UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05398

AB VARIABLE PRODUCTS SERIES FUND, INC.

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, New York, New York 10105

(Address of principal executive offices) (Zip code)

Joseph J. Mantineo

AllianceBernstein L.P.

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

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

Date of fiscal year end: December 31, 2017

Date of reporting period: December 31, 2017

ITEM 1. REPORTS TO STOCKHOLDERS.

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ BALANCED WEALTH STRATEGY PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

BALANCED WEALTH STRATEGY PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Balanced Wealth Strategy Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

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

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

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

At meetings held on February 6-7, 2018, the Board of Directors approved the following changes to the Portfolio’s principal strategies, which do not require stockholder approval and will take effect on or about May 1, 2018.

The Portfolio invests in a portfolio of equity and fixed-income securities that is designed as a solution for investors who seek a moderate tilt toward equity returns but also want the risk diversification offered by fixed-income securities and the broad diversification of their equity risk across styles, capitalization ranges and geographic regions. Under normal circumstances, the Portfolio will invest at least 25% of its total assets in equity securities and at least 25% of its total assets in fixed-income securities with a goal of providing moderate upside potential without excessive volatility. The Portfolio also seeks exposure to real assets by investing in real estate-related equity securities (including REITs), natural resource equity securities and inflation-sensitive equity securities. The Portfolio pursues a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world, including emerging-market countries.

The Adviser expects that the Portfolio will normally invest a greater percentage of its total assets in equity securities than in fixed-income securities, and will generally invest in equity securities both directly and through underlying

1

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

investment companies advised by the Adviser (“Underlying Portfolios”). A significant portion of the Portfolio’s assets are expected to be invested directly in US large-cap equity securities, primarily common stocks, in accordance with the Adviser’s US Strategic Equities investment strategy (“US Strategic Equities”). Under US Strategic Equities, portfolio managers of the Adviser that specialize in various investment disciplines identify high-conviction large-cap equity securities based on their fundamental investment research for potential investment by the Portfolio. These securities are then assessed in terms of both this fundamental research and quantitative analysis in creating the equity portion of the Portfolio’s portfolio. In applying the quantitative analysis, the Adviser considers a number of metrics that historically have provided some indication of favorable future returns, including metrics related to valuation, quality, investor behavior and corporate behavior.

In addition, the Portfolio seeks to achieve exposure to international large-cap equity securities through investments in the International Strategic Equities Portfolio of Bernstein Fund, Inc. (“Bernstein International Strategic Equities Portfolio”) and the International Portfolio of Sanford C. Bernstein Fund, Inc. (“SCB International Portfolio”), each a registered investment company advised by the Adviser. The Portfolio also invests in other Underlying Portfolios to efficiently gain exposure to certain other types of equity securities, including small- and mid-cap and emerging-market equity securities. The Adviser selects an Underlying Portfolio based on the segment of the equity market to which the Underlying Portfolio provides exposure, its investment philosophy, and how it complements and diversifies the Portfolio’s overall portfolio. Bernstein International Strategic Equities Portfolio and SCB International Portfolio focus on investing in non-US large-cap and mid-cap equity securities. Bernstein International Strategic Equities Portfolio follows a strategy similar to US Strategic Equities, but in the international context. In managing SCB International Portfolio, the Adviser selects stocks by drawing on the capabilities of its separate investment teams specializing in different investment disciplines, including value, growth, stability and others.

In selecting fixed-income investments, the Adviser may draw on the capabilities of separate investment teams that specialize in different areas that are generally defined by the maturity of the debt securities and/or their ratings, and which may include subspecialties (such as inflation-indexed securities). These fixed-income teams draw on the resources and expertise of the Adviser’s internal fixed-income research staff, which includes over 50 dedicated fixed- income research analysts and economists. The Portfolio’s fixed-income securities will primarily be investment-grade debt securities, but are expected to include lower-rated securities (“junk bonds”) and preferred stock.

The Portfolio expects to enter into derivative transactions, such as options, futures contracts, forwards and swaps. Derivatives may provide a more efficient and economical exposure to market segments than direct investments, and may also be a more efficient way to alter the Portfolio’s exposure. The Portfolio may, for example, use credit default, interest rate and total return swaps to establish exposure to the fixed-income markets or particular fixed-income securities and, as noted below, may use currency derivatives to hedge foreign currency exposure.

Fluctuations in currency exchange rates can have a dramatic impact on the returns of foreign securities. The Adviser may employ currency hedging strategies in the Portfolio or the Underlying Portfolios, including the use of currency- related derivatives, to seek to reduce currency risk in the Portfolio or the Underlying Portfolios, but it is not required to do so. The Adviser will generally employ currency hedging strategies more frequently in the fixed-income portion of the Portfolio than in the equity portion.

INVESTMENT RESULTS

The table on page 6 shows the Portfolio’s performance compared to its primary benchmark, the Standard & Poor’s (“S&P”) 500 Index, the Bloomberg Barclays US Aggregate Bond Index, and its blended benchmark, a 60% / 40% blend of the S&P 500 Index and the Bloomberg Barclays US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2017.

For the annual period, all share classes of the Portfolio underperformed the primary benchmark and outperformed the Bloomberg Barclays US Aggregate Bond Index and the blended benchmark. The Portfolio’s US value, non-US value, US growth, REIT and fixed-income holdings contributed relative to their respective style benchmarks. Conversely, non-US growth holdings detracted from performance.

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

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked one of the strongest years for global stock market performance

2

AB Variable Products Series Fund

since the 2008 financial crisis. Emerging-market equities outperformed, followed by non-US stocks. US large-cap stocks outperformed their small-cap peers, and growth outperformed value, in terms of style. Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

Global bonds generally rallied over the period. Emerging-market local-currency government bonds rose, performing in line with investment-grade credit securities and outperforming the positive returns of developed-market treasuries, but lagging the robust returns of global high yield. Developed-market treasury yields were mixed: yields in the US, Canada, UK and Australia flattened, with the short end of the curve rising, while longer maturities moved lower. Japanese yields generally ended the period higher, and yield curves in the eurozone moved in different directions (bond yields move inversely to price).

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

3

BALANCED WEALTH STRATEGY PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

Real Assets Risk: The Portfolio’s investments in securities linked to real assets involve significant risks, including financial, operating and competitive risks. Investments in securities linked to real assets expose the Portfolio to adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located. The Portfolio’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in tax laws.

(Disclosures and Risks continued on next page)

4

AB Variable Products Series Fund

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

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

5

BALANCED WEALTH STRATEGY PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Balanced Wealth Strategy Portfolio Class A2		15.84%		9.05%		5.11%
Balanced Wealth Strategy Portfolio Class B2		15.62%		8.78%		4.84%
Primary Benchmark: S&P 500 Index		21.83%		15.79%		8.50%
Bloomberg Barclays US Aggregate Bond Index		3.54%		2.10%		4.01%
Blended Benchmark: 60% S&P 500 Index / 40% Bloomberg Barclays US Aggregate Bond Index		14.21%		10.25%		6.98%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.02%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.73% and 0.98% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

BALANCED WEALTH STRATEGY PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 to 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Balanced Wealth Strategy Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 4-5.

6

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,070.10	$	3.81		0.73	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.53	$	3.72		0.73	%
Class B
Actual	$	1,000	$	1,069.00	$	5.11		0.98	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.27	$	4.99		0.98	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

7

BALANCED WEALTH STRATEGY PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
Federal National Mortgage Association	$	19,495,666		6.4	%
U.S. Treasury Bonds & Notes		12,938,460		4.3
Inflation-Linked Securities		6,099,588		2.0
Alphabet, Inc.—Class A & Class C		5,108,049		1.7
Facebook, Inc.—Class A		4,058,580		1.3
Bank of America Corp. Series Z		3,189,315		1.1
Visa, Inc.—Class A		2,908,650		1.0
Government National Mortgage Association		2,859,655		0.9
JPMorgan Chase & Co.		2,761,458		0.9
Biogen, Inc.		2,681,184		0.9
	$	62,100,605		20.5	%

SECURITY TYPE BREAKDOWN²

December 31, 2017 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	190,713,151		60.4	%
Mortgage Pass-Throughs		23,253,186		7.4
Corporates—Investment Grade		22,563,565		7.1
Governments—Treasuries		12,938,460		4.1
Asset-Backed Securities		9,691,042		3.1
Commercial Mortgage-Backed Securities		8,336,177		2.6
Collateralized Mortgage Obligations		6,440,424		2.0
Inflation-Linked Securities		6,099,588		1.9
Corporates—Non-Investment Grade		3,663,337		1.2
Emerging Markets—Treasuries		772,430		0.2
Quasi-Sovereigns		607,284		0.2
Local Governments—US Municipal Bonds		539,735		0.2
Emerging Markets—Corporate Bonds		403,453		0.1
Governments—Sovereign Bonds		207,950		0.1
Short-Term Investments		29,578,909		9.4
Total Investments	$	315,808,691		100.0	%

1 Long-term investments.

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

8

BALANCED WEALTH STRATEGY PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	209,019,334		66.2	%
Japan		14,168,292		4.5
United Kingdom		11,143,497		3.5
France		7,428,348		2.3
Germany		5,131,939		1.6
Hong Kong		4,119,263		1.3
Switzerland		3,443,240		1.1
Canada		3,377,927		1.1
Australia		2,764,914		0.9
India		2,644,801		0.8
China		2,385,815		0.8
Brazil		2,099,194		0.7
Netherlands		2,037,773		0.6
Other		16,465,445		5.2
Short-Term Investments		29,578,909		9.4
Total Investments	$	315,808,691		100.0	%

1 All data are as of December 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Argentina, Austria, Belgium, Bermuda, Chile, Colombia, Denmark, Finland, Indonesia, Ireland, Israel, Italy, Mexico, New Zealand, Norway, Peru, Philippines, Portugal, Singapore, South Korea, Spain, Sweden, Taiwan and Turkey.

9

BALANCED WEALTH STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–62.9%
INFORMATION TECHNOLOGY–11.6%
COMMUNICATIONS EQUIPMENT–0.4%
Arista Networks, Inc.(a)		1,540	$	362,793
Nokia Oyj		72,750		339,913
Nokia Oyj (Sponsored ADR)–Class A		122,979		573,082
				1,275,788
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Amphenol Corp.–Class A		4,744		416,523
Corning, Inc.		5,906		188,933
Halma PLC		13,560		230,400
Horiba Ltd.		4,200		252,862
Ingenico Group SA		2,290		244,569
Keyence Corp.		400		223,453
				1,556,740
INTERNET SOFTWARE & SERVICES–3.6%
Alibaba Group Holding Ltd. (ADR)(a)		2,930		505,220
Alphabet, Inc.–Class A(a)		530		558,302
Alphabet, Inc.–Class C(a)		4,348		4,549,747
eBay, Inc.(a)		4,940		186,436
Facebook, Inc.–Class A(a)		23,000		4,058,580
Tencent Holdings Ltd.		12,700		657,325
Yahoo Japan Corp.		102,200		468,228
				10,983,838
IT SERVICES–2.1%
Booz Allen Hamilton Holding Corp.		11,531		439,677
Capgemini SE		2,100		248,728
Cognizant Technology Solutions Corp.–Class A		15,445		1,096,904
Fiserv, Inc.(a)		4,540		595,330
Fujitsu Ltd.		18,000		127,612
PayPal Holdings, Inc.(a)		10,860		799,513
Visa, Inc.–Class A		25,510		2,908,650
				6,216,414
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.2%
ams AG(a)		4,620		418,534
Applied Materials, Inc.		1,594		81,485
ASM International NV		2,690		181,662
ASML Holding NV		3,161		549,566
Disco Corp.		800		177,312
Infineon Technologies AG		18,040		491,304
Intel Corp.		32,193		1,486,029
NVIDIA Corp.		1,709		330,691
SCREEN Holdings Co., Ltd.		2,500		203,329
Siltronic AG(a)		2,590		374,442
SUMCO Corp.		10,300	$	261,483
Taiwan Semiconductor Manufacturing Co., Ltd.		39,000		298,626
Texas Instruments, Inc.		3,250		339,430
Tokyo Electron Ltd.		800		144,311
Xilinx, Inc.		20,247		1,365,053
				6,703,257
SOFTWARE–1.4%
Adobe Systems, Inc.(a)		9,890		1,733,124
Electronic Arts, Inc.(a)		6,530		686,042
Nintendo Co., Ltd.		700		252,067
Oracle Corp.		30,263		1,430,835
				4,102,068
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.4%
Apple, Inc.		13,560		2,294,759
Hewlett Packard Enterprise Co.		8,190		117,608
HP, Inc.		38,674		812,540
NCR Corp.(a)		9,220		313,388
Samsung Electronics Co., Ltd.		80		190,073
Xerox Corp.		19,206		559,855
				4,288,223
				35,126,328
REAL ESTATE–10.0%
DIVERSIFIED REAL ESTATE ACTIVITIES–0.7%
City Developments Ltd.		35,600		331,084
Kerry Properties Ltd.		36,500		163,969
Leopalace21 Corp.		34,400		267,137
Mitsui Fudosan Co., Ltd.		30,500		682,147
Sumitomo Realty & Development Co., Ltd.		8,000		262,552
Sun Hung Kai Properties Ltd.		9,000		149,841
Wharf Holdings Ltd. (The)		41,000		141,388
				1,998,118
DIVERSIFIED REITS–1.4%
Activia Properties, Inc.		44		184,170
Armada Hoffler Properties, Inc.		15,800		245,374
Dream Global Real Estate Investment Trust		16,220		157,684
Empire State Realty Trust, Inc.–Class A		17,600		361,328
GPT Group (The)		93,640		372,483
Gramercy Property Trust		11,427		304,644
H&R Real Estate Investment Trust		11,960		203,234
Hispania Activos Inmobiliarios SOCIMI SA		16,570		312,140
Hulic Reit, Inc.		125		181,939
ICADE		3,175		312,114
Kenedix Office Investment Corp.–Class A		33		187,442
Land Securities Group PLC		21,650		294,153
Liberty Property Trust		6,500		279,565

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Merlin Properties Socimi SA		15,764	$	213,509
Mirvac Group		168,110		307,440
Washington Real Estate Investment Trust		11,260		350,411
				4,267,630
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–0.3%
Mid-America Apartment Communities, Inc.		9,561		961,454
HEALTH CARE REITS–0.5%
Healthcare Realty Trust, Inc.		9,200		295,504
Medical Properties Trust, Inc.		22,270		306,881
Sabra Health Care REIT, Inc.		14,390		270,100
Welltower, Inc.		12,120		772,892
				1,645,377
HOTEL & RESORT REITS–0.4%
MGM Growth Properties LLC–Class A		10,260		299,079
Park Hotels & Resorts, Inc.		9,400		270,250
RLJ Lodging Trust		16,860		370,414
Summit Hotel Properties, Inc.		10,620		161,743
				1,101,486
INDUSTRIAL REITS–0.7%
Goodman Group		27,870		182,618
LaSalle Logiport REIT		151		154,518
Mapletree Logistics Trust		218,000		215,156
PLA Administradora Industrial S de RL de CV(a)		46,200		70,043
Prologis, Inc.		3,260		210,302
Rexford Industrial Realty, Inc.		13,250		386,370
Segro PLC		36,880		291,925
STAG Industrial, Inc.		15,310		418,422
Tritax Big Box REIT PLC		93,590		188,151
				2,117,505
OFFICE REITS–1.3%
Alexandria Real Estate Equities, Inc.		3,440		449,230
Allied Properties Real Estate Investment Trust		6,776		226,837
Boston Properties, Inc.		2,044		265,781
Brandywine Realty Trust		16,620		302,318
Champion REIT		196,000		143,748
Columbia Property Trust, Inc.		11,444		262,640
Corporate Office Properties Trust		6,570		191,844
Derwent London PLC		7,330		308,576
Hibernia REIT PLC		54,390		99,456
Investa Office Fund		53,120		187,957
Kilroy Realty Corp.		4,070		303,826
Mack-Cali Realty Corp.		8,320		179,379
Nippon Building Fund, Inc.		61		298,300
SL Green Realty Corp.		3,450		348,208
Workspace Group PLC		21,046		284,721
				3,852,821
REAL ESTATE DEVELOPMENT–0.3%
CK Asset Holdings Ltd.		93,500		815,055
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.4%
SM Prime Holdings, Inc.		425,400		319,561
Vonovia SE		15,552		770,559
Wharf Real Estate Investment Co., Ltd.(a)		38,000		252,917
				1,343,037
REAL ESTATE OPERATING COMPANIES–0.6%
Aroundtown SA		32,350		249,038
BUWOG AG(a)		4,466		153,908
CA Immobilien Anlagen AG		9,140		282,994
Deutsche Wohnen SE		7,150		311,860
Entra ASA(b)		18,398		273,373
Hongkong Land Holdings Ltd.		42,100		296,124
TLG Immobilien AG		6,290		166,813
				1,734,110
RESIDENTIAL REITS–1.0%
American Campus Communities, Inc.		5,220		214,177
American Homes 4 Rent–Class A		18,320		400,109
Camden Property Trust		4,060		373,764
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)		202,130		149,678
Essex Property Trust, Inc.		2,350		567,219
Independence Realty Trust, Inc.		21,620		218,146
Japan Rental Housing Investments, Inc.		253		184,571
Killam Apartment Real Estate Investment Trust		27,790		314,378
Sun Communities, Inc.		5,111		474,199
UNITE Group PLC (The)		27,650		300,520
				3,196,761
RETAIL REITS–1.8%
Charter Hall Retail REIT		69,220		224,337
Frontier Real Estate Investment Corp.		39		151,604
Fukuoka REIT Corp.		123		183,613
Kenedix Retail REIT Corp.		74		152,849
Klepierre SA		9,173		403,193
Link REIT		70,768		654,732
National Retail Properties, Inc.		10,350		446,396
Realty Income Corp.		11,210		639,194
Regency Centers Corp.		6,460		446,903
Retail Opportunity Investments Corp.		12,600		251,370
Simon Property Group, Inc.		8,056		1,383,538
Unibail-Rodamco SE		960		241,586
Urban Edge Properties		10,880		277,331
				5,456,646

11

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

Company	Shares		U.S. $ Value
SPECIALIZED REITS–0.6%
CubeSmart		8,990	$	259,991
Digital Realty Trust, Inc.		5,320		605,948
Equinix, Inc.		500		226,610
National Storage Affiliates Trust		12,710		346,474
Public Storage		1,360		284,240
				1,723,263
				30,213,263
FINANCIALS–9.5%
BANKS–4.6%
ABN AMRO Group NV (GDR)(b)		6,180		199,249
Australia & New Zealand Banking Group Ltd.		8,610		192,081
Bank of America Corp.		79,314		2,341,349
Barclays PLC		92,180		252,331
BNP Paribas SA		4,960		368,967
BOC Hong Kong Holdings Ltd.		59,000		298,173
Citigroup, Inc.		14,051		1,045,535
Citizens Financial Group, Inc.		1,635		68,637
Comerica, Inc.		5,967		517,995
Credicorp Ltd.		2,040		423,157
Danske Bank A/S		4,085		158,996
DNB ASA		15,090		279,337
Erste Group Bank AG(a)		7,840		339,751
Fifth Third Bancorp		5,234		158,800
HDFC Bank Ltd.		27,900		827,460
ING Groep NV		15,660		287,466
Intesa Sanpaolo SpA		50,340		167,021
Itau Unibanco Holding SA (Preference Shares)		8,250		105,795
JPMorgan Chase & Co.		18,724		2,002,345
KB Financial Group, Inc.		2,170		128,427
Mitsubishi UFJ Financial Group, Inc.		63,500		462,151
PNC Financial Services Group, Inc. (The)		2,996		432,293
Svenska Handelsbanken AB–Class A		26,120		356,957
Swedbank AB–Class A		16,710		403,125
Wells Fargo & Co.		35,732		2,167,860
				13,985,258
CAPITAL MARKETS–1.5%
Azimut Holding SpA		10,760		205,851
Credit Suisse Group AG (REG)(a)		23,088		411,791
Franklin Resources, Inc.		1,564		67,768
Goldman Sachs Group, Inc. (The)		3,676		936,498
MarketAxess Holdings, Inc.		4,759		960,128
Morgan Stanley		8,180		429,205
Partners Group Holding AG		880		602,969
S&P Global, Inc.		5,450		923,230
Thomson Reuters Corp.		2,453		106,926
				4,644,366
CONSUMER FINANCE–0.9%
Bharat Financial Inclusion Ltd.(a)		22,630		354,620
Capital One Financial Corp.		6,790		676,148
Discover Financial Services		1,591		122,380
Hitachi Capital Corp.		7,400		185,569
OneMain Holdings, Inc.(a)		10,982		285,422
Synchrony Financial		23,834		920,231
				2,544,370
DIVERSIFIED FINANCIAL SERVICES–0.3%
Berkshire Hathaway, Inc.–Class B(a)		4,127		818,054
ORIX Corp.		10,900		183,784
				1,001,838
INSURANCE–2.0%
AIA Group Ltd.		80,400		683,853
Allianz SE (REG)		1,820		416,503
Allstate Corp. (The)		8,598		900,297
American International Group, Inc.		17,683		1,053,553
Aviva PLC		19,640		133,951
Everest Re Group Ltd.		327		72,352
First American Financial Corp.		11,689		655,052
FNF Group		16,512		647,931
Hartford Financial Services Group, Inc. (The)		2,784		156,683
Loews Corp.		1,598		79,948
MetLife, Inc.		4,482		226,610
PICC Property & Casualty Co., Ltd.–Class H		68,000		130,273
Principal Financial Group, Inc.		1,371		96,738
Prudential Financial, Inc.		1,932		222,141
Prudential PLC		25,530		653,831
				6,129,716
THRIFTS & MORTGAGE FINANCE–0.2%
Housing Development Finance Corp., Ltd.		15,120		404,917
				28,710,465
HEALTH CARE–7.6%
BIOTECHNOLOGY–1.1%
Biogen, Inc.(a)		7,582		2,415,398
Genmab A/S(a)		1,100		182,426
Gilead Sciences, Inc.		7,281		521,611
Grifols SA (ADR)		7,890		180,839
				3,300,274
HEALTH CARE EQUIPMENT & SUPPLIES–1.6%
Align Technology, Inc.(a)		1,385		307,733
Danaher Corp.		2,369		219,891
Edwards Lifesciences Corp.(a)		18,605		2,096,970
Essilor International Cie Generale d'Optique SA		2,830		389,808
Intuitive Surgical, Inc.(a)		4,862		1,774,338
Sartorius AG (Preference Shares)		1,296		123,110
				4,911,850

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
HEALTH CARE PROVIDERS & SERVICES–1.8%
Aetna, Inc.		4,027	$	726,431
Anthem, Inc.		1,305		293,638
Apollo Hospitals Enterprise Ltd.		29,930		564,227
Cigna Corp.		3,007		610,692
McKesson Corp.		4,750		740,762
Quest Diagnostics, Inc.		3,584		352,988
UnitedHealth Group, Inc.		10,251		2,259,935
				5,548,673
HEALTH CARE TECHNOLOGY–0.3%
Cerner Corp.(a)		12,529		844,329
LIFE SCIENCES TOOLS & SERVICES–0.4%
Eurofins Scientific SE		716		435,195
Gerresheimer AG		2,190		181,126
Mettler-Toledo International, Inc.(a)		509		315,336
Thermo Fisher Scientific, Inc.		1,098		208,488
				1,140,145
PHARMACEUTICALS–2.4%
Allergan PLC		568		92,914
Bristol-Myers Squibb Co.		4,094		250,880
Johnson & Johnson		7,946		1,110,215
Mallinckrodt PLC(a) (c)		14,204		320,442
Novo Nordisk A/S–Class B		5,090		273,514
Ono Pharmaceutical Co., Ltd.		6,100		141,896
Pfizer, Inc.		27,914		1,011,045
Roche Holding AG		3,880		981,079
Sanofi		5,040		433,903
Teva Pharmaceutical Industries Ltd.		1,680		31,773
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		30,549		578,904
Vectura Group PLC(a)		86,610		137,634
Zoetis, Inc.		28,560		2,057,462
				7,421,661
				23,166,932
CONSUMER DISCRETIONARY–6.1%
AUTO COMPONENTS–1.1%
Aptiv PLC		4,440		376,645
Bridgestone Corp.		2,800		129,590
Cie Generale des Etablissements Michelin–Class B		920		131,611
Continental AG		700		188,216
Delphi Technologies PLC(a)		2,820		147,965
Faurecia		3,915		305,116
Hankook Tire Co., Ltd.(a)		2,360		120,236
Lear Corp.		2,621		463,026
Magna International, Inc.– Class A		15,980		905,587
Sumitomo Electric Industries Ltd.		9,500		160,144
Valeo SA		4,680		348,617
				3,276,753
AUTOMOBILES–0.4%
Ford Motor Co.		14,115		176,296
General Motors Co.		6,743		276,396
Honda Motor Co., Ltd.		9,500		324,211
Peugeot SA		13,800		280,295
Subaru Corp.		2,700		85,611
				1,142,809
Hotels, Restaurants & Leisure–0.3%
Carnival Corp.		2,091		138,780
InterContinental Hotels Group PLC		3,560		226,433
Merlin Entertainments PLC(b)		29,979		146,868
Royal Caribbean Cruises Ltd.		863		102,938
Starbucks Corp.		7,230		415,219
				1,030,238
HOUSEHOLD DURABLES–0.3%
Nikon Corp.		10,600		213,306
Panasonic Corp.		47,700		696,129
				909,435
INTERNET & DIRECT MARKETING RETAIL–0.2%
Ctrip.com International Ltd. (ADR)(a)		4,230		186,543
Priceline Group, Inc. (The)(a)		280		486,567
				673,110
LEISURE PRODUCTS–0.1%
Amer Sports Oyj(a)		6,590		182,399
MEDIA–0.9%
Charter Communications, Inc.–Class A(a)		319		107,171
Comcast Corp.–Class A		36,941		1,479,487
Twenty-First Century Fox, Inc.–Class A		24,194		835,419
Walt Disney Co. (The)		2,058		221,256
				2,643,333
MULTILINE RETAIL–0.4%
B&M European Value Retail SA		43,300		247,091
Dollar Tree, Inc.(a)		6,281		674,014
Target Corp.		3,136		204,624
				1,125,729
SPECIALTY RETAIL–1.7%
Best Buy Co., Inc.		1,291		88,395
Gap, Inc. (The)		6,477		220,607
Home Depot, Inc. (The)		12,081		2,289,712
Michaels Cos., Inc. (The)(a)		20,754		502,039
Signet Jewelers Ltd.(c)		5,798		327,877
TJX Cos., Inc. (The)		14,478		1,106,988
Ulta Salon Cosmetics & Fragrance, Inc.(a)		3,570		798,466
				5,334,084

13

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

Company	Shares		U.S. $ Value
TEXTILES, APPAREL & LUXURY GOODS–0.7%
Crystal International Group Ltd.(a)(b)		92,000	$	89,023
HUGO BOSS AG		3,090		262,212
Kering		420		197,705
LVMH Moet Hennessy Louis Vuitton SE		730		214,259
NIKE, Inc.–Class B		15,282		955,889
Pandora A/S		3,194		347,183
Samsonite International SA		41,100		188,854
				2,255,125
				18,573,015
CONSUMER STAPLES–5.3%
BEVERAGES–1.5%
Asahi Group Holdings Ltd.		2,500		124,049
Coca-Cola Bottlers Japan, Inc.		5,000		182,443
Constellation Brands, Inc.–Class A		5,010		1,145,136
Monster Beverage Corp.(a)		27,021		1,710,159
PepsiCo, Inc.		6,097		731,152
Pernod Ricard SA		1,530		241,977
Treasury Wine Estates Ltd.		23,810		295,457
				4,430,373
FOOD & STAPLES RETAILING–0.9%
Costco Wholesale Corp.		8,760		1,630,411
CVS Health Corp.		2,294		166,315
Tsuruha Holdings, Inc.		2,500		339,575
Wal-Mart Stores, Inc.		7,088		699,940
				2,836,241
FOOD PRODUCTS–0.9%
Archer-Daniels-Midland Co.		4,072		163,206
BRF SA(a)		8,500		93,787
Calbee, Inc.		3,400		110,492
Glanbia PLC		18,830		336,638
Kerry Group PLC–Class A		3,310		371,335
Nestle SA (REG)		4,570		392,911
Orkla ASA		30,610		324,377
Tyson Foods, Inc.–Class A		8,297		672,638
WH Group Ltd.(b)		214,000		241,586
				2,706,970
HOUSEHOLD PRODUCTS–0.8%
Colgate-Palmolive Co.		3,537		266,866
Henkel AG & Co. KGaA (Preference Shares)		2,430		320,894
Procter & Gamble Co. (The)		11,786		1,082,898
Reckitt Benckiser Group PLC		5,110		476,730
Unicharm Corp.		13,100		340,169
				2,487,557
PERSONAL PRODUCTS–0.2%
Godrej Consumer Products Ltd.		18,510		289,577
Kose Corp.		1,700		264,906
				554,483
TOBACCO–1.0%
British American Tobacco PLC		9,660		653,005
British American Tobacco PLC (Sponsored ADR)		9,400		629,706
Imperial Brands PLC		4,060		173,178
Japan Tobacco, Inc.		11,400		367,115
Philip Morris International, Inc.		11,740		1,240,331
				3,063,335
				16,078,959
INDUSTRIALS–4.5%
AEROSPACE & DEFENSE–0.6%
Airbus SE		4,230		420,406
BAE Systems PLC		39,660		306,426
Raytheon Co.		3,985		748,582
Saab AB–Class B		3,600		175,082
United Technologies Corp.		2,541		324,155
				1,974,651
AIRLINES–0.4%
Japan Airlines Co., Ltd.		10,000		390,699
JetBlue Airways Corp.(a)		22,157		494,987
Qantas Airways Ltd.		79,944		313,464
				1,199,150
BUILDING PRODUCTS–0.8%
Allegion PLC		10,472		833,152
AO Smith Corp.		10,484		642,460
Assa Abloy AB–Class B		8,500		176,217
Cie de Saint-Gobain		4,460		245,462
Kingspan Group PLC		9,110		399,182
				2,296,473
COMMERCIAL SERVICES & SUPPLIES–0.4%
China Everbright International Ltd.		226,000		322,422
Copart, Inc.(a)		20,171		871,185
				1,193,607
CONSTRUCTION & ENGINEERING–0.1%
AECOM(a)		5,381		199,904
ELECTRICAL EQUIPMENT–0.6%
Eaton Corp. PLC		7,562		597,474
Emerson Electric Co.		2,696		187,884
Nidec Corp.		1,900		266,032
Philips Lighting NV(b)		4,997		183,274
Schneider Electric SE (Paris)(a)		4,900		415,424
TKH Group NV		2,160		137,194
				1,787,282
INDUSTRIAL CONGLOMERATES–0.6%
General Electric Co.		8,392		146,440
Roper Technologies, Inc.		4,465		1,156,435
Siemens AG (REG)		3,780		523,370
				1,826,245

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MACHINERY–0.6%
FANUC Corp.		1,000	$	239,896
Hoshizaki Corp.		1,500		132,893
IDEX Corp.		1,910		252,063
IHI Corp.		7,700		255,381
Oshkosh Corp.		5,088		462,448
WABCO Holdings, Inc.(a)		4,050		581,175
				1,923,856
PROFESSIONAL SERVICES–0.2%
Adecco Group AG (REG)		2,710		207,099
Recruit Holdings Co., Ltd.		9,500		235,885
RELX NV		8,370		192,379
				635,363
ROAD & RAIL–0.2%
Norfolk Southern Corp.		602		87,230
Ryder System, Inc.		2,277		191,655
Union Pacific Corp.		2,580		345,978
				624,863
TRADING COMPANIES & DISTRIBUTORS–0.0%
United Rentals, Inc.(a)		380		65,326
				13,726,720
ENERGY–2.8%
ENERGY EQUIPMENT & SERVICES–0.2%
RPC, Inc.(c)		18,654		476,237
OIL, GAS & CONSUMABLE FUELS–2.6%
Canadian Natural Resources Ltd.		16,240		580,093
Canadian Natural Resources Ltd. (Toronto)		5,580		199,406
Chevron Corp.		6,492		812,733
ConocoPhillips		3,545		194,585
Devon Energy Corp.		13,363		553,228
EOG Resources, Inc.		8,525		919,933
Exxon Mobil Corp.		13,492		1,128,471
Hess Corp.		10,872		516,094
HollyFrontier Corp.		5,962		305,374
JXTG Holdings, Inc.		58,000		372,726
Marathon Oil Corp.		4,332		73,341
Marathon Petroleum Corp.		11,896		784,898
QEP Resources, Inc.(a)		26,098		249,758
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		24,795		826,293
Valero Energy Corp.		2,806		257,899
YPF SA (Sponsored ADR)		5,353		122,637
				7,897,469
				8,373,706
MATERIALS–2.4%
CHEMICALS–1.4%
Air Water, Inc.		8,400		176,829
Arkema SA		2,356		287,066
CF Industries Holdings, Inc.		11,767		500,568
Chr Hansen Holding A/S		2,690		252,322
Eastman Chemical Co.		4,166		385,938
Ecolab, Inc.		3,290		441,452
Incitec Pivot Ltd.		65,980		199,924
Johnson Matthey PLC		7,028		291,229
Koninklijke DSM NV		1,688		161,244
LyondellBasell Industries NV–Class A		3,895		429,696
Mosaic Co. (The)		1,842		47,266
Nippon Shokubai Co., Ltd.		3,300		222,454
Sherwin-Williams Co. (The)		980		401,839
Umicore SA		7,480		354,170
				4,151,997
CONSTRUCTION MATERIALS–0.3%
Anhui Conch Cement Co., Ltd.–Class H		19,500		91,528
Buzzi Unicem SpA		5,080		137,043
CRH PLC (London)		7,580		272,047
Fletcher Building Ltd.		25,910		139,555
Grupo Cementos de Chihuahua SAB de CV		39,050		182,157
HeidelbergCement AG		1,590		171,442
				993,772
CONTAINERS & PACKAGING–0.0%
WestRock Co.		1,282		81,035
METALS & MINING–0.7%
Alcoa Corp.(a)		11,626		626,293
BlueScope Steel Ltd.		9,318		110,982
Boliden AB		4,880		166,885
First Quantum Minerals Ltd.		10,380		145,419
Gerdau SA (Preference Shares)		40,300		150,212
Glencore PLC(a)		39,480		206,637
Newmont Mining Corp.		3,210		120,439
Norsk Hydro ASA		36,750		278,595
Sumitomo Metal Mining Co., Ltd.		4,900		224,176
Yamato Kogyo Co., Ltd.		6,300		182,482
				2,212,120
				7,438,924
UTILITIES–1.4%
ELECTRIC UTILITIES–0.7%
American Electric Power Co., Inc.		10,829		796,690
Edison International		7,026		444,324
EDP–Energias de Portugal SA		43,550		150,751
Enel SpA		30,961		190,387
Eversource Energy		1,154		72,910
NextEra Energy, Inc.		1,258		196,487
Portland General Electric Co.		6,024		274,574
Xcel Energy, Inc.		2,341		112,625
				2,238,748
MULTI-UTILITIES–0.5%
Ameren Corp.		1,182		69,726
CMS Energy Corp.		1,661		78,565

15

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

Company		Shares		U.S. $ Value
DTE Energy Co.			1,111	$	121,610
NiSource, Inc.			22,229		570,619
Public Service Enterprise Group, Inc.			3,500		180,250
Suez			18,980		333,433
WEC Energy Group, Inc.			1,887		125,354
					1,479,557
WATER UTILITIES–0.2%
Beijing Enterprises Water Group Ltd.(a)			424,000		327,562
Cia de Saneamento Basico do Estado de Sao Paulo			21,700		224,582
Pennon Group PLC			2,516		26,562
					578,706
					4,297,011
TELECOMMUNICATION SERVICES–1.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.9%
AT&T, Inc.			20,559		799,334
BT Group PLC			124,420		456,417
China Unicom Hong Kong Ltd.(a)			122,000		164,942
Deutsche Telekom AG (REG)			19,180		339,034
Nippon Telegraph & Telephone Corp.			14,200		667,600
TDC A/S			30,860		189,645
Telekomunikasi Indonesia Persero Tbk PT			520,000		170,193
					2,787,165
WIRELESS TELECOMMUNICATION SERVICES–0.5%
T-Mobile US, Inc.(a)			14,426		916,195
Vodafone Group PLC			125,993		398,263
					1,314,458
					4,101,623
TRANSPORTATION–0.2%
AIRPORT SERVICES–0.1%
Sydney Airport			38,260		209,937
HIGHWAYS & RAILTRACKS–0.1%
Transurban Group			17,383		168,234
RAILROADS–0.0%
East Japan Railway Co.			1,600		156,029
					534,200
BANKS–0.1%
DIVERSIFIED BANKS–0.0%
Banco Comercial Portugues SA(a)			399,360		129,989
THRIFTS & MORTGAGE FINANCE–0.1%
Aareal Bank AG			5,360		242,016
					372,005
Total Common Stocks (cost $143,976,392)					190,713,151
	Principal Amount (000)
MORTGAGE PASS-THROUGHS–7.7%
AGENCY FIXED RATE 15-YEAR–0.8%
Federal National Mortgage Association Series 2016
2.50%, 11/01/31	U.S.$		748		747,581
2.50%, 12/01/31-1/01/32			1,546		1,544,528
					2,292,109
AGENCY FIXED RATE 30-YEAR–6.9%
Federal Home Loan Mortgage Corp. Gold Series 2017
4.00%, 7/01/44			379		398,900
4.00%, 2/01/46			487		513,579
Series 2007 5.50%, 7/01/35			18		19,957
Series 2005 5.50%, 1/01/35			176		194,816
Federal National Mortgage Association 4.00%, 12/01/40-10/01/43			1,208		1,272,728
4.00%, 1/01/48, TBA			3,383		3,538,407
5.00%, 12/01/39			97		105,113
3.50%, 1/01/48, TBA			7,398		7,598,555
4.50%, 1/01/48, TBA			2,847		3,028,941
3.00%, 5/01/45			1,190		1,193,173
Series 2004 5.50%, 2/01/34-11/01/34			65		72,071
Series 2007 5.50%, 1/01/37-8/01/37			244		270,560
Series 2008 5.50%, 8/01/37			112		124,009
Government National Mortgage Association
3.00%, 12/20/46			473		478,059
3.50%, 1/01/48, TBA			2,081		2,152,209
					20,961,077
Total Mortgage Pass-Throughs (cost $23,215,647)					23,253,186

16

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
CORPORATES–INVESTMENT GRADE–7.4%
FINANCIAL INSTITUTIONS–3.8%
BANKING–3.4%
Banco Santander SA 3.50%, 4/11/22	U.S.$		200	$	203,864
Bank of America Corp. 2.881%, 4/24/23			265		265,477
3.824%, 1/20/28			270		279,285
Series G 3.593%, 7/21/28			210		213,532
Barclays PLC 3.65%, 3/16/25			270		270,243
BNP Paribas SA 3.80%, 1/10/24(b)			215		222,299
Capital One Financial Corp. 3.30%, 10/30/24			265		264,051
Citigroup, Inc. 3.668%, 7/24/28			370		374,847
3.875%, 3/26/25			235		240,447
Compass Bank 2.875%, 6/29/22			265		262,464
5.50%, 4/01/20			314		330,300
Cooperatieve Rabobank UA 4.375%, 8/04/25			320		338,118
Credit Agricole SA/London 3.375%, 1/10/22(b)			260		263,931
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23			385		396,816
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			208		204,778
3.75%, 5/22/25			186		191,580
5.75%, 1/24/22			335		371,230
Series D 6.00%, 6/15/20			217		234,434
HSBC Holdings PLC 4.041%, 3/13/28			585		609,172
JPMorgan Chase & Co. 3.22%, 3/01/25			265		266,789
3.54%, 5/01/28			485		492,324
Lloyds Banking Group PLC 4.65%, 3/24/26			200		211,228
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26			272		281,724
Morgan Stanley 3.591%, 7/22/28			445		449,098
5.625%, 9/23/19			168		177,055
Series G 5.50%, 7/24/20			189		202,657
Nationwide Building Society 4.00%, 9/14/26(b)			290		293,582
PNC Bank NA 3.80%, 7/25/23			685		715,695
Santander Holdings USA, Inc. 4.40%, 7/13/27(b)	U.S.$		265	$	271,193
Santander Issuances SAU 3.25%, 4/04/26(b)		EUR	200		263,984
Santander UK Group Holdings PLC 2.875%, 8/05/21	U.S.$		226		225,733
Santander UK PLC 5.00%, 11/07/23(b)			200		214,226
UBS Group Funding Switzerland AG 4.125%, 9/24/25(b)			305		320,101
US Bancorp Series J 5.30%, 4/15/27(d)			116		125,393
Wells Fargo & Co. 3.069%, 1/24/23			212		213,885
					10,261,535
FINANCE–0.1%
Synchrony Financial 3.95%, 12/01/27			265		263,879
INSURANCE–0.2%
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20			38		40,484
Lincoln National Corp. 8.75%, 7/01/19			31		33,788
MetLife, Inc. 10.75%, 8/01/39			70		116,916
XLIT Ltd. 3.25%, 6/29/47		EUR	165		199,852
6.375%, 11/15/24	U.S.$		157		182,718
					573,758
REITS–0.1%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23			10		10,178
Trust F/1401 5.25%, 1/30/26(b)			200		211,250
Welltower, Inc. 4.00%, 6/01/25			238		246,206
					467,634
					11,566,806
INDUSTRIAL–3.5%
BASIC–0.5%
Anglo American Capital PLC 3.75%, 4/10/22(b)			200		203,310
Dow Chemical Co. (The) 4.125%, 11/15/21			165		173,164
Eastman Chemical Co. 3.80%, 3/15/25			84		87,441
Glencore Funding LLC 4.125%, 5/30/23(b)			126		130,474
Minsur SA 6.25%, 2/07/24(b)			168		183,960

17

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

	Principal Amount (000)			U.S. $ Value
Mosaic Co. (The) 5.625%, 11/15/43	U.S.$		75	$	81,184
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(b)			237		239,962
Vale Overseas Ltd. 6.875%, 11/21/36			145		177,335
Yamana Gold, Inc. 4.95%, 7/15/24			142		148,187
					1,425,017
CAPITAL GOODS–0.1%
Embraer Netherlands Finance BV 5.40%, 2/01/27			160		171,600
General Electric Co. Series D 5.00%, 1/21/21(d)			68		70,212
					241,812
COMMUNICATIONS–MEDIA–0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			165		175,261
Comcast Corp. 5.15%, 3/01/20			451		478,574
Cox Communications, Inc. 2.95%, 6/30/23(b)			91		89,579
Time Warner Cable LLC 4.125%, 2/15/21			165		169,779
4.50%, 9/15/42			85		79,423
					992,616
COMMUNICATIONS– TELECOMMUNI- CATIONS–0.4%
AT&T, Inc. 3.40%, 5/15/25			575		566,064
4.125%, 2/17/26			345		352,310
5.15%, 2/14/50			105		105,900
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	46		38,669
Verizon Communications, Inc. 3.50%, 11/01/24	U.S.$		281		285,915
					1,348,858
CONSUMER CYCLICAL–AUTOMOTIVE–0.4%
Ford Motor Credit Co. LLC 5.875%, 8/02/21			915		1,005,210
General Motors Co. 3.50%, 10/02/18			130		131,244
General Motors Financial Co., Inc. 4.00%, 1/15/25			41		42,215
4.30%, 7/13/25			50		52,074
					1,230,743
CONSUMER NON- CYCLICAL–0.3%
Becton Dickinson and Co. 3.734%, 12/15/24			66		67,467
Biogen, Inc. 4.05%, 9/15/25	U.S.$		251	$	265,786
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			155		167,994
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26			183		150,289
Tyson Foods, Inc. 2.65%, 8/15/19			64		64,290
3.95%, 8/15/24			206		216,419
					932,245
ENERGY–0.8%
Cenovus Energy, Inc. 3.00%, 8/15/22			17		16,884
5.70%, 10/15/19			59		62,038
Ecopetrol SA 5.875%, 5/28/45			94		96,350
Encana Corp. 3.90%, 11/15/21			140		143,851
Enterprise Products Operating LLC 3.70%, 2/15/26			278		284,675
5.20%, 9/01/20			185		197,845
Hess Corp. 4.30%, 4/01/27			199		198,932
Kinder Morgan Energy Partners LP 2.65%, 2/01/19			302		302,652
Kinder Morgan, Inc./DE 5.00%, 2/15/21(b)			250		265,780
Marathon Petroleum Corp. 5.125%, 3/01/21			163		174,656
Noble Energy, Inc. 3.90%, 11/15/24			170		175,610
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			232		225,905
Sabine Pass Liquefaction LLC 5.00%, 3/15/27			146		156,086
Williams Partners LP 4.125%, 11/15/20			155		160,461
					2,461,725
SERVICES–0.2%
Expedia, Inc. 3.80%, 2/15/28			185		178,767
S&P Global, Inc. 4.40%, 2/15/26			226		244,082
Total System Services, Inc. 3.75%, 6/01/23			45		46,040
					468,889
TECHNOLOGY–0.4%
Agilent Technologies, Inc. 5.00%, 7/15/20			71		75,401
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24(b)			53		52,720
3.875%, 1/15/27(b)			117		115,424

18

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Dell International LLC/EMC Corp. 6.02%, 6/15/26(b)	U.S.$	50	$	55,103
Hewlett Packard Enterprise Co. 2.10%, 10/04/19(b)		183		181,620
HP, Inc. 4.65%, 12/09/21		114		121,331
KLA-Tencor Corp. 4.65%, 11/01/24		225		244,053
Lam Research Corp. 2.80%, 6/15/21		71		71,398
Motorola Solutions, Inc. 7.50%, 5/15/25		6		7,245
Seagate HDD Cayman 4.75%, 1/01/25		127		124,673
VMware, Inc. 2.95%, 8/21/22		85		84,801
Western Digital Corp. 7.375%, 4/01/23(b)		156		168,365
				1,302,134
TRANSPORTATION–SERVICES–0.1%
Adani Ports & Special Economic Zone Ltd. 3.95%, 1/19/22(b)		200		204,000
				10,608,039
UTILITY–0.1%
ELECTRIC–0.1%
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/24(b)		320		340,800
Pacific Gas & Electric Co. 6.05%, 3/01/34		38		47,920
				388,720
Total Corporates–Investment Grade (cost $21,907,399)				22,563,565
GOVERNMENTS–TREASURIES–4.3%
UNITED STATES–4.3%
U.S. Treasury Bonds 2.75%, 8/15/42		280		281,969
3.00%, 5/15/45		533		559,900
3.125%, 2/15/43-8/15/44		575		617,765
3.375%, 5/15/44		234		262,516
4.375%, 2/15/38		822		1,051,130
7.50%, 11/15/24		252		334,609
U.S. Treasury Notes 1.125%, 2/28/19		4,160		4,125,550
1.25%, 5/31/19		1,070		1,061,139
1.75%, 11/30/21		1,335		1,316,435
1.875%, 7/31/22		1,342		1,323,757
2.125%, 12/31/22		675		672,258
2.25%, 8/15/27		250		246,484
2.375%, 8/15/24		1,081		1,084,948
Total Governments–Treasuries (cost $12,954,774)				12,938,460
ASSET-BACKED SECURITIES–3.2%
AUTOS–FIXED RATE–1.7%
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20	U.S.$	454	$	453,681
AmeriCredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20		95		95,177
Series 2017-3, Class A2A 1.69%, 12/18/20		130		129,665
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19		57		57,324
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(b)		66		66,397
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(b)		35		34,876
CPS Auto Trust Series 2017-A, Class A 1.68%, 8/17/20(b)		71		70,947
Series 2017-D, Class A 1.87%, 3/15/21(b)		291		290,163
Drive Auto Receivables Trust Series 2016-CA, Class A3 1.67%, 11/15/19(b)		46		45,799
Series 2017-AA, Class A3 1.77%, 1/15/20(b)		155		155,281
Series 2017-BA, Class A3 1.74%, 6/17/19(b)		215		214,963
DT Auto Owner Trust Series 2017-3A, Class A 1.73%, 8/17/20(b)		94		93,722
Enterprise Fleet Financing LLC Series 2015-1, Class A2 1.30%, 9/20/20(b)		13		13,135
Exeter Automobile Receivables Trust Series 2016-1A, Class D 8.20%, 2/15/23(b)		140		146,522
Series 2016-3A, Class A 1.84%, 11/16/20(b)		41		41,333
Series 2017-2A, Class A 2.11%, 6/15/21(b)		110		110,358
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21		262		262,061
First Investors Auto Owner Trust Series 2016-2A, Class A1 1.53%, 11/16/20(b)		72		71,884

