0

–

$

56,086,211

Short-Term Investments

–0

–

791,635

–0

–

791,635

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

377,910

–0

–

–0

–

377,910

Total Investments in Securities

56,464,121

791,635

–0

–

57,255,756

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

56,464,121

$

791,635

$

–0

–

$

57,255,756

(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 a 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, 2016, the reimbursement for such services amounted to $24,058.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $31,803, 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	18,474,961		$	17,902,711
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	$	12,302,520
Gross unrealized depreciation		(522,964	)
Net unrealized appreciation	$	11,779,556

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, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $372,746 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $377,910. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $10,109, $452 and $16 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $8. A principal risk of lending portfolio securities is that the borrower will fail to return the

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AB Variable Products Series Fund

loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities. A summary of the Portfolio’s transactions in shares of AB Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	0	$	9,911	$	9,546	$	365	$	0

A summary of the Portfolio’s transactions in shares of the AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	365	$	17	$	4	$	378

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		175,430			663,573		$	1,657,952		$	6,543,068
Shares issued in reinvestment of dividends distributions		–0	–		413,818			–0	–		3,682,984
Shares redeemed		(300,556	)		(916,859	)		(2,803,051	)		(8,725,134	)
Net increase (decrease)		(125,126	)		160,532		$	(1,145,099	)	$	1,500,918
Class B
Shares sold		227,081			343,421		$	2,142,135		$	3,315,902
Shares issued in reinvestment of dividends distributions		–0	–		148,361			–0	–		1,329,310
Shares redeemed		(113,273	)		(294,532	)		(1,049,161	)		(2,792,582	)
Net increase		113,808			197,250		$	1,092,974		$	1,852,630

NOTE G: Risks Involved in Investing in the Portfolio

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

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

Prepayment Risk—The value of mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some of these securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments associated with these securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may

13

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

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

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of derivative instruments by the Portfolio, such as forwards, futures, 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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	958,181	$	3,854,873
Net long-term capital gains		4,054,113		10,004,890
Total taxable distributions paid	$	5,012,294	$	13,859,763

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,398,347
Undistributed capital gains		1,966,091
Unrealized appreciation/(depreciation)		6,507,847	(a)
Total accumulated earnings/(deficit)	$	9,872,285

(a) 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 tax treatment of partnership investments.

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AB Variable Products Series Fund

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 incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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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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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.08			$10.00			$11.18			$12.25			$11.58			$12.02
Income From Investment Operations
Net investment income (a)		.15	(b)		.18			.14			.24			.18			.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.11			(.12	)		2.39			.24			2.21			1.02
Net increase in net asset value from operations		1.26			.06			2.53			.48			2.39			1.13
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.15	)		(.37	)		(.20	)		(.15	)		(.18	)
Distributions from net realized gain on investment transactions		–0	–		(.83	)		(3.34	)		(1.35	)		(1.57	)		(1.39	)
Total dividends and distributions		–0	–		(.98	)		(3.71	)		(1.55	)		(1.72	)		(1.57	)
Net asset value, end of period		$10.34			$9.08			$10.00			$11.18			$12.25			$11.58
Total Return
Total investment return based on net asset value (c)		13.88	%		.80	%		25.35	%		4.20	%		21.19	%		9.03	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,685			$35,970			$38,003			$31,576			$70,048			$63,093
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.06	%^		1.07	%		1.08	%		.86	%		.84	%		.88	%
Expenses, before waivers/reimbursements		1.06	%^		1.07	%		1.08	%		.86	%		.84	%		.88	%
Net investment income		3.24	%^(b)		1.91	%		1.26	%		1.92	%		1.49	%		.91	%
Portfolio turnover rate		35	%		67	%		67	%		98	%		110	%		114	%

See footnote summary on page 17.

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AB Variable Products Series Fund

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

	CLASS B
	Six Months Ended June 30,  2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$9.14			$10.05			$11.22			$12.28			$11.61			$12.05
Income From Investment Operations
Net investment income (a)		.14	(b)		.16			.11			.27			.15			.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.12			(.11	)		2.40			.18			2.20			1.02
Net increase in net asset value from operations		1.26			.05			2.51			.45			2.35			1.10
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.13	)		(.34	)		(.16	)		(.11	)		(.15	)
Distributions from net realized gain on investment transactions		–0	–		(.83	)		(3.34	)		(1.35	)		(1.57	)		(1.39	)
Total dividends and distributions		–0	–		(.96	)		(3.68	)		(1.51	)		(1.68	)		(1.54	)
Net asset value, end of period		$10.40			$9.14			$10.05			$11.22			$12.28			$11.61
Total Return
Total investment return based on net asset value (c)		13.68	%		.66	%		24.96	%		3.97	%		20.83	%		8.75	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$16,985			$13,888			$13,301			$12,394			$13,568			$13,536
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.31	%^		1.33	%		1.33	%		1.15	%		1.10	%		1.13	%
Expenses, before waivers/reimbursements		1.31	%^		1.33	%		1.33	%		1.15	%		1.10	%		1.13	%
Net investment income		3.03	%^(b)		1.67	%		1.03	%		2.13	%		1.19	%		.64	%
Portfolio turnover rate		35	%		67	%		67	%		98	%		110	%		114	%

(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.

* 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, 2011 by 0.06%, respectively.

^ Annualized.

See notes to financial statements.

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 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

18

AB Variable Products Series Fund

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of

19

REAL ESTATE INVESTMENT PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

20

REAL ESTATE INVESTMENT PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Real Estate Investment Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
Real Estate Investment Portfolio	Value	0.55% on first $2.5 billion	$	52.4
		0.45% on next $2.5 billion
		0.40% on the balance

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,834 (0.100% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

21

REAL ESTATE INVESTMENT PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Set forth below are the Portfolio’s total expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio	Fiscal Year
Real Estate Investment Portfolio	Class A    1.07%	December 31
	Class B    1.33%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio versus the Portfolio’s advisory fee based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Real Estate Investment Portfolio	$	52.4	U.S. REIT Schedule		0.495	%		0.550	%
			0.55% on first $25m
			0.45% on next $25m
			0.40% the balance
			Minimum account size $25m

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

22

AB Variable Products Series Fund

The Adviser also manages AB Global Real Estate Investment Fund, Inc. (“Global Real Estate Investment Fund, Inc.), a retail mutual fund, which has a similar investment style as the Portfolio. Set forth below is the fee schedule of Global Real Estate Investment Fund, Inc. and what would have been the effective advisory fee of the Portfolio had the fee schedule of the retail mutual fund been applicable to the Portfolio:⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Real Estate Investment Portfolio7	Global Real Estate Investment Fund, Inc.	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance		0.550%

The Adviser also manages and sponsors retail mutual funds, which are organized in jurisdictions outside the United States, generally Luxembourg and Japan, and sold to non-United States resident investors. The Adviser charges the following fees for the Luxembourg fund that has a somewhat similar investment style as the Portfolio.

Fund	Fee8
Global Real Estate Securities Portfolio9
Class A		1.50	%
Class I (Institutional)		0.70	%

The Adviser represented that it does not sub-advise any registered investment company with a substantially similar investment style as the Portfolio.

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge, an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolios with fees charged to other investment companies for similar services by other investment advisers.^10,11 Broadridge’s analysis included each Portfolio’s contractual management fee, estimated at the approximate current asset level of the subject Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”) and the Portfolio’s contractual management fee ranking.^12,13

6 The Portfolio’s investment guidelines are more restrictive than that of AB Global Real Estate Investment Fund, Inc. The Portfolio primarily invests in equity securities of U.S. real estate investment trusts (“REITS”) and other U.S. real estate industry companies, in contrast to the AB Global Real Estate Investment Fund, Inc., which may invest in equities of non-U.S. REITS and other non-U.S. real estate industry companies.

7 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

8 Class A shares of the funds are charged an “all-in” fee, which includes investment advisory services and distribution related services, unlike Class I shares, whose fee is for only investment advisory services.

9 The investment guidelines of Real Estate Investment Portfolio are more restrictive than that of the Luxembourg fund. The Portfolio primarily invests in equity securities of U.S. real estate investment trusts (“REITS”) and other U.S. real estate industry companies, in contrast to the Luxembourg fund, which may invest in equities of non-U.S. REITS and other non-U.S. real estate industry companies.

10 On June 5, 2015, Broadridge Financial Solutions, Inc. (“Broadridge”) acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) report, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classifications/objectives remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continues to be determined by Lipper.

11 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

12 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at a hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” means that the Portfolio has the lowest effective fee rate in the Broadridge peer group.

13 The contractual management fee does not reflect any expense reimbursement made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

23

REAL ESTATE INVESTMENT PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components, operating structure, and expense attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)		Broadridge EG Median (%)		Broadridge EG Rank
Real Estate Investment Portfolio		0.550		0.761		2/10

Broadridge also analyzed the Portfolio’s most recently completed fiscal year total expense ratio in comparison to the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classification/objective and load type as the subject Portfolio.¹⁴

Portfolio	Expense Ratio (%)15		Broadridge EG Median (%)		Broadridge EG Rank		Broadridge EU Median (%)		Broadridge EU Rank
Real Estate Investment Portfolio		1.074		0.917		10/10		0.848		16/16

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than it does on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $34,038 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $68,158 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive

14 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

15 Most recently completed fiscal year end Class A total expense ratio.

24

AB Variable Products Series Fund

compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁶

The Portfolio did not effect brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and pay commissions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted in the future with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^17,18 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁹ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

16 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 for each calendar year.

17 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

18 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

19 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

25

REAL ESTATE INVESTMENT PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information in the table below shows the 1, 3, 5 and 10 year net performance returns and rankings²⁰ of the Portfolios relative to their Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²¹ for the period ended February 29, 2016.²²

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Real Estate Investment Portfolio
1 year		–3.78		–4.04		–4.35		5/10		6/18
3 year		6.69		8.36		8.10		8/8		16/16
5 year		9.52		9.20		9.05		3/8		4/16
10 year		6.49		6.16		6.27		2/7		4/15

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²³ versus its benchmarks. Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²⁴

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Real Estate Investment Portfolio		–3.79		6.69		9.52		6.49		9.75		24.18		0.34		10
FTSE NAREIT Equity REIT Index25		–4.04		7.42		9.14		6.01		9.39		25.16		0.32		10
S&P 500 Stock Index		–6.19		10.75		10.13		6.44		6.98		N/A		N/A		10
Inception Date: January 9, 1997

CONCLUSION:

The Senior Officer observed that the Portfolio had a relatively high total expense ratio compared to the Portfolio’s Broadridge peers, and recommended that the Directors discuss with the Adviser possible actions to reduce the Portfolio’s total expense ratio.

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

20 The performance returns and rankings of the Portfolio are for the Portfolio’s Class A shares. The performance returns and rankings of the Portfolio were provided by Broadridge.

21 The Portfolio’s PG/PU are identical to the Portfolio’s EG/EU as the criteria for including/excluding a fund in a PG/PU is different from that of an EG/EU.

22 Note that the current Lipper investment classification/objective dictates the PG and PU throughout the life of each fund even if the fund had a different investment classification/objective at a different point in time.

23 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

24 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. A Sharpe Ratio is a risk adjusted measure of return that divides a fund’s return in excess of the riskless return by the fund’s standard deviation. A fund with a greater volatility would be viewed as more risky than a fund with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky fund. A fund with a higher Sharpe Ratio would be viewed as better performing than a fund with a lower Sharpe Ratio.

25 Benchmark since inception date is the nearest month end after the Portfolio’s inception date.

26

VPS-REI-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	965.90	$	7.33		1.50	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.40	$	7.52		1.50	%
Class B
Actual	$	1,000	$	965.00	$	8.55		1.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,016.16	$	8.77		1.75	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Bright Horizons Family Solutions, Inc.	$	690,619		1.8	%
PolyOne Corp.		676,679		1.7
Dycom Industries, Inc.		670,776		1.7
Diamond Resorts International, Inc.		669,906		1.7
Five Below, Inc.		668,536		1.7
Nevro Corp.		639,425		1.6
Align Technology, Inc.		634,815		1.6
Planet Fitness, Inc.		604,311		1.5
Guidewire Software, Inc.		602,345		1.5
Ultimate Software Group, Inc. (The)		583,555		1.5
	$	6,440,967		16.3	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	10,483,556		26.8	%
Health Care		8,753,818		22.4
Consumer Discretionary		8,686,272		22.2
Industrials		5,556,869		14.2
Financials		2,317,217		5.9
Materials		1,152,333		3.0
Energy		875,205		2.2
Consumer Staples		613,878		1.6
Short-Term Investments		652,177		1.7
Total Investments	$	39,091,325		100.0	%

* Long-term investments.