19

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

	Principal Amount (000)		U.S. $ Value
Flagship Credit Auto Trust Series 2016-3, Class A1 1.61%, 12/15/19(b)	U.S.$	59	$	58,817
Series 2016-4, Class A2 1.96%, 2/16/21(b)		110		109,393
Series 2016-4, Class D 3.89%, 11/15/22(b)		100		100,291
Series 2017-2, Class A 1.85%, 7/15/21(b)		158		157,626
Series 2017-3, Class A 1.88%, 10/15/21(b)		154		153,164
Series 2017-4, Class A 2.07%, 4/15/22(b)		125		124,702
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22		322		320,519
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18		120		119,665
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(b)		221		221,092
Series 2016-1, Class A1 1.96%, 5/17/21(b)		280		279,089
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20		56		55,589
Hertz Vehicle Financing II LP Series 2015-1A, Class A 2.73%, 3/25/21(b)		215		215,629
Series 2015-2A, Class A 2.02%, 9/25/19(b)		180		179,626
Series 2015-3A, Class A 2.67%, 9/25/21(b)		265		262,331
Series 2016-1A, Class A 2.32%, 3/25/20(b)		145		144,512
Hertz Vehicle Financing LLC Series 2013-1A, Class B2 2.48%, 8/25/19(b)		192		191,305
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40%, 11/15/18(b)		8		8,147
Santander Drive Auto Receivables Trust Series 2017-3, Class A2 1.67%, 6/15/20		123		122,773
Westlake Automobile Receivables Trust Series 2016-2A, Class A2 1.57%, 6/17/19(b)		33		33,112
				5,210,670
OTHER ABS–FIXED RATE–0.7%
Ascentium Equipment Receivables Trust Series 2016-1A, Class A2 1.75%, 11/13/18(b)	U.S.$	9	$	9,337
CLUB Credit Trust Series 2017-P1, Class A 2.42%, 9/15/23(b)(e)		276		275,966
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21		182		181,529
Series 2015-A, Class A4 1.85%, 4/15/21		227		226,218
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(b)(e)		23		23,158
Series 2017-1A, Class A 2.827%, 3/15/24(b)(e)		76		76,048
Series 2017-2A, Class A 2.39%, 7/15/24(b)(e)		104		103,756
Series 2017-3A, Class A 2.36%, 12/15/24(b)(e)		150		149,652
Series 2017-3A, Class B 3.01%, 12/15/24(b)(e)		100		99,683
Prosper Marketplace Issuance Trust Series 2017-2A, Class B 3.48%, 9/15/23(b)(e)		100		100,233
SBA Tower Trust 3.156%, 10/08/20(b)(e)		251		252,882
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(b)(e)		67		67,576
Series 2016-3, Class A 3.05%, 12/26/25(b)(e)		96		96,142
Series 2017-2, Class A 3.28%, 2/25/26(b)(e)		114		115,072
Series 2017-3, Class A 2.77%, 5/25/26(b)(e)		121		120,848
Series 2017-5, Class A2 2.78%, 9/25/26(b)(e)		180		177,876
Series 2017-6, Class A2 2.82%, 11/25/26(b)(e)		105		104,387
				2,180,363
CREDIT CARDS–FIXED RATE–0.3%
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41%, 7/15/22		326		327,517
Series 2015-2, Class A 1.56%, 3/15/21		214		213,831
World Financial Network Credit Card Master Trust Series 2013-A, Class A 1.61%, 12/15/21		246		245,933

20

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2017-B, Class A 1.98%, 6/15/23	U.S.$	205	$	204,201
				991,482
AUTOS–FLOATING RATE–0.3%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.977% (LIBOR 1 Month + 0.50%), 7/15/20(b)(f)		378		378,779
Wells Fargo Dealer Floorplan Master Note Trust Series 2015-1, Class A 2.001% (LIBOR 1 Month + 0.50%), 1/20/20(f)		384		384,088
				762,867
CREDIT CARDS–FLOATING RATE–0.2%
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.827% (LIBOR 1 Month + 0.35%), 8/17/20(f)		240		240,113
World Financial Network Credit Card Master Trust Series 2015-A, Class A 1.957% (LIBOR 1 Month + 0.48%), 2/15/22(f)		256		256,204
				496,317
HOME EQUITY LOANS–FIXED RATE–0.0%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33(e)		49		49,343
Total Asset-Backed Securities (cost $9,678,955)				9,691,042
COMMERCIAL MORTGAGE-BACKED SECURITIES–2.7%
NON-AGENCY FIXED RATE CMBS–2.1%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51(e)		12		11,531
BHMS Commercial Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(b)		335		335,590
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/50		310		318,558
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 5/10/58	U.S.$	115	$	115,561
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(b)		495		505,715
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 2/10/48		246		248,079
Series 2015-GC35, Class A4 3.818%, 11/10/48		100		104,972
Series 2016-GC36, Class A5 3.616%, 2/10/49		125		129,431
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(b)		144		140,441
Series 2015-CR24, Class A5 3.696%, 8/10/48		135		141,038
Series 2015-DC1, Class A5 3.35%, 2/10/48		170		173,074
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 6/15/57		155		158,775
Series 2015-C3, Class A4 3.718%, 8/15/48		315		326,404
Series 2015-C4, Class A4 3.808%, 11/15/48		370		386,810
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(b)		433		434,762
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 4/10/31(b)		276		272,080
JP Morgan Chase Commercial Mortgage Securities Trust Series 2004-LN2, Class A1A 4.838%, 7/15/41(b)		96		96,105
Series 2006-LDP9, Class AM 5.372%, 5/15/47(e)		67		66,910
Series 2012-C6, Class E 5.136%, 5/15/45(b)(e)		119		105,879
JPMBB Commercial Mortgage Securities Trust Series 2015-C30, Class A5 3.822%, 7/15/48		125		131,314
Series 2015-C31, Class A3 3.801%, 8/15/48		355		371,699
Series 2015-C32, Class C 4.668%, 11/15/48(e)		195		193,845
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39(e)		75		59,424

21

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

	Principal Amount (000)		U.S. $ Value
LSTAR Commercial Mortgage Trust Series 2014-2, Class A2 2.767%, 1/20/41(b)	U.S.$	21	$	21,358
Series 2015-3, Class A2 2.729%, 4/20/48(b)		198		197,653
Series 2016-4, Class A2 2.579%, 3/10/49(b)		161		158,128
Morgan Stanley Capital I Trust Series 2005-IQ9, Class D 5.00%, 7/15/56(e)		112		111,740
Series 2016-UB12, Class A4 3.596%, 12/15/49		195		202,119
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/45		168		168,487
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class C 4.469%, 9/15/48(e)		197		193,557
Series 2016-NXS6, Class C 4.31%, 11/15/49(e)		180		183,284
WF-RBS Commercial Mortgage Trust Series 2013-C14, Class A5 3.337%, 6/15/46		260		267,252
Series 2014-C20, Class A2 3.036%, 5/15/47		206		207,948
				6,539,523
NON-AGENCY FLOATING RATE CMBS–0.6%
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 2.25% (LIBOR 1 Month + 1.00%), 11/15/33(b)(e)(f)		375		375,289
BX Trust Series 2017-IMC, Class A 2.527% (LIBOR 1 Month + 1.05%), 10/15/32(b)(f)		165		165,259
Credit Suisse Mortgage Trust Series 2016-MFF, Class D 6.077% (LIBOR 1 Month + 4.60%), 11/15/33(b)(e)(f)		110		111,162
Great Wolf Trust Series 2017-WOLF, Class A 2.477% (LIBOR 1 Month + 0.85%), 9/15/34(b)(f)		189		189,118
H/2 Asset Funding NRE Series 2015-1A 3.202% (LIBOR 1 Month + 1.65%), 6/24/49(e)(f)(g)		133		132,516
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 3.177% (LIBOR 1 Month + 1.70%), 7/15/36(b)(f)	U.S.$	268	$	269,445
Morgan Stanley Capital I Trust Series 2015-XLF2, Class AFSA 3.302% (LIBOR 1 Month + 1.87%), 8/15/26(b)(f)		105		105,221
Series 2015-XLF2, Class SNMA 3.382% (LIBOR 1 Month + 1.95%), 11/15/26(b)(f)		96		95,632
Starwood Retail Property Trust Series 2014-STAR, Class A 2.697% (LIBOR 1 Month + 1.22%), 11/15/27(b)(f)		352		353,012
				1,796,654
Total Commercial Mortgage-Backed Securities (cost $8,380,869)				8,336,177
COLLATERALIZED MORTGAGE OBLIGATIONS–2.1%
RISK SHARE FLOATING RATE–1.1%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.052% (LIBOR 1 Month + 6.50%), 4/25/26(f)(g)		127		129,689
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN3, Class M3 5.552% (LIBOR 1 Month + 4.00%), 8/25/24(f)		306		334,321
Series 2014-DN4, Class M3 6.102% (LIBOR 1 Month + 4.55%), 10/25/24(f)		221		244,148
Series 2014-HQ3, Class M3 6.302% (LIBOR 1 Month + 4.75%), 10/25/24(f)		250		276,518
Series 2016-DNA1, Class M3 7.102% (LIBOR 1 Month + 5.55%), 7/25/28(f)		250		302,407
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 6.452% (LIBOR 1 Month + 4.90%), 11/25/24(f)		164		187,549
Series 2014-C04, Class 2M2 6.552% (LIBOR 1 Month + 5.00%), 11/25/24(f)		59		67,026

22

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Series 2015-C01, Class 1M2 5.852% (LIBOR 1 Month + 4.30%), 2/25/25(f)	U.S.$	119	$	129,329
Series 2015-C01, Class 2M2 6.102% (LIBOR 1 Month + 4.55%), 2/25/25(f)		110		117,971
Series 2015-C02, Class 1M2 5.552% (LIBOR 1 Month + 4.00%), 5/25/25(f)		158		171,939
Series 2015-C02, Class 2M2 5.552% (LIBOR 1 Month + 4.00%), 5/25/25(f)		145		154,481
Series 2015-C03, Class 1M2 6.552% (LIBOR 1 Month + 5.00%), 7/25/25(f)		77		87,277
Series 2015-C03, Class 2M2 6.552% (LIBOR 1 Month + 5.00%), 7/25/25(f)		217		239,064
Series 2015-C04, Class 1M2 7.252% (LIBOR 1 Month + 5.70%), 4/25/28(f)		70		80,701
Series 2015-C04, Class 2M2 7.102% (LIBOR 1 Month + 5.55%), 4/25/28(f)		109		122,828
Series 2016-C01, Class 1M2 8.302% (LIBOR 1 Month + 6.75%), 8/25/28(f)		204		243,450
Series 2016-C01, Class 2M2 8.502% (LIBOR 1 Month + 6.95%), 8/25/28(f)		159		187,976
Series 2016-C03, Class 2M2 7.452% (LIBOR 1 Month + 5.90%), 10/25/28(f)		145		167,797
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.802% (LIBOR 1 Month + 4.25%), 11/25/24(f)(g)		32		34,838
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2
6.802% (LIBOR 1 Month + 5.25%), 11/25/25(f)(g)		143		162,424
Series 2015-WF1, Class 2M2 7.052% (LIBOR 1 Month + 5.50%), 11/25/25(f)(g)		41		48,005
				3,489,738
AGENCY FLOATING RATE–0.5%
Federal Home Loan Mortgage Corp. REMICs Series 4416, Class BS 4.623% (6.10%–LIBOR 1 Month), 12/15/44(f)(h)	U.S.$	771	$	138,806
Series 4693, Class SL 4.673% (6.15%–LIBOR 1 Month), 6/15/47(f)(h)		672		139,179
Series 4719, Class JS 4.673% (6.15%–LIBOR 1 Month), 9/15/47(f)(h)		583		110,622
Series 4727, Class SA 4.723% (6.20%–LIBOR 1 Month), 11/15/47(f)(h)		747		146,884
Federal National Mortgage Association REMICs Series 2011-131, Class ST
4.988% (6.54%–LIBOR 1 Month), 12/25/41(f)(h)		355		72,300
Series 2012-70, Class SA 4.998% (6.55%–LIBOR 1 Month), 7/25/42(f)(h)		646		138,016
Series 2016-106, Class ES 4.448% (6.00%–LIBOR 1 Month), 1/25/47(f)(h)		722		135,746
Series 2017-16, Class SG 4.498% (6.05%–LIBOR 1 Month), 3/25/47(f)(h)		694		137,741
Series 2017-81, Class SA 4.648% (6.20%–LIBOR 1 Month), 10/25/47(f)(h)		681		142,399
Series 2017-97, Class LS 4.648% (6.20%–LIBOR 1 Month), 12/25/47(f)(h)		541		114,757
Government National Mortgage Association Series 2017-134, Class SE
4.699% (6.20%–LIBOR 1 Month), 9/20/47(f)(h)		495		93,977
Series 2017-65, Class ST 4.649% (6.15%–LIBOR 1 Month), 4/20/47(f)(h)		673		135,410
				1,505,837
NON-AGENCY FIXED RATE–0.4%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35		31		29,604
Series 2005-57CB, Class 4A3 5.50%, 12/25/35		68		61,122
Series 2006-23CB, Class 1A7 6.00%, 8/25/36		52		52,657

23

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

	Principal Amount (000)			U.S. $ Value
Series 2006-24CB, Class A16 5.75%, 6/25/36	U.S.$		131	$	109,567
Series 2006-28CB, Class A14 6.25%, 10/25/36			92		76,271
Series 2006-J1, Class 1A13 5.50%, 2/25/36			75		67,691
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			43		38,701
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 3.244%, 5/25/35			14		14,057
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			67		57,675
Series 2006-13, Class 1A19 6.25%, 9/25/36			39		34,315
Credit Suisse Mortgage Trust Series 2010-6R, Class 3A2 5.875%, 1/26/38(b)			135		111,560
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36			128		109,093
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37			59		51,984
RBSSP Resecuritization Trust Series 2009-7, Class 10A3 6.00%, 8/26/37(b)			201		177,861
Series 2010-9, Class 7A6 6.00%, 5/26/37(b)			170		137,347
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37			35		34,458
					1,163,963
NON-AGENCY FLOATING RATE–0.1%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 1.742% (LIBOR 1 Month + 0.19%), 12/25/36(f)			297		184,950
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.802% (LIBOR 1 Month + 0.25%), 3/25/35(f)			108		95,936
					280,886
Total Collateralized Mortgage Obligations (cost $6,121,990)					6,440,424
INFLATION-LINKED SECURITIES–2.0%
JAPAN–0.3%
Japanese Government CPI Linked Bond Series 2022 0.10%, 3/10/27		JPY	111,278	$	1,050,847
UNITED STATES–1.7%
U.S. Treasury Inflation Index 0.125%, 4/15/19-4/15/20 (TIPS)	U.S.$		2,267		2,261,872
0.25%, 1/15/25 (TIPS)			1,162		1,151,521
0.375%, 7/15/25 (TIPS)			1,633		1,635,348
					5,048,741
Total Inflation-Linked Securities (cost $6,152,042)					6,099,588
CORPORATES–NON- INVESTMENT GRADE–1.2%
INDUSTRIAL–0.7%
BASIC–0.1%
NOVA Chemicals Corp. 5.25%, 8/01/23(b)			125		128,734
SPCM SA 4.875%, 9/15/25(b)			200		201,540
					330,274
COMMUNICATIONS– MEDIA–0.1%
CSC Holdings LLC 6.75%, 11/15/21			45		48,265
SFR Group SA 5.375%, 5/15/22 (b)		EUR	195		241,144
					289,409
COMMUNICATIONS– TELECOMMUNI- CATIONS–0.1%
CenturyLink, Inc. Series Y 7.50%, 4/01/24	U.S.$		25		24,953
Sprint Capital Corp. 6.90%, 5/01/19			370		386,309
					411,262
CONSUMER CYCLICAL– OTHER–0.1%
International Game Technology PLC 6.25%, 2/15/22(b)			200		215,654
KB Home 4.75%, 5/15/19			107		108,900
					324,554
CONSUMER NON- CYCLICAL–0.1%
Valeant Pharmaceuticals International, Inc. 6.125%, 4/15/25(b)			135		124,022

24

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
ENERGY–0.2%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43	U.S.$		111	$	81,030
Nabors Industries, Inc. 5.50%, 1/15/23			212		205,882
PDC Energy, Inc. 5.75%, 5/15/26(b)			137		140,300
SM Energy Co. 6.50%, 1/01/23			14		14,275
					441,487
TRANSPORTATION– SERVICES–0.0%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(b)			94		93,095
					2,014,103
FINANCIAL INSTITUTIONS–0.5%
BANKING–0.4%
Banco Bilbao Vizcaya Argentaria SA 6.125%, 11/16/27(d)			200		207,072
Bank of America Corp. Series Z 6.50%, 10/23/24(d)			79		89,672
Barclays Bank PLC 6.86%, 6/15/32(b)(d)			44		53,020
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22(d)			142		140,468
Intesa Sanpaolo SpA Series E 3.928%, 9/15/26(b)		EUR	190		249,877
Royal Bank of Scotland Group PLC 2.001% (EURIBOR 3 Month + 2.33%), 3/31/18(b)(d)(f)			100		118,377
8.625%, 8/15/21(d)	U.S.$		200		224,996
Series U 4.015% (LIBOR 3 Month + 2.32%), 9/30/27(d)(f)			200		198,542
Standard Chartered PLC 2.888% (LIBOR 3 Month + 1.51%), 1/30/27(b)(d)(f)			200		187,658
					1,469,682
FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21			170		179,552
					1,649,234
Total Corporates–Non-Investment Grade (cost $3,619,532)					3,663,337
EMERGING MARKETS–TREASURIES–0.3%
BRAZIL–0.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/27 (cost $653,097)		BRL	2,590	$	772,430
QUASI-SOVEREIGNS–0.2%
QUASI-SOVEREIGN BONDS–0.2%
CHILE–0.1%
Corp. Nacional del Cobre de Chile 3.625%, 8/01/27(b)	U.S.$		265		265,286
MEXICO–0.1%
Petroleos Mexicanos 4.625%, 9/21/23			226		232,498
6.50%, 3/13/27(b)			100		109,500
					341,998
Total Quasi-Sovereigns (cost $593,223)					607,284
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.2%
CALIFORNIA–0.2%
State of California Series 2010 7.625%, 3/01/40 (cost $350,306)			345		539,735
EMERGING MARKETS–CORPORATE BONDS–0.1%
INDUSTRIAL–0.1%
CAPITAL GOODS–0.0%
Odebrecht Finance Ltd. 5.25%, 6/27/29(b)			217		60,912
CONSUMER NON-CYCLICAL–0.1%
Minerva Luxembourg SA 6.50%, 9/20/26(b)			200		205,950
ENERGY–0.0%
Petrobras Global Finance BV 6.125%, 1/17/22			5		5,306
6.25%, 3/17/24			124		131,285
					136,591
Total Emerging Markets–Corporate Bonds (cost $553,539)					403,453
GOVERNMENTS–SOVEREIGN BONDS–0.1%
MEXICO–0.1%
Mexico Government International Bond 4.125%, 1/21/26(c) (cost $209,092)			200		207,950

25

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

	Principal Amount (000)			U.S. $ Value
SHORT-TERM INVESTMENTS–9.7%
AGENCY DISCOUNT NOTE–4.0%
Federal Home Loan Bank Discount Notes Zero Coupon, 1/05/18-3/09/18 (cost $12,252,245)	U.S.$		12,259	$	12,252,245
TIME DEPOSIT–3.3%
State Street Time Deposit 0.12%, 1/02/18 (cost $10,134,361)			10,134		10,134,361
GOVERNMENTS–TREASURIES–2.4%
JAPAN–2.4%
Japan Treasury Discount Bill Series 729 Zero Coupon, 4/05/18 (cost $7,146,005)		JPY	810,000		7,192,303
Total Short-Term Investments (cost $29,532,611)					29,578,909
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–104.1% (cost $267,899,468)					315,808,691
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.4%
INVESTMENT COMPANIES–0.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(i)(j)(k) (cost $1,219,736)			1,219,736		1,219,736
TOTAL INVESTMENTS–104.5% (cost $269,119,204)					317,028,427
Other assets less liabilities–(4.5)%					(13,630,415	)
NET ASSETS–100.0%				$	303,398,012

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Notional (000)		Original Value		Value at December 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		75		March 2018		USD  7,500	$	8,751,577	$	8,712,305	$	(39,272	)
U.S. T-Note 10 Yr (CBT) Futures		19		March 2018		USD  1,900		2,369,860		2,356,891		(12,969	)
U.S. Ultra Bond (CBT) Futures		54		March 2018		USD  5,400		8,978,069		9,053,437		75,368
Sold Contracts
10 Yr Mini JGB Futures		8		March 2018		JPY  80,000		1,070,853		1,070,974		(121	)
Euro-BOBL Futures		47		March 2018		EUR  4,700		7,461,677		7,421,872		39,805
U.S. T-Note 2 Yr (CBT) Futures		11		March 2018		USD  2,200		2,358,284		2,355,203		3,081
											$	65,892

26

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	3,129		USD	946		1/03/18	$	2,594
Bank of America, NA		USD	945		BRL	3,129		1/03/18		(1,595	)
Bank of America, NA		CHF	2,100		USD	2,141		1/22/18		(17,019	)
Bank of America, NA		USD	25		RUB	1,492		1/25/18		539
Bank of America, NA		BRL	3,129		USD	941		2/02/18		1,097
Bank of America, NA		CNY	5,839		USD	873		2/07/18		(21,675	)
Bank of America, NA		USD	74		INR	4,790		3/12/18		446
Barclays Bank PLC		USD	151		CNY	1,003		2/07/18		2,796
Barclays Bank PLC		CHF	528		USD	534		2/14/18		(9,431	)
Barclays Bank PLC		USD	1,032		CHF	1,020		2/14/18		18,220
Barclays Bank PLC		USD	153		TWD	4,547		3/08/18		1,838
Barclays Bank PLC		EUR	444		USD	525		3/14/18		(9,461	)
BNP Paribas SA		CNY	7,665		USD	1,152		2/07/18		(22,667	)
Brown Brothers Harriman & Co.		USD	540		CHF	528		2/14/18		3,038
Citibank, NA		CZK	69,863		USD	3,235		1/19/18		(49,297	)
Citibank, NA		USD	97		RUB	5,868		1/25/18		4,938
Citibank, NA		CNY	1,883		USD	281		2/07/18		(7,603	)
Citibank, NA		JPY	114,785		USD	1,017		2/14/18		(3,239	)
Citibank, NA		USD	1,712		AUD	2,237		2/14/18		33,350
Citibank, NA		USD	674		JPY	76,067		2/14/18		2,146
Credit Suisse International		BRL	2,241		USD	693		1/03/18		17,596
Credit Suisse International		USD	677		BRL	2,241		1/03/18		(1,859	)
Credit Suisse International		KRW	716,492		USD	640		1/18/18		(31,561	)
Credit Suisse International		USD	2,678		GBP	2,012		2/14/18		42,427
Credit Suisse International		USD	1,664		JPY	185,042		2/14/18		(18,846	)
Deutsche Bank AG		BRL	888		USD	275		1/03/18		7,313
Deutsche Bank AG		USD	268		BRL	888		1/03/18		(736	)
Deutsche Bank AG		CAD	1,909		USD	1,505		2/14/18		(14,334	)
Deutsche Bank AG		USD	1,423		SEK	11,827		2/14/18		22,443
Deutsche Bank AG		USD	675		EUR	568		3/14/18		9,021
Goldman Sachs Bank USA		USD	3,247		CZK	69,863		1/19/18		36,669
Goldman Sachs Bank USA		BRL	421		USD	127		2/02/18		220
JPMorgan Chase Bank, NA		USD	937		CAD	1,190		2/14/18		10,612
JPMorgan Chase Bank, NA		TWD	12,515		USD	422		3/08/18		(3,376	)
JPMorgan Chase Bank, NA		INR	131,869		USD	2,012		3/12/18		(41,392	)
Royal Bank of Scotland PLC		JPY	925,000		USD	8,161		1/25/18		(56,600	)
Royal Bank of Scotland PLC		EUR	446		USD	521		2/14/18		(15,399	)
Royal Bank of Scotland PLC		GBP	1,068		USD	1,412		2/14/18		(31,762	)
Royal Bank of Scotland PLC		USD	791		GBP	598		2/14/18		17,784
Standard Chartered Bank		KRW	42,820		USD	38		1/18/18		(2,312	)
Standard Chartered Bank		USD	357		KRW	386,137		1/18/18		4,816
Standard Chartered Bank		EUR	1,804		USD	2,142		1/22/18		(24,050	)
Standard Chartered Bank		USD	388		CNY	2,568		2/07/18		5,905
State Street Bank & Trust Co.		KRW	76,887		USD	68		1/18/18		(4,155	)
State Street Bank & Trust Co.		JPY	5,251		USD	46		1/25/18		(217	)
State Street Bank & Trust Co.		CNY	162		USD	25		2/07/18		(280	)
State Street Bank & Trust Co.		AUD	433		USD	328		2/14/18		(9,644	)

27

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)
State Street Bank & Trust Co.		CAD	48		USD	38		2/14/18	$	(700	)
State Street Bank & Trust Co.		CHF	51		USD	52		2/14/18		(697	)
State Street Bank & Trust Co.		EUR	1,479		USD	1,750		2/14/18		(28,490	)
State Street Bank & Trust Co.		GBP	192		USD	256		2/14/18		(3,318	)
State Street Bank & Trust Co.		HKD	3,932		USD	505		2/14/18		1,065
State Street Bank & Trust Co.		HUF	26,164		USD	99		2/14/18		(2,322	)
State Street Bank & Trust Co.		ILS	378		USD	107		2/14/18		(1,548	)
State Street Bank & Trust Co.		JPY	27,702		USD	248		2/14/18		1,562
State Street Bank & Trust Co.		JPY	37,445		USD	332		2/14/18		(1,201	)
State Street Bank & Trust Co.		NOK	3,706		USD	460		2/14/18		7,916
State Street Bank & Trust Co.		NOK	3,077		USD	370		2/14/18		(4,850	)
State Street Bank & Trust Co.		SEK	12,506		USD	1,495		2/14/18		(32,882	)
State Street Bank & Trust Co.		USD	925		AUD	1,213		2/14/18		21,298
State Street Bank & Trust Co.		USD	126		AUD	161		2/14/18		(140	)
State Street Bank & Trust Co.		USD	429		CHF	423		2/14/18		6,347
State Street Bank & Trust Co.		USD	1,625		EUR	1,378		2/14/18		32,050
State Street Bank & Trust Co.		USD	771		GBP	578		2/14/18		10,926
State Street Bank & Trust Co.		USD	504		HKD	3,932		2/14/18		(434	)
State Street Bank & Trust Co.		USD	98		HUF	26,164		2/14/18		3,028
State Street Bank & Trust Co.		USD	416		JPY	46,640		2/14/18		(1,246	)
State Street Bank & Trust Co.		USD	233		NOK	1,891		2/14/18		(2,371	)
State Street Bank & Trust Co.		USD	43		NZD	61		2/14/18		492
State Street Bank & Trust Co.		USD	125		PLN	446		2/14/18		3,117
State Street Bank & Trust Co.		USD	58		TRY	231		2/14/18		2,130
State Street Bank & Trust Co.		EUR	924		USD	1,094		3/12/18		(19,427	)
State Street Bank & Trust Co.		CAD	238		USD	186		3/14/18		(3,606	)
State Street Bank & Trust Co.		EUR	470		USD	553		3/14/18		(12,893	)
State Street Bank & Trust Co.		GBP	219		USD	294		3/14/18		(2,218	)
State Street Bank & Trust Co.		JPY	30,670		USD	273		3/14/18		(467	)
State Street Bank & Trust Co.		MXN	4,675		USD	240		3/14/18		5,409
State Street Bank & Trust Co.		NOK	1,904		USD	228		3/14/18		(4,558	)
State Street Bank & Trust Co.		NZD	120		USD	84		3/14/18		(1,301	)
State Street Bank & Trust Co.		SEK	1,393		USD	166		3/14/18		(4,191	)
State Street Bank & Trust Co.		USD	276		AUD	365		3/14/18		9,179
State Street Bank & Trust Co.		USD	65		CAD	83		3/14/18		1,532
State Street Bank & Trust Co.		USD	292		CHF	286		3/14/18		3,000
State Street Bank & Trust Co.		USD	202		JPY	22,746		3/14/18		201
State Street Bank & Trust Co.		USD	449		SEK	3,748		3/14/18		10,088
State Street Bank & Trust Co.		USD	213		SGD	287		3/14/18		2,141
									$	(160,081	)

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)		Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		(5.00	)%		Quarterly		3.07	%		USD 150	$	(12,671	)	$	(10,667	)	$	(2,004	)

* Termination date

28

AB Variable Products Series Fund

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
USD	1,280		11/14/19		1.863%		3 Month LIBOR	Semi-Annual/Quarterly	$	3,610		$	—		$	3,610
USD	4,520		12/12/19		1.997%		3 Month LIBOR	Semi-Annual/Quarterly		4,441			—			4,441
SEK	9,070		3/31/22		3 Month STIBOR		0.341%	Quarterly/Annual		2,336			4			2,332
NZD	1,865		3/31/22		3 Month BKBM		2.936%	Quarterly/Semi-Annual		22,162			—			22,162
USD	430		6/09/25		2.488%		3 Month LIBOR	Semi-Annual/Quarterly		(4,718	)		—			(4,718	)
USD	1,560		11/10/25		2.256%		3 Month LIBOR	Semi-Annual/Quarterly		9,100			—			9,100
USD	142		6/28/26		1.460%		3 Month LIBOR	Semi-Annual/Quarterly		10,118			—			10,118
USD	185		4/26/27		2.287%		3 Month LIBOR	Semi-Annual/Quarterly		1,466			—			1,466
GBP	9,800		11/07/19		6 Month LIBOR		0.790%	Semi-Annual/Semi-Annual		8,371			(67	)		8,438
GBP	1,850		11/07/22		1.032%		6 Month LIBOR	Semi-Annual/Semi-Annual		(2,376	)		29			(2,405	)
USD	295		11/08/26		1.657%		3 Month LIBOR	Semi-Annual/Quarterly		16,683						16,683
									$	71,193		$	(34	)	$	71,227

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)%		Quarterly		0.82	%		USD	172	$	(10,343	)	$	(3,098	)	$	(7,245	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.82			USD	198		(11,907	)		(3,698	)		(8,209	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	17		(32	)		218			(250	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	620		(1,176	)		7,878			(9,054	)
CDX-CMBX.NA.AAA Series 9,9/17/58*		(0.50	)		Monthly		0.47			USD	5		(10	)		46			(56	)
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	207		(392	)		2,836			(3,228	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	775		(1,471	)		8,329			(9,800	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	233		(442	)		2,483			(2,925	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	226		(428	)		3,071			(3,499	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	51		(97	)		491			(588	)

29

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

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.80	%		USD	60	$	(8,743	)	$	(8,320	)	$	(423	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	55		(8,015	)		(7,808	)		(207	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	210		(30,601	)		(27,173	)		(3,428	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	69		(10,066	)		(11,075	)		1,009
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	11		(1,605	)		(1,853	)		248
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	70		(10,206	)		(10,907	)		701
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	35		(5,100	)		(4,460	)		(640	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	75		(10,935	)		(11,633	)		698
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	165		(24,043	)		(11,160	)		(12,883	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	48		(6,994	)		(3,470	)		(3,524	)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	156		(22,732	)		(13,416	)		(9,316	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	8		(1,165	)		(980	)		(185	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	48		(6,994	)		(6,324	)		(670	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	53		(7,723	)		(6,339	)		(1,384	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	52		(7,578	)		(6,217	)		(1,361	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	79		(11,511	)		(8,898	)		(2,613	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	232		(33,806	)		(17,000	)		(16,806	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	9		(1,311	)		(540	)		(771	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	64		(9,326	)		(4,436	)		(4,890	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	47		(6,848	)		(4,246	)		(2,602	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	4		(583	)		(375	)		(208	)

30

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.80	%		USD	8	$	(1,165	)	$	(763	)	$	(402	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	8		(1,165	)		(826	)		(339	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	15		(2,186	)		(1,693	)		(493	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	78		(11,366	)		(11,099	)		(267	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	172		(25,063	)		(23,842	)		(1,221	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	53		(7,723	)		(5,904	)		(1,819	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	58		(8,462	)		(9,912	)		1,450
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	82		(11,963	)		(14,215	)		2,252
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	75		(10,941	)		(12,054	)		1,113
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	5		(729	)		(794	)		65
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	272		(39,635	)		(13,908	)		(25,727	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	230		(33,514	)		(19,144	)		(14,370	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	170		(24,772	)		(13,588	)		(11,184	)
												$	(430,867	)	$	(275,816	)	$	(155,051	)

* Termination date

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, the aggregate market value of these securities amounted to $17,924,333 or 5.9% of net assets.

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

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

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

(f) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2017.

31

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

(g) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.16% of net assets as of December 31, 2017, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.052%, 4/25/26		4/29/16	$	126,851	$	129,689		0.04	%
H/2 Asset Funding NRE Series 2015-1A 3.202%, 6/24/49		6/19/15		132,516		132,516		0.04	%
JP Morgan Madison Avenue Securities Trust Series 2014-CH1, Class M2 5.802%, 11/25/24		11/06/15		31,634		34,838		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.802%, 11/25/25		9/28/15		143,493		162,424		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.052%, 11/25/25		9/28/15		40,473		48,005		0.02	%

(h) Inverse interest only security.

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

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

(l) Affiliated investments.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

CZK—Czech Koruna

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

ILS—Israeli Shekel

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

NZD—New Zealand Dollar

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

SGD—Singapore Dollar

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

Glossary:

ABS—Asset-Backed Securities

ADR—American Depositary Receipt

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

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

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

CMBS—Commercial Mortgage-Backed Securities

32

AB Variable Products Series Fund

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rates

REG—Registered Shares

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

33

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $267,899,468)	$	315,808,691	(a)
Affiliated issuers (cost $1,219,736—investment of cash collateral for securities loaned)		1,219,736
Cash		1,595
Cash collateral due from broker		468,682
Foreign currencies, at value (cost $4,425,911)		4,482,249
Interest and dividends receivable		815,675
Unrealized appreciation on forward currency exchange contracts		367,289
Receivable for investment securities sold and foreign currency transactions		286,614
Receivable for capital stock sold		59,666
Receivable for variation margin on futures		33,234
Upfront premiums paid on credit default swaps		25,352
Unrealized appreciation on credit default swaps		7,536
Total assets		323,576,319
LIABILITIES
Payable for investment securities purchased and foreign currency transactions		17,509,689
Payable for collateral received on securities loaned		1,219,736
Unrealized depreciation on forward currency exchange contracts		527,370
Upfront premiums received on credit default swaps		301,168
Unrealized depreciation on credit default swaps		162,587
Advisory fee payable		141,498
Distribution fee payable		58,136
Payable for capital stock redeemed		56,723
Administrative fee payable		13,617
Payable for variation margin on exchange traded swaps		8,989
Transfer Agent fee payable		97
Accrued expenses		178,697
Total liabilities		20,178,307
NET ASSETS	$	303,398,012
COMPOSITION OF NET ASSETS
Capital stock, at par	$	25,832
Additional paid-in capital		231,878,608
Undistributed net investment income		3,838,099
Accumulated net realized gain on investment and foreign currency transactions		19,868,315
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		47,787,158
	$	303,398,012

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	29,327,976		2,471,900	$	11.86
B	$	274,070,036		23,360,562	$	11.73

(a) Includes securities on loan with a value of $1,189,226 (see Note E).

See notes to financial statements.

34

BALANCED WEALTH STRATEGY PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $194,841)	$	3,807,821
Affiliated issuers		5,810
Interest		2,966,898
Securities lending income		1,450
		6,781,979
EXPENSES
Advisory fee (see Note B)		1,672,136
Distribution fee—Class B		683,763
Transfer agency—Class A		645
Transfer agency—Class B		5,819
Custodian		225,285
Audit and tax		102,269
Printing		57,101
Administrative		53,887
Legal		37,189
Directors’ fees		28,561
Miscellaneous		23,763
Total expenses		2,890,418
Less: expenses waived and reimbursed by the Adviser (see Note E)		(1,130	)
Net expenses		2,889,288
Net investment income		3,892,691
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		21,986,137
Forward currency exchange contracts		(428,424	)
Futures		492,972
Swaps		(43,204	)
Swaptions written		17,827
Foreign currency transactions		(302,151	)
Net change in unrealized appreciation/depreciation of:
Investments		18,381,050
Forward currency exchange contracts		(117,118	)
Futures		192,633
Swaps		(54,051	)
Swaptions written		(9,703	)
Foreign currency denominated assets and liabilities		157,169
Net gain on investment and foreign currency transactions		40,273,137
Contributions from Affiliates (see Note B)		521
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	44,166,349

See notes to financial statements.

35

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	3,892,691		$	4,823,445
Net realized gain on investment and foreign currency transactions		21,723,157			3,164,927
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		18,549,980			5,683,604
Contributions from Affiliates (see Note B)		521			30
Net increase in net assets from operations		44,166,349			13,672,006
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(646,765	)		(652,050	)
Class B		(4,907,858	)		(5,122,504	)
Net realized gain on investment transactions
Class A		(256,844	)		(2,087,516	)
Class B		(2,233,659	)		(18,962,700	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(35,588,392	)		(15,624,524	)
Total increase (decrease)		532,831			(28,777,288	)
NET ASSETS
Beginning of period		302,865,181			331,642,469
End of period (including undistributed net investment income of $3,838,099 and $5,292,864, respectively)	$	303,398,012		$	302,865,181

  See notes to financial statements.

36

BALANCED WEALTH STRATEGY PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

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

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

1. Security Valuation

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

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

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

37

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

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

2. Fair Value Measurements

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

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

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

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

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

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

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are

38

AB Variable Products Series Fund

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities
Assets:
Common Stocks:
Information Technology	$	29,035,098		$	6,091,230		$	–0	–	$	35,126,328
Real Estate		21,591,158			8,622,105			–0	–		30,213,263
Financials		19,515,266			9,195,199			–0	–		28,710,465
Health Care		19,611,301			3,555,631			–0	–		23,166,932
Consumer Discretionary		13,765,783			4,807,232			–0	–		18,573,015
Consumer Staples		11,182,104			4,896,855			–0	–		16,078,959
Industrials		8,188,533			5,538,187			–0	–		13,726,720
Energy		7,174,687			1,199,019			–0	–		8,373,706
Materials		3,901,490			3,537,434			–0	–		7,438,924
Utilities		3,419,067			877,944			–0	–		4,297,011
Telecommunication Services		2,361,591			1,740,032			–0	–		4,101,623
Transportation		–0	–		534,200			–0	–		534,200
Banks		–0	–		372,005			–0	–		372,005
Mortgage Pass-Throughs		–0	–		23,253,186			–0	–		23,253,186
Corporates—Investment Grade		–0	–		22,563,565			–0	–		22,563,565
Governments—Treasuries		–0	–		12,938,460			–0	–		12,938,460
Asset-Backed Securities		–0	–		7,878,420			1,812,622			9,691,042
Commercial Mortgage-Backed Securities		–0	–		6,791,040			1,545,137			8,336,177
Collateralized Mortgage Obligations		–0	–		6,440,424			–0	–		6,440,424
Inflation-Linked Securities		–0	–		6,099,588			–0	–		6,099,588
Corporates—Non-Investment Grade		–0	–		3,663,337			–0	–		3,663,337
Emerging Markets—Treasuries		–0	–		772,430			–0	–		772,430
Quasi-Sovereigns		–0	–		607,284			–0	–		607,284
Local Governments—US Municipal Bonds		–0	–		539,735			–0	–		539,735
Emerging Markets—Corporate Bonds		–0	–		403,453			–0	–		403,453
Governments—Sovereign Bonds		–0	–		207,950			–0	–		207,950
Short-Term Investments:
Agency Discount Notes		–0	–		12,252,245			–0	–		12,252,245
Time Deposits		–0	–		10,134,361			–0	–		10,134,361
Governments—Treasuries		–0	–		7,192,303			–0	–		7,192,303
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,219,736			–0	–		–0	–		1,219,736
Total Investments in Securities		140,965,814			172,704,854			3,357,759			317,028,427

39

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

$

118,254

$

–0

–

$

–0

–

$

118,254

(b)

Forward Currency Exchange Contracts

–0

–

367,289

–0

–

367,289

Centrally Cleared Interest Rate Swaps

–0

–

78,287

–0

–

78,287

(b)

Liabilities:

Futures

(52,362

)

–0

–

–0

–

(52,362

)(b)

Forward Currency Exchange Contracts

–0

–

(527,370

)

–0

–

(527,370

)

Centrally Cleared Credit Default Swaps

–0

–

(12,671

)

–0

–

(12,671

)(b)

Centrally Cleared Interest Rate Swaps

–0

–

(7,094

)

–0

–

(7,094

)(b)

Credit Default Swaps

–0

–

(430,867

)

–0

–

(430,867

)

Total(c)(d)

$

141,031,706

$

172,172,428

$

3,357,759

$

316,561,893

(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 swaps with upfront premiums, 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 unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments. Exchange-traded swaps with upfront premiums are presented here as market value.

(c) There were no transfers from Level 1 to Level 2 during the reporting period.

(d) An amount of $4,352,281 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

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

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

	Common Stocks			Commercial Mortgage- Backed Securities			Asset- Backed Securities
Balance as of 12/31/16	$	9,230		$	4,024,522		$	828,021
Accrued discounts/(premiums)		–0	–		(2,293	)		510
Realized gain (loss)		(36,058	)		(219,672	)		5,757
Change in unrealized appreciation/depreciation		150,967			195,089			(1,756	)
Purchases/Payups		–0	–		375,000			1,584,656
Sales/Paydowns		(124,139	)		(2,827,509	)		(604,566	)
Transfers in to Level 3		–0	–		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–		–0	–
Balance as of 12/31/17	$	–0	–	$	1,545,137		$	1,812,622
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(a)	$	–0–		$	34,750		$	(1,196	)

40

AB Variable Products Series Fund

	Total
Balance as of 12/31/16	$	4,861,773
Accrued discounts/(premiums)		(1,783	)
Realized gain (loss)		(249,973	)
Change in unrealized appreciation/depreciation		344,300
Purchases/Payups		1,959,656
Sales/Paydowns		(3,556,214	)
Transfers in to Level 3		–0	–
Transfers out of Level 3		–0	–
Balance as of 12/31/17	$	3,357,759
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(a)	$	33,554

(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.

As of December 31, 2017, all Level 3 securities were priced by third party vendors and by brokers.

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

41

BALANCED WEALTH STRATEGY 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 .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2017, there were no expenses waived by the Adviser.

During the years ended December 31, 2017 and December 31, 2016, the Adviser reimbursed the Portfolio $521 and $30, respectively, for trading losses incurred due to a trade entry error.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,887.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $97,716, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments,

42

AB Variable Products Series Fund

Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	120,832,062	$	164,948,772
U.S. government securities		193,613,268		187,916,940

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	271,397,008
Gross unrealized appreciation	$	52,184,563
Gross unrealized depreciation		(6,485,659	)
Net unrealized appreciation	$	45,698,904

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

43

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

requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

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

During the year ended December 31, 2017, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

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

44

AB Variable Products Series Fund

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

During the year ended December 31, 2017, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

During the year ended December 31, 2017, the Portfolio held written swaptions for hedging and non-hedging purposes.

• Swaps

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

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

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

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

45

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

standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

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

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

During the year ended December 31, 2017, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty. As of December 31, 2017, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

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

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

46

AB Variable Products Series Fund

agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended December 31, 2017, the Portfolio held credit default swaps for hedging and non-hedging purposes.

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

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

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	118,254	*	Receivable/Payable for variation margin on futures	$	52,362	*
Credit contracts					Receivable/Payable for variation margin on exchange traded swaps		2,004	*
Interest rate contracts	Receivable/Payable for variation margin on exchange traded swaps		78,350	*	Receivable/Payable for variation margin on exchange traded swaps		7,123	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		367,289		Unrealized depreciation on forward currency exchange contracts		527,370
Credit contracts	Unrealized appreciation on credit default swaps		7,536		Unrealized depreciation on credit default swaps		162,587
Total		$	571,429			$	751,446

* 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	$	492,972		$	192,633
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(428,424	)		(117,118	)

47

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments	$	(9,796	)	$	(1,305	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		17,827			(9,703	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		15,202			23,578
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		(58,406	)		(77,629	)
Total		$	29,375		$	10,456

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Futures:
Average original value of buy contracts	$	28,652,647
Average original value of sale contracts	$	8,306,204	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	16,228,424
Average principal amount of sale contracts	$	27,598,687
Purchased Options:
Average monthly cost	$	9,771	(b)
Swaptions Written:
Average notional amount	$	6,395,000	(c)
Interest Rate Swaps:
Average notional amount	$	2,046,000	(d)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	23,003,198
Credit Default Swaps:
Average notional amount of buy contracts	$	1,428,000
Average notional amount of sale contracts	$	2,322,538
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	1,289,738
Average notional amount of sale contracts(c)	$	160,000

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

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

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

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and

48

AB Variable Products Series Fund

net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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

$

4,676

$

(4,676

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

22,854

(18,892

)

–0

–

–0

–

3,962

Brown Brothers Harriman & Co.

3,038

–0

–

–0

–

–0

–

3,038

Citibank, NA

40,434

(40,434

)

–0

–

–0

–

–0

–

Credit Suisse International

60,023

(60,023

)

–0

–

–0

–

–0

–

Deutsche Bank AG

38,777

(38,777

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

36,889

(36,889

)

–0

–

–0

–

–0

–

JPMorgan Chase Bank, NA

10,612

(10,612

)

–0

–

–0

–

–0

–

Royal Bank of Scotland PLC

17,784

(17,784

)

–0

–

–0

–

–0

–

Standard Chartered Bank

10,721

(10,721

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

121,481

(121,481

)

–0

–

–0

–

–0

–

Total

$

367,289

$

(360,289

)

$

–0

–

$

–0

–

$

7,000

^

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
OTC Derivatives:
Bank of America, NA	$	40,289	$	(4,676	)	$	–0	–	$	–0	–	$	35,613
Barclays Bank PLC		18,892		(18,892	)		–0	–		–0	–		–0	–
BNP Paribas SA		22,667		–0	–		–0	–		–0	–		22,667
Citibank, NA		82,389		(40,434	)		–0	–		–0	–		41,955
Citigroup Global Markets, Inc.		69,268		–0	–		–0	–		–0	–		69,268
Credit Suisse International		100,524		(60,023	)		–0	–		–0	–		40,501
Deutsche Bank AG		110,195		(38,777	)		–0	–		–0	–		71,418
Goldman Sachs International		195,966		(36,889	)		–0	–		–0	–		159,077
JPMorgan Chase Bank, NA		44,768		(10,612	)		–0	–		–0	–		34,156
Royal Bank of Scotland PLC		103,761		(17,784	)		–0	–		–0	–		85,977
Standard Chartered Bank		26,362		(10,721	)		–0	–		–0	–		15,641
State Street Bank & Trust Co.		143,156		(121,481	)		–0	–		–0	–		21,675
Total	$	958,237	$	(360,289	)	$	–0	–	$	–0	–	$	597,948	^

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

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

2. Currency Transactions

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

49

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

3. TBA and Dollar Rolls

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

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2017, the Portfolio earned drop income of $205,639 which is included in interest income in the accompanying statement of operations.

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $1,189,226 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,219,736. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $1,450 and $5,810 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $1,130. A principal risk of lending portfolio securities is that the borrower may fail to return the loaned securities upon termination of the loan and that the collateral will not be sufficient to replace the loaned securities.

A summary of the Portfolio’s transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/17 (000)
$	655	$	18,533	$	17,968	$	1,220

50

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
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		177,869			129,847		$	2,060,513		$	1,429,054
Shares issued in reinvestment of dividends and distributions		80,751			256,995			903,608			2,739,565
Shares redeemed		(645,720	)		(568,590	)		(7,353,598	)		(6,140,574	)
Net decrease		(387,100	)		(181,748	)	$	(4,389,477	)	$	(1,971,955	)
Class B
Shares sold		1,027,911			2,276,658		$	11,533,980		$	24,482,089
Shares issued in reinvestment of dividends		645,124			2,282,958			7,141,518			24,085,204
Shares redeemed		(4,477,191	)		(5,822,726	)		(49,874,413	)		(62,219,862	)
Net decrease		(2,804,156	)		(1,263,110	)	$	(31,198,915	)	$	(13,652,569	)

At December 31, 2017, certain shareholders of the Portfolio owned 62% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

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

Allocation Risk—The allocation of investments among different investment styles, such as equity or debt, growth or value, U.S. or non-U.S. securities, or diversification strategies, 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.

51

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

Real Assets Risk—The Portfolio’s investments in securities linked to real assets involve significant risks, including financial, operating and competitive risks. Investments in securities linked to real assets expose the Portfolio to adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located. The Portfolio’s investments in real estate securities have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in tax laws.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	5,554,623	$	5,774,554
Net long-term capital gains	$	2,490,503	$	21,050,216
Total taxable distributions	$	8,045,126	$	26,824,770

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	6,199,025
Undistributed capital gains		19,537,691
Unrealized appreciation/(depreciation)		45,756,856	(a)
Total accumulated earnings/(deficit)	$	71,493,572

(a) 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, the tax treatment of passive foreign investment companies (PFICs), and the recognition for tax purposes of unrealized 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 for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

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

52

AB Variable Products Series Fund

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

At meetings held on February 6-7, 2018, the Board approved certain changes to the Portfolio’s principal strategies, which do not require stockholder approval and will take effect on or about May 1, 2018. There is no change to the Portfolio’s investment objective, and the Portfolio will continue to allocate its assets among a variety of asset classes, including equity, fixed-income and other “diversifying” asset classes such as real assets. The Portfolio will continue to pursue a global strategy, typically investing in securities of issuers located in the United States and in other countries throughout the world. In addition, the Adviser expects that the Portfolio will continue to normally invest a greater percentage of its total assets in equity securities than in fixed-income securities.

Beyond these broad similarities, certain important aspects of the Portfolio’s management will change, including:

• The explicit and static asset class allocation targets for the Portfolio will be revised. Under the Portfolio’s revised principal strategies, under normal market conditions at least 25% of the Portfolio’s total assets will be invested in equity securities and at least 25% of total assets will be invested in fixed-income securities.

• The equity portion of the Portfolio will be broadened to include allocations to small- and mid-cap and emerging market companies. The specialized equity allocations of the Portfolio (e.g., allocations to small- and mid-cap and emerging market companies) will generally be achieved through investments in other mutual funds advised by the Adviser, as will large-cap international equity allocations.

• As to real assets, exposure will be broadened beyond real estate, with allocations to inflation-sensitive equity securities and in equities of companies in the natural resources sector.

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 other material events that would require disclosure in the Portfolio’s financial statements through this date.

53

BALANCED WEALTH STRATEGY PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.54			$10.99			$12.16			$13.77			$12.12
Income From Investment Operations
Net investment income(a)		.17	(b)		.19	(b)†		.20			.26			.23
Net realized and unrealized gain on investment and foreign currency transactions		1.48			.34			.02	‡		.71			1.74
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		.00	(c)		–0	–
Net increase in net asset value from operations		1.65			.53			.22			.97			1.97
Less: Dividends and Distributions
Dividends from net investment income		(.24	)		(.24	)		(.27	)		(.39	)		(.32	)
Distributions from net realized gain on investment transactions		(.09	)		(.74	)		(1.12	)		(2.19	)		–0	–
Total dividends and distributions		(.33	)		(.98	)		(1.39	)		(2.58	)		(.32	)
Net asset value, end of period		$11.86			$10.54			$10.99			$12.16			$13.77
Total Return
Total investment return based on net asset value(d)		15.84	%*		4.69	%†		1.65	%*		7.37	%*		16.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$29,328			$30,132			$33,409			$36,882			$41,222
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.73	%		.73	%		.70	%		.71	%		.65	%
Expenses, before waivers/reimbursements		.73	%		.73	%		.70	%		.71	%		.65	%
Net investment income		1.51	%(b)		1.74	%(b)†		1.71	%		1.96	%		1.76	%
Portfolio turnover rate**		108	%		106	%		132	%		114	%		117	%

See footnote summary on page 55.

54

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.42			$10.87			$12.05			$13.65			$12.01
Income From Investment Operations
Net investment income(a)		.14	(b)		.16	(b)†		.17			.22			.19
Net realized and unrealized gain on investment and foreign currency transactions		1.47			.33			.01	‡		.71			1.74
Contributions from Affiliates		.00	(c)		.00	(c)		–0	–		.00	(c)		–0	–
Net increase in net asset value from operations		1.61			.49			.18			.93			1.93
Less: Dividends and Distributions
Dividends from net investment income		(.21	)		(.20	)		(.24	)		(.34	)		(.29	)
Distributions from net realized gain on investment and foreign currency transactions		(.09	)		(.74	)		(1.12	)		(2.19	)		–0	–
Total dividends and distributions		(.30	)		(.94	)		(1.36	)		(2.53	)		(.29	)
Net asset value, end of period		$11.73			$10.42			$10.87			$12.05			$13.65
Total Return
Total investment return based on net asset value(d)		15.62	%*		4.44	%†		1.29	%*		7.11	%*		16.27	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$274,070			$272,733			$298,233			$328,363			$351,355
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.98	%		.98	%		.95	%		.96	%		.90	%
Expenses, before waivers/reimbursements		.98	%		.98	%		.95	%		.96	%		.90	%
Net investment income		1.26	%(b)		1.49	%(b)†		1.46	%		1.71	%		1.49	%
Portfolio turnover rate**		108	%		106	%		132	%		114	%		117	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

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

‡ 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.

* 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, 2017, December 31, 2015 and December 31, 2014 by 0.02%, 0.03% and 0.01%, respectively.

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

55

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Balanced Wealth Strategy Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Balanced Wealth Strategy Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

56

2017 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 32.07% of dividends paid qualify for the dividends received deduction.

57

BALANCED WEALTH STRATEGY
PORTFOLIO	AB Variable Products Series Fund

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

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

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

58

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith # 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he has been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr. ## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semiconductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related nonprofit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey ## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

59

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
William H. Foulk, Jr. ## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin ## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen ## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

60

AB Variable Products Series Fund

NAME, ADDRESS, AGE AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody ## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardlQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner ## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Company’s Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

61

BALANCED WEALTH STRATEGY PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 43	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Jess Gaspar 49	Vice President	Senior Vice President of the Adviser, with which he has been associated since December 2016. Prior thereto, he was Managing Director and head of asset allocation and research at Commonfund from prior to 2013 until 2016.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of the ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

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

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

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

62

BALANCED WEALTH STRATEGY PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Balanced Wealth Strategy Portfolio (the “Fund”) at a meeting held on August 1-2, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

63

BALANCED WEALTH STRATEGY PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended May 31, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The Adviser informed the directors that there were no institutional products managed by it that have a substantially similar investment style.

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

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

64

AB Variable Products Series Fund

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.

65

VPS-BW-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ DYNAMIC ASSET ALLOCATION PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Dynamic Asset Allocation Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index, the Bloomberg Barclays US Treasury Index and its blended benchmark, a 60% / 40% blend of the MSCI World Index and the Bloomberg Barclays US Treasury Index, respectively, for the one- and five-year periods ended December 31, 2017, and since the Portfolio’s inception on April 1, 2011.

All share classes of the Portfolio underperformed the primary benchmark for the annual period, but outperformed the blended benchmark and the Bloomberg Barclays US Treasury Index. Throughout the period, the Portfolio held and maintained an overweight to risk

1

AB Variable Products Series Fund

assets, with global equity holdings more than that dictated by the Portfolio’s strategic asset allocation. This overweight was characterized by a regional bias towards international large-cap stocks and emerging-market stocks, due to accommodative global monetary policies, a solid economic outlook and strong corporate balance sheets. An overweight to global equities contributed to relative performance throughout the period.

In fixed-income, the Portfolio increased diversification, with modest allocations to international bonds. This allocation to non-US sovereigns was the main detractor from performance. While the Portfolio held an underweight to fixed income for most of the period, the Portfolio’s Senior Investment Management Team slightly extended bond duration to maintain defensive diversification close to the level of a strategic normal allocation, but closed the year underweight to duration. An underweight to global fixed income contributed to performance. In currency management, the Portfolio held an underweight to the US dollar relative to the Portfolio’s strategic asset allocation for most of 2017, but moved closer to neutral in the fourth quarter. This underweight to the US dollar was paired with an overweight to the euro, which contributed to performance.

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

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked a strong year for almost all major asset classes. Global stocks finished the period in strong positive territory, led by emerging markets and developed international markets. Global bond markets posted more modest but still positive returns. After a year that saw volatility spike and recede several times, the primary market story of 2017 revolved around extreme calm. Currency movements also played a role, as a weak US dollar strengthened returns for US dollar-based investors.

Though volatility remained low, the annual period did have several events that impacted markets. The first quarter saw the inauguration of a new US president. Following that were concerns around potential fallout from European elections, most notably in France, which abated after the most market-friendly candidate won. In the latter half of the year, rhetoric between the US and North Korea increased, which caused investors to consider the ramifications of potential geopolitical strife. Finally, near year-end, tax reform passed in the US Congress, which ended months of deliberation and negotiation. In each of these instances, the market continued to move forward, and except for minor increases, volatility remained extremely benign.

2

DYNAMIC ASSET ALLOCATION PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

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

(Disclosures and Risks continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

DYNAMIC ASSET ALLOCATION PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years		Since Inception1
Dynamic Asset Allocation Portfolio Class A		14.67%		6.63%		5.70%
Dynamic Asset Allocation Portfolio Class B		14.32%		6.37%		5.45%
Primary Benchmark: MSCI World Index		22.40%		11.64%		9.10%
Bloomberg Barclays US Treasury Index		2.31%		1.27%		2.67%
Blended Benchmark: 60% MSCI World Index / 40% Bloomberg Barclays US Treasury Index		13.98%		7.53%		6.71%
1   Inception date: 4/1/2011. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.83% and 1.09% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

DYNAMIC ASSET ALLOCATION PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

4/1/2011¹ to 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Dynamic Asset Allocation Portfolio Class A shares (from 4/1/2011¹ to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/1/2011.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,065.20	$	3.96		0.76	%	$	3.96		0.76	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.37	$	3.87		0.76	%	$	3.87		0.76	%
Class B
Actual	$	1,000	$	1,064.10	$	5.25		1.01	%	$	5.31		1.02	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.11	$	5.14		1.01	%	$	5.19		1.02	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses of the affiliated underlying portfolios. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

DYNAMIC ASSET ALLOCATION PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY	U.S. $ VALUE		PERCENT OF NET ASSETS
U.S. Treasury Bonds & Notes	$	171,585,860		28.4	%
iShares Core MSCI Emerging Markets ETF		34,589,738		5.7
SPDR S&P MidCap 400 ETF Trust		13,812,946		2.3
Vanguard REIT ETF		11,647,488		1.9
Vanguard Global ex-U.S. Real Estate ETF		9,129,631		1.5
iShares International Developed Real Estate ETF		8,801,190		1.5
Vanguard Small-Cap ETF		7,254,467		1.2
Apple, Inc.		6,282,664		1.0
Microsoft Corp.		4,655,087		0.8
Alphabet, Inc.—Class A & Class C		4,391,714		0.7
	$	272,150,785		45.0	%

PORTFOLIO BREAKDOWN²

December 31, 2017 (unaudited)

ASSET CLASSES	ALLOCATION
Equities
International Large-Cap		30.3	%
U.S. Large-Cap		19.0
Emerging Market		5.7
Real Estate		4.9
U.S. Mid-Cap		2.8
U.S. Small-Cap		2.8
Subtotal		65.5
Fixed Income
U.S. Bonds		33.6
International Bonds		0.9
Subtotal		34.5
Total		100.0	%

SECURITY TYPE BREAKDOWN³

December 31, 2017 (unaudited)

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Common Stocks	$	322,513,995		53.7	%
Governments—Treasuries		171,585,860		28.5
Investment Companies		88,102,450		14.7
Options Purchased—Puts		5,627		0.0
Short-Term Investments		18,529,279		3.1
Total Investments	$	600,737,211		100.0	%

1 Long-term investments.

2 All data are as of December 31, 2017. The Portfolio breakdown is expressed as an approximate percentage of the Portfolio’s total investments inclusive of derivative exposure, based on the Adviser’s internal classification guidelines.

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

7

DYNAMIC ASSET ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–53.3%
FINANCIALS–9.7%
BANKS–5.1%
AIB Group PLC		5,844	$	38,566
Aozora Bank Ltd.		2,000		77,605
Australia & New Zealand Banking Group Ltd.		31,095		693,700
Banco Bilbao Vizcaya Argentaria SA		73,153		621,669
Banco de Sabadell SA		50,635		100,381
Banco Santander SA		171,172		1,122,243
Bank Hapoalim BM		14,749		108,313
Bank Leumi Le-Israel BM		12,645		76,113
Bank of America Corp.		71,245		2,103,152
Bank of East Asia Ltd. (The)		21,000		90,819
Bank of Ireland Group PLC(a)		11,605		98,793
Bank of Kyoto Ltd. (The)		400		20,773
Bank of Queensland Ltd.		7,933		78,467
Bankia SA		10,832		51,701
Bankinter SA		7,353		69,557
Barclays PLC		180,209		493,299
BB&T Corp.		5,650		280,918
Bendigo & Adelaide Bank Ltd.		4,177		37,904
BNP Paribas SA		13,908		1,034,596
BOC Hong Kong Holdings Ltd.		39,500		199,624
CaixaBank SA		42,465		197,412
Chiba Bank Ltd. (The)		11,000		91,220
Citigroup, Inc.		20,279		1,508,960
Citizens Financial Group, Inc.		3,619		151,926
Comerica, Inc.		1,200		104,172
Commerzbank AG(a)		15,814		235,902
Commonwealth Bank of Australia		18,280		1,140,827
Concordia Financial Group Ltd.		11,221		67,488
Credit Agricole SA		14,327		236,568
Danske Bank A/S		7,940		309,041
DBS Group Holdings Ltd.		17,000		314,437
DNB ASA		9,303		172,212
Erste Group Bank AG(a)		3,207		138,977
Fifth Third Bancorp		5,340		162,016
Fukuoka Financial Group, Inc.		9,000		50,361
Hang Seng Bank Ltd.		8,100		200,952
HSBC Holdings PLC		217,206		2,243,318
Huntington Bancshares, Inc./OH		7,565		110,146
ING Groep NV		36,740		674,426
Intesa Sanpaolo SpA		120,775		400,714
Japan Post Bank Co., Ltd.		3,855		50,068
JPMorgan Chase & Co.		25,215		2,696,492
KBC Group NV		3,064		261,094
KeyCorp		7,525		151,779
Kyushu Financial Group, Inc.		3,564		21,481
Lloyds Banking Group PLC		769,079		705,232
M&T Bank Corp.		1,115		190,654
Mebuki Financial Group, Inc.		16,800		70,972
Mediobanca SpA		12,965		146,903
Mitsubishi UFJ Financial Group, Inc.		135,900		989,075
Mizrahi Tefahot Bank Ltd.		1,057		19,470
Mizuho Financial Group, Inc.		253,500		458,350
National Australia Bank Ltd.		28,193		647,457
Nordea Bank AB		28,914		350,090
Oversea-Chinese Banking Corp., Ltd.		29,000		267,909
People’s United Financial, Inc.		2,165		40,486
PNC Financial Services Group, Inc. (The)		3,430		494,915
Raiffeisen Bank International AG(a)		1,307		47,360
Regions Financial Corp.		8,725		150,768
Resona Holdings, Inc.		21,000		125,134
Royal Bank of Scotland Group PLC(a)		42,208		158,271
Seven Bank Ltd.		16,218		55,387
Shinsei Bank Ltd.		3,700		63,761
Shizuoka Bank Ltd. (The)		4,000		41,176
Skandinaviska Enskilda Banken AB–Class A		16,190		190,109
Societe Generale SA		9,446		486,993
Standard Chartered PLC(a)		34,982		367,366
Sumitomo Mitsui Financial Group, Inc.		14,300		616,394
Sumitomo Mitsui Trust Holdings, Inc.		3,200		126,611
SunTrust Banks, Inc.		3,490		225,419
Suruga Bank Ltd.		1,000		21,382
Svenska Handelsbanken AB–Class A		14,254		194,796
Swedbank AB–Class A		8,621		207,980
UniCredit SpA(a)		17,373		324,080
United Overseas Bank Ltd.		12,000		236,556
US Bancorp		11,215		600,900
Wells Fargo & Co.		31,675		1,921,722
Westpac Banking Corp.		35,553		864,774
Zions Bancorporation		1,430		72,687
				30,571,321
CAPITAL MARKETS–1.5%
3i Group PLC		9,721		119,676
Affiliated Managers Group, Inc.		407		83,537
Ameriprise Financial, Inc.		1,145		194,043
Amundi SA(b)		1,517		128,482
ASX Ltd.		1,453		62,024
Bank of New York Mellon Corp. (The)		7,415		399,372
BlackRock, Inc.–Class A		877		450,524
Cboe Global Markets, Inc.		646		80,485
Charles Schwab Corp. (The)		8,390		430,994
CME Group, Inc.–Class A		2,350		343,217

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Credit Suisse Group AG (REG)(a)		25,000	$	445,893
Daiwa Securities Group, Inc.		16,000		100,104
Deutsche Bank AG (REG)		19,693		372,473
Deutsche Boerse AG		2,077		240,403
E*TRADE Financial Corp.(a)		1,870		92,696
Franklin Resources, Inc.		2,420		104,859
Goldman Sachs Group, Inc. (The)		2,638		672,057
Hargreaves Lansdown PLC		2,483		60,302
Hong Kong Exchanges & Clearing Ltd.		10,900		333,412
Intercontinental Exchange, Inc.		4,330		305,525
Invesco Ltd.		2,830		103,408
Investec PLC		5,877		42,316
Japan Exchange Group, Inc.		4,965		86,144
Julius Baer Group Ltd.(a)		2,130		130,254
Kingston Financial Group Ltd.		68,779		65,899
London Stock Exchange Group PLC		3,987		203,922
Macquarie Group Ltd.		3,705		286,563
Moody’s Corp.		1,145		169,013
Morgan Stanley		10,270		538,867
Nasdaq, Inc.		760		58,391
Natixis SA		21,759		171,864
Nomura Holdings, Inc.		38,855		227,758
Northern Trust Corp.		1,460		145,839
Partners Group Holding AG		158		108,260
Raymond James Financial, Inc.		909		81,174
S&P Global, Inc.		1,860		315,084
Schroders PLC		1,291		61,111
Singapore Exchange Ltd.		21,000		116,611
St James’s Place PLC		4,994		82,502
State Street Corp.		2,535		247,441
T. Rowe Price Group, Inc.		1,725		181,004
UBS Group AG(a)		38,983		716,225
				9,159,728
CONSUMER FINANCE–0.2%
Acom Co., Ltd.(a)		13,014		54,678
American Express Co.		5,410		537,267
Capital One Financial Corp.		3,513		349,825
Credit Saison Co., Ltd.		3,500		63,558
Discover Financial Services		2,810		216,145
Navient Corp.		2,200		29,304
Synchrony Financial		5,518		213,050
				1,463,827
DIVERSIFIED FINANCIAL SERVICES–0.8%
AMP Ltd.		28,155		113,648
Berkshire Hathaway, Inc.–Class B(a)		13,294		2,635,137
Challenger Ltd./Australia		12,809		139,688
Eurazeo SA		1,370		126,565
EXOR NV		3,679		225,568
First Pacific Co., Ltd./Hong Kong		86,660		58,908
Groupe Bruxelles Lambert SA		768		82,852
IHS Markit Ltd.(a)		2,261		102,084
Industrivarden AB–Class C		4,979		122,821
Investor AB–Class B		4,336		197,755
Kinnevik AB		4,676		158,006
Leucadia National Corp.		2,255		59,735
ORIX Corp.		14,110		237,907
Pargesa Holding SA		346		29,969
Standard Life Aberdeen PLC		28,554		167,955
Wendel SA		844		146,245
				4,604,843
INSURANCE–2.1%
Admiral Group PLC		2,010		54,214
Aegon NV		11,109		70,586
Aflac, Inc.		2,855		250,612
Ageas		1,646		80,407
AIA Group Ltd.		128,423		1,092,320
Allianz SE (REG)		4,871		1,114,717
Allstate Corp. (The)		2,600		272,246
American International Group, Inc.		7,093		422,601
Aon PLC		1,865		249,910
Arthur J Gallagher & Co.		1,202		76,063
Assicurazioni Generali SpA		11,115		202,309
Assurant, Inc.		410		41,344
Aviva PLC		43,251		294,986
Baloise Holding AG (REG)		926		143,943
Brighthouse Financial, Inc.(a)		697		40,872
Chubb Ltd.		3,232		472,292
Cincinnati Financial Corp.		1,060		79,468
CNP Assurances		4,544		104,818
Dai-ichi Life Holdings, Inc.		10,264		210,947
Direct Line Insurance Group PLC		13,089		67,353
Everest Re Group Ltd.		294		65,050
Gjensidige Forsikring ASA		3,690		69,602
Hannover Rueck SE (REG)		795		99,744
Hartford Financial Services Group, Inc. (The)		2,675		150,549
Insurance Australia Group Ltd.		23,145		130,359
Japan Post Holdings Co., Ltd.		16,700		191,280
Legal & General Group PLC		63,405		233,431
Lincoln National Corp.		1,590		122,223
Loews Corp.		1,890		94,557
Mapfre SA		8,911		28,584
Marsh & McLennan Cos., Inc.		3,590		292,190
Medibank Pvt Ltd.		39,307		100,659
MetLife, Inc.		7,670		387,795
MS&AD Insurance Group Holdings, Inc.		4,800		161,906

9

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

Company	Shares		U.S. $ Value
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (REG)		1,588	$	342,928
NN Group NV		7,137		308,700
Old Mutual PLC		61,153		191,305
Principal Financial Group, Inc.		1,840		129,830
Progressive Corp. (The)		4,045		227,814
Prudential Financial, Inc.		3,065		352,414
Prudential PLC		27,421		702,261
QBE Insurance Group Ltd.		13,053		108,347
RSA Insurance Group PLC		10,859		92,562
Sampo Oyj–Class A		4,765		261,513
SCOR SE		3,333		133,965
Sompo Holdings, Inc.		4,000		154,403
Sony Financial Holdings, Inc.		4,130		72,992
Suncorp Group Ltd.		12,247		132,001
Swiss Life Holding AG(a)		342		120,888
Swiss Re AG		3,176		297,022
T&D Holdings, Inc.		5,500		93,833
Tokio Marine Holdings, Inc.		7,300		332,026
Torchmark Corp.		752		68,214
Travelers Cos., Inc. (The)		2,030		275,349
Tryg A/S		1,821		45,552
UnipolSai Assicurazioni SpA		4,035		9,412
Unum Group		1,620		88,922
Willis Towers Watson PLC		887		133,662
XL Group Ltd.		1,910		67,156
Zurich Insurance Group AG		1,604		487,686
				12,700,694
				58,500,413
INFORMATION TECHNOLOGY–8.0%
COMMUNICATIONS EQUIPMENT–0.4%
Cisco Systems, Inc.		35,090		1,343,947
F5 Networks, Inc.(a)		480		62,986
Harris Corp.		845		119,694
Juniper Networks, Inc.		2,640		75,240
Motorola Solutions, Inc.		1,145		103,439
Nokia Oyj		62,192		290,582
Telefonaktiebolaget LM Ericsson–Class B		28,969		191,187
				2,187,075
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.5%
Alps Electric Co., Ltd.		2,053		58,398
Amphenol Corp.–Class A		2,150		188,770
Corning, Inc.		7,205		230,488
FLIR Systems, Inc.		910		42,424
Hamamatsu Photonics KK		1,600		53,665
Hexagon AB–Class B		4,263		213,849
Hirose Electric Co., Ltd.		300		43,802
Hitachi High-Technologies Corp.		1,881		79,057
Hitachi Ltd.		52,000		403,426
Ingenico Group SA		930		99,323
Keyence Corp.		1,054		588,797
Kyocera Corp.		3,100		202,390
Murata Manufacturing Co., Ltd.		2,000		267,776
Nippon Electric Glass Co., Ltd.		929		35,359
Omron Corp.		1,800		107,062
Shimadzu Corp.		2,000		45,373
TDK Corp.		1,200		95,365
TE Connectivity Ltd.		2,460		233,798
Yaskawa Electric Corp.		2,723		119,309
Yokogawa Electric Corp.		4,500		85,917
				3,194,348
INTERNET SOFTWARE & SERVICES–1.3%
Akamai Technologies, Inc.(a)		1,205		78,373
Alphabet, Inc.– Class A(a)		2,089		2,200,552
Alphabet, Inc.– Class C(a)		2,094		2,191,162
DeNA Co., Ltd.		1,663		34,236
eBay, Inc.(a)		7,285		274,936
Facebook, Inc.– Class A(a)		16,237		2,865,181
Kakaku.com, Inc.		3,799		64,130
Mixi, Inc.		827		37,040
REA Group Ltd.		1,002		59,747
United Internet AG		2,321		159,037
VeriSign, Inc.(a)(c)		625		71,525
Yahoo Japan Corp.		13,553		62,093
				8,098,012
IT SERVICES–1.3%
Accenture PLC–Class A		4,335		663,645
Alliance Data Systems Corp.		430		108,996
Amadeus IT Group SA–Class A		4,677		336,568
Atos SE		677		98,429
Automatic Data Processing, Inc.		3,170		371,492
Capgemini SE		1,557		184,414
Cognizant Technology Solutions Corp.–Class A		4,230		300,415
Computershare Ltd.		3,663		46,409
CSRA, Inc.		990		29,621
DXC Technology Co.		2,018		191,508
Fidelity National Information Services, Inc.		2,270		213,584
Fiserv, Inc.(a)		1,550		203,251
Fujitsu Ltd.		18,000		127,611
Gartner, Inc.(a)		640		78,816
Global Payments, Inc.		1,059		106,154
International Business Machines Corp.		6,076		932,180
Mastercard, Inc.–Class A		6,710		1,015,626
Nomura Research Institute Ltd.		1,300		60,341
NTT Data Corp.		6,010		71,302
Obic Co., Ltd.		730		53,617

10

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Otsuka Corp.		600	$	45,951
Paychex, Inc.		2,245		152,840
PayPal Holdings, Inc.(a)		7,835		576,813
Total System Services, Inc.		1,110		87,790
Visa, Inc.–Class A		13,150		1,499,363
Western Union Co. (The)–Class W		3,380		64,254
Wirecard AG		1,262		140,262
Worldpay Group PLC(b)		19,270		110,583
				7,871,835
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–1.4%
Advanced Micro Devices, Inc.(a)(c)		5,483		56,365
Analog Devices, Inc.		2,510		223,465
Applied Materials, Inc.		7,535		385,189
ASM Pacific Technology Ltd.		900		12,486
ASML Holding NV		3,784		657,880
Broadcom Ltd.		2,775		712,898
Disco Corp.		309		68,487
Infineon Technologies AG		10,766		293,203
Intel Corp.		33,040		1,525,126
KLA-Tencor Corp.		1,060		111,374
Lam Research Corp.		1,129		207,815
Microchip Technology, Inc.		1,495		131,381
Micron Technology, Inc.(a)		7,220		296,886
NVIDIA Corp.		3,735		722,722
NXP Semiconductors NV(a)		3,725		436,160
Qorvo, Inc.(a)		868		57,809
QUALCOMM, Inc.		10,270		657,485
Renesas Electronics Corp.(a)		5,418		62,835
Rohm Co., Ltd.		1,300		143,210
Skyworks Solutions, Inc.		1,324		125,714
STMicroelectronics NV		12,251		267,244
SUMCO Corp.		2,522		64,025
Texas Instruments, Inc.		6,975		728,469
Tokyo Electron Ltd.		1,689		304,678
Xilinx, Inc.		1,735		116,974
				8,369,880
SOFTWARE–1.8%
Activision Blizzard, Inc.		4,755		301,087
Adobe Systems, Inc.(a)		3,460		606,330
ANSYS, Inc.(a)		612		90,325
Autodesk, Inc.(a)		1,375		144,141
CA, Inc.		2,185		72,717
Cadence Design Systems, Inc.(a)		2,014		84,225
Check Point Software Technologies Ltd.(a)		1,405		145,586
Citrix Systems, Inc.(a)		1,080		95,040
Dassault Systemes SE		924		98,110
Electronic Arts, Inc.(a)		2,085		219,050
Intuit, Inc.		1,700		268,226
Konami Holdings Corp.		1,300		71,490
LINE Corp.(a)		33		1,348
Micro Focus International PLC		4,754		161,573
Microsoft Corp.		54,420		4,655,087
Nexon Co., Ltd.(a)		2,595		75,256
Nice Ltd.		596		54,460
Nintendo Co., Ltd.		1,200		432,116
Oracle Corp.		21,000		992,880
Oracle Corp. Japan		500		41,381
Red Hat, Inc.(a)		1,240		148,924
Sage Group PLC (The)		12,240		131,586
salesforce.com, Inc.(a)		4,484		458,399
SAP SE		10,475		1,171,893
Symantec Corp.		4,255		119,395
Synopsys, Inc.(a)		1,072		91,377
Trend Micro, Inc./Japan		1,600		90,565
Ubisoft Entertainment SA(a)		804		61,773
				10,884,340
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
Apple, Inc.		37,125		6,282,664
Brother Industries Ltd.		2,200		54,075
Canon, Inc.		11,400		424,742
FUJIFILM Holdings Corp.		4,200		171,381
Hewlett Packard Enterprise Co.		11,560		166,002
HP, Inc.		11,910		250,229
Konica Minolta, Inc.		6,000		57,569
NEC Corp.		2,500		67,343
NetApp, Inc.		1,940		107,321
Ricoh Co., Ltd.		6,000		55,601
Seagate Technology PLC(c)		2,050		85,772
Seiko Epson Corp.		2,700		63,562
Western Digital Corp.		1,963		156,117
Xerox Corp.		1,486		43,317
				7,985,695
				48,591,185
INDUSTRIALS–6.6%
AEROSPACE & DEFENSE–1.0%
Airbus SE		6,243		620,471
Arconic, Inc.		2,756		75,101
BAE Systems PLC		33,818		261,289
Boeing Co. (The)		4,060		1,197,335
Cobham PLC(a)		27,677		47,196
Dassault Aviation SA		41		63,750
Elbit Systems Ltd.		250		33,396
General Dynamics Corp.		2,010		408,935
L3 Technologies, Inc.		525		103,871
Leonardo SpA		5,271		62,636
Lockheed Martin Corp.		1,800		577,890
Meggitt PLC		10,854		70,479
Northrop Grumman Corp.		1,240		380,568
Raytheon Co.		2,050		385,093
Rockwell Collins, Inc.		900		122,058

11

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

Company	Shares		U.S. $ Value
Rolls-Royce Holdings PLC(a)		19,591	$	223,588
Safran SA		3,586		369,880
Singapore Technologies Engineering Ltd.		43,000		104,614
Textron, Inc.		1,855		104,974
Thales SA		694		74,688
TransDigm Group, Inc.		363		99,687
United Technologies Corp.		5,425		692,067
				6,079,566
AIR FREIGHT & LOGISTICS–0.3%
Bollore SA		25,929		140,659
CH Robinson Worldwide, Inc.		965		85,972
Deutsche Post AG (REG)		9,235		438,972
Expeditors International of Washington, Inc.		1,220		78,922
FedEx Corp.		1,715		427,961
Kuehne & Nagel International AG (REG)		477		84,391
Royal Mail PLC		8,567		52,341
United Parcel Service, Inc.–Class B		4,855		578,473
Yamato Holdings Co., Ltd.		3,400		68,256
				1,955,947
AIRLINES–0.2%
Alaska Air Group, Inc.		843		61,969
American Airlines Group, Inc.		3,682		191,574
ANA Holdings, Inc.		1,007		42,008
Delta Air Lines, Inc.		5,202		291,312
Deutsche Lufthansa AG (REG)		3,330		122,290
easyJet PLC		2,320		45,858
International Consolidated Airlines Group SA		10,420		90,301
Japan Airlines Co., Ltd.		900		35,163
Singapore Airlines Ltd.		14,000		111,508
Southwest Airlines Co.		4,305		281,762
United Continental Holdings, Inc.(a)		2,022		136,283
				1,410,028
BUILDING PRODUCTS–0.3%
Allegion PLC		635		50,521
AO Smith Corp.		1,055		64,650
Asahi Glass Co., Ltd.		2,000		86,449
Assa Abloy AB–Class B		9,541		197,799
Cie de Saint-Gobain		4,539		249,809
Daikin Industries Ltd.		2,500		295,407
Fortune Brands Home & Security, Inc.		1,071		73,299
Geberit AG (REG)		360		158,460
Johnson Controls International PLC		5,892		224,544
LIXIL Group Corp.		2,500		67,543
Masco Corp.		2,305		101,282
TOTO Ltd.		1,522		89,622
				1,659,385
COMMERCIAL SERVICES & SUPPLIES–0.2%
Brambles Ltd.		15,030		117,791
Cintas Corp.		585		91,161
Dai Nippon Printing Co., Ltd.		2,500		55,658
G4S PLC		17,154		61,739
ISS A/S		1,785		69,106
Park24 Co., Ltd.		1,300		31,121
Republic Services, Inc.–Class A		1,600		108,176
Secom Co., Ltd.		2,000		150,886
Societe BIC SA		891		97,917
Sohgo Security Services Co., Ltd.		1,000		54,351
Stericycle, Inc.(a)		610		41,474
Toppan Printing Co., Ltd.		5,000		45,166
Waste Management, Inc.		2,845		245,523
				1,170,069
CONSTRUCTION & ENGINEERING–0.3%
ACS Actividades de Construccion y Servicios SA		2,540		99,221
Bouygues SA		1,739		90,233
CIMIC Group Ltd.		2,988		119,506
Eiffage SA		1,102		120,604
Ferrovial SA		4,609		104,593
Fluor Corp.		965		49,842
HOCHTIEF AG		422		74,528
Jacobs Engineering Group, Inc.		815		53,757
JGC Corp.		4,000		77,278
Kajima Corp.		7,000		67,255
Obayashi Corp.		6,000		72,481
Quanta Services, Inc.(a)		1,015		39,697
Shimizu Corp.		4,000		41,256
Skanska AB–Class B		8,587		177,929
Taisei Corp.		2,000		99,462
Vinci SA		5,456		557,012
				1,844,654
ELECTRICAL EQUIPMENT–0.5%
ABB Ltd. (REG)		20,970		561,667
Acuity Brands, Inc.		323		56,848
AMETEK, Inc.		1,599		115,880
Eaton Corp. PLC		3,144		248,407
Emerson Electric Co.		4,450		310,121
Fuji Electric Co., Ltd.		14,000		105,173
Legrand SA		2,541		195,349
Mabuchi Motor Co., Ltd.		800		43,244
Mitsubishi Electric Corp.		21,000		348,024
Nidec Corp.		2,567		359,424

12

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
OSRAM Licht AG		678	$	60,710
Prysmian SpA		1,074		34,996
Rockwell Automation, Inc.		930		182,606
Schneider Electric SE (Paris)(a)		6,098		516,991
Siemens Gamesa Renewable Energy SA		810		11,092
Vestas Wind Systems A/S		2,133		147,391
				3,297,923
INDUSTRIAL CONGLOMERATES–0.9%
3M Co.		4,255		1,001,499
CK Hutchison Holdings Ltd.		25,840		323,783
DCC PLC		843		84,837
General Electric Co.		62,559		1,091,654
Honeywell International, Inc.		5,305		813,575
Jardine Matheson Holdings Ltd.		2,300		139,547
Jardine Strategic Holdings Ltd.		2,005		79,358
Keihan Holdings Co., Ltd.		1,000		29,420
Keppel Corp., Ltd.		13,000		71,139
NWS Holdings Ltd.		37,000		66,632
Roper Technologies, Inc.		725		187,775
Seibu Holdings, Inc.		3,142		59,360
Siemens AG (REG)		8,153		1,128,845
Smiths Group PLC		3,761		75,481
Toshiba Corp.(a)		72,000		202,565
				5,355,470
MACHINERY–1.3%
Alfa Laval AB		3,778		89,362
Alstom SA		3,502		145,164
Amada Holdings Co., Ltd.		3,000		40,731
ANDRITZ AG		693		39,104
Atlas Copco AB–Class A		6,392		275,853
Atlas Copco AB–Class B		3,579		137,173
Caterpillar, Inc.		4,085		643,714
CNH Industrial NV		22,634		302,810
Cummins, Inc.		1,100		194,304
Daifuku Co., Ltd.		1,030		55,960
Deere & Co.		2,035		318,498
Dover Corp.		1,085		109,574
FANUC Corp.		2,100		503,782
Flowserve Corp.		910		38,338
Fortive Corp.		2,070		149,764
GEA Group AG		1,741		83,297
Hino Motors Ltd.		6,000		77,498
Hitachi Construction Machinery Co., Ltd.		3,000		108,725
Hoshizaki Corp.		400		35,438
IHI Corp.		2,600		86,233
Illinois Tool Works, Inc.		2,225		371,241
IMI PLC		4,517		81,295
Ingersoll-Rand PLC		1,805		160,988
JTEKT Corp.		4,300		73,677
Kawasaki Heavy Industries Ltd.		900		31,486
KION Group AG		1,747		150,384
Komatsu Ltd.		9,800		354,169
Kone Oyj–Class B		3,593		192,954
Kubota Corp.		10,000		195,594
Kurita Water Industries Ltd.		1,200		38,906
Makita Corp.		2,200		92,262
MAN SE		1,273		145,715
Metso Oyj		1,073		36,606
MINEBEA MITSUMI, Inc.		4,131		86,161
Mitsubishi Heavy Industries Ltd.		3,100		115,581
Nabtesco Corp.		1,000		38,212
NGK Insulators Ltd.		2,000		37,674
NSK Ltd.		4,719		73,933
PACCAR, Inc.		2,410		171,303
Parker-Hannifin Corp.		945		188,603
Pentair PLC		1,160		81,919
Sandvik AB		12,165		212,944
Schindler Holding AG		413		94,986
Schindler Holding AG (REG)		575		130,024
SKF AB–Class B		4,700		104,414
SMC Corp./Japan		600		246,230
Snap-on, Inc.		420		73,206
Stanley Black & Decker, Inc.		1,065		180,720
Sumitomo Heavy Industries Ltd.		1,200		50,563
THK Co., Ltd.		1,531		57,228
Volvo AB–Class B		14,676		273,295
Wartsila Oyj Abp		1,408		88,862
Weir Group PLC (The)		2,037		58,388
Xylem, Inc./NY		1,235		84,227
Yangzijiang Shipbuilding Holdings Ltd.		56,331		61,768
				7,870,840
MARINE–0.1%
AP Moller–Maersk A/S–Class A		70		116,622
AP Moller–Maersk A/S–Class B		68		118,523
Mitsui OSK Lines Ltd.		1,200		39,881
Nippon Yusen KK(a)		3,100		75,428
				350,454
PROFESSIONAL SERVICES–0.4%
Adecco Group AG (REG)		1,673		127,851
Bureau Veritas SA		3,094		84,505
Capita PLC		6,326		34,180
Equifax, Inc.		855		100,822
Experian PLC		10,230		225,497
Intertek Group PLC		1,536		107,418
Nielsen Holdings PLC		2,316		84,302
Randstad Holding NV		1,613		98,972
Recruit Holdings Co., Ltd.		11,748		291,702
RELX NV		15,125		347,639
RELX PLC		11,663		273,476

13

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

Company	Shares		U.S. $ Value
Robert Half International, Inc.		885	$	49,153
SGS SA (REG)		52		135,566
Verisk Analytics, Inc.–Class A(a)		1,100		105,600
Wolters Kluwer NV		5,568		290,258
				2,356,941
ROAD & RAIL–0.5%
Aurizon Holdings Ltd.		22,082		85,088
Central Japan Railway Co.		1,537		275,062
CSX Corp.		6,560		360,866
DSV A/S		1,630		128,258
East Japan Railway Co.		3,600		351,066
Hankyu Hanshin Holdings, Inc.		2,200		88,370
JB Hunt Transport Services, Inc.		603		69,333
Kansas City Southern		770		81,019
Keikyu Corp.		2,000		38,376
Keio Corp.		1,200		52,709
Keisei Electric Railway Co., Ltd.		2,945		94,555
Kintetsu Group Holdings Co., Ltd.		1,700		65,059
Kyushu Railway Co.		1,722		53,300
MTR Corp., Ltd.		15,500		90,723
Nagoya Railroad Co., Ltd.		1,800		45,330
Nippon Express Co., Ltd.		1,200		79,689
Norfolk Southern Corp.		2,040		295,596
Odakyu Electric Railway Co., Ltd.		3,000		64,100
Tobu Railway Co., Ltd.		1,200		38,728
Tokyu Corp.		5,000		79,700
Union Pacific Corp.		5,800		777,780
West Japan Railway Co.		1,568		114,392
				3,329,099
TRADING COMPANIES & DISTRIBUTORS–0.4%
AerCap Holdings NV(a)		1,493		78,547
Ashtead Group PLC		4,791		128,502
Brenntag AG		1,471		92,737
Bunzl PLC		3,191		89,157
Fastenal Co.		1,980		108,286
Ferguson PLC		3,100		222,468
ITOCHU Corp.		16,000		298,264
Marubeni Corp.		16,000		115,675
MISUMI Group, Inc.		2,900		84,193
Mitsubishi Corp.		16,100		443,938
Mitsui & Co., Ltd.		18,200		295,266
Sumitomo Corp.		11,300		191,668
Toyota Tsusho Corp.		2,300		92,398
Travis Perkins PLC		2,972		62,878
United Rentals, Inc.(a)		600		103,146
WW Grainger, Inc.		380		89,775
				2,496,898
TRANSPORTATION INFRASTRUCTURE–0.2%
Abertis Infraestructuras SA		6,861		152,655
Aena SME SA(b)		780		157,856
Aeroports de Paris		1,000		190,149
Atlantia SpA		176		5,549
Auckland International Airport Ltd.		10,521		48,294
Getlink SE (REG)		6,892		88,647
Hutchison Port Holdings Trust–Class U		43,553		18,030
Kamigumi Co., Ltd.		1,500		33,149
Sydney Airport		8,828		48,440
Transurban Group		20,948		202,736
				945,505
				40,122,779
CONSUMER DISCRETIONARY–6.6%
AUTO COMPONENTS–0.4%
Aisin Seiki Co., Ltd.		1,800		100,841
Aptiv PLC		1,891		160,414
BorgWarner, Inc.		1,380		70,504
Bridgestone Corp.		6,900		319,347
Cie Generale des Etablissements Michelin–Class B		1,732		247,771
Continental AG		1,047		281,517
Denso Corp.		5,200		311,526
Faurecia		1,635		127,424
GKN PLC		16,316		70,164
Goodyear Tire & Rubber Co. (The)		1,810		58,481
Koito Manufacturing Co., Ltd.		1,000		70,013
NGK Spark Plug Co., Ltd.		3,000		72,712
NOK Corp.		2,800		65,157
Nokian Renkaat Oyj		1,090		49,436
Stanley Electric Co., Ltd.		1,600		64,740
Sumitomo Electric Industries Ltd.		7,200		121,373
Sumitomo Rubber Industries Ltd.		4,100		75,986
Toyota Industries Corp.		1,600		102,558
Valeo SA		2,277		169,616
Yokohama Rubber Co., Ltd. (The)		1,000		24,426
				2,564,006
AUTOMOBILES–1.1%
Bayerische Motoren Werke AG		3,152		326,806
Daimler AG (REG)		10,262		867,759
Ferrari NV		1,527		159,999
Fiat Chrysler Automobiles NV(a)		14,140		252,446
Ford Motor Co.		27,220		339,978
General Motors Co.		9,916		406,457

14

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Harley-Davidson, Inc.(c)		1,250	$	63,600
Honda Motor Co., Ltd.		18,521		632,075
Isuzu Motors Ltd.		5,500		91,835
Mazda Motor Corp.		5,200		69,489
Mitsubishi Motors Corp.		11,400		82,013
Nissan Motor Co., Ltd.		26,300		261,845
Peugeot SA		7,475		151,826
Porsche Automobil Holding SE (Preference Shares)		1,458		121,845
Renault SA		1,830		183,692
Subaru Corp.		6,000		190,247
Suzuki Motor Corp.		3,500		202,593
Toyota Motor Corp.		28,500		1,816,304
Volkswagen AG		630		127,140
Volkswagen AG (Preference Shares)		1,767		350,984
Yamaha Motor Co., Ltd.		2,700		88,447
				6,787,380
DISTRIBUTORS–0.0%
Genuine Parts Co.		1,060		100,711
Jardine Cycle & Carriage Ltd.		2,000		60,709
LKQ Corp.(a)		2,114		85,976
				247,396
DIVERSIFIED CONSUMER SERVICES–0.0%
Benesse Holdings, Inc.		300		10,555
H&R Block, Inc.		1,520		39,855
				50,410
HOTELS, RESTAURANTS & LEISURE–0.9%
Accor SA		2,705		139,253
Aristocrat Leisure Ltd.		4,876		89,788
Carnival Corp.		2,985		198,114
Carnival PLC		2,273		149,553
Chipotle Mexican Grill, Inc.–Class A(a)		244		70,523
Compass Group PLC		16,836		363,021
Crown Resorts Ltd.		9,430		95,586
Darden Restaurants, Inc.		870		83,537
Domino’s Pizza Enterprises Ltd.		823		29,913
Galaxy Entertainment Group Ltd.		20,155		160,913
Genting Singapore PLC		92,000		89,851
Hilton Worldwide Holdings, Inc.		1,466		117,075
InterContinental Hotels Group PLC		2,053		130,581
Marriott International, Inc./MD–Class A		2,231		302,814
McDonald’s Corp.		5,980		1,029,278
McDonald’s Holdings Co. Japan Ltd.		2,200		96,677
Melco Resorts & Entertainment Ltd. (ADR)		2,651		76,985
Merlin Entertainments PLC(b)		2,417		11,841
MGM Resorts International		3,460		115,529
Norwegian Cruise Line Holdings Ltd.(a)		1,281		68,213
Oriental Land Co., Ltd./Japan		2,100		191,057
Paddy Power Betfair PLC		1,060		126,167
Royal Caribbean Cruises Ltd.		1,177		140,393
Sands China Ltd.		39,744		204,572
Sodexo SA		1,005		134,729
Starbucks Corp.		10,220		586,935
Tabcorp Holdings Ltd.		12,097		52,483
TUI AG		6,938		143,736
Whitbread PLC		1,737		93,808
Wyndham Worldwide Corp.		750		86,903
Wynn Macau Ltd.		77,455		244,872
Wynn Resorts Ltd.		560		94,410
Yum! Brands, Inc.		2,545		207,697
				5,726,807
HOUSEHOLD DURABLES–0.5%
Auto Trader Group PLC(b)		9,529		45,390
Barratt Developments PLC		9,541		83,231
Berkeley Group Holdings PLC		1,236		70,039
Casio Computer Co., Ltd.		2,100		30,134
DR Horton, Inc.		2,355		120,270
Electrolux AB–Class B		2,430		78,235
Garmin Ltd.		770		45,869
Husqvarna AB–Class B		8,194		77,962
Iida Group Holdings Co., Ltd.		1,346		25,335
Leggett & Platt, Inc.		925		44,150
Lennar Corp.–Class A		1,300		82,212
Mohawk Industries, Inc.(a)		450		124,155
Newell Brands, Inc.		3,355		103,669
Nikon Corp.		3,200		64,394
Panasonic Corp.		23,500		342,957
Persimmon PLC		3,527		130,383
PulteGroup, Inc.		2,135		70,989
Rinnai Corp.		700		63,333
SEB SA		568		105,143
Sekisui Chemical Co., Ltd.		4,000		80,081
Sekisui House Ltd.		6,000		108,232
Sharp Corp./Japan(a)		1,500		51,343
Sony Corp.		13,500		605,918
Taylor Wimpey PLC		31,025		86,458
Techtronic Industries Co., Ltd.		13,454		87,524
Whirlpool Corp.		550		92,752
				2,820,158
INTERNET & DIRECT MARKETING RETAIL–0.8%
Amazon.com, Inc.(a)		2,762		3,230,076
Expedia, Inc.		832		99,649
Netflix, Inc.(a)		2,982		572,425