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

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

2

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.3%
INFORMATION TECHNOLOGY–26.5%
COMMUNICATIONS EQUIPMENT–1.2%
Arista Networks, Inc.(a)		3,010	$	193,784
Oclaro, Inc.(a)(b)		58,020		283,137
				476,921
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.7%
VeriFone Systems, Inc.(a)		14,808		274,540
INTERNET SOFTWARE & SERVICES–3.1%
Cimpress NV(a)		5,756		532,315
CoStar Group, Inc.(a)		2,060		450,440
Pandora Media, Inc.(a)(b)		20,676		257,416
				1,240,171
IT SERVICES–1.7%
EPAM Systems, Inc.(a)		7,240		465,604
Global Payments, Inc.		2,675		190,942
				656,546
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–5.6%
Cavium, Inc.(a)		2,574		99,357
Mellanox Technologies Ltd.(a)		8,223		394,375
Microsemi Corp.(a)		16,600		542,488
Monolithic Power Systems, Inc.		6,691		457,129
Silicon Laboratories, Inc.(a)		8,334		406,199
Synaptics, Inc.(a)		5,691		305,891
				2,205,439
SOFTWARE–14.2%
Aspen Technology, Inc.(a)		10,573		425,457
Atlassian Corp. PLC–Class A(a)		13,325		345,117
Blackbaud, Inc.		7,428		504,361
Fortinet, Inc.(a)		8,620		272,306
Guidewire Software, Inc.(a)		9,753		602,345
HubSpot, Inc.(a)		10,640		461,989
Paylocity Holding Corp.(a)(b)		10,688		461,722
Proofpoint, Inc.(a)		8,460		533,741
Qlik Technologies, Inc.(a)		15,370		454,645
RingCentral, Inc.–Class A(a)		22,644		446,540
Take-Two Interactive Software, Inc.(a)		14,192		538,161
Ultimate Software Group, Inc. (The)(a)		2,775		583,555
				5,629,939
				10,483,556
HEALTH CARE–22.2%
BIOTECHNOLOGY–5.9%
Adamas Pharmaceuticals, Inc.(a)(b)		9,395		142,240
Aimmune Therapeutics, Inc.(a)		10,553		114,184
Alder Biopharmaceuticals, Inc.(a)(b)		6,803	$	169,871
Amicus Therapeutics, Inc.(a)		25,479		139,115
DBV Technologies SA (Sponsored ADR)(a)		4,235		138,146
Neurocrine Biosciences, Inc.(a)		6,100		277,245
Otonomy, Inc.(a)		9,246		146,827
Prothena Corp. PLC(a)(b)		4,540		158,718
Radius Health, Inc.(a)(b)		5,030		184,853
Sage Therapeutics, Inc.(a)		5,346		161,075
Seres Therapeutics, Inc.(a)(b)		5,660		164,423
TESARO, Inc.(a)(b)		4,168		350,320
Ultragenyx Pharmaceutical, Inc.(a)		4,053		198,232
				2,345,249
HEALTH CARE EQUIPMENT & SUPPLIES–7.7%
Align Technology, Inc.(a)		7,881		634,815
DENTSPLY SIRONA, Inc.		5,053		313,488
DexCom, Inc.(a)		7,191		570,462
Glaukos Corp.(a)		7,890		230,072
Nevro Corp.(a)		8,669		639,425
Penumbra, Inc.(a)		3,798		225,981
Zeltiq Aesthetics, Inc.(a)(b)		16,030		438,100
				3,052,343
HEALTH CARE PROVIDERS & SERVICES–5.0%
Acadia Healthcare Co., Inc.(a)		8,664		479,986
Amsurg Corp.(a)		7,320		567,593
Diplomat Pharmacy, Inc.(a)(b)		11,787		412,545
Premier, Inc.–Class A(a)		15,026		491,350
				1,951,474
LIFE SCIENCES TOOLS & SERVICES–1.1%
ICON PLC(a)		5,932		415,299
PHARMACEUTICALS–2.5%
Aerie Pharmaceuticals, Inc.(a)(b)		8,760		154,176
Akorn, Inc.(a)		17,807		507,233
GW Pharmaceuticals PLC (ADR)(a)(b)		1,658		151,823
Medicines Co. (The)(a)		5,240		176,221
				989,453
				8,753,818
CONSUMER DISCRETIONARY–22.0%
DISTRIBUTORS–1.3%
Pool Corp.		5,397		507,480
DIVERSIFIED CONSUMER SERVICES–3.1%
2U, Inc.(a)(b)		18,120		532,909
Bright Horizons Family Solutions, Inc.(a)		10,415		690,619
				1,223,528
HOTELS, RESTAURANTS & LEISURE–9.3%
Buffalo Wild Wings, Inc.(a)		2,982		414,349

3

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Dave & Buster’s Entertainment, Inc.(a)		11,517	$	538,881
Diamond Resorts International, Inc.(a)(b)		22,360		669,906
Planet Fitness, Inc.(a)(b)		32,008		604,311
Texas Roadhouse, Inc.–Class A		12,410		565,896
Vail Resorts, Inc.		3,680		508,686
Zoe’s Kitchen, Inc.(a)		10,445		378,840
				3,680,869
HOUSEHOLD DURABLES–0.9%
Tempur Sealy International, Inc.(a)		6,257		346,137
MEDIA–2.3%
IMAX Corp.(a)		13,035		384,272
National CineMedia, Inc.		34,030		526,784
				911,056
MULTILINE RETAIL–1.1%
Ollie’s Bargain Outlet Holdings, Inc.(a)		16,852		419,446
SPECIALTY RETAIL–4.0%
Five Below, Inc.(a)		14,405		668,536
Lithia Motors, Inc.–Class A		6,090		432,816
Tile Shop Holdings, Inc.(a)		24,970		496,404
				1,597,756
				8,686,272
INDUSTRIALS–14.1%
AEROSPACE & DEFENSE–1.3%
Hexcel Corp.		12,574		523,581
CONSTRUCTION & ENGINEERING–1.7%
Dycom Industries, Inc.(a)		7,473		670,776
INDUSTRIAL CONGLOMERATES–1.5%
Carlisle Cos., Inc.		5,365		566,973
MACHINERY–5.7%
Astec Industries, Inc.		2,660		149,359
IDEX Corp.		6,323		519,118
Lincoln Electric Holdings, Inc.		7,429		438,905
Middleby Corp. (The)(a)		3,366		387,932
Nordson Corp.		3,510		293,471
RBC Bearings, Inc.(a)		6,381		462,623
				2,251,408
MARINE–1.1%
Kirby Corp.(a)		7,098		442,844
ROAD & RAIL–1.0%
Genesee & Wyoming, Inc.–Class A(a)		6,924		408,170
TRADING COMPANIES & DISTRIBUTORS–1.8%
H&E Equipment Services, Inc.		23,664		450,326
SiteOne Landscape Supply, Inc.(a)		7,143		242,791
				693,117
				5,556,869
FINANCIALS–5.9%
BANKS–4.5%
PrivateBancorp, Inc.		10,253	$	451,440
Signature Bank/New York NY(a)		3,534		441,467
SVB Financial Group(a)		4,721		449,250
Western Alliance Bancorp(a)		13,452		439,208
				1,781,365
CAPITAL MARKETS–1.4%
Houlihan Lokey, Inc.		11,980		267,992
Stifel Financial Corp.(a)		8,517		267,860
				535,852
				2,317,217
MATERIALS–2.9%
CHEMICALS–1.7%
PolyOne Corp.		19,202		676,679
CONSTRUCTION MATERIALS–1.2%
Summit Materials, Inc.–Class A(a)		23,248		475,654
				1,152,333
ENERGY–2.2%
ENERGY EQUIPMENT & SERVICES–1.5%
Dril-Quip, Inc.(a)		4,777		279,120
Oil States International, Inc.(a)		9,581		315,024
				594,144
OIL, GAS & CONSUMABLE FUELS–0.7%
Matador Resources Co.(a)		14,195		281,061
				875,205
CONSUMER STAPLES–1.5%
FOOD & STAPLES RETAILING–0.9%
Chefs’ Warehouse, Inc. (The)(a)		21,932		350,912
FOOD PRODUCTS–0.6%
Freshpet, Inc.(a)(b)		28,185		262,966
				613,878
Total Common Stocks (cost $35,354,366)				38,439,148

4

AB Variable Products Series Fund

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–1.7%
TIME DEPOSIT–1.7%
State Street Bank & Trust Co. 0.01%, 7/01/16 (cost $652,177)	$	652	$	652,177
Total Investments Before Security Lending Collateral for Securities Loaned–99.0% (cost $36,006,543)				39,091,325
Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–9.6%
INVESTMENT COMPANIES–9.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(c)(d) (cost $3,815,439)		3,815,439	$	3,815,439
TOTAL INVESTMENTS–108.6% (cost $39,821,982)				42,906,764
Other assets less liabilities–(8.6)%				(3,409,240	)
NET ASSETS–100.0%			$	39,497,524

(a) Non-income producing security.

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

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

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

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

5

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $36,006,543)	$	39,091,325	(a)
Affiliated issuers (cost $3,815,439—investment of cash collateral for securities loaned)		3,815,439
Receivable for investment securities sold		1,023,213
Dividends and interest receivable		17,138
Receivable for capital stock sold		10,410
Total assets		43,957,525
LIABILITIES
Payable for collateral received on securities loaned		3,815,439
Payable for capital stock redeemed		303,911
Payable for investment securities purchased		218,270
Advisory fee payable		24,749
Administrative fee payable		11,524
Distribution fee payable		3,720
Transfer Agent fee payable		112
Accrued expenses		82,276
Total liabilities		4,460,001
NET ASSETS	$	39,497,524
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,429
Additional paid-in capital		27,101,607
Accumulated net investment loss		(194,022	)
Accumulated net realized gain on investment transactions		9,502,728
Net unrealized appreciation on investments		3,084,782
	$	39,497,524

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	21,786,113		1,303,286	$	16.72
B	$	17,711,411		1,126,166	$	15.73

(a) Includes securities on loan with a value of $3,873,583 (see Note E).

See notes to financial statements.

6

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	79,993
Affiliated issuers		9,427
Interest		31
Securities lending income		31,069
		120,520
EXPENSES
Advisory fee (see Note B)		146,369
Distribution fee—Class B		21,686
Transfer agency—Class A		1,378
Transfer agency—Class B		1,104
Custodian		52,713
Administrative		24,058
Audit and tax		19,321
Printing		19,139
Legal		14,938
Directors’ fees		10,665
Miscellaneous		2,413
Total expenses		313,784
Less: expenses waived and reimbursed by the Adviser (see Note E)		(113	)
Net expenses		313,671
Net investment loss		(193,151	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(1,964,320	)
Net change in unrealized appreciation/depreciation of investments		393,391
Net loss on investment transactions		(1,570,929	)
NET DECREASE IN NET ASSETS FROM OPERATIONS	$	(1,764,080	)

See notes to financial statements.

7

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December  31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(193,151	)	$	(654,614	)
Net realized gain (loss) on investment transactions		(1,964,320	)		12,572,660
Net change in unrealized appreciation/depreciation of investments		393,391			(9,669,123	)
Net increase (decrease) in net assets from operations		(1,764,080	)		2,248,923
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(4,652,679	)
Class B		–0	–		(4,645,523	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(3,628,854	)		(35,877,934	)
Total decrease		(5,392,934	)		(42,927,213	)
NET ASSETS
Beginning of period		44,890,458			87,817,671
End of period (including accumulated net investment loss of ($194,022) and ($871), respectively)	$	39,497,524		$	44,890,458

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

Effective February 1, 2013, the Portfolio was closed to new investments except that Contractholders of variable products with investment options that included the Portfolio as of January 31, 2013, may continue to purchase shares of the Portfolio in accordance with the procedures for the purchase of shares in the prospectus of the separate account in which they invest, including through reinvestment of dividends and capital gains distributions. Effective August 10, 2015, the Portfolio reopened to new investors.

The Portfolio may (i) make additional exceptions that, in the Adviser’s judgment, do not adversely affect the Adviser’s ability to manage the Portfolio; (ii) reject any investment or refuse any exception, including those detailed above, that the Adviser believes will adversely affect its ability to manage the Portfolio; and (iii) close and/or reopen the Portfolio to new or existing Contractholders at any time.

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

1. Security Valuation

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

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

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. 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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

38,439,148

$

–0

–

$

–0

–

$

38,439,148

Short-Term Investments

–0

–

652,177

–0

–

652,177

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

3,815,439

–0

–

–0

–

3,815,439

Total Investments in Securities

42,254,587

652,177

–0

–

42,906,764

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

42,254,587

$

652,177

$

–0

–

$

42,906,764

(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 a 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, 2016, the reimbursement for such services amounted to $24,058.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $22,880, of which $4 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	11,377,470		$	15,905,649
U.S. government securities		–0	–		–0	–

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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	$	5,205,730
Gross unrealized depreciation		(2,120,948	)
Net unrealized appreciation	$	3,084,782

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, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $3,873,583 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $3,815,439. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $31,069, $9,204 and $223 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $113. A principal risk of lending portfolio securities is that the borrower will fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the

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

loaned securities. A summary of the Portfolio’s transactions in shares of AB Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	6,123	$	22,527	$	23,332	$	5,318	$	0

A summary of the Portfolio’s transactions in shares of the AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	5,318	$	277	$	1,780	$	3,815

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		33,658			109,537		$	523,288		$	2,314,166
Shares issued in reinvestment of distributions		–0	–		250,009			–0	–		4,652,679
Shares redeemed		(176,700	)		(251,352	)		(2,788,809	)		(5,082,439	)
Net increase (decrease)		(143,042	)		108,194		$	(2,265,521	)	$	1,884,406
Class B
Shares sold		53,844			89,296		$	800,982		$	1,771,592
Shares issued in reinvestment of distributions		–0	–		264,702			–0	–		4,645,523
Shares redeemed		(145,626	)		(2,124,812	)		(2,164,315	)		(44,179,455	)
Net decrease		(91,782	)		(1,770,814	)	$	(1,363,333	)	$	(37,762,340	)

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.