15

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

Company	Shares		U.S. $ Value
Priceline Group, Inc. (The)(a)		347	$	602,996
Rakuten, Inc.		8,852		80,913
Start Today Co., Ltd.		2,592		78,675
TripAdvisor, Inc.(a)		762		26,258
Zalando SE(a) (b)		2,021		106,563
				4,797,555
LEISURE PRODUCTS–0.1%
Bandai Namco Holdings, Inc.		1,900		62,015
Hasbro, Inc.		800		72,712
Mattel, Inc.(c)		2,335		35,912
Sankyo Co., Ltd.		300		9,434
Shimano, Inc.		700		98,391
Yamaha Corp.		1,600		59,019
				337,483
MEDIA–1.0%
Altice NV–Class A(a)		3,528		36,996
Axel Springer SE		2,191		170,855
CBS Corp.–Class B		2,840		167,560
Charter Communications, Inc.–Class A(a)		1,523		511,667
Comcast Corp.–Class A		33,502		1,341,755
Dentsu, Inc.		2,100		88,799
Discovery Communications, Inc.–Class A(a)(c)		1,045		23,387
Discovery Communications, Inc.–Class C(a)		1,545		32,708
DISH Network Corp.–Class A(a)		1,475		70,431
Eutelsat Communications SA		3,140		72,699
Hakuhodo DY Holdings, Inc.		2,490		32,278
Interpublic Group of Cos., Inc. (The)		2,795		56,347
ITV PLC		34,542		77,184
JCDecaux SA		189		7,602
Lagardere SCA		352		11,272
News Corp.–Class A		2,658		43,086
News Corp.–Class B		817		13,562
Omnicom Group, Inc.		1,660		120,898
Pearson PLC		7,821		77,475
Publicis Groupe SA		1,801		122,085
RTL Group SA (London)(a)		1,166		93,478
Schibsted ASA–Class B		2,252		59,861
Scripps Networks Interactive, Inc.–Class A		670		57,205
SES SA		4,651		72,602
Sky PLC(a)		13,314		181,700
Telenet Group Holding NV(a)		454		31,629
Time Warner, Inc.		5,445		498,054
Toho Co., Ltd./Tokyo		1,000		34,615
Twenty-First Century Fox, Inc.–Class A		7,421		256,247
Twenty-First Century Fox, Inc.–Class B		3,367		114,882
Viacom, Inc.–Class B		2,410		74,252
Vivendi SA		11,072		297,167
Walt Disney Co. (The)		11,094		1,192,716
WPP PLC		13,761		248,603
				6,291,657
MULTILINE RETAIL–0.2%
Dollar General Corp.		1,820		169,278
Dollar Tree, Inc.(a)		1,638		175,774
Don Quijote Holdings Co., Ltd.		1,000		52,130
Isetan Mitsukoshi Holdings Ltd.		2,200		27,225
J Front Retailing Co., Ltd.		3,500		65,772
Kohl’s Corp.		1,230		66,703
Macy’s, Inc.		2,105		53,025
Marks & Spencer Group PLC		15,442		65,515
Marui Group Co., Ltd.		3,300		60,324
Next PLC		1,363		83,074
Nordstrom, Inc.		770		36,483
Ryohin Keikaku Co., Ltd.		257		80,001
Target Corp.		4,025		262,631
				1,197,935
SPECIALTY RETAIL–0.9%
ABC-Mart, Inc.		500		28,659
Advance Auto Parts, Inc.		531		52,935
AutoZone, Inc.(a)		225		160,058
Best Buy Co., Inc.		1,900		130,093
CarMax, Inc.(a)		1,320		84,652
Fast Retailing Co., Ltd.		500		198,807
Foot Locker, Inc.		942		44,161
Gap, Inc. (The)		1,505		51,260
Hennes & Mauritz AB–Class B		9,038		186,941
Hikari Tsushin, Inc.		500		71,787
Home Depot, Inc. (The)		8,630		1,635,644
Industria de Diseno Textil SA		11,626		404,256
Kingfisher PLC		29,522		134,604
L Brands, Inc.		1,685		101,471
Lowe’s Cos., Inc.		6,090		566,005
Nitori Holdings Co., Ltd.		750		106,743
O’Reilly Automotive, Inc.(a)		690		165,973
Ross Stores, Inc.		2,750		220,688
Shimamura Co., Ltd.		200		21,972
Signet Jewelers Ltd.(c)		508		28,727
Tiffany & Co.		755		78,482
TJX Cos., Inc. (The)		4,570		349,422
Tractor Supply Co.		915		68,396
Ulta Salon Cosmetics & Fragrance, Inc.(a)		402		89,911
USS Co., Ltd.		4,120		87,125
Yamada Denki Co., Ltd.		10,990		60,525
				5,129,297
TEXTILES, APPAREL & LUXURY GOODS–0.7%
adidas AG		2,040		407,979
Burberry Group PLC		4,236		102,129
Cie Financiere Richemont SA (REG)		5,585		505,821

16

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Hanesbrands, Inc.(c)		2,627	$	54,931
Hermes International		281		150,327
HUGO BOSS AG		1,317		111,758
Kering		721		339,394
Li & Fung Ltd.		48,000		26,302
Luxottica Group SpA		1,559		95,680
LVMH Moet Hennessy Louis Vuitton SE		2,973		872,591
Michael Kors Holdings Ltd.(a)		1,159		72,959
NIKE, Inc.–Class B		9,420		589,221
Pandora A/S		1,106		120,221
PVH Corp.		545		74,780
Ralph Lauren Corp.		390		40,439
Swatch Group AG (The)		294		119,710
Swatch Group AG (The) (REG)		1,834		139,885
Tapestry, Inc.		1,930		85,364
Under Armour, Inc.– Class A(a)(c)		1,247		17,994
Under Armour, Inc.– Class C(a)(c)		1,254		16,703
VF Corp.		2,310		170,940
				4,115,128
				40,065,212
HEALTH CARE–6.3%
BIOTECHNOLOGY–0.9%
AbbVie, Inc.		11,366		1,099,206
Alexion Pharmaceuticals, Inc.(a)		1,580		188,952
Amgen, Inc.		5,253		913,497
Biogen, Inc.(a)		1,565		498,562
Celgene Corp.(a)		5,430		566,675
CSL Ltd.		4,876		535,842
Genmab A/S(a)		540		89,555
Gilead Sciences, Inc.		9,215		660,163
Grifols SA		2,839		83,009
Incyte Corp.(a)		1,240		117,440
Regeneron Pharmaceuticals, Inc.(a)		540		203,018
Vertex Pharmaceuticals, Inc.(a)		1,707		255,811
				5,211,730
HEALTH CARE EQUIPMENT & SUPPLIES–1.0%
Abbott Laboratories		11,976		683,470
Align Technology, Inc.(a)		540		119,983
Baxter International, Inc.		3,380		218,483
Becton Dickinson and Co.		1,748		374,277
Boston Scientific Corp.(a)		9,460		234,513
Cochlear Ltd.		405		53,988
Coloplast A/S–Class B		1,154		91,744
ConvaTec Group PLC(b)		12,601		34,745
Cooper Cos., Inc. (The)		361		78,655
CYBERDYNE, Inc.(a)		3,189		54,822
Danaher Corp.		4,240		393,557
DENTSPLY SIRONA, Inc.		1,596		105,065
Edwards Lifesciences Corp.(a)		1,490		167,938
Essilor International Cie Generale d’Optique SA		2,369		326,309
Fisher & Paykel Healthcare Corp., Ltd.		6,133		62,223
Getinge AB–Class B		2,013		29,190
Hologic, Inc.(a)		1,920		82,080
Hoya Corp.		3,900		194,232
IDEXX Laboratories, Inc.(a)		633		98,988
Intuitive Surgical, Inc.(a)		915		333,920
Koninklijke Philips NV		7,299		275,600
Medtronic PLC		9,659		779,964
Olympus Corp.		2,800		107,114
ResMed, Inc.		1,016		86,045
Smith & Nephew PLC		9,779		169,207
Sonova Holding AG (REG)		666		104,023
Straumann Holding AG		67		47,265
Stryker Corp.		2,175		336,777
Sysmex Corp.		1,500		117,781
Terumo Corp.		3,300		156,122
Varian Medical Systems, Inc.(a)		645		71,692
William Demant Holding A/S(a)		2,050		57,261
Zimmer Biomet Holdings, Inc.		1,385		167,128
				6,214,161
HEALTH CARE PROVIDERS & SERVICES–0.9%
Aetna, Inc.		2,467		445,022
Alfresa Holdings Corp.		2,700		63,241
AmerisourceBergen Corp.–Class A		1,235		113,398
Anthem, Inc.		1,850		416,268
Cardinal Health, Inc.		2,195		134,488
Centene Corp.(a)		1,187		119,745
Cigna Corp.		1,815		368,608
DaVita, Inc.(a)		1,150		83,087
Envision Healthcare Corp.(a)		823		28,443
Express Scripts Holding Co.(a)		4,389		327,595
Fresenius Medical Care AG & Co. KGaA		2,085		218,945
Fresenius SE & Co. KGaA		4,696		365,216
HCA Healthcare, Inc.(a)		2,050		180,072
Healthscope Ltd.		34,249		55,985
Henry Schein, Inc.(a)		1,140		79,663
Humana, Inc.		1,065		264,195
Laboratory Corp. of America Holdings(a)		725		115,645
McKesson Corp.		1,565		244,062
Mediclinic International PLC		1,862		16,328
Medipal Holdings Corp.		3,900		76,142
Patterson Cos., Inc.		560		20,233
Quest Diagnostics, Inc.		950		93,565
Ramsay Health Care Ltd.		1,156		63,125

17

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

Company	Shares		U.S. $ Value
Ryman Healthcare Ltd.		5,937	$	44,503
Sonic Healthcare Ltd.		5,598		99,552
Suzuken Co., Ltd./Aichi Japan		1,200		49,268
UnitedHealth Group, Inc.		6,635		1,462,752
Universal Health Services, Inc.–Class B		650		73,677
				5,622,823
HEALTH CARE TECHNOLOGY–0.0%
Cerner Corp.(a)		2,080		140,171
M3, Inc.		2,070		72,562
				212,733
LIFE SCIENCES TOOLS & SERVICES–0.3%
Agilent Technologies, Inc.		2,245		150,348
Illumina, Inc.(a)		1,011		220,893
IQVIA Holdings, Inc.(a)		896		87,718
Lonza Group AG (REG)(a)		779		210,101
Mettler-Toledo International, Inc.(a)		220		136,294
PerkinElmer, Inc.		755		55,206
QIAGEN NV(a)		2,703		84,308
Thermo Fisher Scientific, Inc.		2,785		528,816
Waters Corp.(a)		545		105,289
				1,578,973
PHARMACEUTICALS–3.2%
Allergan PLC		2,400		392,592
Astellas Pharma, Inc.		22,500		285,824
AstraZeneca PLC		13,478		930,058
Bayer AG (REG)		8,814		1,095,255
Bristol-Myers Squibb Co.		11,665		714,831
Chugai Pharmaceutical Co., Ltd.		2,100		107,328
Daiichi Sankyo Co., Ltd.		5,700		148,212
Eisai Co., Ltd.		2,933		166,622
Eli Lilly & Co.		6,765		571,372
GlaxoSmithKline PLC		52,848		935,896
Hisamitsu Pharmaceutical Co., Inc.		1,000		60,415
Ipsen SA		880		104,739
Johnson & Johnson		19,105		2,669,351
Kyowa Hakko Kirin Co., Ltd.		2,152		41,429
Merck & Co., Inc.		19,305		1,086,292
Merck KGaA		1,230		132,024
Mitsubishi Tanabe Pharma Corp.		3,000		61,830
Mylan NV(a)		2,555		108,102
Novartis AG (REG)		23,800		2,002,828
Novo Nordisk A/S–Class B		20,377		1,094,968
Ono Pharmaceutical Co., Ltd.		3,900		90,721
Orion Oyj–Class B		974		36,316
Otsuka Holdings Co., Ltd.		3,717		163,017
Perrigo Co. PLC		1,022		89,077
Pfizer, Inc.		42,336		1,533,410
Recordati SpA		2,055		91,323
Roche Holding AG		7,488		1,893,380
Sanofi		12,344		1,062,719
Santen Pharmaceutical Co., Ltd.		2,500		39,151
Shionogi & Co., Ltd.		2,800		151,298
Shire PLC		9,881		512,045
Sumitomo Dainippon Pharma Co., Ltd.		2,900		42,929
Taisho Pharmaceutical Holdings Co., Ltd.		567		45,163
Takeda Pharmaceutical Co., Ltd.		7,600		430,294
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		9,693		183,682
UCB SA		1,203		95,389
Vifor Pharma AG		802		102,672
Zoetis, Inc.		3,446		248,250
				19,520,804
				38,361,224
CONSUMER STAPLES–5.2%
BEVERAGES–1.1%
Anheuser-Busch InBev SA/NV		8,118		906,304
Asahi Group Holdings Ltd.		3,700		183,592
Brown-Forman Corp.–Class B		1,254		86,112
Carlsberg A/S–Class B		1,051		126,055
Coca-Cola Amatil Ltd.		14,439		95,656
Coca-Cola Bottlers Japan, Inc.		1,300		47,435
Coca-Cola Co. (The)		27,130		1,244,725
Coca-Cola European Partners PLC		2,343		93,369
Coca-Cola HBC AG(a)		1,928		62,995
Constellation Brands, Inc.–Class A		1,270		290,284
Diageo PLC		27,623		1,012,504
Dr Pepper Snapple Group, Inc.		1,270		123,266
Heineken Holding NV		1,000		98,870
Heineken NV		2,500		260,618
Kirin Holdings Co., Ltd.		9,345		235,507
Molson Coors Brewing Co.–Class B		1,300		106,691
Monster Beverage Corp.(a)		2,880		182,275
PepsiCo, Inc.		10,075		1,208,194
Pernod Ricard SA		2,021		319,631
Remy Cointreau SA		195		27,018
Suntory Beverage & Food Ltd.		1,324		58,878
Treasury Wine Estates Ltd.		6,024		74,752
				6,844,731

18

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
FOOD & STAPLES RETAILING–0.9%
Aeon Co., Ltd.		6,200	$	104,580
Carrefour SA		5,903		127,271
Casino Guichard Perrachon SA		1,228		74,455
Colruyt SA		862		44,843
Costco Wholesale Corp.		3,065		570,458
CVS Health Corp.		7,430		538,675
FamilyMart UNY Holdings Co., Ltd.		800		56,031
ICA Gruppen AB		2,462		89,442
J Sainsbury PLC		18,022		58,686
Jeronimo Martins SGPS SA		2,405		46,733
Koninklijke Ahold Delhaize NV		9,852		216,576
Kroger Co. (The)		6,580		180,621
Lawson, Inc.		600		39,872
METRO AG(a)		3,266		65,054
Seven & i Holdings Co., Ltd.		8,000		331,411
Sundrug Co., Ltd.		1,000		46,386
Sysco Corp.		3,555		215,895
Tesco PLC		87,120		246,131
Tsuruha Holdings, Inc.		600		81,498
Wal-Mart Stores, Inc.		10,563		1,043,096
Walgreens Boots Alliance, Inc.		5,945		431,726
Wesfarmers Ltd.		12,002		415,004
Wm Morrison Supermarkets PLC		19,623		58,260
Woolworths Group Ltd.		14,003		297,512
				5,380,216
FOOD PRODUCTS–1.2%
Ajinomoto Co., Inc.		5,000		94,071
Archer-Daniels-Midland Co.		4,015		160,921
Associated British Foods PLC		3,965		150,964
Barry Callebaut AG (REG)(a)		91		189,679
Calbee, Inc.		1,315		42,734
Campbell Soup Co.		1,325		63,746
Conagra Brands, Inc.		2,885		108,678
Danone SA		6,291		527,128
General Mills, Inc.		4,135		245,164
Hershey Co. (The)		1,000		113,510
Hormel Foods Corp.		1,850		67,321
JM Smucker Co. (The)		795		98,771
Kellogg Co.		1,765		119,985
Kerry Group PLC–Class A		1,906		213,826
Kikkoman Corp.		1,000		40,440
Kraft Heinz Co. (The)		4,178		324,881
Marine Harvest ASA(a)		4,327		73,173
McCormick & Co., Inc./MD		825		84,076
MEIJI Holdings Co., Ltd.		1,100		93,620
Mondelez International, Inc.–Class A		10,835		463,738
Nestle SA (REG)		33,982		2,921,645
NH Foods Ltd.		1,866		45,454
Nisshin Seifun Group, Inc.		4,000		80,734
Nissin Foods Holdings Co., Ltd.		1,200		87,490
Orkla ASA		10,095		106,978
Toyo Suisan Kaisha Ltd.		1,000		42,691
Tyson Foods, Inc.–Class A		2,075		168,220
WH Group Ltd.(b)		67,807		76,548
Wilmar International Ltd.		26,000		59,916
Yakult Honsha Co., Ltd.		800		60,364
Yamazaki Baking Co., Ltd.		59		1,149
				6,927,615
HOUSEHOLD PRODUCTS–0.7%
Church & Dwight Co., Inc.		1,776		89,102
Clorox Co. (The)		920		136,841
Colgate-Palmolive Co.		6,200		467,790
Essity AB–Class B(a)		4,979		141,492
Henkel AG & Co. KGaA		989		118,430
Henkel AG & Co. KGaA (Preference Shares)		1,696		223,966
Kimberly-Clark Corp.		2,515		303,460
Lion Corp.		2,000		37,804
Procter & Gamble Co. (The)		18,170		1,669,459
Reckitt Benckiser Group PLC		7,158		667,795
Unicharm Corp.		3,800		98,675
				3,954,814
PERSONAL PRODUCTS–0.5%
Beiersdorf AG		1,051		123,212
Coty, Inc.–Class A		3,262		64,881
Estee Lauder Cos., Inc. (The)–Class A		1,540		195,950
Kao Corp.		5,400		364,876
Kose Corp.		500		77,914
L’Oreal SA		2,700		598,268
Pola Orbis Holdings, Inc.		1,800		63,073
Shiseido Co., Ltd.		3,600		173,466
Unilever NV		15,507		873,089
Unilever PLC		13,679		758,721
				3,293,450
TOBACCO–0.8%
Altria Group, Inc.		13,660		975,461
British American Tobacco PLC		24,956		1,686,996
Imperial Brands PLC		10,218		435,845
Japan Tobacco, Inc.		11,724		377,549
Philip Morris International, Inc.		10,850		1,146,302
Swedish Match AB		2,884		113,606
				4,735,759
				31,136,585

19

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

Company	Shares		U.S. $ Value
ENERGY–3.0%
ENERGY EQUIPMENT & SERVICES–0.2%
Baker Hughes a GE Co.–Class A		2,960	$	93,654
Halliburton Co.		5,990		292,731
Helmerich & Payne, Inc.		735		47,510
John Wood Group PLC		7,316		64,012
National Oilwell Varco, Inc.		2,605		93,832
Schlumberger Ltd.		9,700		653,683
TechnipFMC PLC		3,318		103,887
Tenaris SA		10,900		173,005
				1,522,314
OIL, GAS & CONSUMABLE FUELS–2.8%
Anadarko Petroleum Corp.		3,795		203,564
Andeavor		825		94,330
Apache Corp.		2,645		111,672
BP PLC		210,515		1,476,824
Cabot Oil & Gas Corp.		3,240		92,664
Caltex Australia Ltd.		3,100		82,123
Chesapeake Energy Corp.(a)(c)		5,195		20,572
Chevron Corp.		13,180		1,650,004
Cimarex Energy Co.		677		82,601
Concho Resources, Inc.(a)		1,007		151,272
ConocoPhillips		8,620		473,152
Devon Energy Corp.		3,620		149,868
Enagas SA		2,159		61,746
Eni SpA		24,216		400,725
EOG Resources, Inc.		3,860		416,533
EQT Corp.		1,190		67,735
Exxon Mobil Corp.		30,310		2,535,128
Galp Energia SGPS SA		5,341		98,129
Hess Corp.		1,840		87,345
Idemitsu Kosan Co., Ltd.		1,200		48,067
Inpex Corp.		9,048		112,612
JXTG Holdings, Inc.		32,750		210,461
Kinder Morgan, Inc./DE		13,389		241,939
Koninklijke Vopak NV		502		21,990
Lundin Petroleum AB(a)		856		19,595
Marathon Oil Corp.		5,905		99,972
Marathon Petroleum Corp.		3,674		242,410
Neste Oyj		1,220		78,093
Newfield Exploration Co.(a)		1,370		43,196
Noble Energy, Inc.		3,000		87,420
Occidental Petroleum Corp.		5,350		394,081
Oil Search Ltd.		18,278		110,666
OMV AG		1,402		88,870
ONEOK, Inc.		2,718		145,277
Origin Energy Ltd.(a)		16,658		122,023
Phillips 66		3,110		314,576
Pioneer Natural Resources Co.		1,215		210,013
Range Resources Corp.		1,300		22,178
Repsol SA		13,383		236,296
Royal Dutch Shell PLC–Class A		48,497		1,618,984
Royal Dutch Shell PLC–Class B		40,305		1,357,232
Santos Ltd.(a)		18,468		78,171
Showa Shell Sekiyu KK		4,285		57,984
Snam SpA		26,833		131,414
Statoil ASA		12,989		278,074
TOTAL SA		25,086		1,384,744
Valero Energy Corp.		3,225		296,410
Williams Cos., Inc. (The)		4,755		144,980
Woodside Petroleum Ltd.		9,055		232,967
				16,686,682
				18,208,996
MATERIALS–3.0%
CHEMICALS–1.6%
Air Liquide SA		4,557		572,880
Air Products & Chemicals, Inc.		1,520		249,402
Akzo Nobel NV		3,630		318,515
Albemarle Corp.		761		97,324
Arkema SA		1,159		141,218
Asahi Kasei Corp.		12,000		154,433
BASF SE		9,789		1,073,181
CF Industries Holdings, Inc.		1,600		68,064
Chr Hansen Holding A/S		1,460		136,948
Covestro AG(b)		1,766		181,839
Croda International PLC		1,689		100,686
Daicel Corp.		3,000		34,045
DowDuPont, Inc.		16,770		1,194,359
Eastman Chemical Co.		1,030		95,419
Ecolab, Inc.		1,840		246,891
EMS-Chemie Holding AG (REG)		203		135,434
Evonik Industries AG		2,574		96,677
FMC Corp.		930		88,034
Frutarom Industries Ltd.		300		28,112
Givaudan SA (REG)		88		203,273
Hitachi Chemical Co., Ltd.		3,000		76,818
Incitec Pivot Ltd.		32,013		97,001
International Flavors & Fragrances, Inc.		550		83,935
Israel Chemicals Ltd.		4,414		17,873
Johnson Matthey PLC		1,842		76,329
JSR Corp.		800		15,715
Kansai Paint Co., Ltd.		3,000		77,848
Kuraray Co., Ltd.		3,000		56,484
LANXESS AG		1,767		140,069
Linde AG		1,768		383,191
LyondellBasell Industries NV–Class A		2,399		264,658
Mitsubishi Chemical Holdings Corp.		13,000		142,245
Mitsubishi Gas Chemical Co., Inc.		2,500		71,587
Mitsui Chemicals, Inc.		1,600		51,308
Monsanto Co.		3,040		355,011
Mosaic Co. (The)		2,430		62,354

20

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
Nippon Paint Holdings Co., Ltd.		2,000	$	63,193
Nissan Chemical Industries Ltd.		1,000		39,835
Nitto Denko Corp.		1,600		141,518
Novozymes A/S–Class B		2,458		140,321
Orica Ltd.		7,662		107,720
PPG Industries, Inc.		1,850		216,117
Praxair, Inc.		1,990		307,813
Sherwin-Williams Co. (The)		565		231,673
Shin-Etsu Chemical Co., Ltd.		4,100		415,424
Sika AG		20		158,680
Solvay SA		927		128,887
Sumitomo Chemical Co., Ltd.		15,000		107,335
Symrise AG		1,178		101,000
Taiyo Nippon Sanso Corp.		7,000		97,679
Teijin Ltd.		3,000		66,660
Toray Industries, Inc.		14,000		131,772
Tosoh Corp.		3,149		71,042
Umicore SA		2,002		94,793
Yara International ASA		1,297		59,551
				9,870,173
CONSTRUCTION MATERIALS–0.2%
Boral Ltd.		17,642		106,801
CRH PLC		8,841		318,196
Fletcher Building Ltd.		7,055		37,999
HeidelbergCement AG		1,342		144,702
James Hardie Industries PLC		3,449		60,574
LafargeHolcim Ltd. (REG)(a)		4,333		244,042
Martin Marietta Materials, Inc.		477		105,436
Taiheiyo Cement Corp.		500		21,527
Vulcan Materials Co.		915		117,459
				1,156,736
CONTAINERS & PACKAGING–0.1%
Amcor Ltd./Australia		11,024		132,093
Avery Dennison Corp.		585		67,193
Ball Corp.		2,420		91,597
International Paper Co.		2,865		165,998
Packaging Corp. of America		675		81,371
Sealed Air Corp.		1,340		66,062
Toyo Seikan Group Holdings Ltd.		1,700		27,289
WestRock Co.		1,747		110,428
				742,031
METALS & MINING–1.0%
Alumina Ltd.		466		878
Anglo American PLC		14,945		310,841
Antofagasta PLC		6,389		86,227
ArcelorMittal(a)		12,535		406,676
BHP Billiton Ltd.		34,230		786,294
BHP Billiton PLC		22,510		455,160
BlueScope Steel Ltd.		6,941		82,671
Boliden AB		4,189		143,254
Fortescue Metals Group Ltd.		18,067		68,372
Freeport-McMoRan, Inc.(a)		8,525		161,634
Fresnillo PLC		2,356		45,268
Glencore PLC(a)		130,406		682,540
Hitachi Metals Ltd.		5,000		71,513
JFE Holdings, Inc.		5,000		119,487
Kobe Steel Ltd.(a)		1,199		11,065
Mitsubishi Materials Corp.		2,700		95,811
Newcrest Mining Ltd.		7,017		124,916
Newmont Mining Corp.		3,695		138,636
Nippon Steel & Sumitomo Metal Corp.		8,643		220,823
Norsk Hydro ASA		16,444		124,659
Nucor Corp.		2,210		140,512
Randgold Resources Ltd.		890		88,373
Rio Tinto Ltd.		4,038		237,414
Rio Tinto PLC		13,185		691,653
South32 Ltd.		56,741		153,799
Sumitomo Metal Mining Co., Ltd.		2,500		114,376
thyssenkrupp AG		3,919		113,007
voestalpine AG		1,082		64,599
				5,740,458
PAPER & FOREST PRODUCTS–0.1%
Mondi PLC		3,496		90,856
Oji Holdings Corp.		14,000		92,972
Stora Enso Oyj–Class R		5,244		83,080
UPM-Kymmene Oyj		5,689		176,614
				443,522
				17,952,920
REAL ESTATE–1.7%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs)–1.1%
Alexandria Real Estate Equities, Inc.		632		82,533
American Tower Corp.		2,965		423,017
Apartment Investment & Management Co.–Class A		1,075		46,988
AvalonBay Communities, Inc.		945		168,597
Boston Properties, Inc.		1,100		143,033
British Land Co. PLC (The)		9,308		86,689
Crown Castle International Corp.		2,370		263,094
Daiwa House REIT Investment Corp.		13		30,886
Dexus		13,420		101,839
Digital Realty Trust, Inc.		1,030		117,317
Duke Realty Corp.		2,548		69,331
Equinix, Inc.		520		235,674
Equity Residential		2,540		161,976
Essex Property Trust, Inc.		478		115,375
Extra Space Storage, Inc.		883		77,218

21

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

Company	Shares		U.S. $ Value
Federal Realty Investment Trust		522	$	69,327
GGP, Inc.		4,044		94,589
Goodman Group		16,928		110,921
GPT Group (The)		17,105		68,041
Hammerson PLC		7,467		55,091
HCP, Inc.		2,880		75,110
Host Hotels & Resorts, Inc.		5,150		102,227
ICADE		1,592		156,499
Iron Mountain, Inc.		1,708		64,443
Japan Prime Realty Investment Corp.		7		22,241
Japan Real Estate Investment Corp.		12		56,978
Japan Retail Fund Investment Corp.		24		43,992
Kimco Realty Corp.		2,930		53,180
Klepierre SA		2,231		98,062
Land Securities Group PLC		9,736		132,280
Link REIT		21,500		198,914
Macerich Co. (The)		810		53,201
Mid-America Apartment Communities, Inc.		796		80,046
Mirvac Group		40,488		74,045
Nippon Building Fund, Inc.		13		63,572
Nippon Prologis REIT, Inc.		14		29,609
Nomura Real Estate Master Fund, Inc.		34		42,215
Prologis, Inc.		3,670		236,752
Public Storage		1,030		215,270
Realty Income Corp.		1,808		103,092
Regency Centers Corp.		1,033		71,463
SBA Communications Corp.(a)		870		142,123
Scentre Group		50,683		165,326
Segro PLC		8,541		67,607
Simon Property Group, Inc.		2,216		380,576
SL Green Realty Corp.		676		68,229
Stockland		23,010		80,267
UDR, Inc.		1,828		70,415
Unibail-Rodamco SE		1,361		342,498
United Urban Investment Corp.		26		37,405
Ventas, Inc.		2,441		146,484
Vicinity Centres		39,646		83,974
Vornado Realty Trust		1,185		92,643
Welltower, Inc.		2,475		157,831
Westfield Corp.		18,793		138,846
Weyerhaeuser Co.		5,198		183,281
				6,652,232
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.6%
Aeon Mall Co., Ltd.		1,700		33,202
Azrieli Group Ltd.		811		45,322
CapitaLand Ltd.		35,000		92,074
CBRE Group, Inc.–Class A(a)		2,065		89,435
City Developments Ltd.		11,000		102,301
CK Asset Holdings Ltd.		25,719		224,197
Daito Trust Construction Co., Ltd.		700		142,612
Daiwa House Industry Co., Ltd.		6,000		230,084
Deutsche Wohnen SE		3,212		140,097
Global Logistic Properties Ltd.		80,329		202,407
Hang Lung Properties Ltd.		14,000		34,104
Henderson Land Development Co., Ltd.		25,141		165,302
Hongkong Land Holdings Ltd.		14,000		98,474
Hulic Co., Ltd.		6,591		73,907
Kerry Properties Ltd.		8,500		38,185
LendLease Group		10,380		131,964
Mitsubishi Estate Co., Ltd.		13,000		225,719
Mitsui Fudosan Co., Ltd.		10,000		223,655
New World Development Co., Ltd.		82,122		123,083
Nomura Real Estate Holdings, Inc.		3,600		80,432
Sino Land Co., Ltd.		16,000		28,306
Sumitomo Realty & Development Co., Ltd.		3,843		126,123
Sun Hung Kai Properties Ltd.		15,000		249,736
Swire Properties Ltd.		25,389		81,891
Swiss Prime Site AG (REG)(a)		976		90,157
Tokyu Fudosan Holdings Corp.		7,989		57,655
Vonovia SE		5,710		282,915
Wharf Holdings Ltd. (The)		13,000		44,830
Wharf Real Estate Investment Co., Ltd.(a)		13,000		86,524
Wheelock & Co., Ltd.		17,000		121,180
				3,665,873
				10,318,105
UTILITIES–1.6%
ELECTRIC UTILITIES–0.9%
Alliant Energy Corp.		1,588		67,665
American Electric Power Co., Inc.		3,425		251,977
AusNet Services		37,398		52,555
Chubu Electric Power Co., Inc.		6,100		75,663
Chugoku Electric Power Co., Inc. (The)		4,000		42,941
CK Infrastructure Holdings Ltd.		15,000		128,717
CLP Holdings Ltd.		12,500		127,914
Duke Energy Corp.		4,782		402,214
Edison International		2,265		143,239

22

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
EDP–Energias de Portugal SA		25,431	$	88,031
Electricite de France SA		11,071		138,414
Endesa SA		3,024		64,677
Enel SpA		88,110		541,812
Entergy Corp.		1,225		99,703
Eversource Energy		2,210		139,628
Exelon Corp.		6,397		252,106
FirstEnergy Corp.		2,935		89,870
Fortum Oyj		4,228		83,678
HK Electric Investments & HK Electric Investments Ltd.–Class SS(b)		104,180		95,341
Iberdrola SA		62,572		484,387
Kansai Electric Power Co., Inc. (The)		8,491		103,845
Kyushu Electric Power Co., Inc.		4,100		42,946
Mercury NZ Ltd.		3,244		7,748
NextEra Energy, Inc.		3,245		506,837
Orsted A/S(b)		1,822		99,459
PG&E Corp.		3,475		155,784
Pinnacle West Capital Corp.		785		66,866
Power Assets Holdings Ltd.		8,500		71,646
PPL Corp.		4,695		145,310
Red Electrica Corp. SA		5,707		128,106
Southern Co. (The)		6,810		327,493
SSE PLC		10,739		190,916
Terna Rete Elettrica Nazionale SpA		23,069		134,101
Tohoku Electric Power Co., Inc.		4,300		54,898
Tokyo Electric Power Co. Holdings, Inc.(a)		13,800		54,464
Xcel Energy, Inc.		3,520		169,347
				5,630,298
GAS UTILITIES–0.1%
APA Group		12,605		81,737
Gas Natural SDG SA		3,334		76,943
Hong Kong & China Gas Co., Ltd.		79,344		155,379
Osaka Gas Co., Ltd.		3,600		69,226
Toho Gas Co., Ltd.		2,017		55,221
Tokyo Gas Co., Ltd.		3,800		86,824
				525,330
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS–0.1%
AES Corp./VA		4,585		49,656
Electric Power Development Co., Ltd.		1,600		43,039
Meridian Energy Ltd.		18,542		38,437
NRG Energy, Inc.		2,190		62,371
Uniper SE		2,006		62,579
				256,082
MULTI-UTILITIES–0.5%
AGL Energy Ltd.		6,423		121,716
Ameren Corp.		1,660		97,923
CenterPoint Energy, Inc.		2,995		84,938
Centrica PLC		64,140		118,900
CMS Energy Corp.		1,920		90,816
Consolidated Edison, Inc.		2,130		180,944
Dominion Energy, Inc.		4,385		355,448
DTE Energy Co.		1,270		139,014
E.ON SE		23,845		258,388
Engie SA		18,347		315,412
Innogy SE(b)		1,395		54,596
National Grid PLC		36,605		431,519
NiSource, Inc.		2,205		56,602
Public Service Enterprise Group, Inc.		3,505		180,508
RWE AG(a)		5,973		121,553
SCANA Corp.		995		39,581
Sempra Energy		1,760		188,179
Suez		5,769		101,348
United Utilities Group PLC		8,008		89,686
Veolia Environnement SA		2,727		69,536
WEC Energy Group, Inc.		2,188		145,349
				3,241,956
WATER UTILITIES–0.0%
American Water Works Co., Inc.		1,221		111,709
Severn Trent PLC		2,239		65,241
				176,950
				9,830,616
TELECOMMUNICATION SERVICES–1.6%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
AT&T, Inc.		42,926		1,668,963
Bezeq The Israeli Telecommunication Corp., Ltd.		25,040		37,852
BT Group PLC		89,935		329,914
CenturyLink, Inc.		6,662		111,122
Deutsche Telekom AG (REG)		34,368		607,503
Elisa Oyj		1,354		53,108
HKT Trust & HKT Ltd.–Class SS		55,098		70,240
Iliad SA		332		79,552
Koninklijke KPN NV		28,755		100,392
Nippon Telegraph & Telephone Corp.		7,400		347,904
Orange SA		18,911		327,743
Proximus SADP		1,568		51,455
Singapore Telecommunications Ltd.		76,000		202,866
Spark New Zealand Ltd.		17,417		44,807
Swisscom AG (REG)		247		131,344

23

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

Company	Shares		U.S. $ Value
TDC A/S		10,476	$	64,379
Telecom Italia SpA/Milano (ordinary shares)(a)		150,129		129,651
Telefonica Deutschland Holding AG		17,113		85,646
Telefonica SA		50,008		486,965
Telenor ASA		7,146		152,973
Telia Co. AB		24,258		108,127
Telstra Corp., Ltd.		40,732		115,143
TPG Telecom Ltd.		8,880		45,439
Verizon Communications, Inc.		28,445		1,505,594
				6,858,682
WIRELESS TELECOMMUNICATION SERVICES–0.4%
KDDI Corp.		19,550		485,613
Millicom International Cellular SA		641		43,290
NTT DOCOMO, Inc.		14,767		349,151
SoftBank Group Corp.		8,822		698,443
StarHub Ltd.		23,000		48,942
Tele2 AB–Class B		3,826		47,022
Vodafone Group PLC		283,081		894,817
				2,567,278
				9,425,960
Total Common Stocks (cost $237,698,484)				322,513,995
	Principal Amount (000)
GOVERNMENTS–TREASURIES–28.3%
UNITED STATES–28.3%
U.S. Treasury Bonds
2.25%, 8/15/46	$	5,033		4,541,071
2.50%, 2/15/45		520		495,869
2.75%, 8/15/42–11/15/47		1,607		1,614,539
2.875%, 5/15/43–11/15/46		5,936		6,090,142
3.00%, 5/15/45–5/15/47		1,633		1,716,036
3.125%, 11/15/41–2/15/43		2,825		3,036,049
3.50%, 2/15/39		358		408,791
3.625%, 8/15/43		3,475		4,055,977
3.75%, 8/15/41		220		260,769
3.875%, 8/15/40		280		337,356
4.25%, 5/15/39		240		303,300
4.375%, 11/15/39–5/15/41		1,258		1,620,564
4.50%, 8/15/39		220		287,375
4.75%, 2/15/37–2/15/41		2,280		3,044,417
5.375%, 2/15/31		650		863,484
6.00%, 2/15/26		2,846		3,606,416
6.125%, 11/15/27		326		432,052
6.25%, 8/15/23–5/15/30		724		993,625
6.875%, 8/15/25		590		776,219
7.25%, 8/15/22		775		948,406
7.625%, 2/15/25	$	55	$	74,061
8.00%, 11/15/21		9,123		11,108,678
U.S. Treasury Notes
1.00%, 9/30/19–11/30/19		1,890		1,860,546
1.125%, 2/28/21–9/30/21		2,905		2,816,615
1.25%, 11/30/18–10/31/21		15,725		15,492,329
1.375%, 12/31/18–5/31/21		12,309		12,152,219
1.50%, 5/31/19–8/15/26		8,738		8,551,961
1.625%, 6/30/20–2/15/26(d)		14,732		14,266,304
1.75%, 3/31/22–5/15/23		6,871		6,742,801
1.875%, 11/30/21–10/31/22		7,977		7,882,544
2.00%, 11/15/21–11/15/26		18,025		17,797,666
2.125%, 8/15/21–5/15/25		5,862		5,811,160
2.25%, 11/15/24–11/15/27		3,641		3,593,824
2.375%, 8/15/24–5/15/27		1,829		1,828,567
2.50%, 8/15/23–5/15/24		2,242		2,270,783
2.625%, 8/15/20–11/15/20		3,700		3,765,352
2.75%, 2/15/19–11/15/23		3,189		3,236,088
3.125%, 5/15/21		394		407,356
3.375%, 11/15/19		1,890		1,941,975
3.50%, 5/15/20(d)		910		942,988
3.625%, 2/15/20-2/15/21		13,021		13,609,586
Total Governments–Treasuries (cost $173,444,419)				171,585,860
	Shares
INVESTMENT COMPANIES–14.6%
FUNDS AND INVESTMENT TRUSTS–14.6%(e)
iShares Core MSCI Emerging Markets ETF		607,904		34,589,738
iShares International Developed Real Estate ETF		293,373		8,801,190
SPDR S&P MidCap 400 ETF Trust		39,990		13,812,946
Vanguard Global ex-U.S. Real Estate ETF(c)		150,903		9,129,631
Vanguard Mid-Cap ETF		18,523		2,866,990
Vanguard REIT ETF		140,365		11,647,488
Vanguard Small-Cap ETF(c)		49,083		7,254,467
Total Investment Companies (cost $77,870,476)				88,102,450

24

AB Variable Products Series Fund

Company		Notional Amount		U.S. $ Value
OPTIONS PURCHASED–PUTS–0.0%
SWAPTIONS–0.0%
IRS Swaption Expiration: Jan 2018; Contracts: 15,000,000; Exercise Rate: 2.43%; Counterparty: Citibank, NA(a)	USD		15,000,000	$	3,047
IRS Swaption Expiration: Jan 2018; Contracts: 14,700,000; Exercise Rate: 2.45%; Counterparty: Citibank, NA(a)	USD		14,700,000		2,580
Total Options Purchased–Puts (premiums paid $58,653)					5,627
		Shares
SHORT-TERM INVESTMENTS–3.1%
INVESTMENT COMPANIES–3.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(e)(f)(g) (cost $18,529,279)			18,529,279		18,529,279
TOTAL INVESTMENTS BEFORE SECURITY LENDING COLLATERAL FOR SECURITIES LOANED–99.3% (cost $507,601,311)					600,737,211
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–0.3%
INVESTMENT COMPANIES–0.3%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(e)(f)(g) (cost $1,876,538)			1,876,538		1,876,538
TOTAL INVESTMENTS–99.6% (cost $509,477,849)					602,613,749
Other assets less liabilities–0.4%					2,417,695
NET ASSETS–100.0%				$	605,031,444

25

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

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at December 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		18		March 2018		CAD	1,800		$	1,946,447	$	1,930,024	$	(16,423	)
10 Yr Mini Japan Government Bond Futures		7		March 2018		JPY	70,000			937,571		937,102		(469	)
Euro-Bund Futures		10		March 2018		EUR	1,000			1,960,469		1,939,916		(20,553	)
FTSE 100 Index Futures		55		March 2018		GBP	1			5,527,339		5,671,849		144,510
Mini MSCI EAFE Futures		5		March 2018		USD	0	*		500,200		511,375		11,175
SPI 200 Futures		27		March 2018		AUD	1			3,171,132		3,170,547		(585	)
TOPIX Index Futures		107		March 2018		JPY	1,070			17,031,702		17,254,848		223,146
U.S. T-Note 10 Yr (CBT) Futures		91		March 2018		USD	9,100			11,350,391		11,288,266		(62,125	)
U.S. Ultra Bond (CBT) Futures		58		March 2018		USD	5,800			9,641,227		9,724,063		82,836
Sold Contracts
Euro STOXX 50 Futures		103		March 2018		EUR	1			4,413,135		4,316,806		96,329
S&P 500 E Mini Futures		122		March 2018		USD	6			16,302,513		16,323,600		(21,087	)
													$	436,754

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		CAD	1,587		USD	1,245		3/14/18	$	(18,407	)
Bank of America, NA		JPY	159,060		USD	1,420		3/14/18		3,004
Bank of America, NA		USD	11,688		JPY	1,320,230		3/14/18		69,227
Barclays Bank PLC		AUD	9,724		USD	7,392		3/14/18		(194,315	)
Barclays Bank PLC		EUR	7,005		USD	8,291		3/14/18		(149,264	)
Citibank, NA		CHF	7,648		USD	7,793		3/14/18		(94,956	)
Credit Suisse International		EUR	5,995		USD	7,074		3/14/18		(148,242	)
Credit Suisse International		GBP	7,612		USD	10,174		3/14/18		(126,921	)
Credit Suisse International		JPY	159,060		USD	1,421		3/14/18		4,742
Credit Suisse International		USD	2,013		NOK	16,786		3/14/18		35,547
HSBC Bank USA		EUR	868		USD	1,035		3/14/18		(11,093	)
Royal Bank of Scotland PLC		EUR	868		USD	1,035		3/14/18		(10,986	)
State Street Bank & Trust Co.		NZD	617		USD	430		3/14/18		(6,688	)
State Street Bank & Trust Co.		SEK	22,038		USD	2,630		3/14/18		(68,017	)
									$	(716,369	)

26

AB Variable Products Series Fund

TOTAL RETURN SWAPS (see Note D)

Counterparty & Referenced Obligation

# of Shares or Units

Rate Paid/ Received

Payment Frequency

Notional Amount (000)

Maturity Date

Unrealized Appreciation/ (Depreciation)

Receive Total Return on Reference Obligation

UBS AG

Russell 2000 Total Return Index

1,256

LIBOR Minus 0.40%

Quarterly

$

9,027

2/15/18

$

445,185

Pay Total Return on Reference Obligation

Citibank, NA

S&P 500 Total Return Index

5,773

LIBOR Plus 0.67%

Quarterly

30,101

3/15/18

41,663

$

486,848

* Notional amount less than 500.

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, the aggregate market value of these securities amounted to $1,103,243 or 0.2% of net assets.

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

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

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

(f) Affiliated investments.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

NOK—Norwegian Krone

NZD—New Zealand Dollar

SEK—Swedish Krona

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

ASX—Australian Stock Exchange

CBOE—Chicago Board Options Exchange

CBT—Chicago Board of Trade

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rates

MSCI—Morgan Stanley Capital International

REG—Registered Shares

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TOPIX—Tokyo Price Index

See notes to financial statements.

27

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $489,072,032)	$	582,207,932	(a)
Affiliated issuers (cost $20,405,817—including investment of cash collateral for securities loaned of $1,876,538)		20,405,817
Cash		9,013
Cash collateral due from broker		2,075,079
Foreign currencies, at value (cost $1,182,713)		1,243,025
Unaffiliated interest and dividends receivable		1,699,078
Unrealized appreciation on total return swaps		486,848
Receivable for investment securities sold		178,751
Receivable for variation margin on futures		130,822
Unrealized appreciation on forward currency exchange contracts		112,520
Receivable for capital stock sold		97,461
Affiliated dividends receivable		16,992
Receivable from regulatory settlement		269
Total assets		608,663,607
LIABILITIES
Payable for collateral received on securities loaned		1,876,538
Unrealized depreciation on forward currency exchange contracts		828,889
Advisory fee payable		353,396
Payable for capital stock redeemed		159,222
Distribution fee payable		127,588
Payable for investment securities purchased		56,573
Administrative fee payable		13,905
Cash collateral due to broker		5,674
Transfer Agent fee payable		97
Accrued expenses		210,281
Total liabilities		3,632,163
NET ASSETS	$	605,031,444
COMPOSITION OF NET ASSETS
Capital stock, at par	$	46,618
Additional paid-in capital		503,616,369
Undistributed net investment income		8,916,842
Accumulated net realized loss on investment and foreign currency transactions		(909,040	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		93,360,655
	$	605,031,444

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	328,915		25,168	$	13.07
B	$	604,702,529		46,592,462	$	12.98

(a) Includes securities on loan with a value of $1,822,735 (see Note E).

See notes to financial statements.

28

DYNAMIC ASSET ALLOCATION PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $379,897)	$	9,505,899
Affiliated issuers		200,829
Interest		3,009,536
Other income		307
		12,716,571
EXPENSES
Advisory fee (see Note B)		4,086,774
Distribution fee—Class B		1,458,757
Transfer agency—Class A		2
Transfer agency—Class B		4,409
Custodian		179,628
Audit and tax		112,791
Administrative		54,520
Legal		46,836
Printing		40,561
Directors’ fees		28,561
Miscellaneous		41,227
Total expenses		6,054,066
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(55,353	)
Net expenses		5,998,713
Net investment income		6,717,858
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		6,799,587
Forward currency exchange contracts		1,169,997
Futures		(1,771,480	)
Swaps		1,334,006
Foreign currency transactions		431,096
Net change in unrealized appreciation/depreciation of:
Investments		65,003,463
Forward currency exchange contracts		(520,349	)
Futures		320,298
Swaps		(1,450,656	)
Foreign currency denominated assets and liabilities		24,979
Net gain on investment and foreign currency transactions		71,340,941
Contributions from Affiliates (see Note B)		5,430
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	78,064,229

See notes to financial statements.

29

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	6,717,858		$	4,716,370
Net realized gain on investment and foreign currency transactions		7,963,206			2,382,396
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		63,377,735			9,384,262
Contributions from Affiliates (see Note B)		5,430			–0	–
Net increase in net assets from operations		78,064,229			16,483,028
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(6,415	)		(3,253	)
Class B		(10,384,688	)		(3,066,140	)
Net realized gain on investment transactions
Class A		–0	–		(89	)
Class B		–0	–		(118,984	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(21,670,358	)		34,170,007
CAPITAL CONTRIBUTIONS
Proceeds from regulatory settlement (see Note F)		269			–0	–
Total increase		46,003,037			47,464,569
NET ASSETS
Beginning of period		559,028,407			511,563,838
End of period (including undistributed net investment income of $8,916,842 and $8,765,214, respectively)	$	605,031,444		$	559,028,407

See notes to financial statements.

30

DYNAMIC ASSET ALLOCATION PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

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

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

1. Security Valuation

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

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

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

31

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

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

2. Fair Value Measurements

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

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

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

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

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

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

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

32

AB Variable Products Series Fund

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	25,069,914		$	33,430,499		$	–0	–	$	58,500,413
Information Technology		38,858,229			9,732,956			–0	–		48,591,185
Industrials		17,405,484			22,717,295			–0	–		40,122,779
Consumer Discretionary		21,100,087			18,965,125			–0	–		40,065,212
Health Care		22,637,977			15,723,247			–0	–		38,361,224
Consumer Staples		14,239,101			16,897,484			–0	–		31,136,585
Energy		9,753,059			8,455,937			–0	–		18,208,996
Materials		5,085,546			12,867,374			–0	–		17,952,920
Real Estate		5,264,097			5,054,008			–0	–		10,318,105
Utilities		5,467,586			4,363,030			–0	–		9,830,616
Telecommunication Services		3,927,616			5,498,344			–0	–		9,425,960
Governments—Treasuries		–0	–		171,585,860			–0	–		171,585,860
Investment Companies		88,102,450			–0	–		–0	–		88,102,450
Options Purchased—Puts		–0	–		5,627			–0	–		5,627
Short-Term Investments		18,529,279			–0	–		–0	–		18,529,279
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,876,538			–0	–		–0	–		1,876,538
Total Investments in Securities		277,316,963			325,296,786			–0	–		602,613,749
Other Financial Instruments(a):
Assets:
Futures		94,011			463,985			–0	–		557,996	(b)
Forward Currency Exchange Contracts		–0	–		112,520			–0	–		112,520
Total Return Swaps		–0	–		486,848			–0	–		486,848
Liabilities:
Futures		(120,657	)		(585	)		–0	–		(121,242	)(b)
Forward Currency Exchange Contracts		–0	–		(828,889	)		–0	–		(828,889	)
Total(c)	$	277,290,317		$	325,530,665		$	–0	–	$	602,820,982

(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 swaps with upfront premiums, 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 unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments. Exchange-traded swaps with upfront premiums are presented here as market value.