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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Net long-term capital gains	$	9,298,202	$	8,844,935
Total taxable distributions paid	$	9,298,202	$	8,844,935

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed net capital gain	$	12,365,956
Unrealized appreciation/(depreciation)		1,791,613	(a)
Total accumulated earnings/(deficit)	$	14,157,569

(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 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, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.31			$20.97			$23.47			$18.96			$17.09			$16.36
Income From Investment Operations
Net investment loss (a)		(.07	)(b)		(.19	)		(.15	)		(.21	)		(.12	)		(.15	)
Net realized and unrealized gain (loss) on investment transactions		(.52	)		.18			(.30	)		8.30			2.69			.88
Net increase (decrease) in net asset value from operations		(.59	)		(.01	)		(.45	)		8.09			2.57			.73
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(3.65	)		(2.05	)		(3.58	)		(.70	)		–0	–
Net asset value, end of period		$16.72			$17.31			$20.97			$23.47			$18.96			$17.09
Total Return
Total investment return based on net asset value (c)		(3.41	)%*		(1.25	)%*		(1.81	)%*		45.66	%*		15.02	%		4.46	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$21,787			$25,033			$28,055			$33,510			$27,479			$29,369
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.50	%^		1.31	%		1.11	%		1.17	%		1.18	%		1.18	%
Expenses, before waivers/reimbursements		1.50	%^		1.31	%		1.11	%		1.17	%		1.18	%		1.18	%
Net investment loss		(.88	)%^(b)		(.92	)%		(.67	)%		(.96	)%		(.64	)%		(.85	)%
Portfolio turnover rate		29	%		72	%		84	%		81	%		105	%		92	%

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$16.30			$20.00			$22.54			$18.36			$16.61			$15.94
Income From Investment Operations
Net investment loss (a)		(.08	)(b)		(.22	)		(.19	)		(.25	)		(.16	)		(.19	)
Net realized and unrealized gain (loss) on investment transactions		(.49	)		.17			(.30	)		8.01			2.61			.86
Net increase (decrease) in net asset value from operations		(.57	)		(.05	)		(.49	)		7.76			2.45			.67
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(3.65	)		(2.05	)		(3.58	)		(.70	)		–0	–
Net asset value, end of period		$15.73			$16.30			$20.00			$22.54			$18.36			$16.61
Total Return
Total investment return based on net asset value (c)		(3.50	)%*		(1.53	)%*		(2.08	)%*		45.33	%*		14.73	%		4.20	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$17,711			$19,857			$59,763			$38,128			$26,450			$29,665
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.75	%^		1.48	%		1.34	%		1.43	%		1.43	%		1.43	%
Expenses, before waivers/reimbursements		1.75	%^		1.48	%		1.34	%		1.43	%		1.43	%		1.43	%
Net investment loss		(1.13	)%^(b)		(1.10	)%		(.89	)%		(1.21	)%		(.89	)%		(1.11	)%
Portfolio turnover rate		29	%		72	%		84	%		81	%		105	%		92	%

(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.

* 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, 2016 and years ended December 31, 2015, December 31, 2014, December 31, 2013 and December 31, 2011 by 0.04%, 0.02%, 0.01%, 0.23% and 0.09%, respectively.

^ Annualized.

See notes to financial statements.

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 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

18

AB Variable Products Series Fund

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were

19

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

lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. After reviewing and discussing the Adviser’s explanations of the reasons that the Fund’s expense ratio was above the medians, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

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

20

SMALL CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Small Cap Growth Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.”Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
Small Cap Growth Portfolio	Growth	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$	39.7

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,834 (0.079% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

21

SMALL CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Set forth below are the Portfolio’s total expense ratios for the most recently completed fiscal year:

Portfolio	Total Expense Ratio	Fiscal Year
Small Cap Growth Portfolio	Class A    1.31%	December 31
	Class B    1.48%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)	AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Small Cap Growth Portfolio	$39.7	U.S. Small Cap Growth Schedule 1.00% on first $50m 0.85% on the next $50m 0.75% on the balance Minimum account size $25m		1.000	%		0.750	%

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

22

AB Variable Products Series Fund

The Adviser also manages AB Cap Fund, Inc.—Small Cap Growth Portfolio (“Cap Fund, Inc.—Small Cap Growth Portfolio”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below is the fee schedule of Cap Fund, Inc.—Small Cap Growth Portfolio. Since the Portfolio has an identical fee schedule to Cap Fund, Inc.—Small Cap Growth Portfolio, the effective fee of the Portfolio is the same as that of Cap Fund, Inc.—Small Cap Growth Portfolio.⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Small-Cap Growth Portfolio	Cap Fund, Inc.—Small Cap Growth Portfolio	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750	%

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families. The Adviser charges the fees set forth below for the sub-advisory relationships that have a somewhat similar investment style as the Portfolio. Also shown are the Portfolio’s advisory fee and what would have been the effective advisory fees of the Portfolio had the fee schedules of the sub-advisory relationships been applicable to the Portfolio based on March 31, 2016 net assets.

Portfolio	Sub-Advised Fund	Fee Schedule	Effective Sub-Adv. Fee		Portfolio Adv. Fee
Small Cap Growth Portfolio	Client #17,8	0.60% on first $1 billion 0.55% on next $500 million 0.50% on next $500 million 0.45% on next $500 million 0.40% on the balance		0.600%		0.750%
	Client #27	0.55% of average daily net assets		0.550%		0.750%
	Client #3	0.65% on 1st $25 million 0.60% on next $75 million 0.55% on the balance		0.631%		0.750%
	Client #4	0.45% of average daily net assets		0.450%		0.750%

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser. In addition, to the extent that certain of these sub-advisory relationships are with affiliates of the Adviser, the fee schedules may not reflect arm’s length bargaining or negotiations.

While it appears that the sub-advisory relationships are paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such lower fees due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationships. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management, generally required by a registered investment company.

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has an identical advisory fee schedule as the retail mutual fund.

7 The client is an affiliate of the Adviser.

8 Assets are aggregated with other client portfolios for purposes of calculating the investment advisory fee.

23

SMALL CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.^9,10 Broadridge’s analysis included the comparison of the Portfolio’s contractual management fee, estimated at the approximate current asset level of the Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”)¹¹ and the Fund’s contractual management fee ranking.¹²

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, Lipper investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)13		Broadridge EG Median (%)		Broadridge EG Rank
Small Cap Growth Portfolio		0.750		0.862		1/13

Broadridge also compared the Portfolio’s total expense ratio to the medians of the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classifications/objective and load type as the subject Portfolio.¹⁴

Portfolio	Expense Ratio (%)15		Broadridge EG Median (%)		Broadridge Group Rank		Broadridge EU Median (%)		Broadridge EU Rank
Small Cap Growth Portfolio		1.310		0.990		13/13		0.936		34/34

Based on this analysis, the Portfolio has a more favorable ranking on contractual management fee basis than they do on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

9 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

10 On June 5, 2015, Broadridge acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) reports, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classification/objective remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continued to be determined by Lipper.

11 Broadridge does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. There are limitations to Lipper expense category data because different funds categorize expenses differently.

12 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at the hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that Portfolio had the lowest effective fee rate in the Broadridge peer group.

13 The contractual management fee does not reflect any expense reimbursements made by the Portfolio to the Adviser for certain clerical, legal, accounting, administrative and other services.

14 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

15 Most recently completed fiscal year end Class A total expense ratio.

24

AB Variable Products Series Fund

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $91,109 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $203,086 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁶

The Portfolio effected brokerage transactions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) and/or its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” and paid commissions during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted with the Portfolio is comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base

16 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 in 2015.

25

SMALL CAP GROWTH PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

In February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^17,18 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁹ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information prepared by Broadridge shows the 1, 3, 5 and 10 year performance returns and rankings of the Portfolio²⁰ relative to its Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²¹ for the periods ended February 29, 2016.²²

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Small Cap Growth Portfolio
1 year		–19.21		–17.98		–15.74		9/13		30/39
3 year		4.60		7.46		6.50		7/11		25/36
5 year		6.28		6.36		6.63		7/11		19/34
10 year		5.86		6.26		5.86		6/9		16/31

17 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1): 109-133 (2002).

18 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones V. Harris at 1429.

19 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

20 The performance rankings are for the Class A shares of the Portfolio. The Portfolio’s performance returns shown were provided by Broadridge.

21 The Portfolio’s PG is identical to the Portfolio’s respective EG. The Portfolio’s PU is not identical to the Portfolio’s EU as the criteria for including/excluding a fund from a PU is somewhat different from that of an EU.

22 The current Lipper investment classification/objective dictates the PG and PU throughout the life of the fund even if a fund had a different investment classification/objective at a different point in time.

26

AB Variable Products Series Fund

Set forth below are the 1, 3, 5, 10 year and since inception performance returns of the Portfolio (in bold)²³ versus its benchmark.²⁴ Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²⁵

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Small Cap Growth Portfolio		–19.22		4.60		6.28		5.86		5.32		21.45		0.32		10
Russell 2000 Growth Index		–16.65		7.05		6.90		5.72		5.66		19.45		0.37		10
Inception Date: August 5, 1996

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. The Senior Officer noted that the Portfolio had a relatively high total expense ratio compared to its Broadridge peers, and recommended that the Directors consider discussing with the Adviser possible actions to reduce the Portfolio’s total expense ratio. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

23 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

24 The Adviser provided Portfolio and benchmark performance return information for periods through February 29, 2016.

25 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. The Sharpe Ratio is a risk adjusted measure of return that divides a portfolio’s return in excess of the riskless return by the portfolio’s standard deviation. A portfolio with a greater volatility would be viewed as more risky than a portfolio with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky portfolio. A portfolio with a higher Sharpe Ratio would be viewed as better performing than a portfolio with a lower Sharpe Ratio.

27

VPS-SCG-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,054.40	$	4.24		0.83	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.74	$	4.17		0.83	%
Class B
Actual	$	1,000	$	1,053.10	$	5.51		1.08	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.49	$	5.42		1.08	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Southwest Gas Corp.	$	10,322,030		1.8	%
Westar Energy, Inc.		9,701,046		1.6
Gramercy Property Trust		9,486,034		1.6
Gulfport Energy Corp.		9,253,585		1.6
QEP Resources, Inc.		9,246,583		1.6
Ingredion, Inc.		9,092,864		1.5
Helmerich & Payne, Inc.		8,906,137		1.5
NCR Corp.		8,787,261		1.5
Oshkosh Corp.		8,761,464		1.5
Booz Allen Hamilton Holding Corp.		8,737,872		1.5
	$	92,294,876		15.7	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	129,653,565		22.4	%
Consumer Discretionary		109,478,549		18.9
Information Technology		106,025,717		18.3
Industrials		91,279,275		15.8
Energy		47,104,101		8.2
Utilities		28,683,903		5.0
Health Care		26,814,181		4.6
Materials		17,584,890		3.0
Consumer Staples		9,092,864		1.6
Short-Term Investments		12,788,397		2.2
Total Investments	$	578,505,442		100.0	%

* Long-term investments.