(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.

33

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

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

	Common Stocks(a)			Total
Balance as of 12/31/16	$	–0	–	$	–0	–
Accrued discounts/(premiums)		–0	–		–0	–
Realized gain (loss)		(8,647	)		(8,647	)
Change in unrealized appreciation/depreciation		8,647			8,647
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 12/31/17	$	–0	–	$	–0	–
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(b)	$	–0	–	$	–0	–

(a) The Portfolio held securities with zero market value that were sold/expired/written off 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.

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

34

AB Variable Products Series Fund

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .70% of the Portfolio’s average daily net assets. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to .85% and 1.10% of daily average net assets for Class A and Class B shares, respectively. The Expense Caps will remain in effect until May 1, 2018 and then may be extended by the Adviser for additional one-year terms. For the year ended December 31, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $54,520.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $5,430 for trading losses incurred due to a trade entry error.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

The Portfolio may invest in AB Government Money Market Portfolio (the “Government Money Market Portfolio”) which has a contractual annual advisory fee rate of .20% of the portfolio’s average daily net assets and bears its own expenses. In connection with the investment by the Portfolio in the Government Money Market Portfolio, the Adviser has contractually agreed to waive its advisory fee from the Portfolio in an amount equal to the Portfolio’s pro rata share of the effective advisory fees of Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $48,256.

35

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

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2017 is as follows:

Fund	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/17 (000)		Dividend Income (000)
Government Money Market Portfolio	$	21,929	$	122,616	$	126,016	$	18,529	$	164
Government Money Market Portfolio*		8,035		222,388		228,546		1,877		37
Total							$	20,406	$	201

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

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $62,174, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	79,114,964	$	80,632,104
U.S. government securities		38,996,262		28,903,409

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	511,733,998
Gross unrealized appreciation	$	103,344,583
Gross unrealized depreciation		(12,259,164	)
Net unrealized appreciation	$	91,085,419

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.

36

AB Variable Products Series Fund

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

• Futures

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

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

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

During the year ended December 31, 2017, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

37

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

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

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

During the year ended December 31, 2017, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

• Swaps

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

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

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.

38

AB Variable Products Series Fund

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

Interest Rate Swaps:

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

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

During the year ended December 31, 2017, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

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

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty.

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.

39

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

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

During the year ended December 31, 2017, the Portfolio held credit default swaps for non-hedging purposes.

Total Return Swaps:

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

During the year ended December 31, 2017, the Portfolio held total return swaps for hedging and non-hedging purposes.

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

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

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	82,836	*	Receivable/Payable for variation margin on futures	$	99,570	*
Equity contracts	Receivable/Payable for variation margin on futures		475,160	*	Receivable/Payable for variation margin on futures		21,672	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		112,520		Unrealized depreciation on forward currency exchange contracts		828,889
Interest rate contracts	Investments in securities, at value		5,627
Equity contracts	Unrealized appreciation on total return swaps		486,848
Total		$	1,162,991			$	950,131

* 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.

40

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	1,015,330		$	(115,568	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		(2,786,810	)		435,866
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		1,169,997			(520,349	)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		–0	–		(53,026	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		152,885			(36,130	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		502,331			(502,331	)
Equity contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		678,790			(912,195	)
Total		$	732,523		$	(1,703,733	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Futures:
Average original value of buy contracts	$	55,394,008
Average original value of sale contracts	$	22,930,765
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	52,083,446
Average principal amount of sale contracts	$	70,912,682
Purchased Swaptions:
Average monthly cost	$	58,653	(a)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	4,469,883	(b)
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	16,380,500	(c)
Average notional amount of sale contracts	$	16,380,500	(c)
Total Return Swaps:
Average notional amount	$	26,866,879

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

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

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

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

41

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

Counterparty	Derivative Assets  Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount  of Derivatives Assets
OTC Derivatives:
Bank of America, NA	$	72,231	$	(18,407	)	$	–0	–	$	–0	–	$	53,824
Citibank, NA		47,290		(47,290	)		–0	–		–0	–		–0	–
Credit Suisse International		40,289		(40,289	)		–0	–		–0	–		–0	–
UBS AG		445,185		–0	–		–0	–		(397,792	)		47,393
Total	$	604,995	$	(105,986	)	$	–0	–	$	(397,792	)	$	101,217	^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivatives Liabilities

OTC Derivatives:

Bank of America, NA

$

18,407

$

(18,407

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

343,579

–0

–

–0

–

–0

–

343,579

Citibank, NA

94,956

(47,290

)

–0

–

(47,666

)

–0

–

Credit Suisse International

275,163

(40,289

)

–0

–

–0

–

234,874

HSBC Bank USA

11,093

–0

–

–0

–

–0

–

11,093

Royal Bank of Scotland PLC

10,986

–0

–

–0

–

–0

–

10,986

State Street Bank & Trust Co.

74,705

–0

–

–0

–

–0

–

74,705

Total

$

828,889

$

(105,986

)

$

–0

–

$

(47,666

)

$

675,237

^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

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

42

AB Variable Products Series Fund

secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $1,822,735 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,876,538. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $37,411 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $7,097. 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.

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		23,756			11,244		$	304,287		$	125,982
Shares issued in reinvestment of dividends and distributions		518			284			6,414			3,342
Shares redeemed		(25,158	)		(20,757	)		(321,633	)		(236,231	)
Net decrease		(884	)		(9,229	)	$	(10,932	)	$	(106,907	)
Class B
Shares sold		3,671,000			9,938,397		$	45,294,974		$	113,721,017
Shares issued in reinvestment of dividends and distributions		843,598			271,768			10,384,688			3,185,124
Shares redeemed		(6,270,646	)		(7,265,964	)		(77,339,088	)		(82,629,227	)
Net increase (decrease)		(1,756,048	)		2,944,201		$	(21,659,426	)	$	34,276,914

For the year ended December 31, 2017, the Portfolio recorded $269 related to a settlement of regulatory proceedings. This amount is presented in the Portfolio’s statement of changes in net assets. Neither the Portfolio nor its affiliates were involved in the proceedings or the calculation of the payment.

At December 31, 2017, certain shareholders of the Portfolio owned 91% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

43

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

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

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

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

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

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

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

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

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

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

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

44

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017			2016
Distributions paid from:
Ordinary income	$	10,391,103		$	3,071,351
Net long-term capital gains		–0	–		117,115
Total taxable distributions paid	$	10,391,103		$	3,188,466

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	9,529,980
Undistributed capital gains		735,535	(a)
Unrealized appreciation/(depreciation)		91,102,941	(b)
Total accumulated earnings/(deficit)	$	101,368,456

(a) During the fiscal year, the Portfolio utilized $1,509,418 of capital loss carryforwards to offset current year net realized gains.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, the tax treatment of passive foreign investment companies (PFICs), the tax treatment of partnership investments, return of capital distributions received from underlying securities, foreign currency reclassifications, contributions from the Adviser, and proceeds from a regulatory settlement resulted in a net increase in undistributed net investment income, a net decrease in accumulated net realized gain on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

45

DYNAMIC ASSET ALLOCATION PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.63			$11.33			$11.74			$11.74			$10.53
Income From Investment Operations
Net investment income (a)		.17	(b)		.13	(b)†		.08			.08	(b)		.03	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.52			.27			(.19	)		.44			1.26
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.69			.40			(.11	)		.52			1.29
Less: Dividends and Distributions
Dividends from net investment income		(.25	)		(.10	)		(.10	)		(.07	)		(.04	)
Distributions from net realized gain on investment transactions		–0	–		(.00	)(c)		(.20	)		(.45	)		(.04	)
Total dividends and distributions		(.25	)		(.10	)		(.30	)		(.52	)		(.08	)
Net asset value, end of period		$13.07			$11.63			$11.33			$11.74			$11.74
Total Return
Total investment return based on net asset value (d)		14.67	%		3.59	%†		(1.09	)%		4.45	%		12.31	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$328			$303			$400			$350			$269
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.77	%		.79	%		.83	%		.85	%		.85	%
Expenses, before waivers/reimbursements (e)		.78	%		.81	%		.83	%		.85	%		.89	%
Net investment income		1.39	%(b)		1.11	%(b)†		.67	%		.69	%(b)		.31	%(b)
Portfolio turnover rate		20	%		64	%		93	%		53	%		52	%

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
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.56			$11.26			$11.68			$11.68			$10.49
Income From Investment Operations
Net investment income (a)		.14	(b)		.10	(b)†		.05			.05	(b)		.01	(b)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.50			.27			(.19	)		.45			1.25
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.64			.37			(.14	)		.50			1.26
Less: Dividends and Distributions
Dividends from net investment income		(.22	)		(.07	)		(.08	)		(.05	)		(.03	)
Distributions from net realized gain on investment transactions		–0	–		(.00	)(c)		(.20	)		(.45	)		(.04	)
Total dividends and distributions		(.22	)		(.07	)		(.28	)		(.50	)		(.07	)
Net asset value, end of period		$12.98			$11.56			$11.26			$11.68			$11.68
Total Return
Total investment return based on net asset value (d)		14.32	%		3.37	%†		(1.30	)%		4.21	%		12.04	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$604,703			$558,725			$511,164			$481,600			$387,519
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		1.03	%		1.05	%		1.08	%		1.10	%		1.10	%
Expenses, before waivers/reimbursements (e)		1.04	%		1.07	%		1.08	%		1.10	%		1.14	%
Net investment income		1.15	%(b)		.89	%(b)†		.43	%		.44	%(b)		.05	%(b)
Portfolio turnover rate		20	%		64	%		93	%		53	%		52	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the years ended December 31, 2017 and December 31, 2016, such waiver amounted to 0.01% and 0.02% (annualized), respectively.

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

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

47

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Dynamic Asset Allocation Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Dynamic Asset Allocation Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

48

2017 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 18.35% of dividends paid qualify for the dividends received deduction.

49

DYNAMIC ASSET ALLOCATION
PORTFOLIO	AB Variable Products Series Fund

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

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

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

50

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey,## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

51

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.,## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin,## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen,## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

52

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		96	None
Earl D. Weiner,## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

53

DYNAMIC ASSET ALLOCATION PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE (5) YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Brian T. Brugman 37	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2013.
Daniel J. Loewy 43	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2013. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel, and Assistant Secretary of ABI,** with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”),** with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS,** with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

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

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

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

54

DYNAMIC ASSET ALLOCATION PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Dynamic Asset Allocation Portfolio (the “Fund”) at a meeting held on August 1-2, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous fac-

55

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

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3- and 5-year periods ended May 31, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other 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 Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund invests in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it uses ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund is paid for services that are 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 the 15(c) provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal

56

AB Variable Products Series Fund

year. The directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap (although the directors noted that the Fund’s expense ratio was currently below the Adviser’s expense cap). The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had previously discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s assets (which were well below the level at which they would anticipate adding an initial breakpoint) and its profitability to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

57

VPS-DAA-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL BOND PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

GLOBAL BOND PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Global Bond Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

At a meeting of the Board of Directors of AB Variable Products Series Fund, Inc. (the “Fund”) held on February 6-7, 2018, the Board approved the liquidation and termination of the Portfolio (the “Liquidation”). The Portfolio expects to make liquidating distributions on or shortly after April 20, 2018 and will convert its assets to cash shortly before this date. The insurance company separate accounts through which owners of variable insurance contracts hold interests in the Portfolio will give such Contractholders notice of the Liquidation as well as information about allocating their variable insurance contract assets to other investment options available under their contracts.

INVESTMENT OBJECTIVE AND POLICIES

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

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

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

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

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

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Bloomberg Barclays Global Aggregate Bond Index (USD hedged), for the one-year period ended December 31, 2017, and the period since the Portfolio’s inception on April 29, 2015.

During the annual period, all share classes of the Portfolio underperformed the benchmark. Currency investments detracted from relative performance, primarily because of short positions in the Australian dollar, Canadian dollar, offshore Chinese renminbi and Japanese yen. A long position in the euro added to returns. The Portfolio’s Brazilian and Canadian yield-curve positioning was also negative. Sector selection contributed due to allocations to US agency risk-sharing transactions and high-yield corporates, as well as a beneficial exposure to emerging-market treasuries. Country positioning also added to performance due to an underweight in Japan and an out-of-benchmark

1

AB Variable Products Series Fund

exposure to Brazil. Security decisions were positive, as gains from selection in US and eurozone corporates (both investment-grade and high-yield) and emerging-market sovereigns more than offset losses from selection within US commercial mortgage-backed securities.

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

MARKET REVIEW AND INVESTMENT STRATEGY

Global bonds generally rallied over the annual period, with political events and central bank action being the main drivers of market performance. US president Donald Trump’s promise of fiscal stimulus and relaxed regulation were treated as positive developments by financial markets. Though uncertainty regarding the administration’s ability to implement meaningful changes rose during the period, markets reacted with enthusiasm when the Tax Cuts and Jobs Act was passed in December. UK prime minister Theresa May’s surprise snap parliamentary election—in an effort to firm up the UK’s mandate going into Brexit negotiations—increased political uncertainty; however, at the end of the period, progress was made as the UK and European Union agreed to move on to the second phase of negotiations. In France, investors were relieved when Emmanuel Macron was elected president, as his pro-EU reformist agenda was seen as more business friendly than the protectionist policies espoused by his opponent. The US Federal Reserve (the “Fed”) raised interest rates three times in 2017, with hikes that were well-telegraphed and universally anticipated by markets. The Fed also formally began its balance-sheet reduction program, while the European Central Bank announced that it would start to taper the pace of its monthly asset purchases in January 2018.

Emerging-market debt rallied in the year, helped by a positive global growth story and increasing oil prices. Emerging-market local-currency government bonds rose, performing in line with investment-grade credit securities and outperforming the positive returns of developed-market treasuries, but lagging the robust returns of global high yield. Developed-market treasury yields were mixed: yields in the US, Canada, UK and Australia flattened, with the short end of the curve rising while longer maturities moved lower. Japanese yields generally ended the period higher. Yield curves in the eurozone moved in different directions.

2

GLOBAL BOND PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

Investment in Other Investment Companies Risk: As with other investments, investments in other investment companies, including exchange-traded funds, are subject to market and selection risk. In addition, contract holders of the Portfolio bear both their proportionate share of expenses in the Portfolio (including management fees) and, indirectly, the expenses of the investment companies.

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

(Disclosures and Risks continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

GLOBAL BOND PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		Since  Inception1
Global Bond Portfolio Class A		2.80%		2.89%
Global Bond Portfolio Class B		2.50%		2.62%
Bloomberg Barclays Global Aggregate Bond Index (USD hedged)		3.04%		2.45%
1   Inception date: 4/29/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 3.30% and 3.55% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of acquired fund fees and expenses other than the advisory fees of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs to 0.64% and 0.89% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2018 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser through April 28, 2016 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 operating expenses to exceed the expense limitations. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GLOBAL BOND PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

4/29/2015¹ to 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Bond Portfolio Class A shares (from 4/29/2015¹ to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/29/2015.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,009.30	$	1.98		0.39	%	$	3.24		0.64	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,023.24	$	1.99		0.39	%	$	3.26		0.64	%
Class B
Actual	$	1,000	$	1,008.20	$	3.24		0.64	%	$	4.50		0.89	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.98	$	3.26		0.64	%	$	4.54		0.89	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

GLOBAL BOND PORTFOLIO
SECURITY TYPE BREAKDOWN1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	5,434,142		48.8	%
Governments—Treasuries		3,575,274		32.1
Mortgage Pass-Throughs		461,763		4.1
Corporates—Investment Grade		364,914		3.3
Inflation-Linked Securities		352,327		3.2
Governments—Sovereign Agencies		240,314		2.2
Emerging Markets—Treasuries		157,467		1.4
Local Governments—Provincial Bonds		139,843		1.3
Corporates—Non-Investment Grade		125,455		1.1
Collateralized Mortgage Obligations		124,790		1.1
Covered Bonds		37,335		0.3
Commercial Mortgage-Backed Securities		19,844		0.2
Emerging Markets—Corporate Bonds		16,564		0.1
Short-Term Investments		67,048		0.6
Other2		22,267		0.2
Total Investments	$	11,139,347		100.0	%

COUNTRY BREAKDOWN³

December 31, 2017 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	7,730,404		69.4	%
Italy		609,958		5.5
United Kingdom		580,900		5.2
Canada		466,121		4.2
Germany		415,976		3.7
Belgium		195,850		1.8
Mexico		194,426		1.7
Brazil		180,559		1.6
Spain		166,073		1.5
France		125,018		1.1
Australia		106,647		1.0
New Zealand		68,290		0.6
Sweden		61,371		0.6
Other		170,706		1.5
Short-Term Investments		67,048		0.6
Total Investments	$	11,139,347		100.0	%

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

2 “Other” represents less than 0.1% weightings in the following security types: Emerging Markets—Sovereigns and Quasi-Sovereigns.

3 All data are as of December 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 0.5% or less in the following countries: Argentina, Israel, Poland, Russia, South Africa, Switzerland and Uruguay.

7

GLOBAL BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund, Inc.

Company	Shares			U.S. $ Value
INVESTMENT COMPANIES–51.0%
FUNDS AND INVESTMENT TRUSTS–51.0%
AB Global Bond Fund, Inc.– Class Z(a)(b) (cost $5,466,943)			646,922	$	5,434,142
	Principal Amount (000)
GOVERNMENTS– TREASURIES–33.5%
AUSTRALIA–1.0%
Australia Government Bond Series 128 5.75%, 7/15/22(c)		AUD	75		67,170
Series 142 4.25%, 4/21/26(c)			45		39,477
					106,647
BELGIUM–1.8%
Kingdom of Belgium Government Bond Series 71 3.75%, 6/22/45(c)		EUR	27		48,123
Series 72 2.60%, 6/22/24(c)			53		73,441
Series 81 0.80%, 6/22/27(c)			61		74,286
					195,850
CANADA–0.7%
Canadian Government Bond 1.00%, 6/01/27		CAD	85		61,603
2.75%, 12/01/48			15		13,210
					74,813
FRANCE–1.2%
French Republic Government Bond OAT 2.50%, 5/25/30(c)		EUR	35		49,636
3.50%, 4/25/26(c)			50		75,382
					125,018
GERMANY–3.9%
Bundesobligation Series 175 Zero Coupon, 4/08/22(c)			260		315,888
Bundesrepublik Deutschland Bundesanleihe 2.50%, 7/04/44–8/15/46(c)			64		100,088
					415,976
ITALY–5.7%
Italy Buoni Poliennali Del Tesoro 1.35%, 4/15/22			75		92,703
3.45%, 3/01/48(c)			13		16,160
3.75%, 5/01/21			262		350,085
4.50%, 8/01/18		EUR	45	$	55,564
5.50%, 11/01/22			65		95,446
					609,958
MEXICO–1.7%
Mexican Bonos Series M 6.50%, 6/10/21		MXN	1,045		51,221
8.00%, 6/11/20			1,280		65,536
Series M 20 10.00%, 12/05/24			1,080		61,732
					178,489
NEW ZEALAND–0.5%
New Zealand Government Bond Series 423 5.50%, 4/15/23(c)		NZD	65		53,480
POLAND–0.5%
Republic of Poland Government Bond Series 1023 4.00%, 10/25/23		PLN	170		52,063
RUSSIA–0.3%
Russian Federal Bond–OFZ Series 6214 6.40%, 5/27/20		RUB	1,850		31,759
SPAIN–1.6%
Spain Government Bond 1.95%, 7/30/30(c)		EUR	13		15,649
2.15%, 10/31/25(c)			20		25,827
2.90%, 10/31/46(c)			29		35,196
4.10%, 7/30/18(c)			45		55,409
4.20%, 1/31/37(c)			21		32,251
5.15%, 10/31/44(c)			1		1,741
					166,073
SWEDEN–0.2%
Sweden Government Bond Series 1054 3.50%, 6/01/22		SEK	170		24,036
UNITED KINGDOM–5.3%
United Kingdom Gilt 1.50%, 7/22/26(c)		GBP	45		62,765
1.75%, 9/07/22(c)			20		28,281
2.00%, 7/22/20–9/07/25(c)			115		164,799
2.25%, 9/07/23(c)			78		113,601
3.25%, 1/22/44(c)			38		66,840
4.25%, 12/07/27(c)			75		130,208
					566,494
UNITED STATES–9.1%
U.S. Treasury Bonds 2.875%, 5/15/43–11/15/46	$		109		111,954
3.00%, 11/15/44–11/15/45			95		99,781
3.625%, 8/15/43			90		105,047
6.25%, 5/15/30			90		126,520
U.S. Treasury Notes 1.625%, 2/15/26–5/15/26			70		65,993
1.75%, 6/30/22			130		127,644
2.00%, 2/15/25–11/15/26			98		95,262

8

AB Variable Products Series Fund

Company	Principal Amount (000)			U.S. $ Value
2.125%, 12/31/22	$		55	$	54,777
2.25%, 2/15/27			185		182,601
					969,579
URUGUAY–0.0%
Uruguay Government International Bond 8.50%, 3/15/28(c)		UYU	146		5,039
Total Governments–Treasuries (cost $3,470,293)					3,575,274
MORTGAGE PASS–THROUGHS–4.3%
AGENCY FIXED RATE 30-YEAR–4.2%
Federal National Mortgage Association 3.50%, 1/01/48, TBA	$		195		200,287
4.00%, 1/01/48, TBA			239		250,325
					450,612
OTHER AGENCY FIXED RATE PROGRAMS–0.1%
Canadian Mortgage Pools 6.125%, 12/15/24		CAD	12		11,151
Total Mortgage Pass-Throughs (cost $461,000)					461,763
CORPORATES–INVESTMENT GRADE–3.4%
INDUSTRIAL–2.6%
BASIC–0.2%
Fibria Overseas Finance Ltd. 5.50%, 1/17/27	$		2		2,142
Glencore Funding LLC 4.00%, 4/16/25(c)			5		5,072
4.125%, 5/30/23(c)			5		5,178
4.625%, 4/29/24(c)			4		4,231
					16,623
CAPITAL GOODS–0.0%
General Electric Co. Series D 5.00%, 1/21/21(d)			5		5,163
COMMUNICATIONS–MEDIA–0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.579%, 7/23/20			5		5,089
4.908%, 7/23/25			15		15,933
Cox Communications, Inc. 2.95%, 6/30/23(c)			8		7,875
					28,897
COMMUNICATIONS– TELECOMMUNICATIONS–0.4%
AT&T, Inc. 3.40%, 8/14/24–5/15/25			13		13,002
3.60%, 2/17/23			7		7,169
4.125%, 2/17/26			12		12,254
4.90%, 8/14/37			10		10,117
					42,542
CONSUMER NON-CYCLICAL–0.4%
Celgene Corp. 2.75%, 2/15/23	$		9	$	8,918
3.45%, 11/15/27			11		11,005
Reynolds American, Inc. 4.45%, 6/12/25			10		10,663
5.85%, 8/15/45			3		3,743
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26			12		9,855
					44,184
ENERGY–0.3%
Energy Transfer LP 4.65%, 6/01/21			5		5,247
EnLink Midstream Partners LP 4.15%, 6/01/25			13		13,089
Hess Corp. 4.30%, 4/01/27			7		6,997
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			12		11,685
					37,018
SERVICES–0.2%
Expedia, Inc. 3.80%, 2/15/28			6		5,798
S&P Global, Inc. 4.40%, 2/15/26			15		16,200
					21,998
TECHNOLOGY–0.8%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24(c)			5		4,974
3.875%, 1/15/27(c)			5		4,933
Dell International LLC/EMC Corp. 5.45%, 6/15/23(c)			20		21,590
6.02%, 6/15/26(c)			5		5,510
HP, Inc. 4.65%, 12/09/21			10		10,643
KLA-Tencor Corp. 4.65%, 11/01/24			15		16,270
Seagate HDD Cayman 4.875%, 3/01/24(c)			5		5,015
VMware, Inc. 2.95%, 8/21/22			6		5,986
Western Digital Corp. 7.375%, 4/01/23(c)			10		10,793
					85,714
					282,139
FINANCIAL INSTITUTIONS–0.8%
BANKING–0.6%
Bank of America Corp. 3.419%, 12/20/28(c)			10		9,987
3.824%, 1/20/28			15		15,516
Goldman Sachs Group, Inc. (The) 3.85%, 1/26/27			3		3,080
Series E 1.625%, 7/27/26(c)		EUR	5		6,100
JPMorgan Chase & Co. 3.782%, 2/01/28	$		16		16,563

9

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

Company	Principal Amount (000)			U.S. $ Value
Santander Holdings USA, Inc. 4.40%, 7/13/27(c)	$		15	$	15,350
					66,596
FINANCE–0.1%
Synchrony Financial 3.95%, 12/01/27			11		10,953
REITS–0.1%
VEREIT Operating Partnership LP 4.60%, 2/06/24			5		5,226
					82,775
Total Corporates–Investment Grade (cost $357,716)					364,914
INFLATION-LINKED SECURITIES–3.3%
BRAZIL–0.5%
Brazil Notas do Tesouro Nacional Series B 6.00%, 8/15/50–5/15/55		BRL	56		55,565
NEW ZEALAND–0.1%
New Zealand Government Bond Series 925 2.00%, 9/20/25(c)		NZD	20		14,810
UNITED STATES–2.7%
U.S. Treasury Inflation Index 0.125%, 4/15/20 (TIPS)	$		184		183,928
0.25%, 1/15/25 (TIPS)			99		98,024
					281,952
Total Inflation-Linked Securities (cost $349,428)					352,327
GOVERNMENTS–SOVEREIGN AGENCIES–2.3%
CANADA–2.3%
Canada Housing Trust No. 1 3.80%, 6/15/21(c) (cost $245,004)		CAD	285		240,314
EMERGING MARKETS–TREASURIES–1.5%
ARGENTINA–0.3%
Argentina POM Politica Monetaria Series POM 27.277% (ARPP7DRR + 0.00%), 6/21/20(e)		ARS	44		2,562
Argentine Bonos del Tesoro 15.50%, 10/17/26			205		11,021
16.00%, 10/17/23			389		20,790
					34,373
BRAZIL–1.0%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/21–1/01/25		BRL	349		106,288
SOUTH AFRICA–0.2%
Republic of South Africa Government Bond Series 2048 8.75%, 2/28/48		ZAR	231		16,806
Total Emerging Markets–Treasuries (cost $165,416)					157,467
LOCAL GOVERNMENTS–PROVINCIAL BONDS–1.3%
CANADA–1.3%
Province of Ontario Canada 2.40%, 6/02/26		CAD	15	$	11,776
2.60%, 6/02/25–6/02/27			80		63,611
Province of Quebec Canada 2.75%, 9/01/27			80		64,456
Total Local Governments–Provincial Bonds (cost $138,925)					139,843
CORPORATES–NON-INVESTMENT GRADE–1.2%
INDUSTRIAL–1.0%
COMMUNICATIONS–TELECOMMUNICATIONS–0.2%
CenturyLink, Inc.
Series S 6.45%, 6/15/21	$		8		8,099
Series T 5.80%, 3/15/22			8		7,835
					15,934
CONSUMER NON-CYCLICAL–0.4%
CHS/Community Health Systems, Inc. 5.125%, 8/01/21			5		4,516
6.25%, 3/31/23			5		4,503
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 4.875%, 4/15/20(c)			7		6,760
5.75%, 8/01/22(c)			3		2,734
Tenet Healthcare Corp. 4.375%, 10/01/21			6		6,015
4.50%, 4/01/21			5		5,041
Valeant Pharmaceuticals International, Inc. 5.875%, 5/15/23(c)			5		4,647
6.125%, 4/15/25(c)			4		3,675
					37,891
ENERGY–0.4%
Cheniere Energy Partners LP 5.25%, 10/01/25(c)			6		6,121
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43			10		7,300
Energy Transfer Equity LP 4.25%, 3/15/23			10		9,909
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.625%, 2/15/26(c)			7		7,228
Nabors Industries, Inc. 5.50%, 1/15/23			3		2,913
PDC Energy, Inc. 5.75%, 5/15/26(c)			3		3,072
QEP Resources, Inc. 5.25%, 5/01/23			10		10,117
					46,660

10

AB Variable Products Series Fund

Company	Principal Amount (000)				U.S. $ Value
TRANSPORTATION– SERVICES–0.0%
Hertz Corp. (The) 5.50%, 10/15/24(c)	$			5	$	4,516
						105,001
FINANCIAL INSTITUTIONS–0.2%
BANKING–0.1%
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22(d)				10		9,892
FINANCE–0.1%
Navient Corp. 6.625%, 7/26/21				10		10,562
						20,454
Total Corporates– Non-Investment Grade (cost $126,859)						125,455
COLLATERALIZED MORTGAGE OBLIGATIONS–1.2%
RISK SHARE FLOATING RATE–1.2%
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 2M2 6.552% (LIBOR 1 Month + 5.00%), 11/25/24(e)				12		13,852
Series 2015-C01, Class 1M2 5.852% (LIBOR 1 Month + 4.30%), 2/25/25(e)				8		8,344
Series 2015-C01, Class 2M2 6.102% (LIBOR 1 Month + 4.55%), 2/25/25(e)				12		13,219
Series 2015-C02, Class 2M2 5.552% (LIBOR 1 Month + 4.00%), 5/25/25(e)				20		20,876
Series 2015-C03, Class 2M2 6.552% (LIBOR 1 Month + 5.00%), 7/25/25(e)				9		9,798
Series 2016-C01, Class 1M2 8.302% (LIBOR 1 Month + 6.75%), 8/25/28(e)				13		14,881
Series 2016-C01, Class 2M2 8.502% (LIBOR 1 Month + 6.95%), 8/25/28(e)				13		14,786
Series 2016-C02, Class 1M2 7.552% (LIBOR 1 Month + 6.00%), 9/25/28(e)				15		17,806
Series 2016-C04, Class 1M2 5.802% (LIBOR 1 Month + 4.25%), 1/25/29(e)				10		11,228
Total Collateralized Mortgage Obligations (cost $115,933)						124,790
COVERED BONDS–0.3%
Nordea Hypotek AB Series 5531 1.00%, 4/08/22		SEK		100		12,411
Swedbank Hypotek AB Series 190 1.00%, 9/15/21(c)		SEK		200	$	24,924
Total Covered Bonds (cost $36,672)						37,335
COMMERCIAL MORTGAGE–BACKED SECURITIES–0.2%
NON-AGENCY FIXED RATE CMBS–0.2%
JPMBB Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.668%, 11/15/48(f)			$	10		9,956
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39(f)				12		9,888
Total Commercial Mortgage-Backed Securities (cost $22,154)						19,844
EMERGING MARKETS–CORPORATE BONDS–0.2%
INDUSTRIAL–0.2%
ENERGY–0.2%
Petrobras Global Finance BV 6.25%, 3/17/24		10				10,588
8.75%, 5/23/26		5				5,976
Total Emerging Markets– Corporate Bonds (cost $15,680)						16,564
QUASI-SOVEREIGNS–0.1%
Quasi-Sovereign Bonds–0.1%
MEXICO–0.1%
Petroleos Mexicanos 5.375%, 3/13/22(c) (cost $14,932)		15				15,937
EMERGING MARKETS–SOVEREIGNS–0.1%
ARGENTINA–0.1%
Argentine Republic Government International Bond 5.625%, 1/26/22 (cost $6,000)		6				6,330
	Shares
SHORT-TERM INVESTMENTS–0.6%
INVESTMENT COMPANIES–0.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(a)(b)(g) (cost $67,048)		67,048				67,048
TOTAL INVESTMENTS–104.5% (cost $11,060,003)						11,139,347
Other Assets Less Liabilities–(4.5)%						(483,113	)
NET ASSETS–100.0%					$	10,656,234

11

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

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at December 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Mini Japan Government Bond Futures		7		March 2018		JPY	70,000	$	937,255	$	937,102	$	(153	)
Sold Contracts
Euro-BOBL Futures		3		March 2018		EUR	300		476,288		473,736		2,552
Euro-Schatz Futures		1		March 2018		EUR	100		134,460		134,353		107
U.S. T-Note 5 Yr (CBT) Futures		2		March 2018		USD	200		233,490		232,328		1,162
												$	3,668

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	551		USD	167		1/03/18	$	457
Bank of America, NA		USD	167		BRL	551		1/03/18		(973	)
Bank of America, NA		USD	34		KRW	37,404		1/18/18		1,224
Bank of America, NA		BRL	316		USD	95		2/02/18		111
Barclays Bank PLC		RUB	395		USD	7		1/25/18		(332	)
Credit Suisse International		BRL	334		USD	103		1/03/18		2,620
Credit Suisse International		USD	101		BRL	334		1/03/18		(277	)
Credit Suisse International		GBP	421		USD	566		2/02/18		(2,072	)
Credit Suisse International		USD	27		PEN	88		2/07/18		352
Standard Chartered Bank		BRL	349		USD	105		1/03/18		336
Standard Chartered Bank		USD	66		BRL	218		1/03/18		(181	)
Standard Chartered Bank		USD	80		KRW	87,275		1/18/18		2,277
Standard Chartered Bank		TWD	2,420		USD	81		2/07/18		(539	)
Standard Chartered Bank		USD	81		CNY	534		2/07/18		1,199
State Street Bank & Trust Co.		CAD	837		USD	658		1/18/18		(8,447	)
State Street Bank & Trust Co.		KRW	124,657		USD	110		1/18/18		(6,736	)
State Street Bank & Trust Co.		USD	144		CAD	183		1/18/18		1,593
State Street Bank & Trust Co.		USD	53		CAD	66		1/18/18		(93	)
State Street Bank & Trust Co.		USD	28		ZAR	387		2/07/18		2,879
State Street Bank & Trust Co.		ZAR	636		USD	47		2/07/18		(4,622	)
State Street Bank & Trust Co.		JPY	11,105		USD	100		2/09/18		873
State Street Bank & Trust Co.		JPY	5,299		USD	47		2/09/18		(73	)
State Street Bank & Trust Co.		MXN	3,712		USD	194		2/22/18		7,154
State Street Bank & Trust Co.		USD	53		TRY	210		2/28/18		986
State Street Bank & Trust Co.		AUD	206		USD	156		3/07/18		(4,293	)
State Street Bank & Trust Co.		NZD	152		USD	105		3/07/18		(2,612	)
State Street Bank & Trust Co.		USD	27		AUD	35		3/07/18		312
State Street Bank & Trust Co.		USD	60		PLN	213		3/09/18		1,482
State Street Bank & Trust Co.		EUR	1,366		USD	1,619		3/12/18		(26,475	)
State Street Bank & Trust Co.		SEK	506		USD	60		3/28/18		(1,896	)
									$	(35,766	)

12

AB Variable Products Series Fund

CENTRALLY CLEARED CREDIT DEFAULT SWAPS (see Note D)

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Sale Contracts
CDX-NAHY Series 28, 5 Year Index, 6/20/22*		5.00	%		Quarterly		2.80	%		USD	9	$	792	$	513	$	279
CDX-NAHY Series 29, 5 Year Index, 12/20/22*		5.00			Quarterly		3.07			USD	200		16,896		14,261		2,635
CDX-NAIG Series 28, 5 Year Index, 6/20/22*		1.00			Quarterly		0.47			USD	1,100		24,877		14,907		9,970
												$	42,565	$	29,681	$	12,884

* Termination date

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Bank of America, NA
CDX-EM Series 23, 5 Year Index, 6/20/20*		1.00	%		Quarterly		0.51	%		USD	138	$	1,675		$	(5,840	)	$	7,515
Barclays Bank PLC
CDX-CMBX.NA. BB Series 6, 5/11/63*		5.00			Monthly		11.90			USD	6		(1,421	)		(98	)		(1,323	)
CDX-CMBX.NA. BBB- Series 7, 1/17,47*		3.00			Monthly		5.47			USD	100		(11,622	)		(583	)		(11,039	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA. BB Series 6, 5/11/63*		5.00			Monthly		11.90			USD	6		(1,421	)		(101	)		(1,320	)
Goldman Sachs International
CDX-CMBX.NA. BB Series 6, 5/11/63*		5.00			Monthly		11.90			USD	12		(2,842	)		(190	)		(2,652	)
CDX-CMBX.NA. BB Series 6, 5/11/63*		5.00			Monthly		11.90			USD	11		(2,605	)		(197	)		(2,408	)
												$	(18,236	)	$	(7,009	)	$	(11,227	)

* Termination date

(a) Affiliated investments.

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

(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 December 31, 2017, the aggregate market value of these securities amounted to $2,092,083 or 19.6% of net assets.

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

(e) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2017.

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

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

13

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

Currency Abbreviations:

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Sol

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

UYU—Uruguayan Peso

ZAR—South African Rand

Glossary:

ARPP7DRR—Argentina Central Bank 7-Day Repo Reference Rate

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

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.

14

GLOBAL BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $5,526,012)	$	5,638,157
Affiliated issuers (cost $5,533,991)		5,501,190
Cash collateral due from broker		39,456
Foreign currencies, at value (cost $24,622)		24,599
Interest receivable		41,109
Unrealized appreciation on forward currency exchange contracts		23,855
Affiliated dividends receivable		11,790
Unrealized appreciation on credit default swaps		7,515
Receivable due from Adviser		2,223
Receivable for variation margin on exchange traded swaps		507
Receivable for variation margin on futures		483
Total assets		11,290,884
LIABILITIES
Due to custodian		649
Payable for investment securities purchased		461,495
Unrealized depreciation on forward currency exchange contracts		59,621
Audit and tax fee payable		46,291
Unrealized depreciation on credit default swaps		18,742
Upfront premiums received on credit default swaps		7,009
Transfer Agent fee payable		105
Distribution fee payable		64
Payable for capital stock redeemed		9
Accrued expenses		40,665
Total liabilities		634,650
NET ASSETS	$	10,656,234
COMPOSITION OF NET ASSETS
Capital stock, at par	$	1,057
Additional paid-in capital		10,582,292
Undistributed net investment income		23,875
Accumulated net realized loss on investment transactions and foreign currency transactions		(113	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		49,123
	$	10,656,234

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	10,353,911		1,026,986	$	10.08
B	$	302,323		30,161	$	10.02

See notes to financial statements

15

GLOBAL BOND PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends—Affiliated issuers	$	138,937
Interest		120,937
Other income		74			259,948
EXPENSES
Advisory fee (see Note B)		53,650
Distribution fee — Class B		584
Transfer agency — Class A		4,718
Transfer agency — Class B		114
Custodian		87,997
Administrative		54,946
Audit and tax		48,160
Directors’ fees		28,561
Legal		26,197
Printing		14,731
Miscellaneous		3,189
Total expenses		322,847
Less: expenses waived and reimbursed by the Adviser (see Note B)		(281,114	)
Net expenses					41,733
Net investment income					218,215
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions					6,652
Forward currency exchange contracts					(36,050	)
Futures					8,799
Swaps					37,608
Foreign currency transactions					(152,360	)
Net change in unrealized appreciation/depreciation of:
Affiliated Underlying Portfolios					31,336
Investments					275,586
Forward currency exchange contracts					(88,269	)
Futures					3,738
Swaps					(4,770	)
Foreign currency denominated assets and liabilities					591
Net gain on investment and foreign currency transactions					82,861
NET INCREASE IN NET ASSETS FROM OPERATIONS				$	301,076

16

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	218,215		$	227,070
Net realized gain (loss) on investment transactions and foreign currency transactions		(135,351	)		150,441
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		218,212			163,823
Net increase in net assets from operations		301,076			541,334
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(386,249	)		(291,608	)
Class B		(10,923	)		(383	)
Net realized gain on investment transactions
Class A		(40,155	)		–0	–
Class B		(1,139	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase		292,074			294,472
Total increase		154,684			543,815
NET ASSETS
Beginning of period		10,501,550			9,957,735
End of period (including undistributed net investment income of $23,875 and $339,464, respectively)	$	10,656,234		$	10,501,550

17

GLOBAL BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Bond Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what AllianceBernstein L.P. (the “Adviser”) considers undue risk. The Portfolio is non-diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. As of December 31, 2017, 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. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

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

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

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

18

AB Variable Products Series Fund

other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

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

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

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

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

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

19

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

widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Investment Companies

$

5,434,142

$

–0

–

$

–0

–

$

5,434,142

Governments—Treasuries

–0

–

3,575,274

–0

–

3,575,274

Mortgage Pass-Throughs

–0

–

461,763

–0

–

461,763

Corporates—Investment Grade

–0

–

364,914

–0

–

364,914

Inflation-Linked Securities

–0

–

352,327

–0

–

352,327

Governments—Sovereign Agencies

–0

–

240,314

–0

–

240,314

Emerging Markets—Treasuries

–0

–

157,467

–0

–

157,467

Local Governments—Provincial Bonds

–0

–

139,843

–0

–

139,843

Corporates—Non-Investment Grade

–0

–

125,455

–0

–

125,455

Collateralized Mortgage Obligations

–0

–

124,790

–0

–

124,790

Covered Bonds

–0

–

37,335

–0

–

37,335

Commercial Mortgage-Backed Securities

–0

–

–0

–

19,844

19,844

Emerging Markets—Corporate Bonds

–0

–

16,564

–0

–

16,564

Quasi-Sovereigns

–0

–

15,937

–0

–

15,937

Emerging Markets—Sovereigns

–0

–

6,330

–0

–

6,330

Short-Term Investments

67,048

–0

–

–0

–

67,048

Total Investments in Securities

5,501,190

5,618,313

19,844

11,139,347

Other Financial Instruments(a):

Assets:

Futures

3,821

–0

–

–0

–

3,821

(b)

Forward Currency Exchange Contracts

–0

–

23,855

–0

–

23,855

Centrally Cleared Credit Default Swaps

–0

–

42,565

–0

–

42,565

(b)

Credit Default Swaps

–0

–

1,675

–0

–

1,675

Liabilities:

Futures

(153

)

–0

–

–0

–

(153

)(b)

Forward Currency Exchange Contracts

–0

–

(59,621

)

–0

–

(59,621

)

Credit Default Swaps

–0

–

(19,911

)

–0

–

(19,911

)

Total(c)

$

5,504,858

$

5,606,876

$

19,844

$

11,131,578

(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 swaps with upfront premiums, 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 unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments. Exchange-traded swaps with upfront premiums are presented here as market value.

(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.

20

AB Variable Products Series Fund

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

	Commercial Mortgage- Backed Securities			Total
Balance as of 12/31/16	$	21,371		$	21,371
Accrued discounts/(premiums)		4			4
Realized gain (loss)		(44	)		(44	)
Change in unrealized appreciation/depreciation		(261	)		(261	)
Purchases/Payups		–0	–		–0	–
Sales/Paydowns		(1,226	)		(1,226	)
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 12/31/17	$	19,844		$	19,844
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(a)	$	(261	)	$	(261	)

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

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

21

GLOBAL BOND 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 prior two 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. Offering Expenses

Offering expenses of $41,223 were deferred and amortized on a straight line basis over a one year period starting from

April 29, 2015 (commencement of operations).

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .50% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses (excluding acquired fund fees and expenses other than the fees and expenses of any AB mutual funds in which the Portfolio may invest, interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs) on an annual basis (the “Expense Caps”) to .64% and .89% of daily average net assets for Class A and Class B, respectively. For the year ended December 31, 2017, the reimbursements/waivers amounted to $198,645. The Expense Caps may not be terminated by the Adviser before May 1, 2018. Any fees waived and expenses borne by the Adviser through April 28, 2016 are subject to repayment by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amounted to $179,979 for the fiscal period ended December 31, 2015 and $84,021 for the year ended December 31, 2016, respectively. In any case, no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the net fee percentages set forth in the preceding sentence.

The Portfolio may invest in AB mutual funds managed by the Adviser. In addition to the Expense Caps, the Adviser has contractually agreed to waive its management fees and/or bear Portfolio expenses through May 1, 2018 in an amount equal to the Portfolio’s share of all fees and expenses of any AB mutual funds in which the Portfolio invests. For the year ended December 31, 2017, such waiver amounted to $27,523.

22

AB Variable Products Series Fund

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2017 is as follows:

													Distributions
Fund	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Realized Gain (Loss) (000)		Change in Unrealized Appr./(Depr.) (000)		Market Value 12/31/17 (000)		Dividend Income (000)		Realized Gains (000)
Government Money Market Portfolio	$	301	$	2,595	$	2,829	$	0	$	0	$	67	$	2	$	0
AB Global Bond Fund, Inc.		5,267		136		0		0		31		5,434		137		0
Total							$	0	$	31	$	5,501	$	139	$	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 year ended December 31, 2017, the Adviser voluntarily agreed to waive such fees in the amount of $54,946.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $287, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	2,955,460	$	2,484,982
U.S. government securities		3,379,773		3,304,000

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	11,063,342
Gross unrealized appreciation	$	257,136
Gross unrealized depreciation		(181,470	)
Net unrealized appreciation	$	75,666

23

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

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2017, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Swaps

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

24

AB Variable Products Series Fund

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

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

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

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (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 referenced obligations with the same counterparty. As of December 31, 2017, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If

25

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

the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

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

During the year ended December 31, 2017, the Portfolio held credit default swaps for non-hedging purposes.

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

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

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	3,821	*	Receivable/Payable for variation margin on futures	$	153	*
Credit contracts	Receivable/Payable for variation margin on exchange traded swaps		12,884	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		23,855		Unrealized depreciation on forward currency exchange contracts		59,621
Credit contracts	Unrealized appreciation on credit default swaps		7,515		Unrealized depreciation on credit default swaps		18,742
Total		$	48,075			$	78,516

* 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.

26

AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	8,799		$	3,738
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(36,050	)		(88,269	)
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		37,608			(4,770	)
Total		$	10,357		$	(89,301	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Futures:
Average original value of buy contracts	$	938,715
Average original value of sale contracts	$	494,096
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	717,614
Average principal amount of sale contracts	$	3,889,678
Credit Default Swaps:
Average notional amount of sale contracts	$	281,308
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	198,990	(a)
Average notional amount of sale contracts	$	1,323,882

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

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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	$	3,467	$	(973	)	$	–0	–	$	–0	–	$	2,494
Credit Suisse International		2,972		(2,349	)		–0	–		–0	–		623
Standard Chartered Bank		3,812		(720	)		–0	–		–0	–		3,092
State Street Bank & Trust Co.		15,279		(15,279	)		–0	–		–0	–		–0	–
Total	$	25,530	$	(19,321	)	$	–0	–	$	–0	–	$	6,209	^

27

GLOBAL BOND 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:

Bank of America, NA

$

973

$

(973

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

13,375

–0

–

–0

–

–0

–

13,375

Citigroup Global Markets, Inc.

1,421

–0

–

–0

–

–0

–

1,421

Credit Suisse International

2,349

(2,349

)

–0

–

–0

–

–0

–

Goldman Sachs International

5,447

–0

–

–0

–

–0

–

5,447

Standard Chartered Bank

720

(720

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

55,247

(15,279

)

–0

–

–0

–

39,968

Total

$

79,532

$

(19,321

)

$

–0

–

$

–0

–

$

60,211

^

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

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

2. Currency Transactions

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

3. TBA and Dollar Roles

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

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. During the year ended December 31, 2017, the Portfolio had no transactions in dollar rolls.

NOTE E: Capital Stock

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

	SHARES					AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016		Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares issued in reinvestment of dividends and distributions		–0	–		27,986	$	–0	–	$	291,608
Net increase		–0	–		27,986	$	–0	–	$	291,608

28

AB Variable Products Series Fund

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class B
Shares sold		27,837			248		$	282,942		$	2,514
Shares issued in reinvestment of dividends and distributions		1,164			37			11,636			383
Shares redeemed		(247	)		(3	)		(2,504	)		(33	)
Net increase		28,754			282		$	292,074		$	2,864

At December 31, 2017, the Adviser owns approximately 97% of the Portfolio’s outstanding shares. Significant transactions by such shareholder, if any, may impact the Portfolio’s performance.

NOTE F: Risks Involved in Investing in the Portfolio

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

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) 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 the full maturity of a fixed-income security. Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

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

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

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

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

Investment in Other Investment Companies Risk—As with other investments, investments in Underlying Funds, including ETFs, are subject to market and selection risk. In addition, when the Portfolio acquires shares of Underlying Funds, Contract holders bear both their proportionate share of expenses in the Portfolio (including management and advisory fees) and, indirectly, the expenses of the Underlying Funds.

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

29

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

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

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 the Portfolio’s net asset value, or 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. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE G: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	424,079	$	291,991
Net long-term capital gains		14,387		–0	–
Total distributions paid	$	438,466	$	291,991

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	6,096
Undistributed capital gains		1,205
Accumulated capital and other losses		(10,304	)(a)
Unrealized appreciation/(depreciation)		75,886	(b)
Total accumulated earnings/(deficit)	$	72,883

(a) As of December 31, 2017, the cumulative deferred loss on straddles was $10,304.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

30

AB Variable Products Series Fund

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, foreign currency reclassifications, paydown gain/loss reclassifications, the redesignation of dividends, and the offset of a net operating loss to short term capital gains, resulted in a net decrease in undistributed net investment income and a net decrease in accumulated net realized loss on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE I: Recent Accounting Pronouncements

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

NOTE J: Subsequent Events

At a meeting held on February 6-7, 2018, the Board approved the liquidation and termination of the Portfolio. The Portfolio expects to make liquidating distributions on or shortly after April 20, 2018 and will convert its assets to cash shortly before this date.

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 other material events that would require disclosure in the Portfolio’s financial statements through this date.

31

GLOBAL BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,						April 29, 2015(a) to December 31 2015
	2017			2016
Net asset value, beginning of period		$10.21			$9.96			$10.00
Income From Investment Operations
Net investment income (b)(c)		.21			.22			.18
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.08			.32			(.22	)
Net increase (decrease) in net asset value from operations		.29			.54			(.04	)
Less: Dividends and Distributions
Dividends from net investment income		(.38	)		(.29	)		–0	–
Distributions from net realized gain on investment transactions		(.04	)		–0	–		–0	–
Total dividends and distributions		(.42	)		(.29	)		–0	–
Net asset value, end of period		$10.08			$10.21			$9.96
Total Return
Total investment return based on net asset value (d)		2.80	%		5.38	%		(.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$10,354			$10,488			$9,947
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.38	%		.38	%		.38	%^
Expenses, before waivers/reimbursements (e)		3.00	%		3.15	%		3.63	%^
Net investment income (c)		2.04	%		2.18	%		2.74	%^
Portfolio turnover rate		54	%		38	%		62	%

See footnote summary on page 33.

32

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,						April 29, 2015(a) to December 31 2015
	2017			2016
Net asset value, beginning of period		$10.18			$9.94			$10.00
Income From Investment Operations
Net investment income (b)(c)		.18			.20			.17
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		.08			.32			(.23	)
Net increase (decrease) in net asset value from operations		.26			.52			(.06	)
Less: Dividends and Distributions
Dividends from net investment income		(.38	)		(.28	)		–0	–
Distributions from net realized gain on investment transactions		(.04	)		–0	–		–0	–
Total dividends and distributions		(.42	)		(.28	)		–0	–
Net asset value, end of period		$10.02			$10.18			$9.94
Total Return
Total investment return based on net asset value (d)		2.50	%		5.17	%		(.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$302			$14			$11
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.63	%		.63	%		.64	%^
Expenses, before waivers/reimbursements (e)		3.23	%		3.38	%		3.90	%^
Net investment income (c)		1.82	%		1.94	%		2.55	%^
Portfolio turnover rate		54	%		38	%		62	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

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

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated acquired fund fees and expenses, and for the years ended December 31, 2017, December 31, 2016 and December 31, 2015, such waiver amounted to 0.26%, 0.26% and 0.26% (annualized), respectively.

^ Annualized.

See notes to financial statements.

33

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Bond Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period April 29, 2015 (commencement of operations) to December 31, 2015 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Global Bond Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period April 29, 2015 (commencement of operations) to December 31, 2015, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

34

Global Bond Portfolio AB Variable Products Series Fund

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

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

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

35

GLOBAL BOND PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

NAME, ADDRESS, AGE, AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he has been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

36

AB Variable Products Series Fund

NAME, ADDRESS, AGE, AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
William H. Foulk, Jr.## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

37

GLOBAL BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS, AGE, AND (YEAR FIRST ELECTED)	PRINCIPAL OCCUPATION(S), DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

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

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

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

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

38

AB Variable Products Series Fund

Officer Information

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST 5 YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Paul J. DeNoon 55	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Scott DiMaggio 46	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Douglas J. Peebles 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Matthew Sheridan 42	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since 2013.

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

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

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

39

AB Variable Products Series Fund, Inc.—AB Global Bond Portfolio
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Bond Portfolio (the “Fund”) at a meeting held on October 31-November 2, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. The Adviser did not request any reimbursement in the Fund’s latest fiscal year. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2015 and calendar year 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the

40

AB Variable Products Series Fund

Fund, including those relating to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed performance information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-year period ended July 31, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median.

The directors also considered the Adviser’s fee schedule for other 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 Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions; (iii) must prepare and distribute regulatory and other communications about fund operations; (iv) must service, and be marketed to, retail investors and financial intermediaries; and (v) requires a larger sales support infrastructure. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

41

AB Variable Products Series Fund, Inc.—AB Global Bond Portfolio
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

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.

42

VPS-GB-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Global Risk Allocation-Moderate Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to seek long-term growth of capital while seeking to limit volatility. In making decisions on the allocation of assets among “growth assets” and “safety assets”, the Adviser will use a risk-weighted allocation methodology based on the expected “tail risk” of each asset class. For purposes of the Portfolio, growth assets include global equities and, at times, high-yield fixed-income securities (commonly known as “junk bonds”), and safety assets include government securities of developed countries. This strategy attempts to provide investors with favorable long-term total return while minimizing exposure to material or “tail” losses. To execute this strategy, the percentage loss that will constitute a tail loss is calculated for each asset class based on historical market behavior and on a forward-looking basis through options prices. Portfolio assets are then allocated among asset classes so that growth assets contribute the majority of the expected risk of tail loss (“tail risk”) of the Portfolio, and safety assets contribute a lesser amount of tail risk. The Adviser will make frequent adjustments to the Portfolio’s asset class exposures based on these tail risk determinations. To help limit tail risk, the Portfolio will utilize a risk management strategy involving the purchase of put options and sale of call options on equity indices, equity index futures or exchange-traded funds (“ETFs”). The Adviser will on a best efforts basis seek to limit the volatility of the Portfolio to no more than 10% on an annualized basis. Actual results may vary.

The Adviser will also assess tail risk on a security, sector and country basis, and make adjustments to the Portfolio’s allocations within each asset class when practicable. The Portfolio may invest in fixed-income securities with a range of maturities from short- to long-term. The Adviser expects that the Portfolio’s investments in high-yield fixed-income securities will not exceed 10% of the Portfolio’s net assets. The Portfolio’s investments in each asset class will generally be global in nature.

The Adviser expects to utilize a variety of derivatives in its management of the Portfolio, including futures contracts, options, swaps and forwards. Derivatives often provide more efficient and economical exposure to market segments than direct investments, and the Portfolio may utilize derivatives and ETFs to gain exposure to equity and fixed-income asset classes. Because derivatives transactions frequently require cash outlays that are only a small portion of the amount of exposure obtained through the derivative, a portion of the Portfolio’s assets may be held in cash or invested in cash equivalents to cover the Portfolio’s derivatives obligations, such as short-term US government and agency securities, repurchase agreements and money market funds. At times, a combination of direct securities investments and derivatives will be used to gain asset class exposure so that the Portfolio’s aggregate exposure will substantially exceed its net assets (i.e., so that the Portfolio is effectively leveraged).

Currency exchange rate fluctuations can have a dramatic impact on returns. The Adviser may seek to hedge all or a portion of the currency exposure resulting from Portfolio investments through currency-related derivatives, or decide not to hedge this exposure.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International (“MSCI”) World Index (net, USD hedged) and a 60% / 40% blend of the MSCI World Index (net, USD hedged) and the Bloomberg Barclays Global G7 Treasury Index (USD hedged), for the one-year period ended December 31, 2017, and the period since the Portfolio’s inception on April 28, 2015.

All share classes of the Portfolio underperformed the primary and blended benchmarks for the annual period. The Portfolio allocated most of its risk to global equity, with the balance allocated to government bonds. The Portfolio’s systematic equity downside protection strategy detracted relative to the benchmark, as equity markets continued to rally throughout the period. The Portfolio’s asset allocation strategy of overweighting global equity enhanced returns. On the fixed-income side, the Portfolio’s overweight to inflation-linked bonds relative to nominal bonds boosted returns on reflation concerns. However, an underweight to duration slightly detracted. A tactical reduction on currency hedging made a positive contribution to performance.

During the annual period, the Portfolio utilized derivatives for hedging and investment purposes, including futures, written options and written swaptions, which added to absolute returns; currency forwards, purchased swaptions and purchased options detracted.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked a strong year for almost all major asset classes. Global stocks finished the period in strong positive territory, led

1

AB Variable Products Series Fund

by emerging markets and developed international markets. Global bond markets posted more modest but still positive returns. After a year that saw volatility spike and recede several times, the primary market story of 2017 revolved around extreme calm. Currency movements also played a role, as a weak US dollar strengthened returns for US dollar-based investors. Though volatility remained low, the annual period did have several events that impacted markets. The first quarter saw the inauguration of a new US president. Following that were concerns around potential fallout from European elections, most notably in France, which abated after the most market-friendly candidate won. In the latter half of the year, rhetoric between the US and North Korea increased, which caused investors to consider the ramifications of potential geopolitical strife. Finally, near year-end, tax reform passed in the US Congress, which ended months of deliberation and negotiation. In each of these instances, the market continued to move forward, and except for minor increases, volatility remained extremely benign.

The Portfolio’s Senior Investment Management Team seeks to allocate, on average, approximately 85% of its risk to equity and the balance to government bonds over time. For global equity exposure, the Portfolio had overweight positions in European, Japanese and emerging markets relative to a market-cap weighted equity index. For fixed-income investments, the Portfolio had overweight positions of inflation-protected bonds over nominal bonds and underweights in Japanese and European government bonds, where interest rates are close to zero. The Portfolio hedged most of the foreign currency exposures and adopted explicit downside hedges via option positions.

2

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI World Index and Bloomberg Barclays Global G7 Treasury Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Index (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets. The Bloomberg Barclays Global G7 Treasury Index tracks fixed-rate local currency government debt of investment-grade G7 countries. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

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

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

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

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

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

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

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

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

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments. Transactions intended to hedge fluctuations in the values of the Portfolio’s positions will typically limit the opportunity for gain.

(Disclosures and Risks continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

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

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

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. Accordingly, changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s NAV.

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		Since  Inception1
Global Risk Allocation—Moderate Portfolio Class A		11.87%		3.55%
Global Risk Allocation—Moderate Portfolio Class B		11.50%		3.28%
Primary benchmark: MSCI World Index (net, USD hedged)		19.13%		8.21%
Blended benchmark: 60% MSCI World Index (net, USD hedged) / 40% Bloomberg Barclays Global G7 Treasury Index (USD hedged)		12.05%		5.88%
1   Inception date: 4/28/2015.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 1.19% and 1.44% for Class A and Class B shares, respectively, gross of any fee waivers or expense reimbursements. Contractual fee waivers and/or expense reimbursements limit the Portfolio’s annual operating expense ratios exclusive of interest expense, taxes, extraordinary expenses, expenses associated with securities sold short, and brokerage commissions and other transaction costs to 0.75% and 1.00% for Class A and Class B shares, respectively. These waivers/reimbursements may not be terminated before May 1, 2018 and may be extended by the Adviser for additional one-year terms. Any fees waived and expenses borne by the Adviser may be reimbursed by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne, provided that no reimbursement payment will be made that would cause the Portfolio’s total annual operating expenses to exceed the expense limitation. Absent reimbursements or waivers, performance would have been lower. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

4/28/2015¹ to 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Risk Allocation—Moderate Portfolio Class A shares (from 4/28/2015¹ to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

1 Inception date: 4/28/2015.

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

5

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*			Total Expenses Paid During Period+		Total Annualized Expense Ratio+
Class A
Actual	$	1,000	$	1,061.20	$	3.33		0.64	%	$	3.90		0.75	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.98	$	3.26		0.64	%	$	3.82		0.75	%
Class B
Actual	$	1,000	$	1,058.60	$	4.67		0.90	%	$	5.19		1.00	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.67	$	4.58		0.90	%	$	5.09		1.00	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

+ In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees and expenses from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain affiliated/unaffiliated underlying portfolios acquired fund fees and expenses. The Portfolio’s total expenses are equal to the classes’ annualized expense ratio plus the Portfolio’s pro-rata share of the weighted average expense ratio of the affiliated/unaffiliated underlying portfolios in which it invests, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
SECURITY TYPE BREAKDOWN1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

SECURITY TYPE	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Investment Companies	$	47,019,233		48.2	%
Inflation-Linked Securities		3,764,841		3.8
Options Purchased—Puts		71,795		0.1
Options Purchased—Calls		5,184		0.0
Short-Term Investments		46,711,586		47.9
Total Investments	$	97,572,639		100.0	%

COUNTRY BREAKDOWN²

December 31, 2017 (unaudited)

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	50,827,088		52.1	%
Germany		23,466		0.0
Japan		9,651		0.0
United Kingdom		848		0.0
Short-Term		46,711,586		47.9
Total Investments	$	97,572,639		100.0	%

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

2 All data are as of December 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time.

7

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company			Shares		U.S. $ Value
INVESTMENT COMPANIES–47.7%
FUNDS AND INVESTMENT TRUSTS–47.7%(a)
iShares Core MSCI EAFE ETF				76,670	$	5,067,120
iShares Core S&P 500 ETF				43,375		11,661,369
iShares MSCI EAFE ETF				90,720		6,378,523
iShares Russell 2000 ETF				11,040		1,683,159
SPDR S&P 500 ETF Trust				38,091		10,164,964
Vanguard S&P 500 ETF				49,183		12,064,098
Total Investment Companies (cost $41,310,485)						47,019,233
			Principal Amount (000)
INFLATION-LINKED SECURITIES–3.8%
UNITED STATES–3.8%
U.S. Treasury Inflation Index 0.375%, 7/15/25 (TIPS) (cost $3,789,875)	$			3,760		3,764,841
			Notional Amount
OPTIONS PURCHASED–PUTS–0.1%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.1%
SPDR S&P 500 ETF Trust Expiration: Jan 2018; Contracts: 388.00; Exercise Price: USD 262.00; Counterparty: Morgan Stanley & Co., Inc.(b)		USD		38,800		37,830
OPTIONS ON INDICES–0.0%
Euro STOXX 50 Index Expiration: Jan 2018; Contracts: 740; Exercise Price: EUR 3,475.00; Counterparty: Deutsche Bank AG(b)		EUR		740		23,466
FTSE 100 Index Expiration: Jan 2018; Contracts: 130; Exercise Price: GBP 7,350.00; Counterparty: Deutsche Bank AG(b)		GBP		130		848
Nikkei 225 Index Expiration: Jan 2018; Contracts: 14,000; Exercise Price: JPY 22,250.00; Counterparty: Deutsche Bank AG(b)		JPY		14,000		9,651
						33,965
Total Options Purchased–Puts (premiums paid $93,315)						71,795
OPTIONS PURCHASED–CALLS–0.0%
OPTIONS ON FUNDS AND INVESTMENT TRUSTS–0.0%
SPDR S&P 500 ETF Trust Expiration: Jan 2018; Contracts: 162.00; Exercise Price: USD 271.00; Counterparty: Morgan Stanley & Co., Inc.(b) (premiums paid $12,967)		USD		16,200	$	5,184
SHORT-TERM INVESTMENTS–47.4%
GOVERNMENTS– TREASURIES–41.1%
JAPAN–21.9%
Japan Treasury Discount Bill
Series 724
Zero Coupon, 3/12/18		JPY		1,980,000		17,579,068
Series 727
Zero Coupon, 3/26/18				450,000		3,995,585
						21,574,653
NETHERLANDS–19.2%
Dutch Treasury Certificate Zero Coupon, 1/31/18		EUR		15,785		18,962,386
Total Governments–Treasuries (cost $40,209,982)						40,537,039
U.S. TREASURY BILLS–4.2%
U.S. Treasury Bill Zero Coupon, 1/25/18-2/22/18 (cost $4,129,323)				4,134		4,129,323
			Shares
INVESTMENT COMPANIES– 2.1%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(a)(c)(d) (cost $2,045,224)				2,045,224		2,045,224
Total Short-Term Investments (cost $46,384,529)						46,711,586
TOTAL INVESTMENTS–99.0% (cost $91,591,171)						97,572,639
Other assets less liabilities–1.0%						941,347
NET ASSETS–100.0%					$	98,513,986

8

AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Notional (000)				Original Value		Value at December 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
10 Yr Canadian Bond Futures		14		March 2018		CAD	1,400		$	1,513,631	$	1,501,130	$	(12,501	)
Euro STOXX 50 Index Futures		145		March 2018		EUR	1			6,233,862		6,077,057		(156,805	)
Euro-BTP Futures		13		March 2018		EUR	1,300			2,174,537		2,123,517		(51,020	)
Euro-Bund Futures		13		March 2018		EUR	1,300			2,551,074		2,521,891		(29,183	)
Euro-OAT Futures		13		March 2018		EUR	1,300			2,439,633		2,420,504		(19,129	)
FTSE 100 Index Futures		23		March 2018		GBP	0	*		2,311,464		2,371,864		60,400
Long Gilt Futures		4		March 2018		GBP	400			670,274		675,940		5,666
Nikkei 225 (CME) Futures		19		March 2018		USD	0	*		2,138,035		2,160,300		22,265
S&P TSX 60 Index Futures		13		March 2018		CAD	3			1,970,058		1,980,302		10,244
SPI 200 Futures		11		March 2018		AUD	0	*		1,291,943		1,291,704		(239	)
TOPIX Index Futures		18		March 2018		JPY	180			2,834,906		2,902,685		67,779
U.S. T-Note 10 Yr (CBT) Futures		58		March 2018		USD	5,800			7,234,304		7,194,718		(39,586	)
U.S. Ultra Bond (CBT) Futures		3		March 2018		USD	300			498,684		502,969		4,285
													$	(137,824	)

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		JPY	419,446		USD	3,747		4/06/18	$	6,293
Bank of America, NA		GBP	1,990		USD	2,671		3/14/18		(21,914	)
Bank of America, NA		USD	855		GBP	637		3/14/18		7,015
Barclays Bank PLC		AUD	1,080		USD	821		3/14/18		(21,582	)
Citibank, NA		JPY	1,892,104		USD	17,071		1/09/18		274,953
Citibank, NA		CHF	866		USD	882		3/14/18		(10,752	)
Credit Suisse International		JPY	322,496		USD	2,862		3/14/18		(10,464	)
HSBC Bank USA		EUR	3,344		USD	3,905		3/14/18		(123,683	)
Royal Bank of Scotland PLC		JPY	88,427		USD	798		1/09/18		13,186
Royal Bank of Scotland PLC		EUR	15,883		USD	18,838		2/02/18		(252,121	)
State Street Bank & Trust Co.		JPY	38,000		USD	338		4/06/18		(523	)
State Street Bank & Trust Co.		HKD	1,141		USD	146		3/14/18		135
State Street Bank & Trust Co.		EUR	490		USD	581		3/14/18		(10,259	)
State Street Bank & Trust Co.		SGD	190		USD	141		3/14/18		(1,418	)
									$	(151,134	)

CALL OPTIONS WRITTEN (see Note D)

Description

Counterparty

Contracts

Exercise Price

Expiration Month

Notional (000)

Premiums Received

U.S. $ Value

Nikkei 225 Index

Deutsche Bank AG

14,000

JPY

24,125.00

January 2018

JPY

14

$

5,058

$

(488

)

9

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

PUT OPTIONS WRITTEN (see Note D)

Description	Counterparty	Contracts		Exercise Price			Expiration Month		Notional (000)				Premiums Received		U.S. $ Value
Euro STOXX 50 Index	Deutsche Bank AG		740		EUR	3,350.00		January 2018		EUR	1		$	7,133	$	(6,417	)
FTSE 100 Index	Deutsche Bank AG		130		GBP	7,050.00		January 2018		GBP	0	*		1,646		(339	)
iShares MSCI Emerging Markets ETF	Morgan Stanley & Co., Inc.		1,269		USD	43.50		January 2018		USD	127			41,823		(3,807	)
Nikkei 225 Index	Deutsche Bank AG		14,000		JPY	21,375.00		January 2018		JPY	14			7,649		(1,860	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co., Inc.		324		USD	250.00		January 2018		USD	32			23,638		(9,234	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co., Inc.		257		USD	254.00		January 2018		USD	26			11,554		(10,280	)
SPDR S&P 500 ETF Trust	Morgan Stanley & Co., Inc.		388		USD	252.00		January 2018		USD	39			15,116		(13,192	)
													$	108,559	$	(45,129	)

* Notional amount less than 500.

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

(b) Non-income producing security.

(c) Affiliated investments.

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

Currency Abbreviations:

AUD—Australian Dollar

CAD—Canadian Dollar

CHF—Swiss Franc

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

JPY—Japanese Yen

SGD—Singapore Dollar

USD—United States Dollar

Glossary:

BTP—Buoni del Tesoro Poliennali

CBT—Chicago Board of Trade

CME—Chicago Mercantile Exchange

EAFE—Europe, Australia, and Far East

ETF—Exchange Traded Fund

FTSE—Financial Times Stock Exchange

MSCI—Morgan Stanley Capital International

OAT—Obligations Assimilables du Trésor

SPDR—Standard & Poor’s Depository Receipt

SPI—Share Price Index

TIPS—Treasury Inflation Protected Security

TOPIX—Tokyo Price Index

TSX—Toronto Stock Exchange

See notes to financial statements.

10

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $89,545,947)	$	95,527,415
Affiliated issuers (cost $2,045,224)		2,045,224
Cash collateral due from broker		1,083,598
Foreign currencies, at value (cost $185,706)		188,471
Unrealized appreciation on forward currency exchange contracts		301,582
Unaffiliated dividends and interest receivable		44,081
Receivable for capital stock sold		35,874
Affiliated dividends receivable		13,923
Total assets		99,240,168
LIABILITIES
Options written, at value (premiums received $113,617)		45,617
Unrealized depreciation on forward currency exchange contracts		452,716
Audit and tax fee payable		47,116
Advisory fee payable		39,398
Payable for variation margin on futures		29,886
Distribution fee payable		20,802
Administrative fee payable		13,905
Payable for capital stock redeemed		9,591
Cash collateral due to broker		2,397
Transfer Agent fee payable		97
Accrued expenses		64,657
Total liabilities		726,182
NET ASSETS	$	98,513,986
COMPOSITION OF NET ASSETS
Capital stock, at par	$	9,135
Additional paid-in capital		87,288,428
Undistributed net investment income		149,851
Accumulated net realized gain on investment transactions and foreign currency transactions		5,303,297
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		5,763,275
	$	98,513,986

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	11,912		1,100	$	10.83
B	$	98,502,074		9,134,181	$	10.78

See notes to financial statements.

11

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	762,188
Affiliated issuers		180,244
Interest		128,195
		1,070,627
EXPENSES
Advisory fee (see Note B)		537,498
Distribution fee—Class B		223,929
Transfer agency—Class B		4,823
Custodian		83,669
Administrative		54,688
Audit and tax		47,621
Legal		28,789
Directors’ fees		28,561
Printing		17,996
Miscellaneous		24,543
Total expenses		1,052,117
Less: expenses waived and reimbursed by the Adviser (see Notes B & E)		(255,442	)
Net expenses		796,675
Net investment income		273,952
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		998,400
Forward currency exchange contracts		(452,541	)
Futures		4,317,579
Options written		1,229,827
Swaptions written		63,991
Foreign currency transactions		463,878
Net change in unrealized appreciation/depreciation of:
Investments		3,815,153
Forward currency exchange contracts		(451,697	)
Futures		(420,290	)
Options written		(98,539	)
Swaptions written		(257	)
Foreign currency denominated assets and liabilities		2,606
Net gain on investment and foreign currency transactions		9,468,110
Contributions from Affiliates (see Note B)		146
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,742,208

See notes to financial statements.

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	273,952		$	154,316
Net realized gain on investment transactions and foreign currency transactions		6,621,134			174,910
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		2,846,976			2,874,799
Contributions from Affiliates (see Note B)		146			–0	–
Net increase in net assets from operations		9,742,208			3,204,025
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(59	)		(36	)
Class B		(310,219	)		(194,179	)
Net realized gain on investment transactions
Class A		(57	)		–0	–
Class B		(454,753	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase		10,228,289			25,173,454
Total increase		19,205,409			28,183,264
NET ASSETS
Beginning of period		79,308,577			51,125,313
End of period (including undistributed net investment income of $149,851 and $8,947, respectively)	$	98,513,986		$	79,308,577

See notes to financial statements.

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GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

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

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

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each 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 Portfolio’s Board of Directors (the “Board”).

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

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

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AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

	Level 1			Level 2			Level 3		Total
Investments in Securities:
Assets:
Investment Companies	$	47,019,233		$	–0–		$	–0–	$	47,019,233
Inflation-Linked Securities		–0–			3,764,841			–0–		3,764,841
Options Purchased—Puts		–0–			71,795			–0–		71,795
Options Purchased—Calls		–0–			5,184			–0–		5,184
Short-Term Investments:
Governments—Treasuries		–0–			40,537,039			–0–		40,537,039
U.S. Treasury Bills		–0–			4,129,323			–0–		4,129,323
Investment Companies		2,045,224			–0–			–0–		2,045,224
Total Investments in Securities		49,064,457			48,508,182			–0–		97,572,639
Other Financial Instruments(a):
Assets:
Futures		42,460			128,179			–0–		170,639	(b)
Forward Currency Exchange Contracts		–0–			301,582			–0–		301,582
Liabilities:
Futures		(151,419	)		(157,044	)		–0–		(308,463	)(b)
Forward Currency Exchange Contracts		–0–			(452,716	)		–0–		(452,716	)
Call Options Written		–0–			(488	)		–0–		(488	)
Put Options Written		–0–			(45,129	)		–0–		(45,129	)
Total(c)	$	48,955,498		$	48,282,566		$	–0–	$	97,238,064

(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 swaps with upfront premiums, 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 unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments. Exchange-traded swaps with upfront premiums are presented here as market value.

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

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing

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AB Variable Products Series Fund

Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

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

8. Offering Expenses

Offering expenses of $39,078 were deferred and amortized on a straight line basis over a one year period starting from April 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 .60% of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses, to the extent necessary to limit total operating expenses, inclusive of the Portfolio’s proportionate share of fees and expenses of registered investment companies or series thereof in which the Portfolio invests (“Acquired Fund Expenses”) on an annual basis (the “Expense Caps”) to .75% and 1.00% of daily average net assets for Class A and Class B, respectively. The Expense Caps may not be terminated by the Adviser before May 1, 2018. Any fees waived and expenses borne by the Adviser through April 27, 2016 are subject to repayment by the Portfolio until the end of the third fiscal year after the fiscal period in which the fee was waived or the expense was borne; such waivers that are subject to repayment amounted to $157,734 for the fiscal period ended December 31, 2015 and $70,109 for the year ended December 31, 2016. In any case, no reimbursement payment will be made that would cause the Portfolio’s total annual fund operating expenses to exceed the net fee percentage set forth above. For the year ended December 31, 2017, the reimbursements/waivers, exclusive of Acquired Fund Expenses, amounted to $156,316. For the year ended December 31, 2017, such waiver for Acquired Fund Expenses for both affiliated and unaffiliated underlying portfolios amounted to $54,624 and $43,761, respectively.

A summary of the Portfolio’s transactions in AB mutual funds for the year ended December 31, 2017 is as follows:

Fund	Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/17 (000)		Dividend Income (000)
Government Money Market Portfolio	$	36,333	$	42,589	$	76,877	$	2,045	$	176
Government Money Market Portfolio*		0		35,258		35,258		0		4
Total							$	2,045	$	180

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

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $54,688.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $146 for trading losses incurred due to a trade entry error.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $71,510, 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

18

AB Variable Products Series Fund

expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	33,015,770	$	21,418,295
U.S. government securities		2,322,781		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	91,658,892
Gross unrealized appreciation	$	6,948,352
Gross unrealized depreciation		(902,604	)
Net unrealized appreciation	$	6,045,748

1. Derivative Financial Instruments

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

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

• Futures

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

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

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

During the year ended December 31, 2017, the Portfolio held futures for hedging and non-hedging purposes.

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

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

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

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

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

At December 31, 2017, the maximum payments for written put options amounted to $7,166,964. In certain circumstances maximum payout amounts may be partially offset by recovery values of the respective referenced assets and upfront premium received upon entering into the contract.

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

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AB Variable Products Series Fund

During the year ended December 31, 2017, the Portfolio held purchased options for hedging and non-hedging purposes. During the year ended December 31, 2017, the Portfolio held written options for hedging and non-hedging purposes.

During the year ended December 31, 2017, the Portfolio held written swaptions for hedging and non-hedging purposes.

During the year ended December 31, 2017, the Portfolio held purchased swaptions for hedging and non-hedging purposes.

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

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

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	9,951	*	Receivable/Payable for variation margin on futures	$	151,419	*
Equity contracts	Receivable/Payable for variation margin on futures		160,688	*	Receivable/Payable for variation margin on futures		157,044	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		301,582		Unrealized depreciation on forward currency exchange contracts		452,716
Equity contracts	Investments in securities, at value		76,979
Equity contracts					Options written, at value		45,617
Total		$	549,200			$	806,796

* 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	$	285,050	$	(177,540	)
Equity contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures		4,032,529		(242,750	)

21

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

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(452,541	)	$	(451,697	)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(8,416	)		(4,717	)
Foreign exchange contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(5,317	)		–0–
Equity contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(1,016,015	)		(8,512	)
Foreign exchange contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		107,814			–0–
Equity contracts	Net realized gain (loss) on options written; Net change in unrealized appreciation/depreciation of options written		1,122,013			(98,539	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		63,991			(257	)
Total		$	4,129,108		$	(984,012	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Futures:
Average original value of buy contracts	$	36,469,320
Average original value of sale contracts	$	4,899,469	(a)
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	10,384,488
Average principal amount of sale contracts	$	33,401,715
Purchased Options:
Average monthly cost	$	160,527
Options Written:
Average notional amount	$	1,732,790
Swaptions Written:
Average notional amount	$	12,158,250	(b)

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

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

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 OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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

$

13,308

$

(13,308

)

$

–0

–

$

–0

–

$

–0

–

Citibank, NA

274,953

(10,752

)

–0

–

–0

–

264,201

Deutsche Bank AG

33,965

(9,104

)

–0

–

–0

–

24,861

Royal Bank of Scotland PLC

13,186

(13,186

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

135

(135

)

–0

–

–0

–

–0

–

Total

$

335,547

$

(46,485

)

$

–0

–

$

–0

–

$

289,062

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivatives Liabilities

OTC Derivatives:

Bank of America, NA

$

21,914

$

(13,308

)

$

–0

–

$

–0

–

$

8,606

Barclays Bank PLC

21,582

–0

–

–0

–

–0

–

21,582

Citibank, NA

10,752

(10,752

)

–0

–

–0

–

–0

–

Credit Suisse International

10,464

–0

–

–0

–

–0

–

10,464

Deutsche Bank AG

9,104

(9,104

)

–0

–

–0

–

–0

–

HSBC Bank USA

123,683

–0

–

–0

–

–0

–

123,683

Royal Bank of Scotland PLC

252,121

(13,186

)

–0

–

–0

–

238,935

State Street Bank & Trust Co.

12,200

(135

)

–0

–

–0

–

12,065

Total

$

461,820

$

(46,485

)

$

–0

–

$

–0

–

$

415,335

^

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

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

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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

23

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

time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had no securities on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $3,947 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $741. 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.

NOTE F: Capital Stock

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

	Shares						Amount
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class B
Shares sold		2,600,502			3,808,075		$	26,589,694		$	35,747,390
Shares issued in reinvestment of dividends and distributions		74,915			20,203			764,886			194,152
Shares redeemed		(1,673,405	)		(1,139,548	)		(17,126,291	)		(10,768,088	)
Net increase		1,002,012			2,688,730		$	10,228,289		$	25,173,454

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

At December 31, 2017, certain shareholders of the Portfolio owned 98% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

24

AB Variable Products Series Fund

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

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

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

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

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

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

Non-Diversification Risk—The Portfolio may have more risk because it is “non-diversified”, meaning that it can invest more of its assets in a smaller number of issuers. Accordingly, 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.

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	765,088	$	194,215
Total taxable distributions	$	765,088	$	194,215

25

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

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	3,215,156
Undistributed capital gains		1,952,754
Unrealized appreciation/(depreciation)		6,048,513	(a)
Total accumulated earnings/(deficit)	$	11,216,423

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, foreign currency reclassifications, contributions from the Adviser, the redesignation of dividends, and the disallowance of a net operating loss resulted in a net decrease in distributions in excess of net investment income, a net decrease in accumulated net realized gain on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Recent Accounting Pronouncements

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

NOTE K: Subsequent Events

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

26

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

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

	Class A
	Year Ended December 31,						April 28, 2015(a) to December 31, 2015
	2017			2016
Net asset value, beginning of period		$9.78			$9.40			$10.00
Income From Investment Operations
Net investment income (b)(c)		.06			.04			.05
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.09			.37			(.65	)
Contributions from Affiliates		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.15			.41			(.60	)
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.03	)		–0	–
Distributions from net realized gain on investment transactions		(.05	)		–0	–		–0	–
Total dividends and distributions		(.10	)		(.03	)		–0	–
Net asset value, end of period		$10.83			$9.78			$9.40
Total Return
Total investment return based on net asset value (e)		11.87	%		4.39	%		(6.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$12			$11			$10
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.63	%		.63	%		.69	%^
Expenses, before waivers/reimbursements (f)		.94	%		1.08	%		3.21	%^
Net investment income (c)		.55	%		.46	%		.82	%^
Portfolio turnover rate		59	%		79	%		111	%

See footnote summary on page 28.

27

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

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

	Class B
	Year Ended December 31,						April 28, 2015(a) to December 31, 2015
	2017			2016
Net asset value, beginning of period		$9.75			$9.39			$10.00
Income From Investment Operations
Net investment income (b)(c)		.03			.02			.01
Net realized and unrealized gain (loss) on investment transactions and foreign currency transactions		1.09			.37			(.62	)
Contributions from Affiliates		.00	(d)		–0	–		–0	–
Net increase (decrease) in net asset value from operations		1.12			.39			(.61	)
Less: Dividends and Distributions
Dividends from net investment income		(.04	)		(.03	)		–0	–
Distributions from net realized gain on investment transactions		(.05	)		–0	–		–0	–
Total dividends and distributions		(.09	)		(.03	)		–0	–
Net asset value, end of period		$10.78			$9.75			$9.39
Total Return
Total investment return based on net asset value (e)		11.50	%		4.24	%		(6.20	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$98,502			$79,298			$51,115
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (f)		.89	%		.88	%		.94	%^
Expenses, before waivers/reimbursements (f)		1.17	%		1.33	%		1.62	%^
Net investment income (c)		.31	%		.24	%		.19	%^
Portfolio turnover rate		59	%		79	%		111	%

(a) Commencement of operations.

(b) Based on average shares outstanding.

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

(d) Amount is less than $.005.

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

(f) In connection with the Portfolio’s investments in affiliated/unaffiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated/unaffiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of affiliated/unaffiliated acquired fund fees and expenses, and for the years ended December 31, 2017, December 31, 2016 and December 31, 2015 such waiver amounted to 0.11%, 0.12% and 0.06% (annualized), respectively.

^ Annualized.

See notes to financial statements.

28

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

To the Shareholders and the Board of Directors of AB Global Risk Allocation—Moderate Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Risk Allocation – Moderate Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period April 28, 2015 (commencement of operations) to December 31, 2015 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Global Risk Allocation – Moderate Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended and the period April 28, 2015 (commencement of operations) to December 31, 2015, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

29

2017 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 28.96% of dividends paid qualify for the dividends received deduction.

30

GLOBAL RISK ALLOCATION—
MODERATE PORTFOLIO	AB Variable Products Series Fund

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

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

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

31

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey,## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.,## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin,## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen,## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

33

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody, and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		96	None
Earl D. Weiner,## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

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

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

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

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

34

AB Variable Products Series Fund

Officer Information

Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Daniel J. Loewy 43	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Chief Investment Officer and Head of Multi-Asset Solutions and Chief Investment Officer for Dynamic Asset Allocation.
Leon Zhu 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

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

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

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

35

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Risk Allocation—Moderate Portfolio (the “Fund”) at a meeting held on August 1-2, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for the period ended December 31, 2015 and calendar year 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available

36

AB Variable Products Series Fund

and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors noted that the Fund was not profitable to the Adviser in the periods reviewed.

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-year period ended May 31, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other 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 Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

37

GLOBAL RISK ALLOCATION—MODERATE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

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

Economies of Scale

The directors noted that the advisory fee schedule for the Fund does not contain breakpoints and that they had previously discussed their strong preference for breakpoints in advisory contracts with the Adviser. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. The directors informed the Adviser that they would monitor the Fund’s assets (which were well below the level at which they would anticipate adding an initial breakpoint) and its profitability (currently unprofitable) to the Adviser and anticipated revisiting the question of breakpoints in the future if circumstances warranted doing so.

38

VPS-GRA-0151-1217

DEC^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GLOBAL THEMATIC GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

GLOBAL THEMATIC GROWTH
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Global Thematic Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation. The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying the most attractive securities worldwide, fitting into broader themes, which are developments that have broad effects across industries and companies. Drawing on its global fundamental research capabilities, the Adviser seeks to identify long-term secular growth trends that will affect multiple industries. The Adviser will assess the effects of these trends on entire industries and on individual companies. Through this process, the Adviser intends to identify key investment themes, which will be the focus of the Portfolio’s investments and which are expected to change over time based on the Adviser’s research.

In addition to this “top-down” thematic approach, the Adviser will also use a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation and quality of company management. The Adviser normally considers a large universe of mid- to large-capitalization companies worldwide for investment.

The Portfolio invests in securities issued by US and non-US companies from multiple industry sectors in an attempt to maximize opportunity, which should also tend to reduce risk. The Portfolio invests in both developed and emerging-market countries. Under normal market conditions, the Portfolio invests significantly (at least 40%—unless market conditions are not deemed favorable by the Adviser) in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries. The percentage of the Portfolio’s assets invested in securities of companies in a particular country or denominated in a particular currency varies in accordance with the Adviser’s assessment of the appreciation potential of such securities.

The Portfolio may invest in any company and industry and in any type of equity security, listed and unlisted, with potential for capital appreciation. It invests in well-known, established companies as well as new, smaller or less-seasoned companies. Investments in new, smaller or less-seasoned companies may offer more reward but may also entail more risk than is generally true of larger, established companies. The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities, real estate investment trusts and zero-coupon bonds.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

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

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) (net), for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio outperformed the benchmark for the annual period. The Portfolio’s technology holdings (mainly embedded in the Empowerment theme) contributed the most to performance relative to the benchmark. An underweight to the energy sector also contributed. Cash holdings in a rising market detracted, as did an overweight in the utilities sector.

The Portfolio utilized derivatives in the form of currency forwards for hedging purposes, which had no material impact on absolute performance during the annual period.

1

AB Variable Products Series Fund

MARKET REVIEW AND INVESTMENT STRATEGY

Global equity markets were very robust and largely outpaced economic growth in 2017. Emerging-market stocks were the clear winners, outperforming their developed-market peers after several disappointing years. US stocks, while posting exceptional gains, were outpaced by global stocks. Expectations of tax reform helped fuel US markets.

The Portfolio’s exposures remain focused on secular growth themes, supported by companies with attractive fundamentals. The Portfolio’s Senior Investment Management Team (the “Team”) continues to favor companies with strong organic revenue growth over those that are exposed to more macro-cyclical shifts in the market. The Team has positioned the Portfolio to be ready to take advantage of any market dislocations.

2

GLOBAL THEMATIC GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI ACWI is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI ACWI (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

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

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

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

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

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

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

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

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

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

An Important Note About Historical Performance

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

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

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

4

GLOBAL THEMATIC GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Global Thematic Growth Portfolio Class A2		36.66%		12.59%		4.24%
Global Thematic Growth Portfolio Class B2		36.30%		12.31%		3.99%
MSCI ACWI (net)		23.97%		10.80%		4.65%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.04%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.06% and 1.31% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GLOBAL THEMATIC GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Global Thematic Growth Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

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

5

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

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,125.30	$	5.41		1.01	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.11	$	5.14		1.01	%
Class B
Actual	$	1,000	$	1,123.80	$	6.74		1.26	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.85	$	6.41		1.26	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

GLOBAL THEMATIC GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
MSCI, Inc.—Class A	$	3,538,059		2.4	%
Kingspan Group PLC		3,535,672		2.4
American Water Works Co., Inc.		3,483,848		2.4
Housing Development Finance Corp., Ltd.		3,412,600		2.3
Hexcel Corp.		3,336,746		2.3
Abbott Laboratories		3,250,137		2.2
Apollo Hospitals Enterprise Ltd.		3,125,966		2.1
UnitedHealth Group, Inc.		3,031,325		2.1
AIA Group Ltd.		3,016,101		2.1
Xylem, Inc./NY		3,015,804		2.1
	$	32,746,258		22.4	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Health Care	$	30,312,446		20.7	%
Financials		27,425,428		18.7
Information Technology		24,909,017		17.0
Industrials		20,062,217		13.7
Utilities		11,311,352		7.7
Consumer Discretionary		8,562,058		5.8
Consumer Staples		7,823,200		5.3
Real Estate		4,358,735		3.0
Materials		2,891,579		2.0
Telecommunication Services		1,791,930		1.2
Short-Term Investments		7,252,673		4.9
Total Investments	$	146,700,635		100.0	%

1 Long-term investments.

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

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

7

GLOBAL THEMATIC GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
United States	$	69,748,697		47.5	%
China		10,043,425		6.9
India		8,363,577		5.7
Switzerland		7,660,217		5.2
France		7,210,042		4.9
Germany		5,934,207		4.0
Denmark		4,847,789		3.3
Indonesia		3,764,303		2.6
Hong Kong		3,044,607		2.1
Ireland		3,016,101		2.1
Sweden		2,879,188		2.0
United Kingdom		2,591,831		1.8
Japan		2,547,036		1.7
Other		7,796,942		5.3
Short-Term Investments		7,252,673		4.9
Total Investments	$	146,700,635		100.0	%

1 All data are as of December 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 1.7% or less in the following countries: Brazil, Japan, Peru and Philippines.

8

GLOBAL THEMATIC GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–95.2%
HEALTH CARE–20.7%
BIOTECHNOLOGY–1.6%
Foundation Medicine, Inc.(a)(b)		18,298	$	1,247,923
Regeneron Pharmaceuticals, Inc.(a)		2,810		1,056,448
				2,304,371
HEALTH CARE EQUIPMENT & SUPPLIES–7.3%
Abbott Laboratories		56,950		3,250,137
Danaher Corp.		28,320		2,628,662
Essilor International Cie Generale d’Optique SA		17,977		2,476,178
West Pharmaceutical Services, Inc.		24,170		2,384,854
				10,739,831
HEALTH CARE PROVIDERS & SERVICES–4.2%
Apollo Hospitals Enterprise Ltd.		165,820		3,125,966
UnitedHealth Group, Inc.		13,750		3,031,325
				6,157,291
LIFE SCIENCES TOOLS & SERVICES–5.5%
Bio-Rad Laboratories, Inc.–Class A(a)		11,830		2,823,466
Bruker Corp.		79,450		2,726,724
ICON PLC(a)		21,690		2,432,534
				7,982,724
PHARMACEUTICALS–2.1%
Roche Holding AG		8,640		2,184,669
Vectura Group PLC(a)		593,760		943,560
				3,128,229
				30,312,446
FINANCIALS–18.7%
BANKS–5.5%
Bank Mandiri Persero Tbk PT		3,349,500		1,972,373
Credicorp Ltd.		7,400		1,534,982
HDFC Bank Ltd.		52,230		1,549,041
Svenska Handelsbanken AB–Class A		116,250		1,588,676
Swedbank AB–Class A		60,350		1,455,931
				8,101,003
CAPITAL MARKETS–6.2%
Charles Schwab Corp. (The)		56,790		2,917,302
MSCI, Inc.–Class A		27,960		3,538,059
Partners Group Holding AG(b)		3,720		2,548,917
				9,004,278
CONSUMER FINANCE–1.3%
Bharat Financial Inclusion Ltd.(a)		124,810		1,955,818
INSURANCE–3.4%
AIA Group Ltd.		354,600		3,016,101
Prudential PLC		75,580		1,935,628
				4,951,729

Company	Shares		U.S. $ Value
THRIFTS & MORTGAGE FINANCE–2.3%
Housing Development Finance Corp., Ltd.		127,430	$	3,412,600
				27,425,428
INFORMATION TECHNOLOGY–17.0%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.2%
Flex Ltd.(a)		102,900		1,851,171
INTERNET SOFTWARE & SERVICES–6.0%
Alibaba Group Holding Ltd. (Sponsored ADR)(a)		8,280		1,427,720
Alphabet, Inc.–Class C(a)		2,567		2,686,109
Facebook, Inc.–Class A(a)		11,560		2,039,878
Tencent Holdings Ltd.		50,900		2,634,478
				8,788,185
IT SERVICES–2.0%
Visa, Inc.–Class A		25,620		2,921,192
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.7%
ams AG(a)		28,610		2,591,831
Infineon Technologies AG		80,290		2,186,634
NVIDIA Corp.		10,988		2,126,178
				6,904,643
SOFTWARE–2.0%
Microsoft Corp.		33,680		2,880,987
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.1%
Apple, Inc.		9,235		1,562,839
				24,909,017
INDUSTRIALS–13.7%
AEROSPACE & DEFENSE–2.3%
Hexcel Corp.		53,949		3,336,746
BUILDING PRODUCTS–2.4%
Kingspan Group PLC		80,690		3,535,672
COMMERCIAL SERVICES & SUPPLIES–1.6%
China Everbright International Ltd.		1,632,000		2,328,284
ELECTRICAL EQUIPMENT–3.5%
Schneider Electric SE (Paris)(a)		31,110		2,637,520
Vestas Wind Systems A/S		36,860		2,547,036
				5,184,556
INDUSTRIAL CONGLOMERATES–1.8%
Siemens AG (REG)		19,220		2,661,155

9

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

Company	Shares		U.S. $ Value
MACHINERY–2.1%
Xylem, Inc./NY		44,220	$	3,015,804
				20,062,217
UTILITIES–7.7%
MULTI-UTILITIES–1.4%
Suez		119,330		2,096,344
WATER UTILITIES–6.3%
American Water Works Co., Inc.		38,079		3,483,848
Aqua America, Inc.		57,490		2,255,332
Beijing Enterprises Water Group Ltd.(a)		2,554,000		1,973,095
Cia de Saneamento Basico do Estado de Sao Paulo		145,200		1,502,733
				9,215,008
				11,311,352
CONSUMER DISCRETIONARY–5.9%
AUTO COMPONENTS–2.4%
Aptiv PLC		26,190		2,221,698
Delphi Technologies PLC(a)		23,483		1,232,153
				3,453,851
DIVERSIFIED CONSUMER SERVICES–1.3%
Bright Horizons Family Solutions, Inc.(a)		20,320		1,910,080
INTERNET & DIRECT MARKETING RETAIL–1.2%
Amazon.com, Inc.(a)		1,443		1,687,545
TEXTILES, APPAREL & LUXURY GOODS–1.0%
NIKE, Inc.–Class B		24,150		1,510,583
				8,562,059
CONSUMER STAPLES–5.3%
FOOD PRODUCTS–3.6%
Kerry Group PLC–Class A		21,380		2,398,535
Nestle SA (REG)		34,040		2,926,631
				5,325,166
HOUSEHOLD PRODUCTS–1.7%
Unicharm Corp.		96,200		2,498,034
				7,823,200
REAL ESTATE–3.0%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.4%
SBA Communications Corp.(a)		12,840		2,097,542
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.6%
SM Prime Holdings, Inc.		3,010,100		2,261,193
				4,358,735

Company		Shares		U.S. $ Value
MATERIALS–2.0%
CHEMICALS–2.0%
Ecolab, Inc.			21,550	$	2,891,579
TELECOMMUNICATION SERVICES–1.2%
DIVERSIFIED TELECOMMUNICATION SERVICES–1.2%
Telekomunikasi Indonesia Persero Tbk PT			5,475,000		1,791,930
Total Common Stocks (cost $100,692,060)					139,447,963
WARRANTS–0.0%
INFORMATION TECHNOLOGY–0.0%
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.0%
Thin Film Electronics ASA, expiring 7/14/18(a)(c)(d)(e) (cost $0)			591,845		–0	–
		Principal Amount (000)
SHORT-TERM INVESTMENTS–5.0%
TIME DEPOSIT–5.0%
State Street Time Deposit 0.12%, 1/02/18 (cost $7,252,672)	U.S.$		7,253		7,252,672
Total Investments Before Security Lending Collateral for Securities Loaned–100.2% (cost $107,944,732)					146,700,635
		Shares
INVESTMENT COMPANIES–2.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(f)(g)(h) (cost $3,828,854)			3,828,854		3,828,854
TOTAL INVESTMENTS–102.8% (cost $111,773,586)					150,529,489
Other assets less liabilities–(2.8)%					(4,077,680	)
NET ASSETS–100.0%				$	146,451,809

10

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		USD	756		BRL	2,502		1/03/18	$	(1,675	)
Bank of America, NA		BRL	1,251		USD	378		1/03/18		1,037
Bank of America, NA		BRL	1,251		USD	377		1/03/18		(329	)
Bank of America, NA		BRL	1,251		USD	376		2/02/18		439
Bank of America, NA		CNY	33,705		USD	5,039		2/07/18		(125,116	)
Bank of America, NA		USD	5,675		GBP	4,228		3/14/18		46,559
Bank of America, NA		INR	521,894		USD	7,976		3/12/18		(149,299	)
Bank of America, NA		USD	1,025		ZAR	14,161		3/14/18		107,559
Barclays Bank PLC		USD	3,048		CAD	3,913		3/14/18		68,350
Barclays Bank PLC		USD	1,981		CNY	13,174		2/07/18		37,022
Barclays Bank PLC		EUR	1,763		USD	2,087		3/14/18		(37,566	)
Barclays Bank PLC		INR	36,775		USD	565		3/12/18		(7,101	)
Barclays Bank PLC		USD	180		TWD	5,354		3/08/18		2,285
BNP Paribas SA		USD	829		AUD	1,093		3/14/18		23,226
Citibank, NA		USD	476		RUB	28,928		1/25/18		24,343
Credit Suisse International		USD	7,902		JPY	890,537		3/14/18		28,894
Credit Suisse International		SEK	10,318		USD	1,235		3/14/18		(27,660	)
Goldman Sachs Bank USA		CHF	2,694		USD	2,742		3/14/18		(36,377	)
JPMorgan Chase Bank, NA		EUR	3,595		USD	4,264		3/14/18		(67,102	)
JPMorgan Chase Bank, NA		HKD	9,691		USD	1,243		3/14/18		1,001
Morgan Stanley & Co., Inc.		USD	1,242		HKD	9,691		3/14/18		(291	)
Standard Chartered Bank		USD	2,427		AUD	3,193		3/14/18		64,061
Standard Chartered Bank		USD	1,720		TWD	51,428		3/08/18		26,387
State Street Bank & Trust Co.		EUR	272		USD	324		3/14/18		(3,585	)
State Street Bank & Trust Co.		GBP	289		USD	386		3/14/18		(4,613	)
State Street Bank & Trust Co.		JPY	43,695		USD	390		3/14/18		1,133
State Street Bank & Trust Co.		USD	486		MXN	9,452		3/14/18		(10,936	)
State Street Bank & Trust Co.		USD	265		NOK	2,208		3/14/18		4,548
State Street Bank & Trust Co.		USD	2,424		KRW	2,744,335		1/18/18		148,288
State Street Bank & Trust Co.		SEK	4,197		USD	501		3/14/18		(12,953	)
State Street Bank & Trust Co.		CHF	1,090		USD	1,113		3/14/18		(11,571	)
									$	88,958

11

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

(a) Non-income producing security.