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

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

2

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–96.1%
FINANCIALS–22.0%
BANKS–9.0%
Associated Banc-Corp.		328,170	$	5,628,115
Comerica, Inc.		185,020		7,609,873
First Niagara Financial Group, Inc.		357,060		3,477,764
Fulton Financial Corp.		407,060		5,495,310
Huntington Bancshares, Inc./OH		864,000		7,724,160
Synovus Financial Corp.		162,650		4,715,224
Texas Capital Bancshares, Inc.(a)		99,470		4,651,217
Webster Financial Corp.		186,362		6,326,990
Zions Bancorporation		299,900		7,536,487
				53,165,140
CONSUMER FINANCE–0.6%
OneMain Holdings, Inc.(a)		152,820		3,487,352
INSURANCE–7.1%
American Financial Group, Inc./OH		96,180		7,110,587
CNO Financial Group, Inc.		228,440		3,988,562
First American Financial Corp.		202,270		8,135,300
Hanover Insurance Group, Inc. (The)		82,020		6,940,532
Reinsurance Group of America, Inc.–Class A		74,840		7,258,732
Validus Holdings Ltd.		176,922		8,596,640
				42,030,353
REAL ESTATE INVESTMENT TRUSTS (REITs)–4.0%
DDR Corp.		304,750		5,528,165
Gramercy Property Trust		1,028,854		9,486,034
Mid-America Apartment Communities, Inc.		80,270		8,540,728
				23,554,927
THRIFTS & MORTGAGE FINANCE–1.3%
Essent Group Ltd.(a)		340,018		7,415,793
				129,653,565
CONSUMER DISCRETIONARY–18.6%
AUTO COMPONENTS–2.6%
Dana Holding Corp.		400,260		4,226,746
Lear Corp.		55,910		5,689,401
Tenneco, Inc.(a)		118,530		5,524,683
				15,440,830
DIVERSIFIED CONSUMER SERVICES–0.6%
Sotheby’s(b)		137,985		3,780,789
HOTELS, RESTAURANTS & LEISURE–2.2%
Bloomin’ Brands, Inc.		448,679		8,017,894
Brinker International, Inc.		112,464		5,120,486
				13,138,380
HOUSEHOLD DURABLES–3.2%
Helen of Troy Ltd.(a)		47,090	$	4,842,736
Meritage Homes Corp.(a)		166,740		6,259,420
PulteGroup, Inc.		379,560		7,397,624
				18,499,780
INTERNET & CATALOG RETAIL–0.9%
Shutterfly, Inc.(a)		112,630		5,249,684
MEDIA–2.3%
Regal Entertainment Group–Class A(b)		330,850		7,291,934
Scholastic Corp.		150,930		5,978,337
				13,270,271
MULTILINE RETAIL–1.2%
Big Lots, Inc.		143,170		7,174,249
SPECIALTY RETAIL–4.4%
Caleres, Inc.		218,770		5,296,422
Children’s Place, Inc. (The)		106,529		8,541,495
Michaels Cos., Inc. (The)(a)		254,040		7,224,898
Office Depot, Inc.(a)		1,435,810		4,752,531
				25,815,346
TEXTILES, APPAREL & LUXURY GOODS–1.2%
Crocs, Inc.(a)		630,250		7,109,220
				109,478,549
INFORMATION TECHNOLOGY–18.0%
COMMUNICATIONS EQUIPMENT–3.0%
Finisar Corp.(a)		442,330		7,745,198
Infinera Corp.(a)		332,920		3,755,338
Polycom, Inc.(a)		528,180		5,942,025
				17,442,561
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–5.2%
Anixter International, Inc.(a)		135,550		7,222,104
CDW Corp./DE		177,710		7,122,617
Keysight Technologies, Inc.(a)		214,280		6,233,405
TTM Technologies, Inc.(a)		507,579		3,822,070
Vishay Intertechnology, Inc.		516,600		6,400,674
				30,800,870
IT SERVICES–3.5%
Amdocs Ltd.		135,630		7,828,563
Booz Allen Hamilton Holding Corp.		294,800		8,737,872
Genpact Ltd.(a)		139,740		3,750,622
				20,317,057

3

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.6%
Advanced Micro Devices, Inc.(a)(b)		550,350	$	2,828,799
Cypress Semiconductor Corp.(b)		770,940		8,133,417
Lam Research Corp.(b)		41,430		3,482,606
Qorvo, Inc.(a)		126,180		6,972,707
				21,417,529
SOFTWARE–1.2%
Verint Systems, Inc.(a)		219,150		7,260,439
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.5%
NCR Corp.(a)		316,430		8,787,261
				106,025,717
INDUSTRIALS–15.5%
AEROSPACE & DEFENSE–2.0%
B/E Aerospace, Inc.		145,900		6,736,933
Esterline Technologies Corp.(a)		81,610		5,063,084
				11,800,017
AIRLINES–0.4%
SkyWest, Inc.		93,791		2,481,710
COMMERCIAL SERVICES & SUPPLIES–1.3%
ABM Industries, Inc.		206,370		7,528,378
CONSTRUCTION & ENGINEERING–5.0%
AECOM(a)		254,355		8,080,858
EMCOR Group, Inc.		127,740		6,292,472
Granite Construction, Inc.		80,860		3,683,173
Quanta Services, Inc.(a)		306,470		7,085,587
Tutor Perini Corp.(a)		177,760		4,186,248
				29,328,338
ELECTRICAL EQUIPMENT–0.7%
Regal Beloit Corp.		79,640		4,384,182
MACHINERY–2.5%
ITT, Inc.		185,360		5,927,813
Oshkosh Corp.		183,640		8,761,464
				14,689,277
ROAD & RAIL–1.5%
Ryder System, Inc.		72,620		4,439,987
Werner Enterprises, Inc.		181,980		4,180,080
				8,620,067
TRADING COMPANIES & DISTRIBUTORS–2.1%
MRC Global, Inc.(a)		614,750		8,735,598
WESCO International, Inc.(a)		72,086		3,711,708
				12,447,306
				91,279,275
ENERGY–8.0%
ENERGY EQUIPMENT & SERVICES–3.8%
Helmerich & Payne, Inc.(b)		132,670	$	8,906,137
Oil States International, Inc.(a)		195,070		6,413,901
RPC, Inc.(a)(b)		451,430		7,010,708
				22,330,746
OIL, GAS & CONSUMABLE FUELS–4.2%
Gulfport Energy Corp.(a)		296,020		9,253,585
QEP Resources, Inc.		524,480		9,246,583
Synergy Resources Corp.(a)		941,920		6,273,187
				24,773,355
				47,104,101
UTILITIES–4.9%
ELECTRIC UTILITIES–3.1%
PNM Resources, Inc.		244,380		8,660,827
Westar Energy, Inc.		172,955		9,701,046
				18,361,873
GAS UTILITIES–1.8%
Southwest Gas Corp.		131,140		10,322,030
				28,683,903
HEALTH CARE–4.6%
HEALTH CARE PROVIDERS & SERVICES–3.4%
LifePoint Health, Inc.(a)		99,525		6,505,949
Molina Healthcare, Inc.(a)		146,880		7,329,312
WellCare Health Plans, Inc.(a)		55,070		5,907,910
				19,743,171
LIFE SCIENCES TOOLS & SERVICES–1.2%
ICON PLC(a)		101,000		7,071,010
				26,814,181
MATERIALS–3.0%
CHEMICALS–1.7%
A. Schulman, Inc.		72,936		1,781,097
Huntsman Corp.		397,790		5,350,276
Ingevity Corp.(a)		75,654		2,575,262
				9,706,635
CONTAINERS & PACKAGING–1.3%
Graphic Packaging Holding Co.		628,250		7,878,255
				17,584,890
CONSUMER STAPLES–1.5%
FOOD PRODUCTS–1.5%
Ingredion, Inc.		70,264		9,092,864
Total Common Stocks (cost $503,444,951)				565,717,045
	Principal Amount (000)
SHORT-TERM INVESTMENTS–2.2%
TIME DEPOSIT–2.2%
State Street Time Deposit 0.01%, 7/01/16 (cost $12,788,397)	$	12,788		12,788,397

4

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral for Securities Loaned–98.3% (cost $516,233,348)			$	578,505,442
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–6.6%
INVESTMENT COMPANIES–6.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(c)(d) (cost $39,002,562)		39,002,562		39,002,562
TOTAL INVESTMENTS–104.9% (cost $555,235,910)				617,508,004
Other assets less liabilities–(4.9)%				(29,085,288	)
NET ASSETS–100.0%			$	588,422,716

(a) Non-income producing security.

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

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

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

See notes to financial statements.

5

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $516,233,348)	$	578,505,442	(a)
Affiliated issuers (cost $39,002,562—investment of cash collateral for securities loaned)		39,002,562
Receivable for investment securities sold		12,252,229
Receivable for capital stock sold		3,459,641
Dividends and interest receivable		740,654
Total assets		633,960,528
LIABILITIES
Payable for collateral received on securities loaned		39,002,562
Payable for investment securities purchased		5,813,567
Advisory fee payable		364,829
Payable for capital stock redeemed		156,050
Distribution fee payable		80,867
Administrative fee payable		11,524
Transfer Agent fee payable		112
Accrued expenses		108,301
Total liabilities		45,537,812
NET ASSETS	$	588,422,716
COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,484
Additional paid-in capital		480,619,460
Undistributed net investment income		4,254,724
Accumulated net realized gain on investment transactions		41,243,954
Net unrealized appreciation on investments		62,272,094
	$	588,422,716

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	197,206,792		10,817,415	$	18.23
B	$	391,215,924		21,666,605	$	18.06

(a) Includes securities on loan with a value of $39,267,139 (see Note E).

See notes to financial statements.

6

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	4,220,026
Affiliated issuers		42,947
Interest		569
Securities lending income		72,811
		4,336,353
EXPENSES
Advisory fee (see Note B)		2,113,770
Distribution fee—Class B		470,366
Transfer agency—Class A		1,195
Transfer agency—Class B		2,399
Custodian		64,003
Printing		54,807
Legal		25,446
Administrative		24,058
Audit and tax		21,357
Directors’ fees		10,665
Miscellaneous		10,076
Total expenses		2,798,142
Less: expenses waived and reimbursed by the Adviser (see Note E)		(785	)
Net expenses		2,797,357
Net investment income		1,538,996
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		7,801,065
Net change in unrealized appreciation/depreciation of investments		20,130,814
Net gain on investment transactions		27,931,879
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	29,470,875

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, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,538,996		$	2,465,450
Net realized gain on investment transactions		7,801,065			35,036,368
Net change in unrealized appreciation/depreciation of investments		20,130,814			(72,068,219	)
Net increase (decrease) in net assets from operations		29,470,875			(34,566,401	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(1,618,764	)
Class B		–0	–		(2,200,891	)
Net realized gain on investment transactions
Class A		–0	–		(32,902,934	)
Class B		–0	–		(67,713,766	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(19,310,967	)		58,207,721
Total increase (decrease)		10,159,908			(80,795,035	)
NET ASSETS
Beginning of period		578,262,808			659,057,843
End of period (including undistributed net investment income of $4,254,724 and $2,715,728, respectively)	$	588,422,716		$	578,262,808

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

9

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

565,717,045

$

–0

–

$

–0

–

$

565,717,045

Short-Term Investments

–0

–

12,788,397

–0

–

12,788,397

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

39,002,562

–0

–

–0

–

39,002,562

Total Investments in Securities

604,719,607

12,788,397

–0

–

617,508,004

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

604,719,607

$

12,788,397

$

–0

–

$

617,508,004

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .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, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2016, the reimbursement for such services amounted to $24,058.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $372,691, 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, 2016 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	168,028,085	$	197,436,895

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	$	87,826,795
Gross unrealized depreciation		(25,554,701	)
Net unrealized appreciation	$	62,272,094

12

AB Variable Products Series Fund

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the six months ended June 30, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $39,267,139 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $39,002,562. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $72,811, $41,319 and $1,628 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the six months ended June 30, 2016, such waiver amounted to $785. A principal risk of lending portfolio securities is that the borrower will 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 Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	29,810	$	113,560	$	105,314	$	38,056	$	0

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 period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	38,056	$	4,322	$	3,375	$	39,003

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		604,521			1,054,614		$	10,556,319		$	21,464,138
Shares issued in reinvestment of dividends and distributions		–0	–		1,883,344			–0	–		34,521,698
Shares redeemed		(855,794	)		(1,512,726	)		(14,734,200	)		(30,568,014	)
Net increase (decrease)		(251,273	)		1,425,232		$	(4,177,881	)	$	25,417,822
Class B
Shares sold		1,222,270			1,448,952		$	21,300,628		$	28,947,051
Shares issued in reinvestment of dividends and distributions		–0	–		3,843,577			–0	–		69,914,657
Shares redeemed		(2,118,241	)		(3,259,605	)		(36,433,714	)		(66,071,809	)
Net increase (decrease)		(895,971	)		2,032,924		$	(15,133,086	)	$	32,789,899

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.

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, 2016.