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

(c) Illiquid security.

(d) Fair valued by the Adviser.

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

(f) Affiliated investments.

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

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

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

12

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $107,944,732)	$	146,700,635	(a)
Affiliated issuers (cost $3,828,854—investment of cash collateral for securities loaned)		3,828,854
Foreign currencies, at value (cost $124,244)		124,419
Unrealized appreciation on forward currency exchange contracts		585,132
Dividends and interest receivable		133,678
Receivable for capital stock sold		10,285
Total assets		151,383,003
LIABILITIES
Payable for collateral received on securities loaned		3,828,854
Unrealized depreciation on forward currency exchange contracts		496,174
Payable for capital stock redeemed		304,526
Advisory fee payable		93,212
Payable for investment securities purchased and foreign currency transactions		50,513
Distribution fee payable		22,656
Administrative fee payable		13,644
Transfer Agent fee payable		97
Accrued expenses		121,518
Total liabilities		4,931,194
NET ASSETS	$	146,451,809
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,958
Additional paid-in capital		107,788,443
Distributions in excess of net investment income		(59,576	)
Accumulated net realized loss on investment and foreign currency transactions		(128,488	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		38,846,472
	$	146,451,809

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	40,120,555		1,323,257	$	30.32
B	$	106,331,254		3,634,981	$	29.25

(a) Includes securities on loan with a value of $3,669,395 (see Note E).

See notes to financial statements.

13

GLOBAL THEMATIC GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $88,112)	$	1,400,533
Affiliated issuers		12,795
Interest		6,956
Securities lending income		21,167
Other income		2,440
		1,443,891
EXPENSES
Advisory fee (see Note B)		974,543
Distribution fee—Class B		240,025
Transfer agency—Class A		1,990
Transfer agency—Class B		5,605
Custodian		103,513
Audit and tax		60,853
Printing		54,357
Administrative		53,585
Legal		29,823
Directors’ fees		28,559
Miscellaneous		8,980
Total expenses		1,561,833
Less: expenses waived and reimbursed by the Adviser (see Note E)		(2,998	)
Net expenses		1,558,835
Net investment loss		(114,944	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		13,796,215
Forward currency exchange contracts		(195,458	)
Foreign currency transactions		46,546
Net change in unrealized appreciation/depreciation of:
Investments		25,226,753
Forward currency exchange contracts		144,082
Foreign currency denominated assets and liabilities		11,906
Net gain on investment and foreign currency transactions		39,030,044
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	38,915,100

See notes to financial statements.

14

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(114,944	)	$	(10,710	)
Net realized gain on investment and foreign currency transactions		13,647,303			3,729,311
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		25,382,741			(4,937,260	)
Net increase (decrease) in net assets from operations		38,915,100			(1,218,659	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(159,360	)		–0	–
Class B		(274,046	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		886,757			(15,530,375	)
Total increase (decrease)		39,368,451			(16,749,034	)
NET ASSETS
Beginning of period		107,083,358			123,832,392
End of period (including distributions in excess of net investment income of ($59,576) and undistributed net investment income of $454,754, respectively)	$	146,451,809		$	107,083,358

See notes to financial statements.

15

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Global Thematic Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

16

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks:

Health Care

$

22,525,633

$

7,786,813

$

–0

–

$

30,312,446

Financials

7,990,343

19,435,085

–0

–

27,425,428

Information Technology

17,496,074

7,412,943

–0

–

24,909,017

Industrials

6,352,550

13,709,667

–0

–

20,062,217

Utilities

7,241,913

4,069,439

–0

–

11,311,352

Consumer Discretionary

8,562,059

–0

–

–0

–

8,562,059

Consumer Staples

2,398,535

5,424,665

–0

–

7,823,200

Real Estate

4,358,735

–0

–

–0

–

4,358,735

Materials

2,891,579

–0

–

–0

–

2,891,579

Telecommunication Services

–0

–

1,791,930

–0

–

1,791,930

Warrants

–0

–

–0

–

–0

–(a)

–0

–

Short-Term Investments

–0

–

7,252,672

–0

–

7,252,672

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

3,828,854

–0

–

–0

–

3,828,854

Total Investments in Securities

83,646,275

66,883,214

(b)

–0

–

150,529,489

17

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

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(c):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	585,132		$	–0	–	$	585,132
Liabilities:
Forward Currency Exchange Contracts		–0	–		(496,174	)		–0	–		(496,174	)
Total(d)(e)	$	83,646,275		$	66,972,172		$	–0	–	$	150,618,447

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

(b) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

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

(d) An amount of $2,455,063 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.

(e) There were deminimis transfers under 1% of net assets 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 following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Warrants(a)			Total
Balance as of 12/31/16	$	–0	–	$	–0	–
Accrued discounts/(premiums)		–0	–		–0	–
Realized gain (loss)		–0	–		–0	–
Change in unrealized appreciation/depreciation		–0	–		–0	–
Purchases		–0	–		–0	–
Sales		–0	–		–0	–
Transfers in to Level 3		–0	–		–0	–
Transfers out of Level 3		–0	–		–0	–
Balance as of 12/31/17	$	–0	–	$	–0	–
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(b)	$	–0	–	$	–0	–

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

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

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

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor

18

AB Variable Products Series Fund

due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

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

19

GLOBAL THEMATIC GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 year ended December 31, 2017, the reimbursement for such services amounted to $53,585.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $57,715, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	48,841,545		$	53,846,882
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	111,862,074
Gross unrealized appreciation	$	39,684,031
Gross unrealized depreciation		(1,027,234	)
Net unrealized appreciation	$	38,656,797

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.

20

AB Variable Products Series Fund

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

• Forward Currency Exchange Contracts

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

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

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging purposes.

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

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

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	585,132	Unrealized depreciation on forward currency exchange contracts	$	496,174
Total		$	585,132		$	496,174

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(195,458	)	$	144,082
Total		$	(195,458	)	$	144,082

21

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

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	28,852,652
Average principal amount of sale contracts	$	24,645,824

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

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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

$

155,594

$

(155,594

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

107,657

(44,667

)

–0

–

–0

–

62,990

BNP Paribas SA

23,226

–0

–

–0

–

–0

–

23,226

Citibank, NA

24,343

–0

–

–0

–

–0

–

24,343

Credit Suisse International

28,894

(27,660

)

–0

–

–0

–

1,234

JPMorgan Chase Bank, NA

1,001

(1,001

)

–0

–

–0

–

–0

–

Standard Chartered Bank

90,448

–0

–

–0

–

–0

–

90,448

State Street Bank & Trust Co.

153,969

(43,658

)

–0

–

–0

–

110,311

Total

$

585,132

$

(272,580

)

$

–0

–

$

–0

–

$

312,552

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivatives Liabilities

OTC Derivatives:

Bank of America, NA

$

276,419

$

(155,594

)

$

–0

–

$

–0

–

$

120,825

Barclays Bank PLC

44,667

(44,667

)

–0

–

–0

–

–0

–

Credit Suisse International

27,660

(27,660

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA

36,377

–0

–

–0

–

–0

–

36,377

JPMorgan Chase Bank, NA

67,102

(1,001

)

–0

–

–0

–

66,101

Morgan Stanley & Co., Inc.

291

–0

–

–0

–

–0

–

291

State Street Bank & Trust Co.

43,658

(43,658

)

–0

–

–0

–

–0

–

Total

$

496,174

$

(272,580

)

$

–0

–

$

–0

–

$

223,594

^

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

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

2. Currency Transactions

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

22

AB Variable Products Series Fund

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $3,669,395 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $3,828,854. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $21,167 and $12,795 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $2,998. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	4,544	$	30,576	$	31,291	$	3,829

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		205,607			114,273		$	5,763,464		$	2,477,642
Shares issued in reinvestment of dividends and distributions		5,799			–0	–		159,360			–0	–
Shares redeemed		(164,656	)		(243,647	)		(4,344,931	)		(5,303,033	)
Net increase (decrease)		46,750			(129,374	)	$	1,577,893		$	(2,825,391	)
Class B
Shares sold		780,996			511,535		$	20,282,734		$	10,794,955
Shares issued in reinvestment of dividends and distributions		10,330			–0	–		274,046			–0	–
Shares redeemed		(809,779	)		(1,110,011	)		(21,247,916	)		(23,499,939	)
Net decrease		(18,453	)		(598,476	)	$	(691,136	)	$	(12,704,984	)

23

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

At December 31, 2017, certain shareholders of the Portfolio owned 65% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

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

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

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

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s NAV.

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

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Components of Accumulated Earnings (Deficit)

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	433,406	$	–0	–
Total taxable distributions paid	$	433,406	$	–0	–

24

AB Variable Products Series Fund

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	–0	–(a)
Unrealized appreciation/(depreciation)		38,658,408	(b)
Total accumulated earnings/(deficit)	$	38,658,408

(a) During the fiscal year, the Portfolio utilized $13,792,210 of capital loss carryforwards to offset current year net realized gains. The Portfolio also had $5,008,350 of capital loss carryforwards expire during the fiscal year.

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications, the expiration of capital loss carryforwards, a dividend overdistribution, and the disallowance of a net operating loss resulted in a net decrease in distributions in excess of net investment income, a net decrease in accumulated net realized loss on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

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.

25

GLOBAL THEMATIC GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$22.29			$22.43			$21.80			$20.75			$16.88
Income From Investment Operations
Net investment income (a)		.03	(b)		.04	(b)†		.02			.06			.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		8.13			(.18	)		.60			.99			3.88
Contributions from Affiliates		–0	–		–0	–		.01			–0	–		–0	–
Net increase (decrease) in net asset value from operations		8.16			(.14	)		.63			1.05			3.92
Less: Dividends and Distributions
Dividends from net investment income		(.13	)		–0	–		–0	–		–0	–		(.05	)
Tax return of capital		–0	–		–0	–		–0	–		–0	–		(.00	)(c)
Total dividends and distributions		(.13	)		–0	–		–0	–		–0	–		(.05	)
Net asset value, end of period		$30.32			$22.29			$22.43			$21.80			$20.75
Total Return
Total investment return based on net asset value (d)*		36.66	%		(.62	)%†		2.89	%		5.06	%		23.26	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$40,121			$28,458			$31,534			$30,886			$32,195
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.02	%		1.06	%		1.01	%		1.01	%		.98	%
Expenses, before waivers/reimbursements		1.02	%		1.06	%		1.01	%		1.01	%		.98	%
Net investment income		.09	%(b)		.17	%(b)†		.07	%		.26	%		.22	%
Portfolio turnover rate		40	%		54	%		47	%		48	%		96	%

See footnote summary on page 27.

26

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$21.52			$21.71			$21.15			$20.18			$16.42
Income From Investment Operations
Net investment income (loss) (a)		(.04	)(b)		(.02	)(b)†		(.04	)		.00	(d)		(.01	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		7.84			(.17	)		.59			.97			3.77
Contributions from Affiliates		–0	–		–0	–		.01			–0	–		–0	–
Net increase (decrease) in net asset value from operations		7.80			(.19	)		.56			.97			3.76
Less: Dividends and Distributions
Dividends from net investment income		(.07	)		–0	–		–0	–		–0	–		(.00	)(c)
Tax return of capital		–0	–		–0	–		–0	–		–0	–		(.00	)(c)
Total dividends and distributions		(.07	)		–0	–		–0	–		–0	–		(.00	)
Net asset value, end of period		$29.25			$21.52			$21.71			$21.15			$20.18
Total Return
Total investment return based on net asset value (d)*		36.30	%		(.87	)%†		2.65	%		4.81	%		22.93	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$106,331			$78,625			$92,298			$96,728			$101,388
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.26	%		1.31	%		1.26	%		1.26	%		1.23	%
Expenses, before waivers/reimbursements		1.27	%		1.31	%		1.26	%		1.26	%		1.23	%
Net investment income (loss)		(.15	)%(b)		(.07	)%(b)†		(.17	)%		.01	%		(.06	)%
Portfolio turnover rate		40	%		54	%		47	%		48	%		96	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.004		.02	%		.02	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.04%, 0.28%, 0.01%, 0.02% and 0.05%, respectively.

See notes to financial statements.

27

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

To the Shareholders and the Board of Directors of AB Global Thematic Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Global Thematic Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Global Thematic Growth Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

28

2017 FEDERAL TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 97.89% of dividends paid qualify for the dividends received deduction.

29

GLOBAL THEMATIC GROWTH
PORTFOLIO	AB Variable Products Series Fund

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

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Global Growth and Thematic Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

30

GLOBAL THEMATIC GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey,## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

31

GLOBAL THEMATIC GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.,## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin,## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen,## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995) where he was responsible for accounting, pricing, custody and reporting for the Fidelity Mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		96	None
Earl D. Weiner,## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105

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

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

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

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

33

GLOBAL THEMATIC GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS,* AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 46	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2013. He is also Chief Investment Officer of Thematic and Sustainable Equities.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

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

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

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

34

GLOBAL THEMATIC GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Global Thematic Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors

35

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

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of

36

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.

37

VPS-GTG-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a domestic portfolio of equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Adviser looks for companies that have experienced management teams, strong market positions and the potential to deliver greater-than-expected earnings growth rates.

In managing the Portfolio, the Adviser allocates investments among broad sector groups and selects specific investments based on the fundamental company research conducted by the Adviser’s internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models and clear competitive advantages.

The Portfolio has the flexibility to invest across the capitalization spectrum. The Portfolio is designed for those seeking exposure to companies of various sizes, and typically has substantial investments in both large-capitalization companies and mid-capitalization companies, and may also invest in small-capitalization companies.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 3000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio outperformed the benchmark for the annual period. Stock selection in the consumer staples, technology, health care and industrials sectors, as well as an overweight position in technology and underweight positions in real estate and telecommunications, were the primary contributors to performance relative to the benchmark. Stock selection in the consumer discretionary and materials sectors as well as an overweight position in health care detracted.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked one of the strongest years for global stock market performance since the 2008 financial crisis. Emerging-market equities outperformed, followed by non-US stocks. Large-cap stocks outperformed their small-cap peers, and growth outperformed value, in terms of style.

Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

The Portfolio’s Senior Investment Management Team (the “Team”) continues to select companies that are likely to be rewarded for offering high profitability, attractive reinvestment opportunities and sustainable competitive advantages. The Team believes that this strategy can be beneficial in an environment which offers lower growth and that still appears favorable for stock pickers, as investors increasingly reward companies for their fundamental strengths.

1

GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 3000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 3000 Growth Index represents the performance of 3,000 growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

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

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

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

2

GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Growth Portfolio Class A2		34.51%		17.63%		8.64%
Growth Portfolio Class B2		34.15%		17.33%		8.36%
Russell 3000 Growth Index		29.59%		17.16%		9.93%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.11%. Also includes the impact of proceeds received and credited to the Portfolio in connection with a regulatory settlement, which enhanced performance for the annual period ended December 31, 2017, by 0.14%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 1.15% and 1.40% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Growth Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,136.80	$	5.87		1.09	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.71	$	5.55		1.09	%
Class B
Actual	$	1,000	$	1,135.00	$	7.26		1.35	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.40	$	6.87		1.35	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class C	$	5,352,336		7.6	%
Facebook, Inc.—Class A		4,058,051		5.8
Visa, Inc.—Class A		3,302,019		4.7
UnitedHealth Group, Inc.		3,008,838		4.3
Biogen, Inc.		2,690,005		3.8
Costco Wholesale Corp.		2,601,027		3.7
Edwards Lifesciences Corp.		2,444,680		3.5
Home Depot, Inc. (The)		2,344,297		3.3
Constellation Brands, Inc.—Class A		2,310,843		3.3
Adobe Systems, Inc.		2,297,397		3.3
	$	30,409,493		43.3	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	24,657,941		35.1	%
Health Care		14,365,500		20.5
Consumer Discretionary		12,042,640		17.1
Consumer Staples		7,792,287		11.1
Industrials		6,797,555		9.7
Financials		2,120,849		3.0
Materials		2,047,491		2.9
Short-Term Investments		431,503		0.6
Total Investments	$	70,255,766		100.0	%

1 Long-term investments.

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

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

5

GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.5%
INFORMATION TECHNOLOGY–35.1%
COMMUNICATIONS EQUIPMENT–0.7%
Arista Networks, Inc.(a)		2,150	$	506,497
INTERNET SOFTWARE & SERVICES–14.5%
Alphabet, Inc.–Class C(a)		5,115		5,352,336
Facebook, Inc.–Class A(a)		22,997		4,058,051
Trade Desk, Inc. (The)–Class A(a)(b)		16,130		737,625
				10,148,012
IT SERVICES–6.9%
Fiserv, Inc.(a)		4,930		646,471
PayPal Holdings, Inc.(a)		12,520		921,722
Visa, Inc.–Class A		28,960		3,302,019
				4,870,212
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.6%
NVIDIA Corp.		3,120		603,720
Xilinx, Inc.		27,970		1,885,737
				2,489,457
SOFTWARE–6.8%
Adobe Systems, Inc.(a)		13,110		2,297,397
Electronic Arts, Inc.(a)		9,890		1,039,043
HubSpot, Inc.(a)		7,980		705,432
ServiceNow, Inc.(a)		2,567		334,711
Splunk, Inc.(a)		5,050		418,342
				4,794,925
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–2.6%
Apple, Inc.		10,925		1,848,838
				24,657,941
HEALTH CARE–20.5%
BIOTECHNOLOGY–3.8%
Biogen, Inc.(a)		8,444		2,690,005
HEALTH CARE EQUIPMENT & SUPPLIES–7.3%
Align Technology, Inc.(a)		1,623		360,614
Edwards Lifesciences Corp.(a)		21,690		2,444,680
Intuitive Surgical, Inc.(a)		4,232		1,544,426
Nevro Corp.(a)		10,580		730,443
				5,080,163
HEALTH CARE PROVIDERS & SERVICES–5.2%
Teladoc, Inc.(a)(b)		18,329		638,766
UnitedHealth Group, Inc.		13,648		3,008,838
				3,647,604

Company	Shares		U.S. $ Value
HEALTH CARE TECHNOLOGY–1.4%
Cerner Corp.(a)		14,440	$	973,112
PHARMACEUTICALS–2.8%
Zoetis, Inc.		27,410		1,974,616
				14,365,500
CONSUMER DISCRETIONARY–17.2%
DIVERSIFIED CONSUMER SERVICES–3.0%
Bright Horizons Family Solutions, Inc.(a)		12,250		1,151,500
Grand Canyon Education, Inc.(a)		10,310		923,054
				2,074,554
HOTELS, RESTAURANTS & LEISURE–4.1%
Planet Fitness, Inc.(a)		60,070		2,080,224
Starbucks Corp.		13,380		768,413
				2,848,637
INTERNET & DIRECT MARKETING RETAIL–1.1%
Priceline Group, Inc. (The)(a)		457		794,147
MULTILINE RETAIL–2.3%
Dollar Tree, Inc.(a)		15,150		1,625,747
SPECIALTY RETAIL–5.0%
Home Depot, Inc. (The)		12,369		2,344,297
Ulta Salon Cosmetics & Fragrance, Inc.(a)		5,152		1,152,296
				3,496,593
TEXTILES, APPAREL & LUXURY GOODS–1.7%
NIKE, Inc.–Class B		19,232		1,202,962
				12,042,640
CONSUMER STAPLES–11.1%
BEVERAGES–6.1%
Constellation Brands, Inc.–Class A		10,110		2,310,843
Monster Beverage Corp.(a)		31,238		1,977,053
				4,287,896
FOOD & STAPLES RETAILING–3.7%
Costco Wholesale Corp.		13,975		2,601,027
FOOD PRODUCTS–1.3%
Blue Buffalo Pet Products, Inc.(a)		27,550		903,364
				7,792,287
INDUSTRIALS–9.7%
BUILDING PRODUCTS–2.9%
Allegion PLC		9,030		718,427

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
AO Smith Corp.		13,920	$	853,018
Lennox International, Inc.		2,220		462,337
				2,033,782
COMMERCIAL SERVICES & SUPPLIES–1.9%
Copart, Inc.(a)		30,680		1,325,069
INDUSTRIAL CONGLOMERATES–1.8%
Roper Technologies, Inc.		4,860		1,258,740
MACHINERY–2.4%
IDEX Corp.		6,230		822,173
WABCO Holdings, Inc.(a)		5,990		859,565
				1,681,738
TRADING COMPANIES & DISTRIBUTORS–0.7%
Fastenal Co.		9,110		498,226
				6,797,555
FINANCIALS–3.0%
CAPITAL MARKETS–3.0%
MarketAxess Holdings, Inc.		5,340		1,077,345
S&P Global, Inc.		6,160		1,043,504
				2,120,849
MATERIALS–2.9%
CHEMICALS–2.9%
Ecolab, Inc.		5,020		673,584
PolyOne Corp.		19,330		840,855
Sherwin-Williams Co. (The)		1,300		533,052
				2,047,491
Total Common Stocks (cost $44,292,331)				69,824,263
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.6%
TIME DEPOSIT–0.6%
State Street Bank & Trust Co. 0.12%, 1/02/18 (cost $431,503)	$	432		431,503
Total Investments Before Security Lending Collateral for Securities Loaned–100.1% (cost $44,723,834)				70,255,766

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.6%
INVESTMENT COMPANIES–1.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(c)(d)(e) (cost $1,100,714)		1,100,714	$	1,100,714
TOTAL INVESTMENTS–101.7% (cost $45,824,548)				71,356,480
Other assets less liabilities–(1.7)%				(1,180,190	)
NET ASSETS–100.0%			$	70,176,290

(a) Non-income producing security.

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

(c) Affiliated investments.

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

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

See notes to financial statements.

7

GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $44,723,834)	$	70,255,766	(a)
Affiliated issuers (cost $1,100,714—investment of cash collateral for securities loaned)		1,100,714
Receivable for investment securities sold		235,824
Receivable from regulatory settlement		102,075
Receivable for capital stock sold		13,706
Dividends and interest receivable		11,337
Total assets		71,719,422
LIABILITIES
Payable for collateral received on securities loaned		1,100,714
Payable for investment securities purchased		206,954
Payable for capital stock redeemed		85,021
Advisory fee payable		45,583
Administrative fee payable		13,263
Distribution fee payable		8,786
Transfer Agent fee payable		97
Accrued expenses		82,714
Total liabilities		1,543,132
NET ASSETS	$	70,176,290
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,031
Additional paid-in capital		35,484,837
Accumulated net realized gain on investment transactions		9,157,490
Net unrealized appreciation on investments		25,531,932
	$	70,176,290

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	30,230,297		846,183	$	35.73
B	$	39,945,993		1,185,207	$	33.70

(a) Includes securities on loan with a value of $1,059,067 (see Note E).

See notes to financial statements.

8

GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	361,745
Affiliated issuers		3,458
Interest		2,850
Other income		1,661
		369,714
EXPENSES
Advisory fee (see Note B)		505,249
Distribution fee—Class B		100,162
Transfer agency—Class A		2,492
Transfer agency—Class B		3,624
Custodian		65,622
Administrative		52,814
Audit and tax		40,524
Directors’ fees		28,559
Legal		28,117
Printing		20,438
Miscellaneous		5,299
Total expenses		852,900
Less: expenses waived and reimbursed by the Adviser (see Note E)		(623	)
Net expenses		852,277
Net investment loss		(482,563	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		9,474,239
Net change in unrealized appreciation/depreciation of investments		10,610,044
Net gain on investment transactions		20,084,283
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	19,601,720

See notes to financial statements.

9

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(482,563	)	$	(250,501	)
Net realized gain on investment and foreign currency transactions		9,474,239			3,223,597
Net change in unrealized appreciation/depreciation of investments		10,610,044			(2,531,961	)
Net increase in net assets from operations		19,601,720			441,135
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		(1,334,624	)		(3,012,916	)
Class B		(2,084,488	)		(4,764,325	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(7,779,591	)		(1,435,411	)
CAPITAL CONTRIBUTIONS
Proceeds from regulatory settlement (see Note F)		102,075			–0	–
Total increase (decrease)		8,505,092			(8,771,517	)
NET ASSETS
Beginning of period		61,671,198			70,442,715
End of period (including undistributed net investment income of $0 and $0, respectively)	$	70,176,290		$	61,671,198

See notes to financial statements.

10

GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

11

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

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

69,824,263

$

–0

–

$

–0

–

$

69,824,263

Short-Term Investments

–0

–

431,503

–0

–

431,503

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

1,100,714

–0

–

–0

–

1,100,714

Total Investments in Securities

70,924,977

431,503

–0

–

71,356,480

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

70,924,977

$

431,503

$

–0

–

$

71,356,480

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

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

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

12

AB Variable Products Series Fund

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

13

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

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $52,814.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $11,336, of which $13 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	27,288,819		$	38,723,387
U.S. government securities		–0	–		–0	–

14

AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	45,897,573
Gross unrealized appreciation	$	25,726,915
Gross unrealized depreciation		(268,008	)
Net unrealized appreciation	$	25,458,907

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2017.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $1,059,067 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,100,714. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $3,458 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $623. 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.

15

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

A summary of the Portfolio transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	684	$	7,544	$	7,127	$	1,101

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		85,190			232,533		$	2,782,413		$	6,654,909
Shares issued in reinvestment of distributions		42,142			104,073			1,334,624			3,012,916
Shares redeemed		(162,782	)		(326,387	)		(5,200,532	)		(9,201,540	)
Net increase (decrease)		(35,450	)		10,219		$	(1,083,495	)	$	466,285
Class B
Shares sold		30,476			46,733		$	942,367		$	1,326,261
Shares issued in reinvestment of distributions		69,692			173,311			2,084,488			4,764,325
Shares redeemed		(311,402	)		(284,346	)		(9,722,951	)		(7,992,282	)
Net decrease		(211,234	)		(64,302	)	$	(6,696,096	)	$	(1,901,696	)

For the year ended December 31, 2017, the Portfolio recorded $102,075 related to a settlement of regulatory proceedings. This amount is presented in the Portfolio’s statement of changes in net assets. Neither the Portfolio nor its affiliates were involved in the proceedings or the calculation of the payment.

At December 31, 2017, certain shareholders of the Portfolio owned 76% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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

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

Focused Portfolio Risk—Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s NAV.

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

16

AB Variable Products Series Fund

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Net long-term capital gains	$	3,419,112		7,777,241
Total taxable distributions paid	$	3,419,112	$	7,777,241

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	9,230,516
Unrealized appreciation/(depreciation)		25,458,907	(a)
Total accumulated earnings/(deficit)	$	34,689,423

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to proceeds from a regulatory settlement and the disallowance of a net operating loss resulted in a net decrease in distributions in excess of net investment income, a net decrease in accumulated net realized gain on investment transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE J: Subsequent Event

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

17

GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$27.95			$31.05			$34.47			$31.03			$23.22
Income From Investment Operations
Net investment loss (a)		(.18	)(b)		(.07	)(b)†		(.08	)		(.09	)		(.03	)
Net realized and unrealized gain on investment and foreign currency transactions		9.61			.54			3.18			4.15			7.92
Capital contributions		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		9.43			.47			3.10			4.06			7.89
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.08	)
Distributions from net realized gain on investment transactions		(1.65	)		(3.57	)		(6.52	)		(.62	)		–0	–
Total dividends and distributions		(1.65	)		(3.57	)		(6.52	)		(.62	)		(.08	)
Net asset value, end of period		$35.73			$27.95			$31.05			$34.47			$31.03
Total Return
Total investment return based on net asset value (d)*		34.51	%		1.12	%†		9.06	%		13.28	%		34.01	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$30,230			$24,645			$27,060			$28,141			$28,650
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.12	%		1.15	%		1.09	%		1.08	%		1.06	%
Expenses, before waivers/reimbursements		1.12	%		1.15	%		1.09	%		1.08	%		1.06	%
Net investment loss		(.57	)%(b)		(.23	)%(b)†		(.24	)%		(.28	)%		(.10	)%
Portfolio turnover rate		42	%		57	%		51	%		66	%		63	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

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

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$26.51			$29.70			$33.30			$30.08			$22.50
Income From Investment Operations
Net investment loss (a)		(.25	)(b)		(.13	)(b)†		(.16	)		(.16	)		(.09	)
Net realized and unrealized gain on investment and foreign currency transactions		9.09			.51			3.08			4.00			7.68
Capital contributions		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		8.84			.38			2.92			3.84			7.59
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.01	)
Distributions from net realized gain on investment transactions		(1.65	)		(3.57	)		(6.52	)		(.62	)		–0	–
Total dividends and distributions		(1.65	)		(3.57	)		(6.52	)		(.62	)		(.01	)
Net asset value, end of period		$33.70			$26.51			$29.70			$33.30			$30.08
Total Return
Total investment return based on net asset value (d)*		34.15	%		.85	%†		8.82	%		12.96	%		33.72	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$39,946			$37,026			$43,383			$46,330			$51,993
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.37	%		1.40	%		1.34	%		1.33	%		1.31	%
Expenses, before waivers/reimbursements		1.37	%		1.40	%		1.34	%		1.33	%		1.31	%
Net investment loss		(.82	)%(b)		(.48	)%(b)†		(.49	)%		(.52	)%		(.35	)%
Portfolio turnover rate		42	%		57	%		51	%		66	%		63	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.0005.

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

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

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.015		.05	%		.05	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.11%, 0.01%, 0.06%, 0.03% and 0.06%, respectively.

Includes the impact of proceeds received and credited to the Portfolio resulting from a regulatory settlement, which enhanced the Portfolio’s performance for the year ended December 31, 2017 by 0.14%.

19

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

To the Shareholders and the Board of Directors of AB Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Growth Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

20

GROWTH PORTFOLIO AB Variable Products Series Fund

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

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

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

21

GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership experience and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey,## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

22

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.,## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin,## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen,## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

23

GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN AB FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner,## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

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

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

^#  Mr. Keith is an “interested person” of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, due to his position as a Senior Vice President of the Adviser.

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

24

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Bruce K. Aronow 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Chief Investment Officer of Small and SMID Cap Growth Equities.
Frank V. Caruso 61	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Chief Investment Officer of Growth Equities.
John H. Fogarty 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

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

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

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

25

GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

26

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

27

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.

28

VPS-GTH-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ GROWTH & INCOME PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

GROWTH & INCOME PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Growth & Income Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in the equity securities of US companies that the Adviser believes are undervalued.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Value Index, for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio outperformed the benchmark for the annual period. Stock selection in the industrials, consumer staples, health care and real estate sectors, as well as an underweight position in energy were the primary contributors to performance relative to the benchmark. Stock selection in the energy and materials sectors, as well as underweight positions in financials and materials detracted.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked one of the strongest years for global stock market performance since the 2008 financial crisis. Emerging-market equities outperformed, followed by non-US stocks. US large-cap stocks outperformed their small-cap peers, and growth outperformed value, in terms of style.

Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock picking methodology that seeks to identify companies consistent with the Team’s philosophy of relative-value investing, pursuing attractively valued, well-managed companies that deploy capital wisely, giving them capacity to pay dividends and potentially enhance the value of company shares over the long term. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment.

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GROWTH & INCOME PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Value Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of 1,000 large-cap value companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Portfolio’s value approach, may be underperforming the market generally.

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

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

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

Industry/Sector Risk: Investments in a particular industry or group of related industries may have more risk because market or economic factors affecting that industry could have a significant effect on the value of the Portfolio’s investments.

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

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

2

GROWTH & INCOME PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Growth & Income Portfolio Class A2		18.93%		14.76%		7.28%
Growth & Income Portfolio Class B2		18.59%		14.47%		7.00%
Russell 1000 Value Index		13.66%		14.04%		7.10%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.68%. Also includes the impact of proceeds received and credited to the Portfolio in connection with a regulatory settlement, which enhanced performance for the annual period ended December 31, 2017, by 0.01%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.61% and 0.86% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

GROWTH & INCOME PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Growth & Income Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

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GROWTH & INCOME PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,124.10	$	3.27		0.61	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,022.13	$	3.11		0.61	%
Class B
Actual	$	1,000	$	1,122.60	$	4.60		0.86	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.87	$	4.38		0.86	%

* Expenses are equal to the classes’ annualized expense ratios multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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GROWTH & INCOME PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
JPMorgan Chase & Co.	$	44,982,173		4.2	%
Time Warner, Inc.		36,164,494		3.4
Raytheon Co.		34,370,915		3.2
Citigroup, Inc.		33,842,412		3.2
Wal-Mart Stores, Inc.		29,935,766		2.8
Cigna Corp.		27,147,040		2.5
Noble Energy, Inc.		25,789,482		2.4
Biogen, Inc.		25,374,101		2.4
Verizon Communications, Inc.		25,324,888		2.4
Berkshire Hathaway, Inc.—Class B		24,054,393		2.3
	$	306,985,664		28.8	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	242,460,319		22.7	%
Health Care		175,278,579		16.4
Consumer Discretionary		155,282,670		14.5
Information Technology		113,502,576		10.6
Energy		82,683,028		7.7
Industrials		80,568,784		7.6
Consumer Staples		33,868,547		3.2
Real Estate		28,765,318		2.7
Telecommunication Services		25,324,888		2.4
Materials		18,200,202		1.7
Short-Term Investments		112,415,408		10.5
Total Investments	$	1,068,350,319		100.0	%

1 Long-term investments.

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

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

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GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–89.7%
FINANCIALS–22.7%
BANKS–8.3%
Citigroup, Inc.		454,810	$	33,842,412
JPMorgan Chase & Co.		420,630		44,982,173
Wells Fargo & Co.		152,760		9,267,949
				88,092,534
CAPITAL MARKETS–5.7%
Goldman Sachs Group, Inc. (The)		62,970		16,042,237
Northern Trust Corp.		203,469		20,324,518
State Street Corp.		206,130		20,120,349
TD Ameritrade Holding Corp.		78,550		4,016,262
				60,503,366
DIVERSIFIED FINANCIAL SERVICES–2.2%
Berkshire Hathaway, Inc.–Class B(a)		121,352		24,054,393
INSURANCE–6.5%
Aflac, Inc.		107,460		9,432,839
Allstate Corp. (The)		164,950		17,271,915
Axis Capital Holdings Ltd.		142,753		7,174,766
Chubb Ltd.		56,240		8,218,351
FNF Group		391,830		15,375,409
Reinsurance Group of America, Inc.–Class A		33,359		5,201,669
Validus Holdings Ltd.		152,069		7,135,077
				69,810,026
				242,460,319
HEALTH CARE–16.4%
BIOTECHNOLOGY–5.3%
Amgen, Inc.		80,570		14,011,123
Biogen, Inc.(a)		79,650		25,374,101
Gilead Sciences, Inc.		245,430		17,582,605
				56,967,829
HEALTH CARE EQUIPMENT & SUPPLIES–1.2%
Hologic, Inc.(a)		290,160		12,404,340
HEALTH CARE PROVIDERS & SERVICES–4.9%
Aetna, Inc.		114,500		20,654,655
Cigna Corp.		133,670		27,147,040
Quest Diagnostics, Inc.		44,140		4,347,349
				52,149,044
PHARMACEUTICALS–5.0%
Eli Lilly & Co.		242,520		20,483,239
Pfizer, Inc.		514,370		18,630,481
Roche Holding AG (Sponsored ADR)		463,700		14,643,646
				53,757,366
				175,278,579

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–14.6%
AUTO COMPONENTS–0.6%
BorgWarner, Inc.		120,460	$	6,154,301
HOUSEHOLD DURABLES–2.2%
DR Horton, Inc.		290,290		14,825,110
Garmin Ltd.		136,870		8,153,346
				22,978,456
INTERNET & DIRECT MARKETING RETAIL–0.4%
Liberty Interactive Corp. QVC Group–Class A(a)		158,270		3,864,953
MEDIA–7.2%
AMC Networks, Inc.–Class A(a)		39,975		2,161,848
Comcast Corp.–Class A		365,780		14,649,489
Discovery Communications, Inc.–Class A(a)(b)		358,190		8,016,292
Scripps Networks Interactive, Inc.–Class A		183,220		15,643,324
Time Warner, Inc.		395,370		36,164,494
				76,635,447
SPECIALTY RETAIL–3.4%
Lowe’s Cos., Inc.		126,000		11,710,440
Ross Stores, Inc.		209,220		16,789,905
Tractor Supply Co.		111,050		8,300,988
				36,801,333
TEXTILES, APPAREL & LUXURY GOODS–0.8%
VF Corp.		119,570		8,848,180
				155,282,670
INFORMATION TECHNOLOGY–10.6%
COMMUNICATIONS EQUIPMENT–1.6%
Cisco Systems, Inc.		444,210		17,013,243
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–1.5%
Dolby Laboratories, Inc.–Class A		187,030		11,595,860
TE Connectivity Ltd.		43,060		4,092,423
				15,688,283
INTERNET SOFTWARE & SERVICES–0.4%
eBay, Inc.(a)		106,480		4,018,555
IT SERVICES–3.1%
Amdocs Ltd.		95,910		6,280,187
International Business Machines Corp.		152,480		23,393,481
Mastercard, Inc.–Class A		26,730		4,045,853
				33,719,521

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.4%
Ambarella, Inc.(a)(b)		71,660	$	4,210,025
Intel Corp.		458,862		21,181,070
				25,391,095
SOFTWARE–0.9%
VMware, Inc.–Class A(a)(b)		76,540		9,591,993
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–0.7%
Apple, Inc.		47,745		8,079,886
				113,502,576
ENERGY–7.8%
ENERGY EQUIPMENT & SERVICES–1.9%
Dril-Quip, Inc.(a)		88,610		4,226,697
National Oilwell Varco, Inc.		114,860		4,137,257
Oil States International, Inc.(a)		144,095		4,077,889
TechnipFMC PLC		249,300		7,805,583
				20,247,426
OIL, GAS & CONSUMABLE FUELS–5.9%
ConocoPhillips		322,920		17,725,079
Exxon Mobil Corp.		226,220		18,921,041
Noble Energy, Inc.		885,020		25,789,482
				62,435,602
				82,683,028
INDUSTRIALS–7.6%
AEROSPACE & DEFENSE–3.2%
Raytheon Co.		182,970		34,370,915
AIRLINES–0.7%
Delta Air Lines, Inc.		70,560		3,951,360
Southwest Airlines Co.		61,050		3,995,723
				7,947,083
CONSTRUCTION & ENGINEERING–0.6%
Jacobs Engineering Group, Inc.		28,313		1,867,525
Valmont Industries, Inc.		24,300		4,030,155
				5,897,680
ELECTRICAL EQUIPMENT–0.4%
AMETEK, Inc.		59,520		4,313,414
MACHINERY–1.4%
Caterpillar, Inc.		27,110		4,271,994
Crane Co.		45,470		4,056,833
PACCAR, Inc.		87,700		6,233,716
				14,562,543

Company	Shares		U.S. $ Value
ROAD & RAIL–1.3%
Norfolk Southern Corp.		93,010	$	13,477,149
				80,568,784
CONSUMER STAPLES–3.2%
FOOD & STAPLES RETAILING–3.2%
United Natural Foods, Inc.(a)		79,821		3,932,781
Wal-Mart Stores, Inc.		303,147		29,935,766
				33,868,547
REAL ESTATE–2.7%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–1.1%
Liberty Property Trust		265,250		11,408,402
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.6%
CBRE Group, Inc.–Class A(a)		400,760		17,356,916
				28,765,318
TELECOMMUNICATION SERVICES–2.4%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.4%
Verizon Communications, Inc.		478,460		25,324,888
MATERIALS–1.7%
METALS & MINING–1.7%
Newmont Mining Corp.		485,080		18,200,202
Total Common Stocks (cost $770,016,358)				955,934,911
	Principal Amount (000)
SHORT-TERM INVESTMENTS–10.5%
TIME DEPOSIT–10.5%
State Street Bank & Trust Co. 0.12%, 1/02/18 (cost $112,415,408)	$	112,415		112,415,408
Total Investments Before Security Lending Collateral for Securities Loaned–100.2% (cost $882,431,766)				1,068,350,319

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

Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.9%
INVESTMENT COMPANIES–1.9%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(c)(d)(e) (cost $20,366,038)		20,366,038	$	20,366,038
TOTAL INVESTMENTS–102.1% (cost $902,797,804)				1,088,716,357
Other assets less liabilities–(2.1)%				(22,602,212	)
NET ASSETS–100.0%			$	1,066,114,145

(a) Non-income producing security.

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

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

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

(e) Affiliated investments.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

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GROWTH & INCOME PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $882,431,766)	$	1,068,350,319	(a)
Affiliated issuers (cost $20,366,038—investment of cash collateral for securities loaned)		20,366,038
Receivable for investment securities sold		7,855,243
Dividends and interest receivable		693,274
Receivable for regulatory settlement		73,379
Receivable for capital stock sold		58,937
Total assets		1,097,397,190
LIABILITIES
Payable for collateral received on securities loaned		20,366,038
Payable for investment securities purchased		9,382,043
Payable for capital stock redeemed		654,033
Advisory fee payable		500,526
Distribution fee payable		194,886
Administrative fee payable		13,275
Transfer Agent fee payable		105
Accrued expenses		172,139
Total liabilities		31,283,045
NET ASSETS	$	1,066,114,145
COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,353
Additional paid-in capital		759,969,022
Undistributed net investment income		8,072,136
Accumulated net realized gain on investment transactions		112,122,081
Net unrealized appreciation on investments		185,918,553
	$	1,066,114,145

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

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	159,324,143		4,777,136	$	33.35
B	$	906,790,002		27,576,111	$	32.88

(a) Includes securities on loan with a value of $19,682,983 (see Note E).

See notes to financial statements.

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GROWTH & INCOME PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	16,332,204
Affiliated issuers		128,248
Interest		131,782
Other income		18,866
		16,611,100
EXPENSES
Advisory fee (see Note B)		5,804,123
Distribution fee—Class B		2,253,731
Transfer agency—Class A		1,455
Transfer agency—Class B		8,475
Custodian		154,545
Printing		143,035
Legal		91,547
Administrative		52,835
Audit and tax		46,962
Directors’ fees		28,559
Miscellaneous		47,799
Total expenses		8,633,066
Less: expenses waived and reimbursed by the Adviser (see Note E)		(23,504	)
Net expenses		8,609,562
Net investment income		8,001,538
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		116,524,792
Net change in unrealized appreciation/depreciation of investments		57,076,365
Net gain on investment transactions		173,601,157
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	181,602,695

See notes to financial statements.

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

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	8,001,538		$	11,500,311
Net realized gain on investment transactions		116,524,792			89,905,772
Net change in unrealized appreciation/depreciation of investments		57,076,365			2,606,255
Net increase in net assets from operations		181,602,695			104,012,338
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(2,170,398	)		(1,498,498	)
Class B		(11,357,608	)		(6,966,608	)
Net realized gain on investment transactions
Class A		(12,844,972	)		(8,951,112	)
Class B		(78,677,989	)		(51,731,717	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(53,100,913	)		210,500,227
CAPITAL CONTRIBUTIONS
Proceeds from regulatory settlement (see Note F)		73,379			–0	–
Total increase		23,524,194			245,364,630
NET ASSETS
Beginning of period		1,042,589,951			797,225,321
End of period (including undistributed net investment income of $8,072,136 and $13,525,225, respectively)	$	1,066,114,145		$	1,042,589,951

See notes to financial statements.

11

GROWTH & INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Growth & Income Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

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

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

1. Security Valuation

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

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

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

12

AB Variable Products Series Fund

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

2. Fair Value Measurements

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

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

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

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

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

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

955,934,911

$

–0

–

$

–0

–

$

955,934,911

Short-Term Investments

–0

–

112,415,408

–0

–

112,415,408

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

20,366,038

–0

–

–0

–

20,366,038

Total Investments in Securities

976,300,949

112,415,408

–0

–

1,088,716,357

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

976,300,949

$

112,415,408

$

–0

–

$

1,088,716,357

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

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

13

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

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

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

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

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

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

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

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

5. Investment Income and Investment Transactions

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

14

AB Variable Products Series Fund

6. Class Allocations

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

7. Dividends and Distributions

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

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $52,835.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $564,734, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

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

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

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

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

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	786,200,871		$	949,311,035
U.S. government securities		–0	–		–0	–

15

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

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	905,945,620
Gross unrealized appreciation	$	188,511,867
Gross unrealized depreciation		(5,741,130	)
Net unrealized appreciation	$	182,770,737

1. Derivative Financial Instruments

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

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2017.

2. Currency Transactions

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

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $19,682,983 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $20,366,038. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $128,248 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $23,504. 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.

16

AB Variable Products Series Fund

A summary of the Portfolio transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/17 (000)
$	13,560	$	282,470	$	275,664	$	20,366

NOTE F: Capital Stock

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

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		537,077			472,723		$	17,105,671		$	14,176,667
Shares issued in reinvestment of dividends and distributions		502,186			356,156			15,015,370			10,449,610
Shares redeemed		(1,257,989	)		(840,378	)		(40,491,419	)		(25,013,777	)
Net decrease		(218,726	)		(11,499	)	$	(8,370,378	)	$	(387,500	)
Class B
Shares sold		1,205,291			8,766,206		$	38,159,810		$	262,089,607
Shares issued in reinvestment of dividends and distributions		3,051,020			2,023,382			90,035,597			58,698,325
Shares redeemed		(5,445,755	)		(3,729,838	)		(172,925,942	)		(109,900,205	)
Net increase (decrease)		(1,189,444	)		7,059,750		$	(44,730,535	)	$	210,887,727

For the year ended December 31, 2017, the Portfolio recorded $73,379 related to a settlement of regulatory proceedings. This amount is presented in the Portfolio’s statement of changes in net assets. Neither the Portfolio nor its affiliates were involved in the proceedings or the calculation of the payment.

At December 31, 2017, certain shareholders of the Portfolio owned 62% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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.

17

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

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	21,981,056	$	8,465,106
Net long-term capital gains		83,069,911		60,682,829
Total taxable distributions paid	$	105,050,967	$	69,147,935

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	37,266,903
Undistributed capital gains		86,075,132
Unrealized appreciation/(depreciation)		182,770,737	(a)
Total accumulated earnings/(deficit)	$	306,112,772

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

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses 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, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to proceeds from a regulatory settlement resulted in a net increase in undistributed net investment income and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE 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.