14

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	9,743,708	$	14,929,994
Net long-term capital gains		94,692,647		64,204,538
Total taxable distributions	$	104,436,355	$	79,134,532

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	3,679,130
Undistributed net capital gain		33,863,712
Unrealized appreciation/(depreciation)		40,757,056	(a)
Total accumulated earnings/(deficit)	$	78,299,898

(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 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, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2015, the Portfolio did not have any capital loss carryforwards.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.29			$21.95			$22.89			$17.67			$15.46			$16.95
Income From Investment Operations
Net investment income (a)		.06	(b)		.11			.17			.16			.13			.09
Net realized and unrealized gain (loss) on investment transactions		.88			(1.11	)		1.82			6.41			2.72			(1.50	)
Net increase (decrease) in net asset value from operations		.94			(1.00	)		1.99			6.57			2.85			(1.41	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.17	)		(.17	)		(.13	)		(.10	)		(.08	)
Distributions from net realized gain on investment transactions		–0	–		(3.49	)		(2.76	)		(1.22	)		(.54	)		–0	–
Total dividends and distributions		–0	–		(3.66	)		(2.93	)		(1.35	)		(.64	)		(.08	)
Net asset value, end of period		$18.23			$17.29			$21.95			$22.89			$17.67			$15.46
Total Return
Total investment return based on net asset value (c)		5.44	%		(5.49	)%		9.20	%		38.06	%*		18.75	%		(8.39	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$197,207			$191,388			$211,680			$217,146			$156,832			$151,754
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.83	%^		.82	%		.82	%		.81	%		.82	%		.83	%
Expenses, before waivers/reimbursements		.83	%^		.82	%		.82	%		.81	%		.82	%		.83	%
Net investment income		.71	%^(b)		.56	%		.75	%		.77	%		.75	%		.56	%
Portfolio turnover rate		30	%		42	%		45	%		56	%		50	%		70	%

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,  2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$17.15			$21.79			$22.74			$17.58			$15.38			$16.87
Income From Investment Operations
Net investment income (a)		.04	(b)		.06			.11			.11			.08			.05
Net realized and unrealized gain (loss) on investment transactions		.87			(1.09	)		1.81			6.36			2.71			(1.50	)
Net increase (decrease) in net asset value from operations		.91			(1.03	)		1.92			6.47			2.79			(1.45	)
Less: Dividends and Distributions
Dividends from net investment income		–0	–		(.12	)		(.11	)		(.09	)		(.05	)		(.04	)
Distributions from net realized gain on investment transactions		–0	–		(3.49	)		(2.76	)		(1.22	)		(.54	)		–0	–
Total dividends and distributions		–0	–		(3.61	)		(2.87	)		(1.31	)		(.59	)		(.04	)
Net asset value, end of period		$18.06			$17.15			$21.79			$22.74			$17.58			$15.38
Total Return
Total investment return based on net asset value (c)		5.31	%		(5.69	)%		8.95	%		37.63	%*		18.47	%		(8.62	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$391,216			$386,875			$447,378			$472,677			$347,784			$324,145
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.08	%^		1.07	%		1.07	%		1.06	%		1.07	%		1.08	%
Expenses, before waivers/reimbursements		1.08	%^		1.07	%		1.07	%		1.06	%		1.07	%		1.08	%
Net investment income		.46	%^(b)		.31	%		.49	%		.51	%		.51	%		.31	%
Portfolio turnover rate.		30	%		42	%		45	%		56	%		50	%		70	%

(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.

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the year ended December 31, 2013 by 0.01%.

^ Annualized.

See notes to financial statements.

17

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

18

AB Variable Products Series Fund

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or expense reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of

19

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

20

SMALL/MID CAP VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Small/Mid Cap Value Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.” Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 3/31/16 ($MIL)
Small/Mid Cap Value Portfolio	Specialty	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance	$591.5

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,834 (0.008% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

21

SMALL/MID CAP VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

The Adviser has agreed to waive that portion of its management fees and/or reimburse the Portfolio for that portion of its total operating expenses to the degree necessary to limit the Portfolio’s expense ratios to the amounts set forth below for the Portfolio’s fiscal year. The waiver is terminable by the Adviser upon at least 60 days’ notice prior to the Portfolio’s prospectus update. The Portfolio was operating below its expense caps during the most recently completed fiscal year; accordingly the expense limitation undertakings of the Portfolio were of no effect. In addition, set forth below are the gross expense ratios of the Portfolio for the most recently completed fiscal year:

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Gross Expense Ratio		Fiscal Year End
Small/Mid Cap Value Portfolio	Class A    1.20%		0.82%	December 31
	Class B    1.45%		1.07%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

22

AB Variable Products Series Fund

addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)		AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Small/Mid Cap Value Portfolio		$591.5	Small & Mid Cap Value Schedule		0.584	%		0.750	%
			0.95% on first $25m
			0.75% on the next $25m
			0.65% on the next $50m
			0.55% on the balance
			Minimum account size $25m

The Adviser also manages AB Trust, Inc.—Discovery Value Fund (“Discovery Value Fund”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below is the fee schedule of Discovery Value Fund. Since the Portfolio’s fee schedule is identical as Discovery Value Fund, the effective fee of the Portfolio is the same as that of Discovery Value Fund.⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Small/Mid Cap Value Portfolio	Discovery Value Fund	0.75% on first $2.5 billion 0.65% on next $2.5 billion 0.60% on the balance		0.750%

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families that have an investment style similar to that of the Portfolio. The Adviser charges the fees set forth below for the sub-advisory relationships that have a somewhat similar investment style as the Portfolio. Also shown are the Portfolio’s advisory fee and what would have been the effective advisory fees of the Portfolio had the fee schedules of the sub-advisory relationships been applicable to the Portfolio based on March 31, 2016 net assets.

Portfolio		Fee Schedule	Effective Sub-Adv. Fee		Portfolio Advisory Fee
Small/Mid Cap Value Portfolio	Client #1	0.50% on the first $250 million 0.45% on the balance		0.471%		0.750%
	Client #2	0.95% on the first $10 million 0.75% on the next $40 million 0.65% on the next $50 million 0.55% on the balance		0.579%		0.750%
	Client #3	0.61% on the first $150 million 0.50% on the balance		0.528%		0.750%

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser.

While it appears that the sub-advisory relationships are paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such lower fees due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationships. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different feel level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management generally required by a registered investment company.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYAG. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

23

SMALL/MID CAP VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.^7,8 Broadridge’s analysis included the comparison of the Portfolio’s contractual management fee, estimated at the approximate current asset level of the Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”)⁹ and the Fund’s contractual management fee ranking.¹⁰

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, Lipper investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)11		Broadridge EG Median (%)		Broadridge EG Rank
Small/Mid Cap Value Portfolio		0.750		0.853		3/10

Broadridge also compared the Portfolio’s total expense ratio to the medians of the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classifications/objective and load type as the subject Portfolio.¹²

Portfolio	Expense Ratio (%)13		Broadridge EG Median (%)		Broadridge Group Rank		Broadridge EU Median (%)		Broadridge EU Rank
Small/Mid Cap Value Portfolio		0.815		0.917		4/10		0.929		5/18

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

7 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

8 On June 5, 2015, Broadridge acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) reports, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classification/objective remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continued to be determined by Lipper.

9 Broadridge does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. There are limitations to Lipper expense category data because different funds categorize expenses differently.

10 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at the hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that Portfolio had the lowest effective fee rate in the Broadridge peer group.

11 The contractual management fee does not reflect any expense reimbursements certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waiver or expense cap that would effectively reduce the actual management fee.

12 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

13 Most recently completed fiscal year end Class A total expense ratio.

24

AB Variable Products Series Fund

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio increased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $1,065,897 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $2,174,073 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁴

The Portfolio did not effect brokerage transactions and pay commissions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted in the future with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in

14 The Fund, which includes the Portfolio and other Portfolios of the Fund paid ABIS a fee of $18,000 in 2015.

25

SMALL/MID CAP VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

Previously in February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.^15,16 The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁷ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information prepared by Broadridge shows the 1, 3, 5 and 10 year performance returns and rankings of the Portfolio¹⁸ relative to its Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)¹⁹ for the periods ended February 29, 2016.²⁰

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Small/Mid Cap Value Portfolio
1 year		–11.70		–12.04		–11.83		4/10		10/22
3 year		7.55		5.92		5.81		2/10		4/21
5 year		6.92		6.13		6.09		4/10		7/20
10 year		6.69		5.22		5.22		2/9		3/13

15 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.” Journal of Finance, 57(1):
109-133 (2002).

16 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones v. Harris at 1429.

17 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

18 The performance rankings are for the Class A shares of the Portfolio. The Portfolio’s performance returns shown were provided by Broadridge.

19 The Portfolio’s PG is identical to the Portfolio’s respective EG. The Portfolio’s PU is not identical to the Portfolio’s EU as the criteria for including/excluding a fund from a PU is somewhat different from that of an EU.

20 Lipper investment classification/objective dictates the PG and PU throughout the life of the fund even if the fund had a different investment classification/objective at a different point in time.

26

AB Variable Products Series Fund

Set forth below are the 1, 3, 5, 10 year and since inception performance returns of the Portfolio (in bold)²¹ versus its benchmarks.²² Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²³

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Small/Mid Cap Value Portfolio		–11.70		7.55		6.92		6.69		9.41		20.34		0.36		10
Russell 2500 Value Index		–12.06		5.69		6.85		5.26		8.17		18.48		0.31		10
Russell 2500 Index		–13.30		6.84		7.34		6.02		7.56		N/A		N/A		N/A
Inception Date: May 2, 2001

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

21 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

22 The Adviser provided Portfolio and benchmark performance return information for periods through February 29, 2016.

23 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. The Sharpe Ratio is a risk adjusted measure of return that divides a portfolio’s return in excess of the riskless return by the portfolio’s standard deviation. A portfolio with a greater volatility would be viewed as more risky than a portfolio with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky portfolio. A portfolio with a higher Sharpe Ratio would be viewed as better performing than a portfolio with a lower Sharpe Ratio.

27

VPS-SMCV-0152-0616

JUN    ^06.30.16

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, 2016		Ending Account Value June 30, 2016		Expenses Paid During  Period*		Annualized Expense  Ratio*
Class A
Actual	$	1,000	$	1,009.20	$	4.40		0.88	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.49	$	4.42		0.88	%
Class B
Actual	$	1,000	$	1,007.90	$	5.64		1.13	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.24	$	5.67		1.13	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

1

VALUE PORTFOLIO
TEN LARGEST HOLDINGS*
June 30, 2016 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Bank of America Corp.	$	3,390,989		4.2	%
Wells Fargo & Co.		3,311,586		4.2
Pfizer, Inc.		2,726,627		3.4
Oracle Corp.		2,644,037		3.3
American International Group, Inc.		2,541,470		3.2
Aetna, Inc.		2,524,305		3.2
L-3 Communications Holdings, Inc.		2,297,899		2.9
Allstate Corp. (The)		2,286,875		2.9
Synchrony Financial		2,161,465		2.7
Capital One Financial Corp.		2,136,857		2.7
	$	26,022,110		32.7	%

SECTOR BREAKDOWN^†

June 30, 2016 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	20,665,834		25.6	%
Information Technology		12,065,494		15.0
Energy		10,042,336		12.5
Health Care		7,695,480		9.5
Consumer Discretionary		7,142,930		8.9
Industrials		7,099,852		8.8
Utilities		5,193,247		6.4
Telecommunication Services		4,392,670		5.4
Consumer Staples		2,536,744		3.1
Materials		1,978,000		2.5
Short-Term Investments		1,857,925		2.3
Total Investments	$	80,670,512		100.0	%

* Long-term investments.

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

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

2

VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2016 (unaudited)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.9%
FINANCIALS–25.9%
BANKS–9.6%
Bank of America Corp.		255,538	$	3,390,989
Citizens Financial Group, Inc.		48,249		964,015
Wells Fargo & Co.		69,968		3,311,586
				7,666,590
CONSUMER FINANCE–7.2%
Capital One Financial Corp.		33,646		2,136,857
Discover Financial Services		15,079		808,084
OneMain Holdings, Inc.(a)		27,880		636,222
Synchrony Financial(a)		85,501		2,161,465
				5,742,628
INSURANCE–9.1%
Allstate Corp. (The)		32,693		2,286,875
American International Group, Inc.		48,052		2,541,470
First American Financial Corp.		17,990		723,558
FNF Group		45,459		1,704,713
				7,256,616
				20,665,834
INFORMATION TECHNOLOGY–15.1%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.0%
Keysight Technologies, Inc.(a)		28,979		842,999
IT SERVICES–1.4%
Xerox Corp.		116,444		1,105,054
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.0%
Applied Materials, Inc.		50,451		1,209,311
Intel Corp.		60,938		1,998,766
				3,208,077
SOFTWARE–4.6%
Microsoft Corp.		19,476		996,587
Oracle Corp.		64,599		2,644,037
				3,640,624
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–4.1%
Hewlett Packard Enterprise Co.		84,664		1,546,811
HP, Inc.		90,948		1,141,397
NCR Corp.(a)		20,905		580,532
				3,268,740
				12,065,494
ENERGY–12.6%
ENERGY EQUIPMENT & SERVICES–4.1%
Helmerich & Payne, Inc.(b)		17,919		1,202,902
Schlumberger Ltd.		25,628		2,026,662
				3,229,564
OIL, GAS & CONSUMABLE FUELS–8.5%
Devon Energy Corp.		22,845	$	828,131
EOG Resources, Inc.		19,566		1,632,196
Exxon Mobil Corp.		20,363		1,908,828
Hess Corp.		28,112		1,689,531
Valero Energy Corp.		14,786		754,086
				6,812,772
				10,042,336
HEALTH CARE–9.7%
BIOTECHNOLOGY–1.2%
Gilead Sciences, Inc.		10,774		898,767
HEALTH CARE PROVIDERS & SERVICES–5.1%
Aetna, Inc.		20,669		2,524,305
Anthem, Inc.		4,432		582,099
Cigna Corp.		4,180		534,999
UnitedHealth Group, Inc.		3,036		428,683
				4,070,086
PHARMACEUTICALS–3.4%
Pfizer, Inc.		77,439		2,726,627
				7,695,480
CONSUMER DISCRETIONARY–9.0%
AUTO COMPONENTS–4.0%
Goodyear Tire & Rubber Co. (The)		28,429		729,488
Lear Corp.		10,238		1,041,819
Magna International, Inc. (New York)–Class A		40,890		1,434,012
				3,205,319
MEDIA–2.0%
Comcast Corp.–Class A		23,859		1,555,368
MULTILINE RETAIL–2.5%
Dollar General Corp.		21,136		1,986,784
SPECIALTY RETAIL–0.5%
Office Depot, Inc.(a)		119,474		395,459
				7,142,930
INDUSTRIALS–8.9%
AEROSPACE & DEFENSE–4.1%
B/E Aerospace, Inc.		20,663		954,114
L-3 Communications Holdings, Inc.		15,665		2,297,899
				3,252,013
AIRLINES–1.5%
Delta Air Lines, Inc.		34,017		1,239,239
ELECTRICAL EQUIPMENT–2.1%
Eaton Corp. PLC		27,907		1,666,885
MACHINERY–1.2%
ITT, Inc.		29,447		941,715
				7,099,852

3

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

Company	Shares		U.S. $ Value
UTILITIES–6.5%
ELECTRIC UTILITIES–5.0%
American Electric Power Co., Inc.		19,788	$	1,386,941
Edison International		23,146		1,797,750
PPL Corp.		20,577		776,782
				3,961,473
MULTI-UTILITIES–1.5%
NiSource, Inc.		46,447		1,231,774
				5,193,247
TELECOMMUNICATION SERVICES–5.5%
DIVERSIFIED TELECOMMUNICATION SERVICES–3.2%
AT&T, Inc.		40,413		1,746,246
Verizon Communications, Inc.		14,264		796,502
				2,542,748
WIRELESS TELECOMMUNICATION SERVICES–2.3%
T-Mobile US, Inc.(a)		42,753		1,849,922
				4,392,670
CONSUMER STAPLES–3.2%
FOOD & STAPLES RETAILING–0.8%
Kroger Co. (The)		16,978		624,621
TOBACCO–2.4%
Altria Group, Inc.		27,728		1,912,123
				2,536,744
MATERIALS–2.5%
CHEMICALS–2.5%
CF Industries Holdings, Inc.		46,564		1,122,193
Dow Chemical Co. (The)		17,216		855,807
				1,978,000
Total Common Stocks (cost $72,736,880)				78,812,587
Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–2.4%
TIME DEPOSIT–2.4%
State Street Time Deposit 0.01%, 7/01/16 (cost $1,857,925)	$	1,858	$	1,857,925
Total Investments Before Security Lending Collateral for Securities Loaned–101.3% (cost $74,594,805)				80,670,512
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.5%
INVESTMENT COMPANIES–1.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 0.25%(c)(d) (cost $1,214,012)		1,214,012		1,214,012
TOTAL INVESTMENTS–102.8% (cost $75,808,817)				81,884,524
Other assets less liabilities–(2.8)%				(2,196,428	)
NET ASSETS–100.0%			$	79,688,096

(a) Non-income producing security.

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

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

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

See notes to financial statements.

4

VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
June 30, 2016 (unaudited)	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $74,594,805)	$	80,670,512	(a)
Affiliated issuers (cost $1,214,012—investment of cash collateral for securities loaned)		1,214,012
Receivable for investment securities sold		197,306
Dividends and interest receivable		104,439
Receivable for capital stock sold		6,177
Total assets		82,192,446
LIABILITIES
Payable for collateral received on securities loaned		1,214,012
Payable for investment securities purchased		1,108,607
Advisory fee payable		36,434
Payable for capital stock redeemed		34,169
Distribution fee payable		16,284
Administrative fee payable		11,524
Transfer Agent fee payable		108
Accrued expenses		83,212
Total liabilities		2,504,350
NET ASSETS	$	79,688,096
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,645
Additional paid-in capital		84,050,234
Undistributed net investment income		1,641,542
Accumulated net realized loss on investment and foreign currency transactions		(12,085,032	)
Net unrealized appreciation on investments		6,075,707
	$	79,688,096

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,519,976		106,736	$	14.24
B	$	78,168,120		5,538,402	$	14.11

(a) Includes securities on loan with a value of $1,202,902 (see Note E).

See notes to financial statements.

5

VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Six Months Ended June 30, 2016 (unaudited)	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $3,322)	$	938,914
Affiliated issuers		1,418
Interest		12
Securities lending income		5,639
		945,983
EXPENSES
Advisory fee (see Note B)		222,676
Distribution fee—Class B		99,560
Transfer agency—Class A		38
Transfer agency—Class B		2,241
Custodian		36,235
Administrative		24,058
Printing		21,876
Audit and tax		19,321
Legal		15,420
Directors’ fees		10,665
Miscellaneous		3,150
Total expenses		455,240
Less: expenses waived and reimbursed by the Adviser (see Note E)		(26	)
Net expenses		455,214
Net investment income		490,769
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS
Net realized loss on investment transactions		(1,035,779	)
Net change in unrealized appreciation/depreciation of investments		1,061,841
Net gain on investment transactions		26,062
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	516,831

See notes to financial statements.

6

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

	Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	490,769		$	1,152,200
Net realized gain (loss) on investment and foreign currency transactions		(1,035,779	)		13,865,442
Net change in unrealized appreciation/depreciation of investments		1,061,841			(21,949,500	)
Net increase (decrease) in net assets from operations		516,831			(6,931,858	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		–0	–		(37,660	)
Class B		–0	–		(1,820,494	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(7,265,983	)		(18,965,534	)
Total decrease		(6,749,152	)		(27,755,546	)
NET ASSETS
Beginning of period		86,437,248			114,192,794
End of period (including undistributed net investment income of $1,641,542 and $1,150,773, respectively)	$	79,688,096		$	86,437,248

See notes to financial statements.

7

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
June 30, 2016 (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 sixteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value. 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

8

AB Variable Products Series Fund

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, 2016:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

78,812,587

$

–0

–

$

–0

–

$

78,812,587

Short-Term Investments

–0

–

1,857,925

–0

–

1,857,925

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

1,214,012

–0

–

–0

–

1,214,012

Total Investments in Securities

80,026,599

1,857,925

–0

–

81,884,524

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

80,026,599

$

1,857,925

$

–0

–

$

81,884,524

(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
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 a 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, 2016, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the six months ended June 30, 2016, the reimbursement for such services amounted to $24,058.

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 $569 for the six months ended June 30, 2016.

Brokerage commissions paid on investment transactions for the six months ended June 30, 2016 amounted to $46,849, 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, 2016 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	29,220,990		$	36,784,830
U.S. government securities		–0	–		–0	–

11

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

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

Gross unrealized appreciation	$	9,199,767
Gross unrealized depreciation		(3,124,060	)
Net unrealized appreciation	$	6,075,707

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, 2016.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not have the right to vote on any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. Prior to June 24, 2016, such cash collateral received was invested in AB Exchange Reserves. 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, 2016, the Portfolio had securities on loan with a value of $1,202,902 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,214,012. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $5,639, $1,364 and $54 from the borrowers, AB Exchange Reserves and AB Government Money Market Portfolio, respectively, for the six months ended June 30, 2016; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of management fee assessed by the AB Government Money Market Portfolio. For the year ended June 30, 2016, such waiver amounted to $26. A principal risk of lending portfolio securities is that the borrower will 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 sum-

12

AB Variable Products Series Fund

mary of the Portfolio’s transactions in shares of AB Exchange Reserves for the period January 1, 2016 to June 23, 2016 is as follows:

Market Value December 31, 2015 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Transfer to AB Government Money Market Portfolio (000)		Market Value June 23, 2016 (000)
$	1,078	$	9,904	$	9,714	$	1,268	$	0

A summary of the Portfolio’s transactions in shares of the AB Government Money Market Portfolio for the period June 24, 2016 to June 30, 2016 is as follows:

Market Value June 24, 2016 (000)		Transfer from AB Exchange Reserves (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value June 30, 2016 (000)
$	0	$	1,268	$	67	$	121	$	1,214

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, 2016 (unaudited)			Year Ended December 31, 2015			Six Months Ended June 30, 2016 (unaudited)			Year Ended December 31, 2015
Class A
Shares sold		19,568			2,688		$	268,965		$	40,938
Shares issued in reinvestment of dividends		–0	–		2,493			–0	–		37,660
Shares redeemed		(10,193	)		(40,110	)		(139,597	)		(608,137	)
Net increase (decrease)		9,375			(34,929	)	$	129,368		$	(529,539	)
Class B
Shares sold		113,452			265,248		$	1,538,329		$	3,935,955
Shares issued in reinvestment of dividends		–0	–		121,285			–0	–		1,820,494
Shares redeemed		(652,211	)		(1,605,506	)		(8,933,680	)		(24,192,444	)
Net decrease		(538,759	)		(1,218,973	)	$	(7,395,351	)	$	(18,435,995	)

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

13

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

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, 2016.

NOTE I: Distributions to Shareholders

The tax character of distributions to be paid for the year ending December 31, 2016 will be determined at the end of the current fiscal year. The tax character of distributions paid during the fiscal years ended December 31, 2015 and December 31, 2014 were as follows:

	2015		2014
Distributions paid from:
Ordinary income	$	1,858,154	$	1,940,204
Total taxable distributions paid	$	1,858,154	$	1,940,204

As of December 31, 2015, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	1,150,773
Accumulated capital and other losses		(10,388,103	)(a)
Unrealized appreciation/(depreciation)		4,352,716	(b)
Total accumulated earnings/(deficit)	$	(4,884,614	)

(a) On December 31, 2015, the Portfolio had a net capital loss carryforward of $9,396,855. During the fiscal year, the Portfolio utilized $15,199,277 of capital loss carryforwards to offset current year net realized gains. At December 31, 2015, the Portfolio had a post- October short-term capital loss deferral of $991,248, which is deemed to arise on January 1, 2016.

(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 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, 2015, the Portfolio had a net capital loss carryforward of $9,396,855 which will expire in 2017.

NOTE J: New Accounting Pronouncement

In May 2015, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2015-07 (the “ASU”) which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The ASU also removes the requirement to make certain disclosures for investments that are eligible to be measured at fair value using the net asset value per share practical expedient but do not utilize that practical expedient. The ASU is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. 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.

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, 2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.11			$15.50			$14.22			$10.63			$9.37			$9.84
Income From Investment Operations
Net investment income (a)		.10	(b)		.21			.26			.19			.20			.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.03			(1.26	)		1.31			3.70			1.26			(.50	)
Net increase (decrease) in net asset value from operations		.13			(1.05	)		1.57			3.89			1.46			(.33	)
Less: Dividends
Dividends from net investment income		–0	–		(.34	)		(.29	)		(.30	)		(.20	)		(.14	)
Net asset value, end of period		$14.24			$14.11			$15.50			$14.22			$10.63			$9.37
Total Return
Total investment return based on net asset value (c)		.92	%*		(6.95	)%*		11.10	%*		36.85	%*		15.73	%		(3.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,520			$1,373			$2,050			$2,205			$1,533			$1,517
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.88	%^		.81	%		.79	%		.73	%		.72	%		.71	%
Expenses, before waivers/reimbursements		.88	%^		.81	%		.79	%		.73	%		.72	%		.71	%
Net investment income		1.46	%(b)^		1.38	%		1.74	%		1.51	%		1.98	%		1.78	%
Portfolio turnover rate		36	%		83	%		42	%		44	%		40	%		62	%

See footnote summary on page 16.

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,  2016 (unaudited)			Year Ended December 31,
				2015			2014			2013			2012			2011
Net asset value, beginning of period		$14.00			$15.37			$14.10			$10.54			$9.28			$9.75
Income From Investment Operations
Net investment income (a)		.08	(b)		.17			.22			.16			.17			.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.03			(1.25	)		1.29			3.66			1.26			(.50	)
Net increase (decrease) in net asset value from operations		.11			(1.08	)		1.51			3.82			1.43			(.35	)
Less: Dividends
Dividends from net investment income		–0	–		(.29	)		(.24	)		(.26	)		(.17	)		(.12	)
Net asset value, end of period		$14.11			$14.00			$15.37			$14.10			$10.54			$9.28
Total Return
Total investment return based on net asset value (c)		.79	%*		(7.17	)%*		10.77	%*		36.49	%*		15.54	%		(3.78	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$78,168			$85,064			$112,143			$132,271			$157,920			$175,183
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.13	%^		1.06	%		1.04	%		.98	%		.97	%		.96	%
Expenses, before waivers/reimbursements		1.13	%^		1.06	%		1.04	%		.98	%		.97	%		.96	%
Net investment income		1.21	%(b)^		1.14	%		1.51	%		1.28	%		1.72	%		1.51	%
Portfolio turnover rate		36	%		83	%		42	%		44	%		40	%		62	%

(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.

* 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, 2016 and years ended December 31, 2015, December 31, 2014 and December 31, 2013 by 0, 0.17%, 0.04% and 0.07, respectively.

^ Annualized.

See notes to financial statements.

16

VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Value Portfolio (the “Fund”) at a meeting held on May 3-5, 2016 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer) of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they receive presentations from the Adviser on the investment results of the Fund and review extensive materials and information presented by the Adviser.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues, expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2014 and 2015 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors.

17

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

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, showing the performance of the Class A Shares of the Fund against a peer group and a peer universe selected by Broadridge, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 29, 2016 and (in the case of comparisons with the broad-based securities market index) the period since inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by Broadridge concerning advisory fee rates paid by other funds in the same Broadridge category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors considered the Fund’s contractual effective advisory fee rate against a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors noted that the Adviser advises another AB Fund with a substantially similar investment style for the same fee schedule as the Fund.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by Broadridge. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted the effects of any fee waivers and/or expense reimbursements as a result of an undertaking by the Adviser. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s Broadridge category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

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

VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION	AB Variable Products Series Fund

THE FOLLOWING IS NOT PART OF THE SHAREHOLDER REPORT OR THE FINANCIAL STATEMENTS

SUMMARY OF SENIOR OFFICER’S EVALUATION OF INVESTMENT ADVISORY AGREEMENT¹

The following is a summary of the evaluation of the Investment Advisory Agreement between AllianceBernstein L.P. (the “Adviser”) and the AB Variable Products Series Fund (the “Fund”), in respect of AB Value Portfolio (the “Portfolio”).² The evaluation of the Investment Advisory Agreement was prepared by Philip L. Kirstein, the Senior Officer of the Fund, for the Directors of the Fund, as required by a September 2004 agreement between the Adviser and the New York State Attorney General (the “NYAG”). The Senior Officer’s evaluation of the Investment Advisory Agreement is not meant to diminish the responsibility or authority of the Board of Directors of the Fund to perform its duties pursuant to Section 15 of the Investment Company Act of 1940 (the “40 Act”) and applicable state law. The purpose of the summary is to provide shareholders with a synopsis of the independent evaluation of the reasonableness of the advisory fees proposed to be paid by the Portfolio which was provided to the Directors in connection with their review of the proposed approval of the continuance of the Investment Advisory Agreement. The Senior Officer’s evaluation considered the following factors:

1. Advisory fees charged to institutional and other clients of the Adviser for like services;

2. Advisory fees charged by other mutual fund companies for like services;

3. Costs to the Adviser and its affiliates of supplying services pursuant to the advisory agreement, excluding any intra-corporate profit;

4. Profit margins of the Adviser and its affiliates from supplying such services;

5. Possible economies of scale as the Portfolio grows larger; and

6. Nature and quality of the Adviser’s services including the performance of the Portfolio.

These factors, with the exception of the first factor, are generally referred to as the “Gartenberg factors,” which were articulated by the United States Court of Appeals for the Second Circuit in 1982. Gartenberg v. Merrill Lynch Asset Management, Inc., 694 F. 2d 923 (2d Cir. 1982). The first factor is an additional factor required to be considered by the AoD. On March 30, 2010, the Supreme Court held the Gartenberg decision was correct in its basic formulation of what Section 36(b) requires: to face liability under Section 36(b), “an investment adviser must charge a fee that is so disproportionately large that it bears no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining.”Jones v. Harris Associates L.P., 130 S. Ct. 1418 (2010). In the Jones decision, the Court stated the Gartenberg approach fully incorporates the correct understanding of fiduciary duty within the context of Section 36(b) and noted with approval that “Gartenberg insists that all relevant circumstances be taken into account” and “uses the range of fees that might result from arm’s-length bargaining as the benchmark for reviewing challenged fees.”³

PORTFOLIO ADVISORY FEES, NET ASSETS & EXPENSE RATIOS

The Adviser proposed that the Portfolio pays the advisory fee set forth in the table below for receiving the services to be provided pursuant to the Investment Advisory Agreement. The fee schedule below, implemented in January 2004 in consideration of the Adviser’s settlement with the NYAG in December 2003, is based on a master schedule that contemplates eight categories of funds with almost all funds in each category having the same advisory fee schedule.

Portfolio	Category	Advisory Fee Based on % of Average Daily Net Assets	Net Assets 03/31/16 ($MIL)
Value Portfolio	Value	0.55% on first $2.5 billion 0.45% on next $2.5 billion 0.40% on the balance	$84.3

The Adviser is reimbursed as specified in the Investment Advisory Agreement for certain clerical, legal, accounting, administrative and other services provided to the Portfolio. During the Portfolio’s most recently completed fiscal year, the Adviser received $50,834 (0.050% of the Portfolio’s average daily net assets) for such services.

1 The information in the fee summary was completed on April 21, 2016 and discussed with the Board of Directors on May 3-5, 2016.

2 Future references to the Fund and the Portfolio do not include “AB.” References in the fee summary pertaining to performance and expense ratio rankings refer to the Class A shares of the Portfolio.

3 Jones v. Harris at 1427.

20

AB Variable Products Series Fund

The Adviser has agreed to waive that portion of its management fees and/or reimburse the Portfolio for that portion of its total operating expenses to the degree necessary to limit the Portfolio’s expense ratios to the amounts set forth below for the Portfolio’s fiscal year. The waiver is terminable by the Adviser upon at least 60 days’ notice prior to the Portfolio’s prospectus update. The Portfolio was operating below its expense caps for the most recent fiscal year; accordingly the expense limitation undertakings of the Portfolio were of no effect. In addition, set forth below are the gross expense ratios of the Portfolio for the most recently completed fiscal year:

Portfolio	Expense Cap Pursuant to Expense Limitation Undertaking	Gross Expense Ratio		Fiscal Year End
Value Portfolio	Class A    1.20%		0.81%	December 31
	Class B    1.45%		1.06%

I. ADVISORY FEES CHARGED TO INSTITUTIONAL AND OTHER CLIENTS

The advisory fees charged to investment companies which the Adviser manages and sponsors are normally higher than those charged to similar sized institutional accounts, including pension plans and sub-advised investment companies. The fee differential reflects, among other things, different services provided to such clients, and different liabilities assumed. Services provided by the Adviser to the Portfolio that are not provided to non-investment company clients and sub-advised investment companies include providing office space and personnel to serve as Fund Officers, who among other responsibilities make the certifications required under the Sarbanes–Oxley Act of 2002, and coordinating with and monitoring the Portfolio’s third party service providers such as Fund counsel, auditors, custodians, transfer agents and pricing services. The accounting, administrative, legal and compliance requirements for the Portfolio are more costly than those for institutional assets due to the greater complexities and time required for investment companies, although as previously noted, the Adviser is reimbursed for providing some of these services. Also, retail mutual funds managed by the Adviser are widely held. Servicing the Portfolio’s investors is more time consuming and labor intensive compared to institutional clients since the Adviser needs to communicate with a more extensive network of financial intermediaries and shareholders. The Adviser also believes that it incurs substantial entrepreneurial risk when offering a new mutual fund, since establishing a new mutual fund requires a large upfront investment, and it may take a long time for the fund to achieve profitability since the fund must be priced to scale from inception in order to be competitive and assets are acquired one account at a time. In addition, managing the cash flow of an investment company may be more difficult than managing that of a stable pool of assets, such as an institutional account with little cash movement in either direction, particularly, if a fund is in net redemption and the Adviser is frequently forced to sell securities to raise cash for redemptions. However, managing a fund with positive cash flow may be easier at times than managing a stable pool of assets. In recent years, investment advisers have been sued by institutional clients and have suffered reputational damage both by the attendant publicity and outcomes other than complete victories. Accordingly, the legal and reputational risks associated with institutional accounts are greater than previously thought, although still not equal to those related to the mutual fund industry.

Notwithstanding the Adviser’s view that managing an investment company is not comparable to managing other institutional accounts because the services provided are different, the Supreme Court has indicated consideration should be given to the advisory fees charged to institutional accounts that have a substantially similar investment style as the Portfolio.⁴ In

4 The Supreme Court stated that “courts may give such comparisons the weight that they merit in light of the similarities and differences between the services that the clients in question require, but the courts must be wary of inapt comparisons.” Among the significant differences the Supreme Court noted that may exist between services provided to mutual funds and institutional accounts are “higher marketing costs.” Jones v. Harris at 1428.

21

VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

addition to the AB Institutional fee schedule, set forth below is what would have been the effective advisory fee of the Portfolio had the AB Institutional fee schedule been applicable to the Portfolio based on March 31, 2016 net assets:⁵

Portfolio	Net Assets 3/31/16 ($MIL)	AB Institutional Fee Schedule	Effective AB Inst. Adv. Fee			Portfolio Advisory Fee
Value Portfolio	$84.3	U.S. Diversified Value		0.504	%		0.550	%
		0.65% on 1st $25 million
		0.50% on next $25 million
		0.40% on next $50 million
		0.30% on next $100 million
		0.25% on the balance
		Minimum account size: $25m

The Adviser also manages AB Trust, Inc.—Value Fund (“Value Fund”), a retail mutual fund, which has a substantially similar investment style as the Portfolio. Set forth below is the fee schedule of Value Fund. Since the Portfolio’s fee schedule is identical as Value Fund, the effective fee of the Portfolio is the same as that of Value Fund.⁶

Portfolio	AB Mutual Fund	Fee Schedule	ABMF Effective Fee
Value Portfolio	Value Fund	0.55% on first $2.5 billion		0.550	%
		0.45% on next $2.5 billion
		0.40% on the balance

The Adviser provides sub-advisory services to certain other investment companies managed by other fund families that have an investment style similar to that of the Portfolio. The Adviser charges the fees set forth below for the sub-advisory relationships that have a somewhat similar investment style as the Portfolio. Also shown are the Portfolio’s advisory fee and what would have been the effective advisory fee of the Portfolio had the fee schedule of the sub-advisory relationship been applicable to the Portfolio based on March 31, 2016 net assets.

Portfolio		Fee Schedule	Effective Sub-Adv. Fee		Portfolio Advisory Fee
Value Portfolio	Client # 17,8	0.49% on the first $100 million 0.30% on the next $100 million 0.25% on the balance		0.490%		0.550%

It is fair to note that the services the Adviser provides pursuant to sub-advisory agreements are generally confined to the services related to the investment process; in other words, they are not as comprehensive as the services provided to the Portfolio by the Adviser. In addition, to the extent that the sub-advisory relationship is with an affiliate of the Adviser, the fee schedule may not reflect arm’s length bargaining or negotiations.

While it appears that the sub-advisory relationship is paying a lower fee than the Portfolio, it is difficult to evaluate the relevance of such lower fees due to differences in terms of the services provided, risks involved and other competitive factors between the Portfolio and the sub-advisory relationship. There could be various business reasons why an investment adviser would be willing to provide a sub-advisory relationship investment related services at a different fee level than an investment company it is sponsoring where the investment adviser is providing all the services, not just investment management, generally required by a registered investment company.

5 The Adviser has indicated that with respect to institutional accounts with assets greater than $300 million, it will negotiate a fee schedule. Discounts that are negotiated vary based upon each client relationship.

6 The retail mutual fund was also affected by the settlement between the Adviser and the NYA. As a result, the Portfolio has the same breakpoints in its advisory fee schedule as the retail mutual fund.

7 The client is an affiliate of the Adviser.

8 Assets are aggregated with other client portfolios for purposes of calculating the advisory fee.

22

AB Variable Products Series Fund

II. MANAGEMENT FEES CHARGED BY OTHER MUTUAL FUND COMPANIES FOR LIKE SERVICES.

Broadridge Financial Solutions, Inc. (“Broadridge”), an analytical service that is not affiliated with the Adviser, compared the fees charged to the Portfolio with fees charged to other investment companies for similar services offered by other investment advisers.⁹,¹⁰ Broadridge’s analysis included the comparison of the Portfolio’s contractual management fee, estimated at the approximate current asset level of the Portfolio, to the median of the Portfolio’s Broadridge Expense Group (“EG”)¹¹ and the Fund’s contractual management fee ranking.¹²

Broadridge describes an EG as a representative sample of comparable funds. Broadridge’s standard methodology for screening funds to be included in an EG entails the consideration of several fund criteria, including fund type, Lipper investment classification/objective, load type and similar 12b-1/non-12b-1 service fees, asset (size) comparability, expense components and attributes. An EG will typically consist of seven to twenty funds.

Portfolio	Contractual Management Fee (%)13		Broadridge EG Median (%)		Broadridge EG Rank
Value Portfolio		0.550		0.748		1/10

Broadridge also compared the Portfolio’s total expense ratio to the medians of the Portfolio’s EG and Broadridge Expense Universe (“EU”). The EU is a broader group compared to the EG, consisting of all funds that have the same investment classifications/objective and load type as the subject Portfolio.¹⁴

Portfolio	Expense Ratio (%)15		Broadridge EG Median (%)		Broadridge Group Rank		Broadridge EU Median (%)		Broadridge EU Rank
Value Portfolio		0.811		0.803		6/10		0.750		26/33

Based on this analysis, the Portfolio has a more favorable ranking on a contractual management fee basis than on a total expense ratio basis.

III. COSTS TO THE ADVISER AND ITS AFFILIATES OF SUPPLYING SERVICES PURSUANT TO THE ADVISORY FEE ARRANGEMENT, EXCLUDING ANY INTRA-CORPORATE PROFIT.

The Adviser utilizes two profitability reporting systems, which operate independently but are aligned with each other, to estimate the Adviser’s profitability in connection with investment advisory services provided to the Portfolio. The Senior Officer has retained a consultant to provide independent advice regarding the alignment of the two profitability systems as well as the methodologies and allocations utilized by both profitability systems.

9 The Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since “these comparisons are problematic because these fees, like those challenged, may not be the product of negotiations conducted at arm’s length.” Jones v. Harris at 1429.

10 On June 5, 2015, Broadridge acquired the Fiduciary Services and Competitive Intelligence unit, i.e., the group responsible for providing the Portfolio’s 15(c) reports, from Thomson Reuters’ Lipper division. The group that maintains Lipper’s expense and performance databases and investment classification/objective remains a part of Thomson Reuters’ Lipper division. Accordingly, the Portfolio’s investment classification/objective continued to be determined by Lipper.

11 Broadridge does not consider average account size when constructing EGs. Funds with relatively small average account sizes tend to have higher transfer agent expense ratios than comparable sized funds that have relatively large average account sizes. There are limitations to Lipper expense category data because different funds categorize expenses differently.

12 The contractual management fee is calculated by Broadridge using the Portfolio’s contractual management fee rate at the hypothetical asset level. The hypothetical asset level is based on the combined net assets of all classes of the Portfolio, rounded up to the next $25 million. Broadridge’s total expense ratio information is based on the most recent annual report except as otherwise noted. A ranking of “1” would mean that Portfolio had the lowest effective fee rate in the Broadridge peer group.

13 The contractual management fee does not reflect any expense reimbursements for certain clerical, legal, accounting, administrative and other services. In addition, the contractual management fee does not reflect any advisory fee waiver or expense cap that would effectively reduce the actual management fee.

14 Except for asset (size) comparability, Broadridge uses the same criteria for selecting an EG when selecting an EU. Unlike the EG, the EU allows for the same adviser to be represented by more than just one fund.

15 Most recently completed fiscal year end Class A total expense ratio.

23

VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

IV. PROFIT MARGINS OF THE ADVISER AND ITS AFFILIATES FOR SUPPLYING SUCH SERVICES.

The Portfolio’s profitability information, prepared by the Adviser for the Board of Directors, was reviewed by the Senior Officer and the consultant. The Adviser’s profitability from providing investment advisory services to the Portfolio decreased during calendar year 2015, relative to 2014.

In addition to the Adviser’s direct profits from managing the Portfolio, certain of the Adviser’s affiliates have business relationships with the Portfolio and may earn a profit from providing other services to the Portfolio. The courts have referred to this type of business opportunity as “fall-out benefits” to the Adviser and indicated that such benefits should be factored into the evaluation of the total relationship between the Portfolio and the Adviser. Neither case law nor common business practice precludes the Adviser’s affiliates from earning a reasonable profit on this type of relationship provided the affiliates’ charges and services are competitive. These affiliates provide transfer agent, distribution and brokerage related services to the Portfolio and receive transfer agent fees, Rule 12b-1 payments, and brokerage commissions. In addition, the Adviser benefits from soft dollar arrangements which offset expenses the Adviser would otherwise incur.

The Portfolio has adopted a distribution plan for Class B shares pursuant to Rule 12b-1 under the 40 Act. Under the distribution plan, the Portfolio pays distribution and servicing fees to its principal underwriter, AllianceBernstein Investments, Inc. (“ABI”), the Portfolio’s distributor and an affiliate of the Adviser, at an annual rate of up to 0.50% of the Portfolio’s average daily net assets attributable to Class B shares. The current annual rate that the Portfolio pays to ABI for 12b-1 fees is 0.25%. During the fiscal year ended December 31, 2015, ABI received $248,265 in Rule 12b-1 fees.

During the fiscal year ended December 31, 2015, the Adviser incurred distribution expenses in the amount of $516,623 in connection with activities primarily intended to result in the sale of the Portfolio’s Class B shares. This expense amount incurred by ABI is partially offset by the 12b-1 fees paid by the Portfolio.

Financial intermediaries, such as insurers, market and sell shares of the Portfolio and typically receive compensation from ABI, the Advisers and/or the Portfolio for selling shares of the Portfolio. These financial intermediaries receive compensation in any or all of the following forms: 12b-1 fees, defrayal of costs for educational seminars and training, additional distribution support, recordkeeping and/or administrative services. Payments related to providing contract-holder recordkeeping and/or administrative services will generally not exceed 0.35% of the average daily net assets of the Portfolio attributable to the relevant intermediary over the year. With respect to the Fund, which includes the Portfolio and other Portfolios of the Fund not discussed in this summary, ABI paid approximately $400,000 in 2015 and expects to pay approximately $450,000 in 2016 for educational support and distribution assistance (revenue sharing payments).

The transfer agent of the Portfolio is AllianceBernstein Investor Services, Inc. (“ABIS”). During the most recently completed fiscal year, ABIS received a fee of $1,262 from the Portfolio.¹⁶

The Portfolio did not effect brokerage transactions and pay commissions through the Adviser’s affiliate, Sanford C. Bernstein & Co., LLC (“SCB & Co.”) nor its U.K. affiliate, Sanford C. Bernstein Limited (“SCB Ltd.”), collectively “SCB,” during the Portfolio’s most recently completed fiscal year. The Adviser represented that SCB’s profitability from business conducted in the future with the Portfolio would be comparable to the profitability of SCB’s dealings with other similar third party clients. In the ordinary course of business, SCB receives and pays liquidity rebates from electronic communications networks (“ECNs”) derived from trading for its clients. These credits and charges are not being passed onto any SCB client. The Adviser also receives certain soft dollar benefits from brokers that execute agency trades for the Portfolio and other clients. These soft dollar benefits reduce the Adviser’s cost of doing business and increase its profitability.

V. POSSIBLE ECONOMIES OF SCALE

The Adviser has indicated that economies of scale are being shared with shareholders through pricing to scale, breakpoints, fee reductions/waivers and enhancement to services.

In May 2012, an independent consultant, retained by the Senior Officer, provided the Board of Directors information on the Adviser’s firm-wide average costs from 2005 through 2011 and the potential economies of scale. The independent consultant noted that from 2005 through 2007 the Adviser experienced significant growth in assets under management (“AUM”). During this period, operating expenses increased, in part to keep up with growth, and in part reflecting market returns. However, from 2008 through the first quarter of 2009, AUM rapidly and significantly decreased due to declines in

16 The Fund (which includes the Portfolio and other Portfolios of the Fund) paid ABIS a fee of $18,000 in 2015.

24

AB Variable Products Series Fund

market value and client withdrawals. When AUM rapidly decreased, some operating expenses categories, including base compensation and office space, adjusted more slowly during this period, resulting in an increase in average costs. Since 2009, AUM has experienced less significant changes. The independent consultant noted that changes in operating expenses reflect changes in business composition and business practices in response to changes in financial markets. Finally, the independent consultant concluded that the increase in average cost and the decline in net operating margin across the Adviser since late 2008 are inconsistent with the view that there are currently reductions in average costs due to economies of scale that can be shared with the AB Mutual Funds managed by the Adviser through lower fees.

Previously in February 2008, the independent consultant provided the Board of Directors an update of Deli’s study on advisory fees and various fund characteristics.¹⁷,¹⁸ The independent consultant first reiterated the results of his previous two dimensional comparison analysis (fund size and family size) with the Board of Directors.¹⁹ The independent consultant then discussed the results of the regression model that was utilized to study the effects of various factors on advisory fees. The regression model output indicated that the bulk of the variation in fees predicted were explained by various factors, but substantially by fund AUM, family AUM, index fund indicator and investment style. The independent consultant also compared the advisory fees of the AB Mutual Funds to similar funds managed by 19 other large asset managers, regardless of the fund size and each Adviser’s proportion of mutual fund assets to non-mutual fund assets.

VI. NATURE AND QUALITY OF THE ADVISER’S SERVICES, INCLUDING THE PERFORMANCE OF THE PORTFOLIO

With assets under management of approximately $479 billion as of March 31, 2016, the Adviser has the investment experience to manage and provide non-investment services (described in Section I) to the Portfolio.

The information prepared by Broadridge shows the 1, 3, 5 and 10 year performance returns and rankings of the Portfolio²⁰ relative to its Broadridge Performance Group (“PG”) and Broadridge Performance Universe (“PU”)²¹ for the periods ended February 29, 2016.²²

	Portfolio (%)		PG Median (%)		PU Median (%)		PG Rank		PU Rank
Value Portfolio
1 year		–12.85		–11.50		–11.14		7/10		33/49
3 year		7.35		7.23		7.48		3/10		27/47
5 year		6.94		6.82		7.56		4/9		29/42
10 year		2.95		4.56		4.99		7/8		32/33

17 The Deli study, originally published in 2002 based on 1997 data and updated for the February 2008 Presentation, may be of diminished value due to the age of the data used in the presentation and the changes experienced in the industry over the last four years. Source: Deli, Daniel N. “Mutual Fund Advisory Contracts: An Empirical Investigation.”Journal of Finance, 57(1): 109-133 (2002).

18 As mentioned previously, the Supreme Court cautioned against accepting mutual fund fee comparisons without careful scrutiny since the fees may not be the product of negotiations conducted at arm’s length. See Jones V. Harris at 1429.

19 The two dimensional analysis showed patterns of lower advisory fees for funds with larger asset sizes and funds from larger family sizes compared to funds with smaller asset sizes and funds from smaller family sizes, which according to the independent consultant is indicative of a sharing of economies of scale and scope. However, in less liquid and active markets, such is not the case, as the empirical analysis showed potential for diseconomies of scale in those markets. The empirical analysis also showed diminishing economies of scale and scope as funds surpassed a certain high level of assets.

20 The performance rankings are for the Class A shares of the Portfolio. The Portfolio’s performance returns shown were provided by Broadridge.

21 The Portfolio’s PG is identical to the Portfolio’s respective EG. The Portfolio’s PU is not identical to the Portfolio’s EU as the criteria for including/excluding a fund from a PU is somewhat different from that of an EU.

22 Lipper investment classification/objective dictates the PG and PU throughout the life of the fund even if the fund had a different investment classification/objective at a different point in time.

25

VALUE PORTFOLIO
SENIOR OFFICER FEE EVALUATION
(continued)	AB Variable Products Series Fund

Set forth below are the 1, 3, 5 and 10 year and since inception performance returns of the Portfolio (in bold)²³ versus its benchmark.²⁴ Portfolio and benchmark volatility and reward-to-variability ratio (“Sharpe Ratio”) information is also shown.²⁵

	Periods Ending February 29, 2016 Annualized Performance
	1 Year (%)		3 Year (%)		5 Year (%)		10 Year (%)		Since Inception (%)		Annualized				Risk Period (Year)
											Volatility (%)		Sharpe (%)
Value Portfolio		–12.85		7.35		6.94		2.95		6.45		16.90		0.19		10
Russell 1000 Value Index		–9.41		8.27		8.81		5.13		8.44		15.91		0.32		10
Inception Date: July 22, 2002

CONCLUSION:

Based on the factors discussed above the Senior Officer’s conclusion is that the proposed advisory fee for the Portfolio is reasonable and within the range of what would have been negotiated at arm’s-length in light of all the surrounding circumstances. This conclusion in respect of the Portfolio is based on an evaluation of all of these factors and no single factor was dispositive.

Dated: June 2, 2016

23 The performance returns and risk measures shown in the table are for the Class A shares of the Portfolio.

24 The Adviser provided Portfolio and benchmark performance return information for periods through February 29, 2016.

25 Portfolio and benchmark volatility and Sharpe Ratio information was obtained through Lipper LANA, a database maintained by Lipper. Volatility is a statistical measure of the tendency of a market price or yield to vary over time. The Sharpe Ratio is a risk adjusted measure of return that divides a portfolio’s return in excess of the riskless return by the portfolio’s standard deviation. A portfolio with a greater volatility would be viewed as more risky than a portfolio with equivalent performance but lower volatility; for that reason, a greater return would be demanded for the more risky portfolio. A portfolio with a higher Sharpe Ratio would be viewed as better performing than a portfolio with a lower Sharpe Ratio.

26

VPS-VAL-0152-0616

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 15, 2016

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 15, 2016

By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer

Date: August 15, 2016