18

GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

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

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$31.21			$30.12			$30.04			$27.80			$20.88
Income From Investment Operations
Net investment income (a)		.31	(b)		.43	(b)†		.37			.40			.33
Net realized and unrealized gain on investment transactions		5.21			2.84			.14			2.23			6.92
Capital contributions		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		5.52			3.27			.51			2.63			7.25
Less: Dividends and Distributions
Dividends from net investment income		(.49	)		(.32	)		(.43	)		(.39	)		(.33	)
Distributions from net realized gain on investment transactions		(2.89	)		(1.86	)		–0	–		–0	–		–0	–
Total dividends and distributions		(3.38	)		(2.18	)		(.43	)		(.39	)		(.33	)
Net asset value, end of period		$33.35			$31.21			$30.12			$30.04			$27.80
Total Return
Total investment return based on net asset value (c)*		18.93	%		11.30	%†		1.70	%		9.54	%		34.96	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$159,324		$155,924		$150,801		$168,135		$164,154
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	.60	%	.61	%	.60	%	.60	%	.60	%
Expenses, before waivers/reimbursements	.60	%	.61	%	.60	%	.60	%	.60	%
Net investment income	.97	%(b)	1.46	%(b)†	1.21	%	1.39	%	1.35	%
Portfolio turnover rate	85	%	101	%	73	%	51	%	63	%

See footnote summary on page 20.

19

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
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$30.82			$29.78			$29.71			$27.49			$20.66
Income From Investment Operations
Net investment income (a)		.23	(b)		.36	(b)†		.29			.32			.27
Net realized and unrealized gain on investment transactions		5.14			2.79			.14			2.22			6.83
Capital contributions		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase in net asset value from operations		5.37			3.15			.43			2.54			7.10
Less: Dividends and Distributions
Dividends from net investment income		(.42	)		(.25	)		(.36	)		(.32	)		(.27	)
Distributions from net realized gain on investment transactions		(2.89	)		(1.86	)		–0	–		–0	–		–0	–
Total dividends and distributions		(3.31	)		(2.11	)		(.36	)		(.32	)		(.27	)
Net asset value, end of period		$32.88			$30.82			$29.78			$29.71			$27.49
Total Return
Total investment return based on net asset value (d)*		18.59	%		11.07	%†		1.43	%		9.29	%		34.59	%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$906,790		$886,666		$646,424		$701,442		$709,257
Ratio to average net assets of:
Expenses, net of waivers/reimbursements	.85	%	.86	%	.85	%	.85	%	.85	%
Expenses, before waivers/reimbursements	.85	%	.86	%	.85	%	.85	%	.85	%
Net investment income	.72	%(b)	1.21	%(b)†	.96	%	1.14	%	1.11	%
Portfolio turnover rate	85	%	101	%	73	%	51	%	63	%

(a) Based on average shares outstanding.

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

(c) Amount is less than $.005.

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

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

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.002		.01	%		.01	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.68%, 0.03%, 0.14%, 0.11% and 0.08%, respectively.

Includes the impact of proceeds received and credited to the Portfolio resulting from a regulatory settlement, which enhanced the Portfolio’s performance for the year ended December 31, 2017 by 0.01%.

See notes to financial statements.

20

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

To the Shareholders and the Board of Directors of AB Growth & Income Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Growth & Income Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Growth & Income Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

21

2017 Federal Tax Information (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 75.37% of dividends paid qualify for the dividends received deduction.

22

GROWTH & INCOME PORTFOLIO AB Variable Products Series Fund

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

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

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by Mr. Frank V. Caruso, a member of the Adviser’s Relative Value Investment Team.

23

GROWTH & INCOME PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

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

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semiconductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semiconductors) since 2007
Michael J. Downey,## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.,## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin,## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen,## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

25

GROWTH & INCOME PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		96	None
Earl D. Weiner,## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

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

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

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

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

26

AB Variable Products Series Fund

Officer Information

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

NAME, ADDRESS,* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Frank V. Caruso 61	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Chief Investment Officer of US Growth Equities.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

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

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

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

27

GROWTH & INCOME PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

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

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Growth and Income Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

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

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

28

AB Variable Products Series Fund

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

Fall-Out Benefits

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

Investment Results

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

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

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

Economies of Scale

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

29

GROWTH & INCOME PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

30

VPS-GI-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERMEDIATE BOND PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

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

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Intermediate Bond Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio invests, under normal circumstances, at least 80% of its net assets in fixed-income securities. The Portfolio expects to invest in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The Portfolio expects to invest in fixed-income securities with a dollar-weighted average maturity of between three to 10 years and an average duration of three to six years. The Portfolio may invest up to 25% of its net assets in below investment-grade bonds (commonly known as “junk bonds”). The Portfolio may use leverage for investment purposes.

The Portfolio may invest without limit in US dollar-denominated foreign fixed-income securities and may invest up to 25% of its assets in non-US dollar-denominated foreign fixed-income securities. These investments may include, in each case, developed- and emerging-market debt securities.

The Portfolio may invest in mortgage-related and other asset-backed securities, loan participations, inflation-indexed securities, structured securities, variable, floating and inverse floating-rate instruments, and preferred stock, and may use other investment techniques. The Portfolio intends, among other things, to enter into transactions such as reverse repurchase agreements and dollar rolls. The Portfolio may invest, without limit, in derivatives, such as options, futures contracts, forwards and swaps.

INVESTMENT RESULTS

The table on page 4 shows the Portfolio’s performance compared to its benchmark, the Bloomberg Barclays US Aggregate Bond Index, for the one-, five- and 10-year periods ended December 31, 2017.

During the annual period, all share classes of the Portfolio underperformed the benchmark. Currency selection detracted from relative performance, primarily because of short positions in the Canadian and Australian dollars. Duration and yield-curve positioning were modest detractors. Sector positioning added to returns, primarily because of exposures to credit risk-transfer securities and an underweight to Treasuries. (Credit risk-transfer securities are securitized bonds backed by residential mortgage payments, and are issued by Fannie Mae and Freddie Mac, but do not have a government agency guarantee.) An underweight position in investment-grade corporates and overweight to emerging-market corporate bonds detracted. Although overall security selection had no material impact on performance, there were some positions of note: security selection within investment-grade corporates contributed to returns, while selection in agency mortgages and commercial mortgage-backed securities detracted.

During the annual period, the Portfolio utilized derivatives including currency forwards and options to hedge currency risk and actively manage currency positions. Credit default swaps were utilized for hedging and investment purposes, which had an immaterial impact on absolute performance. Treasury futures, interest rate swaps and interest rate swaptions were utilized to manage duration, country exposure and yield-curve positioning.

MARKET REVIEW AND INVESTMENT STRATEGY

Global bonds generally rallied over the annual period, with political events and central bank action being the main drivers of market performance. US president Donald Trump’s promise of fiscal stimulus and relaxed regulation were treated as positive developments by financial markets. Though uncertainty regarding the administration’s ability to implement meaningful changes rose during the period, markets reacted with enthusiasm when the Tax Cuts and Jobs Act was passed in December. UK prime minister Theresa May’s surprise snap parliamentary election—in an effort to firm up the UK’s mandate going into Brexit negotiations—increased political uncertainty; however, at the end of the period, progress was made as the UK and European Union agreed to move on to the second phase of negotiations. In France, investors were relieved when Emmanuel Macron was elected president, as his pro-EU reformist agenda was seen as more business friendly than the protectionist policies espoused by his opponent. The US Federal Reserve (the “Fed”) raised interest rates three times in 2017, with hikes that were well-telegraphed and universally anticipated by markets. The Fed also formally began its balance-sheet reduction program, while the European Central Bank announced that it would start to taper the pace of its monthly asset purchases in January 2018.

Emerging-market debt rallied in the year, helped by a positive global growth story and increasing oil prices. Emerging-market local-currency government bonds rose, performing in line with investment-grade credit securities and outperforming the positive returns of developed-market treasuries, but lagging the robust returns of global high yield. Developed-market treasury yields were mixed: yields in the US, Canada, UK and Australia flattened, with the short end of the curve rising while longer maturities moved lower. Japanese yields generally ended the period higher. Yield curves in the eurozone moved in different directions.

1

INTERMEDIATE BOND PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

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

A Word About Risk

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

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

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

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

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

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

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

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

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

Prepayment Risk: The value of mortgage-related or other asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some of these securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments

(Disclosures and Risks continued on next page)

2

AB Variable Products Series Fund

associated with these securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

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

Liquidity Risk: Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of Portfolio shares. Over recent years liquidity risk has also increased because the capacity of dealers in the secondary market for fixed-income securities to make markets in these securities has decreased, even as the overall bond market has grown significantly, due to, among other things, structural changes, additional regulatory requirements and capital and risk restraints that have led to reduced inventories. Liquidity risk may be higher in a rising interest rate environment, when the value and liquidity of fixed-income securities generally decline.

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

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

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

An Important Note About Historical Performance

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

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

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

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

3

INTERMEDIATE BOND PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Intermediate Bond Portfolio Class A2		3.52%		2.46%		4.46%
Intermediate Bond Portfolio Class B2		3.28%		2.22%		4.21%
Bloomberg Barclays US Aggregate Bond Index		3.54%		2.10%		4.01%
1   Average annual returns.
2   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.03%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 1.06% and 1.32% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

INTERMEDIATE BOND PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Intermediate Bond Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 2-3.

4

INTERMEDIATE BOND PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees of other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees of other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,009.60	$	5.62		1.11	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.61	$	5.65		1.11	%
Class B
Actual	$	1,000	$	1,008.80	$	6.89		1.36	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.35	$	6.92		1.36	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

5

INTERMEDIATE BOND PORTFOLIO
TOP TEN SECTORS (including derivatives)1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

Mortgage Pass-Throughs	21.0	%
Corporates—Investment Grade	20.6
Governments—Treasuries2	12.6
Asset-Backed Securities	13.2
Commercial Mortgage-Backed Securities3	11.1
Agency Discount Notes	5.2
Collateralized Mortgage Obligations	8.1
Inflation-Linked Securities	6.2
Corporates—Non-Investment Grade3	3.1
Interest Rate Swaps4	2.7

SECTOR BREAKDOWN (excluding derivatives)⁵

December 31, 2017 (unaudited)

Mortgage Pass-Throughs	18.9	%
Corporates—Investment Grade	18.6
Asset-Backed Securities	11.9
Commercial Mortgage-Backed Securities	8.7
Governments—Treasuries	8.5
Collateralized Mortgage Obligations	7.3
Inflation-Linked Securities	5.6
Corporates—Non-Investment Grade	3.2
Agencies	2.7
Emerging Markets—Treasuries	0.8
Quasi-Sovereigns	0.6
Local Governments—US Municipal Bonds	0.5
Emerging Markets—Corporate Bonds	0.2
Preferred Stocks	0.2
Short-Term Investments	12.3

1 All data are as of December 31, 2017. The Portfolio’s sectors include derivative exposure and are expressed as approximate percentages of the Portfolio’s total net assets, based on the Adviser’s internal classification. The percentages will vary over time.

2 Includes Treasury Futures

3 Includes Credit Default Swaps

4 Represents the exposure of the Portfolio’s fixed-rate payments on the Interest Rate Swaps. Interest Rate Swaps involve the exchange by a fund with another party of payments calculated by reference to specified interest rates (e.g., an exchange of floating-rate payments for fixed-rate payments).

5 All data are as of December 31, 2017. The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

6

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
MORTGAGE PASS-THROUGHS–21.1%
AGENCY FIXED RATE 30-YEAR–17.8%
Federal Home Loan Mortgage Corp. Gold 4.00%, 2/01/46		U.S.$	256	$	269,629
Series 2005 5.50%, 1/01/35			88		97,110
Series 2007 5.50%, 7/01/35			24		26,788
Series 2017 4.00%, 7/01/44			202		213,049
Federal National Mortgage Association 3.50%, 1/01/48, TBA			3,716		3,816,739
4.00%, 12/01/40–10/01/43			609		641,522
4.00%, 1/01/48, TBA			1,258		1,315,789
4.50%, 1/01/48, TBA			1,251		1,330,947
Series 2003 5.50%, 4/01/33–7/01/33			82		91,317
Series 2004 5.50%, 4/01/34–11/01/34			73		80,367
Series 2005 5.50%, 2/01/35			87		96,038
Government National Mortgage Association 3.00%, 4/20/46			301		304,108
3.50%, 1/01/48, TBA			1,098		1,135,572
Series 1994 9.00%, 9/15/24			1		1,255
					9,420,230
AGENCY FIXED RATE 15-YEAR–2.4%
Federal National Mortgage Association 2.50%, 7/01/31–1/01/32			1,274		1,273,009
OTHER AGENCY FIXED RATE PROGRAMS–0.9%
Federal National Mortgage Association 4.50%, 11/01/30			431		458,540
Total Mortgage Pass-Throughs (cost $11,123,315)					11,151,779
CORPORATES–INVESTMENT GRADE–20.8%
FINANCIAL INSTITUTIONS–10.9%
BANKING–9.9%
Banco Santander SA 3.50%, 4/11/22			200		203,864
Bank of America Corp. 2.881%, 4/24/23			145		145,261
3.824%, 1/20/28			145		149,987
Series G 3.593%, 7/21/28			85		86,430

	Principal Amount (000)			U.S. $ Value
BNP Paribas SA 3.80%, 1/10/24(a)		U.S.$	200	$	206,790
Capital One Financial Corp. 3.30%, 10/30/24			135		134,517
Citigroup, Inc. 3.668%, 7/24/28			290		293,799
Compass Bank 5.50%, 4/01/20			250		262,977
Cooperatieve Rabobank UA 4.375%, 8/04/25			250		264,155
Credit Suisse Group Funding Guernsey Ltd. 3.80%, 6/09/23			265		273,133
Goldman Sachs Group, Inc. (The) 2.35%, 11/15/21			118		116,172
3.75%, 5/22/25			53		54,590
3.85%, 7/08/24			210		217,785
Series D 6.00%, 6/15/20			195		210,666
HSBC Holdings PLC 4.041%, 3/13/28			310		322,809
JPMorgan Chase & Co. 3.22%, 3/01/25			140		140,945
3.54%, 5/01/28			255		258,850
Lloyds Banking Group PLC 4.65%, 3/24/26			200		211,228
Mitsubishi UFJ Financial Group, Inc. 3.85%, 3/01/26			200		207,150
Morgan Stanley 3.591%, 7/22/28			235		237,164
5.625%, 9/23/19			143		150,708
Santander Holdings USA, Inc. 4.40%, 7/13/27(a)			140		143,272
Santander Issuances SAU 3.25%, 4/04/26(a)		EUR	200		263,984
UBS AG/Stamford CT 7.625%, 8/17/22		U.S.$	250		292,852
UBS Group Funding Switzerland AG 4.125%, 9/24/25(a)			200		209,902
US Bancorp Series J 5.30%, 4/15/27(b)			63		68,101
Wells Fargo & Co. 3.069%, 1/24/23			113		114,005
					5,241,096
FINANCE–0.2%
Synchrony Financial 3.95%, 12/01/27			135		134,429
INSURANCE–0.5%
Hartford Financial Services Group, Inc. (The) 5.50%, 3/30/20			31		33,026
Lincoln National Corp. 8.75%, 7/01/19			35		38,148

7

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Nationwide Mutual Insurance Co. 9.375%, 8/15/39(a)		U.S.$	35	$	59,614
XLIT Ltd. 3.25%, 6/29/47		EUR	100		121,122
					251,910
REITS–0.3%
Host Hotels & Resorts LP Series D 3.75%, 10/15/23		U.S.$	6		6,107
Welltower, Inc. 4.00%, 6/01/25			146		151,034
					157,141
					5,784,576
INDUSTRIAL–9.2%
BASIC–1.1%
Eastman Chemical Co. 3.80%, 3/15/25			50		52,048
Glencore Funding LLC 4.125%, 5/30/23(a)			58		60,060
Mosaic Co. (The) 5.625%, 11/15/43			40		43,298
Sociedad Quimica y Minera de Chile SA 3.625%, 4/03/23(a)			260		263,250
Vale Overseas Ltd. 6.875%, 11/21/36			80		97,840
Yamana Gold, Inc. 4.95%, 7/15/24			81		84,529
					601,025
CAPITAL GOODS–0.2%
Embraer Netherlands Finance BV 5.40%, 2/01/27			85		91,162
General Electric Co. Series D 5.00%, 1/21/21(b)			40		41,301
					132,463
COMMUNICATIONS–MEDIA–0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 7/23/25			135		143,396
Cox Communications, Inc. 2.95%, 6/30/23(a)			51		50,203
Time Warner Cable LLC 4.125%, 2/15/21			200		205,792
					399,391
COMMUNICATIONS–TELECOMMUNICATIONS–1.3%
AT&T, Inc. 3.40%, 5/15/25			310		305,182
4.125%, 2/17/26			147		150,115
5.15%, 2/14/50			60		60,514

	Principal Amount (000)			U.S. $ Value
Rogers Communications, Inc. 4.00%, 6/06/22		CAD	27	$	22,697
Verizon Communications, Inc. 3.50%, 11/01/24		U.S.$	36		36,630
5.50%, 3/16/47			105		119,614
					694,752
CONSUMER CYCLICAL–AUTOMOTIVE–0.5%
General Motors Co. 3.50%, 10/02/18			80		80,766
General Motors Financial Co., Inc. 3.10%, 1/15/19			110		110,769
3.25%, 5/15/18			9		9,035
4.00%, 1/15/25			23		23,682
4.30%, 7/13/25			30		31,244
					255,496
CONSUMER NON–CYCLICAL–1.2%
Becton Dickinson and Co. 3.734%, 12/15/24			40		40,889
Biogen, Inc. 4.05%, 9/15/25			144		152,483
Bunge Ltd. Finance Corp. 8.50%, 6/15/19			2		2,167
Medtronic, Inc. 3.50%, 3/15/25			195		202,613
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/01/26			79		64,879
Tyson Foods, Inc. 2.65%, 8/15/19			39		39,177
3.95%, 8/15/24			123		129,221
					631,429
ENERGY–1.7%
Cenovus Energy, Inc. 3.00%, 8/15/22			12		11,918
5.70%, 10/15/19			36		37,854
Ecopetrol SA 5.875%, 5/28/45			57		58,425
Encana Corp. 3.90%, 11/15/21			45		46,238
Enterprise Products Operating LLC 3.70%, 2/15/26			161		164,865
5.20%, 9/01/20			55		58,819
Hess Corp. 4.30%, 4/01/27			109		108,963
Noble Energy, Inc. 3.90%, 11/15/24			107		110,531
Plains All American Pipeline LP/PAA Finance Corp. 3.60%, 11/01/24			137		133,401
Sabine Pass Liquefaction LLC 5.00%, 3/15/27			80		85,526

8

AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
Williams Partners LP 4.125%, 11/15/20	U.S.$	97	$	100,417
				916,957
SERVICES–0.5%
Expedia, Inc. 3.80%, 2/15/28		94		90,833
S&P Global, Inc. 4.40%, 2/15/26		127		137,161
Total System Services, Inc. 3.75%, 6/01/23		19		19,439
				247,433
TECHNOLOGY–1.9%
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.625%, 1/15/24(a)		28		27,852
3.875%, 1/15/27(a)		62		61,165
Dell International LLC/EMC Corp. 5.45%, 6/15/23(a)		160		172,723
6.02%, 6/15/26(a)		31		34,164
Hewlett Packard Enterprise Co. 2.10%, 10/04/19(a)		96		95,276
HP, Inc. 4.65%, 12/09/21		107		113,881
KLA-Tencor Corp. 4.65%, 11/01/24		134		145,347
Lam Research Corp. 2.80%, 6/15/21		39		39,219
Motorola Solutions, Inc. 3.50%, 3/01/23		82		82,569
7.50%, 5/15/25		4		4,830
Seagate HDD Cayman 4.75%, 1/01/25		75		73,626
VMware, Inc. 2.95%, 8/21/22		45		44,895
Western Digital Corp. 7.375%, 4/01/23(a)		89		96,054
				991,601
				4,870,547
UTILITY–0.7%
ELECTRIC–0.7%
Berkshire Hathaway Energy Co. 6.125%, 4/01/36		88		118,018
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/24(a)		200		213,000
				331,018
Total Corporates–Investment Grade (cost $10,573,152)				10,986,141

	Principal Amount (000)		U.S. $ Value
ASSET-BACKED SECURITIES–13.3%
AUTOS–FIXED RATE–6.8%
Ally Auto Receivables Trust Series 2015-2, Class A3 1.49%, 11/15/19	U.S.$	68	$	67,764
Ally Master Owner Trust Series 2015-3, Class A 1.63%, 5/15/20		259		258,818
AmeriCredit Automobile Receivables Trust Series 2016-4, Class A2A 1.34%, 4/08/20		52		52,221
Series 2017-3, Class A2A 1.69%, 12/18/20		65		64,833
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97%, 2/20/20(a)		288		289,933
Series 2016-1A, Class A 2.99%, 6/20/22(a)		100		100,598
Bank of The West Auto Trust Series 2015-1, Class A3 1.31%, 10/15/19(a)		57		57,127
California Republic Auto Receivables Trust Series 2014-2, Class A4 1.57%, 12/16/19		34		34,451
Chrysler Capital Auto Receivables Trust Series 2015-BA, Class A3 1.91%, 3/16/20(a)		62		62,316
CPS Auto Receivables Trust Series 2013-B, Class A 1.82%, 9/15/20(a)		29		29,453
DT Auto Owner Trust Series 2017-3A, Class A 1.73%, 8/17/20(a)		47		46,861
Enterprise Fleet Financing LLC Series 2015-1, Class A2 1.30%, 9/20/20(a)		8		7,746
Exeter Automobile Receivables Trust Series 2016-3A, Class A 1.84%, 11/16/20(a)		21		20,667
Series 2016-3A, Class D 6.40%, 7/17/23(a)		100		102,484
Series 2017-1A, Class D 6.20%, 11/15/23(a)		100		103,158
Series 2017-2A, Class A 2.11%, 6/15/21(a)		55		55,179
Series 2017-3A, Class A 2.05%, 12/15/21(a)		120		120,150
Series 2017-3A, Class C 3.68%, 7/17/23(a)		60		59,489

9

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Fifth Third Auto Trust Series 2014-3, Class A4 1.47%, 5/17/21		U.S.$	161	$	161,343
Flagship Credit Auto Trust Series 2016-3, Class A1 1.61%, 12/15/19(a)			22		21,624
Series 2016-4, Class D 3.89%, 11/15/22(a)			125		125,364
Series 2017-3, Class A 1.88%, 10/15/21(a)			81		80,837
Ford Credit Auto Owner Trust Series 2014-2, Class A 2.31%, 4/15/26(a)			257		257,473
Ford Credit Floorplan Master Owner Trust Series 2015-2, Class A1 1.98%, 1/15/22			198		197,090
Series 2016-1, Class A1 1.76%, 2/15/21			131		130,568
Series 2017-1, Class A1 2.07%, 5/15/22			115		114,413
GM Financial Automobile Leasing Trust Series 2015-2, Class A3 1.68%, 12/20/18			67		67,384
GMF Floorplan Owner Revolving Trust Series 2015-1, Class A1 1.65%, 5/15/20(a)			128		128,352
Harley-Davidson Motorcycle Trust Series 2015-1, Class A3 1.41%, 6/15/20			61		60,442
Hertz Vehicle Financing II LP Series 2015-1A, Class B 3.52%, 3/25/21(a)			115		114,699
Hertz Vehicle Financing LLC Series 2013-1A, Class A2 1.83%, 8/25/19(a)			485		484,364
Hyundai Auto Lease Securitization Trust Series 2015-B, Class A3 1.40%, 11/15/18(a)			5		4,819
Santander Drive Auto Receivables Trust Series 2016-3, Class A2 1.34%, 11/15/19			18		18,329
Series 2017-3, Class A2 1.67%, 6/15/20			65		64,880
Westlake Automobile Receivables Trust Series 2016-2A, Class A2 1.57%, 6/17/19(a)			18		18,099
					3,583,328

	Principal Amount (000)			U.S. $ Value
OTHER ABS–FIXED RATE–2.9%
Ascentium Equipment Receivables Trust Series 2016-1A, Class A2 1.75%, 11/13/18(a)		U.S.$	5	$	5,493
CLUB Credit Trust Series 2017-P1, Class B 3.56%, 9/15/23(a)(c)			100		100,240
Series 2017-P2, Class A 2.61%, 1/15/24(a)(c)			105		104,833
CNH Equipment Trust Series 2014-B, Class A4 1.61%, 5/17/21			87		87,175
Series 2015-A, Class A4 1.85%, 4/15/21			134		133,380
Marlette Funding Trust Series 2016-1A, Class A 3.06%, 1/17/23(a)(c)			26		26,315
Series 2017-1A, Class A 2.827%, 3/15/24(a)(c)			54		54,320
Series 2017-2A, Class A 2.39%, 7/15/24(a)(c)			97		96,839
Series 2017-3A, Class A 2.36%, 12/15/24(a)(c)			94		93,533
Series 2017-3A, Class B 3.01%, 12/15/24(a)(c)			100		99,683
SBA Tower Trust 3.156%, 10/08/20(a)(c)			147		148,102
SoFi Consumer Loan Program LLC Series 2016-2, Class A 3.09%, 10/27/25(a)(c)			63		63,571
Series 2016-3, Class A 3.05%, 12/26/25(a)(c)			69		69,561
Series 2017-1, Class A 3.28%, 1/26/26(a)(c)			64		64,301
Series 2017-2, Class A 3.28%, 2/25/26(a)(c)			77		77,843
Series 2017-3, Class A 2.77%, 5/25/26(a)(c)			87		86,859
Series 2017-4, Class B 3.59%, 5/26/26(a)(c)			130		129,510
Series 2017-5, Class A2 2.78%, 9/25/26(a)(c)			110		108,702
					1,550,260
CREDIT CARDS–FIXED RATE–1.8%
Barclays Dryrock Issuance Trust Series 2015-2, Class A 1.56%, 3/15/21			183		182,855
Synchrony Credit Card Master Note Trust Series 2012-2, Class A 2.22%, 1/15/22			232		232,299

10

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2015-3, Class A 1.74%, 9/15/21		U.S.$	173	$	172,782
Series 2016-1, Class A 2.04%, 3/15/22			130		129,940
World Financial Network Credit Card Master Trust Series 2016-B, Class A 1.44%, 6/15/22			137		136,601
Series 2017-B, Class A 1.98%, 6/15/23			110		109,571
					964,048
AUTOS–FLOATING RATE–0.8%
BMW Floorplan Master Owner Trust Series 2015-1A, Class A 1.977% (LIBOR 1 Month + 0.50%), 7/15/20(a)(d)			214		214,441
Wells Fargo Dealer Floorplan Master Note Trust Series 2015-1, Class A 2.001% (LIBOR 1 Month + 0.50%), 1/20/20(d)			227		227,052
					441,493
CREDIT CARDS–FLOATING RATE–0.8%
Discover Card Execution Note Trust Series 2015-A1, Class A1 1.827% (LIBOR 1 Month + 0.35%), 8/17/20(d)			263		263,123
World Financial Network Credit Card Master Trust Series 2015-A, Class A 1.957% (LIBOR 1 Month + 0.48%), 2/15/22(d)			150		150,120
					413,243
HOME EQUITY LOANS–FIXED RATE–0.1%
Credit-Based Asset Servicing & Securitization LLC Series 2003-CB1, Class AF 3.95%, 1/25/33(c)			56		56,749
HOME EQUITY LOANS–FLOATING RATE–0.1%
Asset Backed Funding Certificates Trust Series 2003-WF1, Class A2 2.677% (LIBOR 1 Month + 1.13%), 12/25/32(c)(d)			29		29,003
Total Asset-Backed Securities (cost $7,035,732)					7,038,124

	Principal Amount (000)			U.S. $ Value
COMMERCIAL MORTGAGE-BACKED SECURITIES–9.7%
NON-AGENCY FIXED RATE CMBS–7.8%
Banc of America Commercial Mortgage Trust Series 2007-5, Class AM 5.772%, 2/10/51(c)		U.S.$	6	$	5,977
BHMS Commercial Mortgage Trust Series 2014-ATLS, Class AFX 3.601%, 7/05/33(a)			200		200,352
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/50			155		159,279
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 5/10/58			115		115,561
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 3/13/35(a)			260		265,628
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 2/10/48			144		144,822
Series 2015-GC35, Class A4 3.818%, 11/10/48			55		57,735
Series 2016-C1, Class A4 3.209%, 5/10/49			192		193,646
Series 2016-GC36, Class A5 3.616%, 2/10/49			65		67,304
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 4/12/35(a)			75		73,219
Series 2014-UBS3, Class A4 3.819%, 6/10/47			130		136,391
Series 2014-UBS5, Class A4 3.838%, 9/10/47			130		136,672
Series 2015-CR24, Class A5 3.696%, 8/10/48			65		67,907
Series 2015-DC1, Class A5 3.35%, 2/10/48			80		81,446
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 6/15/57			100		102,436

11

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
Series 2015-C3, Class A4 3.718%, 8/15/48		U.S.$	117	$	120,881
Series 2015-C4, Class A4 3.808%, 11/15/48			215		224,768
GS Mortgage Securities Corp. II Series 2013-KING, Class A 2.706%, 12/10/27(a)			235		236,014
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 4/10/31(a)			136		134,564
JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 5/15/47(c)			37		37,359
Series 2012-C6, Class D 5.136%, 5/15/45(c)			110		109,928
Series 2012-C6, Class E 5.136%, 5/15/45(a)(c)			132		117,299
JPMBB Commercial Mortgage Securities Trust Series 2014-C22, Class XA 0.92%, 9/15/47(e)			2,855		132,059
Series 2015-C30, Class A5 3.822%, 7/15/48			65		68,283
Series 2015-C31, Class A3 3.801%, 8/15/48			195		204,444
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 9/15/39(c)			40		31,683
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 3/10/49(a)			159		156,608
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/49			100		103,651
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/45			112		112,475
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class C 4.436%, 12/15/59(c)			85		84,011
Series 2016-NXS6, Class C 4.31%, 11/15/49(c)			100		101,824
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class XA 1.23%, 3/15/45(a)(e)			1,344		66,331
Series 2013-C14, Class A5 3.337%, 6/15/46			132		135,810

	Principal Amount (000)			U.S. $ Value
Series 2014-C20, Class A2 3.036%, 5/15/47		U.S.$	125	$	126,291
NON-AGENCY FLOATING RATE CMBS–1.9%					4,112,658
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 2.25% (LIBOR 1 Month + 1.00%), 11/15/33(a)(c)(d)			185		185,143
BX Trust Series 2017-IMC, Class A 2.527% (LIBOR 1 Month + 1.05%), 10/15/32(a)(d)			135		135,211
Credit Suisse Mortgage Trust Series 2016-MFF, Class D 6.077% (LIBOR 1 Month + 4.60%), 11/15/33(a)(c)(d)			100		101,057
Great Wolf Trust Series 2017-WOLF, Class A 2.477% (LIBOR 1 Month + 0.85%), 9/15/34(a)(d)			93		93,058
JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-SGP, Class A 3.177% (LIBOR 1 Month + 1.70%), 7/15/36(a)(d)			122		122,313
Starwood Retail Property Trust Series 2014-STAR, Class A 2.697% (LIBOR 1 Month + 1.22%), 11/15/27(a)(d)			183		183,145
Waldorf Astoria Boca Raton Trust Series 2016-BOCA, Class A 2.827% (LIBOR 1 Month + 1.35%), 6/15/29(a)(d)			211		211,326
					1,031,253
Total Commercial Mortgage-Backed Securities (cost $5,194,650)					5,143,911
GOVERNMENTS–TREASURIES–9.4%
UNITED STATES–9.4%
U.S. Treasury Bonds 2.75%, 11/15/47			77		77,144
2.875%, 8/15/45–11/15/46			54		54,879
3.00%, 11/15/45–2/15/47			1,978		2,076,824
4.50%, 2/15/36			99		127,447
6.125%, 11/15/27			101		133,857
6.25%, 5/15/30			261		366,347
7.50%, 11/15/24			147		195,189

12

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
U.S. Treasury Notes 1.75%, 11/30/21		U.S.$	1,247	$	1,229,659
2.125%, 12/31/22			335		333,639
2.25%, 8/15/27			185		182,398
2.50%, 8/15/23			215		217,956
Total Governments–Treasuries (cost $5,202,984)					4,995,339
COLLATERALIZED MORTGAGE OBLIGATIONS–8.1%
RISK SHARE FLOATING RATE–5.2%
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.052% (LIBOR 1 Month + 6.50%), 4/25/26(d)(f)			112		114,230
Bellemeade Re Ltd. Series 2017-1, Class M1 3.252% (LIBOR 1 Month + 1.70%), 10/25/27(a)(d)			137		137,144
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2014-DN4, Class M3 6.102% (LIBOR 1 Month + 4.55%), 10/25/24(d)			221		244,148
Series 2014-HQ3, Class M2 4.202% (LIBOR 1 Month + 2.65%), 10/25/24(d)			10		9,982
Series 2015-DNA1, Class M3 4.852% (LIBOR 1 Month + 3.30%), 10/25/27(d)			250		280,068
Series 2015-HQA1, Class M2 4.202% (LIBOR 1 Month + 2.65%), 3/25/28(d)			135		137,740
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2 6.452% (LIBOR 1 Month + 4.90%), 11/25/24(d)			154		176,088
Series 2014-C04, Class 2M2 6.552% (LIBOR 1 Month + 5.00%), 11/25/24(d)			51		58,089
Series 2015-C01, Class 1M2 5.852% (LIBOR 1 Month + 4.30%), 2/25/25(d)			73		79,266

	Principal Amount (000)			U.S. $ Value
Series 2015-C01, Class 2M2 6.102% (LIBOR 1 Month + 4.55%), 2/25/25(d)		U.S.$	62	$	66,785
Series 2015-C02, Class 1M2 5.552% (LIBOR 1 Month + 4.00%), 5/25/25(d)			90		97,633
Series 2015-C02, Class 2M2 5.552% (LIBOR 1 Month + 4.00%), 5/25/25(d)			102		108,554
Series 2015-C03, Class 1M2 6.552% (LIBOR 1 Month + 5.00%), 7/25/25(d)			112		126,067
Series 2015-C03, Class 2M2 6.552% (LIBOR 1 Month + 5.00%), 7/25/25(d)			93		102,876
Series 2015-C04, Class 1M2 7.252% (LIBOR 1 Month + 5.70%), 4/25/28(d)			137		157,995
Series 2015-C04, Class 2M2 7.102% (LIBOR 1 Month + 5.55%), 4/25/28(d)			128		144,143
Series 2016-C01, Class 1M2 8.302% (LIBOR 1 Month + 6.75%), 8/25/28(d)			160		190,231
Series 2016-C01, Class 2M2 8.502% (LIBOR 1 Month + 6.95%), 8/25/28(d)			92		108,971
Series 2016-C02, Class 1M2 7.552% (LIBOR 1 Month + 6.00%), 9/25/28(d)			130		154,322
Series 2016-C03, Class 2M2 7.452% (LIBOR 1 Month + 5.90%), 10/25/28(d)			148		171,269
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.802% (LIBOR 1 Month + 5.25%), 11/25/25(d)(f)			48		54,142
Series 2015-WF1, Class 2M2 7.052% (LIBOR 1 Month + 5.50%), 11/25/25(d)(f)			20		24,177
					2,743,920

13

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
AGENCY FLOATING RATE–1.4%
Federal National Mortgage Association REMICs Series 2011-131, Class ST 4.988% (6.54%-LIBOR 1 Month), 12/25/41(d)(g)		U.S.$	187	$	38,159
Series 2012-70, Class SA 4.998% (6.55%-LIBOR 1 Month), 7/25/42(d)(g)			346		73,937
Series 2015-90, Class SL 4.598% (6.15%-LIBOR 1 Month), 12/25/45(d)(g)			380		69,259
Series 2016-77, Class DS 4.448% (6.00%-LIBOR 1 Month), 10/25/46(d)(g)			380		71,441
Series 2017-16, Class SG 4.498% (6.05%-LIBOR 1 Month), 3/25/47(d)(g)			370		73,462
Series 2017-26, Class TS 4.398% (5.95%-LIBOR 1 Month), 4/25/47(d)(g)			345		70,343
Series 2017-62, Class AS 4.598% (6.15%-LIBOR 1 Month), 8/25/47(d)(g)			360		71,395
Series 2017-81, Class SA 4.648% (6.20%-LIBOR 1 Month), 10/25/47(d)(g)			352		73,536
Series 2017-97, Class LS 4.648% (6.20%-LIBOR 1 Month), 12/25/47(d)(g)			364		77,200
Government National Mortgage Association Series 2017-134, Class SE 4.699% (6.20%-LIBOR 1 Month), 9/20/47(d)(g)			297		56,386
Series 2017-65, Class ST 4.649% (6.15%-LIBOR 1 Month), 4/20/47(d)(g)			350		70,487
					745,605
NON-AGENCY FIXED RATE–1.2%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 7/25/35			21		19,736
Series 2005-57CB, Class 4A3 5.50%, 12/25/35			42		37,636
Series 2006-23CB, Class 1A7 6.00%, 8/25/36			26		26,662
Series 2006-24CB, Class A16 5.75%, 6/25/36			78		65,046
Series 2006-28CB, Class A14 6.25%, 10/25/36			54		45,069

	Principal Amount (000)			U.S. $ Value
Series 2006-9T1, Class A1 5.75%, 5/25/36		U.S.$	33	$	26,112
Series 2006-J1, Class 1A13 5.50%, 2/25/36			44		40,326
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 7/25/37			26		23,729
Citigroup Mortgage Loan Trust, Inc. Series 2005-2, Class 1A4 3.244%, 5/25/35			50		50,203
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 5/25/36			40		34,605
Series 2006-13, Class 1A19 6.25%, 9/25/36			23		20,366
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 7/25/36			65		55,159
JP Morgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.78%, 7/25/36			143		127,252
JP Morgan Mortgage Trust Series 2007-S3, Class 1A8 6.00%, 8/25/37			36		31,811
Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 2A5 5.75%, 7/25/37			19		19,383
					623,095
NON–AGENCY FLOATING RATE–0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 1.742% (LIBOR 1 Month + 0.19%), 12/25/36(d)			150		93,193
HomeBanc Mortgage Trust Series 2005-1, Class A1 1.802% (LIBOR 1 Month + 0.25%), 3/25/35(d)			54		48,214
					141,407
AGENCY FIXED RATE–0.1%
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 1.805%, 5/28/35(c)			50		46,791
Total Collateralized Mortgage Obligations (cost $4,103,808)					4,300,818

14

AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
INFLATION–LINKED SECURITIES–6.2%
JAPAN–1.1%
Japanese Government CPI Linked Bond Series 2022 0.10%, 3/10/27		JPY	59,919	$	565,840
UNITED STATES–5.1%
U.S. Treasury Inflation Index 0.125%, 4/15/19–4/15/20 (TIPS)		U.S.$	1,210		1,206,775
0.25%, 1/15/25 (TIPS)			652		645,925
0.375%, 7/15/25 (TIPS)			858		859,339
					2,712,039
Total Inflation–Linked Securities (cost $3,306,438)					3,277,879
CORPORATES–NON-INVESTMENT GRADE–3.5%
INDUSTRIAL–2.1%
BASIC–0.2%
NOVA Chemicals Corp. 5.25%, 8/01/23(a)			74		76,210
COMMUNICATIONS–MEDIA–0.3%
CSC Holdings LLC 6.75%, 11/15/21			30		32,177
SFR Group SA 5.375%, 5/15/22(a)		EUR	120		148,396
					180,573
COMMUNICATIONS–TELECOMMUNICATIONS–0.8%
Arqiva Broadcast Finance PLC 9.50%, 3/31/20(a)		GBP	100		140,394
CenturyLink, Inc. Series Y 7.50%, 4/01/24		U.S.$	14		13,974
Sprint Capital Corp. 6.90%, 5/01/19			210		219,257
Windstream Services LLC/Windstream Finance Corp. 6.375%, 8/01/23			80		49,118
					422,743
CONSUMER CYCLICAL–OTHER–0.1%
KB Home 4.75%, 5/15/19			63		64,119
CONSUMER NON-CYCLICAL–0.2%
First Quality Finance Co., Inc. 4.625%, 5/15/21(a)			85		85,507

	Principal Amount (000)			U.S. $ Value
ENERGY–0.4%
Diamond Offshore Drilling, Inc. 4.875%, 11/01/43		U.S.$	68	$	49,640
Nabors Industries, Inc. 5.50%, 1/15/23			113		109,739
PDC Energy, Inc. 5.75%, 5/15/26(a)			46		47,108
SM Energy Co. 6.50%, 1/01/23			9		9,177
					215,664
TRANSPORTATION–SERVICES–0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 5.25%, 3/15/25(a)			52		51,499
					1,096,315
FINANCIAL INSTITUTIONS–1.4%
BANKING–1.2%
Bank of America Corp. Series Z 6.50%, 10/23/24(b)			49		55,619
Barclays Bank PLC 6.86%, 6/15/32(a)(b)			29		34,945
Goldman Sachs Group, Inc. (The) Series P 5.00%, 11/10/22(b)			74		73,201
Intesa Sanpaolo SpA Series E 3.928%, 9/15/26(a)		EUR	100		131,514
Lloyds Banking Group PLC 7.50%, 6/27/24(b)		U.S.$	200		226,518
Royal Bank of Scotland Group PLC 2.001% (EURIBOR 3 Month + 2.33%), 3/31/18(a)(b)(d)		EUR	50		59,189
Standard Chartered PLC 2.888% (LIBOR 3 Month + 1.51%), 1/30/27(a)(b)(d)		U.S.$	100		93,829
					674,815
FINANCE–0.2%
Navient Corp. 6.625%, 7/26/21			95		100,338
					775,153
Total Corporates–Non-Investment Grade (cost $1,903,255)					1,871,468
AGENCIES–3.0%
AGENCY DEBENTURES–3.0%
Residual Funding Corp. Principal Strip Zero Coupon, 7/15/20 (cost $1,520,451)			1,677		1,583,373

15

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)			U.S. $ Value
EMERGING MARKETS–TREASURIES–0.9%
ARGENTINA–0.2%
Argentina POM Politica Monetaria Series POM 27.277% (ARPP7DRR + 0.00%), 6/21/20(d)		ARS	1,745	$	100,549
BRAZIL–0.7%
Brazil Notas do Tesouro Nacional Series F 10.00%, 1/01/27		BRL	1,300		387,706
Total Emerging Markets–Treasuries (cost $430,811)					488,255
QUASI-SOVEREIGNS–0.7%
QUASI-SOVEREIGN BONDS–0.7%
CHILE–0.4%
Corp. Nacional del Cobre de Chile 3.625%, 8/01/27(a)		U.S.$	200		200,216
MEXICO–0.3%
Petroleos Mexicanos 4.625%, 9/21/23			120		123,450
6.50%, 3/13/27(a)			50		54,750
					178,200
Total Quasi-Sovereigns (cost $369,963)					378,416
LOCAL GOVERNMENTS–US MUNICIPAL BONDS–0.6%
UNITED STATES–0.6%
State of California Series 2010 7.625%, 3/01/40 (cost $203,076)			200		312,890
EMERGING MARKETS–CORPORATE BONDS–0.3%
INDUSTRIAL–0.3%
CAPITAL GOODS–0.1%
Odebrecht Finance Ltd. 7.125%, 6/26/42(a)			200		60,500
ENERGY–0.2%
Petrobras Global Finance BV 6.125%, 1/17/22			3		3,184
6.25%, 3/17/24			63		66,701
					69,885
Total Emerging Markets–Corporate Bonds (cost $129,328)					130,385

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	$	116,250
	Principal Amount (000)
SHORT-TERM INVESTMENTS–13.6%
AGENCY DISCOUNT NOTE–5.2%
Federal Home Loan Bank Discount Notes Zero Coupon, 1/05/18–2/21/18 (cost $2,766,950)		U.S.$	2,770		2,766,950
GOVERNMENTS–TREASURIES–5.0%
JAPAN–5.0%
Japan Treasury Discount Bill Series 729 Zero Coupon, 4/05/18 (cost $2,646,668)		JPY	300,000		2,663,816
TIME DEPOSIT–3.4%
State Street Time Deposit 0.12%, 1/02/18 (cost $1,793,588)		U.S.$	1,794		1,793,588
Total Short-Term Investments (cost $7,207,206)					7,224,354
TOTAL INVESTMENTS–111.4% (cost $58,391,827)					58,999,382
Other assets less liabilities–(11.4)%					(6,041,100	)
NET ASSETS–100.0%				$	52,958,282

16

AB Variable Products Series Fund

FUTURES (see Note D)

Description	Number of Contracts		Expiration Month		Notional (000)			Original Value		Value at December 31, 2017		Unrealized Appreciation/ (Depreciation)
Purchased Contracts
U.S. T-Note 5 Yr (CBT) Futures		59		March 2018		USD	5,900	$	6,887,316	$	6,853,680	$	(33,636	)
U.S. Ultra Bond (CBT) Futures		15		March 2018		USD	1,500		2,493,420		2,514,844		21,424
Sold Contracts
10 Yr Mini Japan Government Bond Futures		5		March 2018		JPY	50,000		669,286		669,359		(73	)
Euro-BOBL Futures		25		March 2018		EUR	2,500		3,968,964		3,947,804		21,160
U.S. T-Note 2 Yr (CBT) Futures		21		March 2018		USD	4,200		4,502,835		4,496,297		6,538
U.S. T-Note 10 Yr (CBT) Futures		10		March 2018		USD	1,000		1,247,157		1,240,469		6,688
												$	22,101

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	670		USD	202		1/03/18	$	555
Bank of America, NA		USD	203		BRL	670		1/03/18		(1,344	)
Bank of America, NA		CHF	1,049		USD	1,069		1/22/18		(8,501	)
Bank of America, NA		BRL	329		USD	99		2/02/18		116
Citibank, NA		USD	69		KRW	77,116		1/18/18		3,027
Citibank, NA		CZK	34,955		USD	1,618		1/19/18		(24,665	)
Citibank, NA		USD	158		RUB	9,632		1/25/18		8,105
Citibank, NA		USD	112		CNY	743		2/07/18		1,780
Citibank, NA		USD	133		PEN	436		2/07/18		1,805
Deutsche Bank AG		BRL	670		USD	207		1/03/18		5,515
Deutsche Bank AG		USD	202		BRL	670		1/03/18		(555	)
Goldman Sachs Bank USA		USD	1,625		CZK	34,955		1/19/18		18,347
Goldman Sachs Bank USA		BRL	143		USD	43		2/02/18		75
HSBC Bank USA		USD	102		CNY	679		2/07/18		1,579
HSBC Bank USA		EUR	155		PLN	655		3/09/18		1,061
JPMorgan Chase Bank, NA		TWD	6,441		USD	216		2/07/18		(1,976	)
Royal Bank of Scotland PLC		JPY	320,000		USD	2,823		1/25/18		(19,581	)
Standard Chartered Bank		USD	149		KRW	163,435		1/18/18		4,264
Standard Chartered Bank		EUR	902		USD	1,072		1/22/18		(12,029	)
State Street Bank & Trust Co.		CAD	452		USD	356		1/18/18		(4,230	)
State Street Bank & Trust Co.		KRW	240,509		USD	212		1/18/18		(12,996	)
State Street Bank & Trust Co.		USD	195		CAD	245		1/18/18		(790	)
State Street Bank & Trust Co.		JPY	47,906		USD	424		1/25/18		(1,984	)
State Street Bank & Trust Co.		GBP	202		USD	271		2/02/18		(1,616	)
State Street Bank & Trust Co.		JPY	17,001		USD	151		2/09/18		302
State Street Bank & Trust Co.		USD	109		MXN	2,085		2/22/18		(4,019	)
State Street Bank & Trust Co.		AUD	45		USD	34		3/07/18		(937	)
State Street Bank & Trust Co.		NZD	167		USD	115		3/07/18		(2,861	)
State Street Bank & Trust Co.		EUR	638		USD	755		3/12/18		(13,400	)
									$	(64,953	)

17

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

CENTRALLY CLEARED INTEREST RATE SWAPS (see Note D)

				Rate Type
Notional Amount (000)		Termination Date		Payments made by the Fund		Payments received by the Fund		Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
GBP	4,950		11/07/19		6 Month LIBOR		0.790%	Semi-Annual/ Semi-Annual	$	4,228		$	(34	)	$	4,262
USD	2,580		11/14/19		1.863%		3 Month LIBOR	Semi-Annual/ Quarterly		7,276			–0	–		7,276
SEK	4,830		3/31/22		3 Month STIBOR		0.341%	Quarterly/Annual		1,244			2			1,242
NZD	1,015		3/31/22		3 Month BKBM		2.936%	Quarterly/ Semi-Annual		12,061			–0	–		12,061
GBP	940		11/07/22		1.032%		6 Month LIBOR	Semi-Annual/ Semi-Annual		(1,219	)		15			(1,234	)
USD	530		1/14/24		2.980%		3 Month LIBOR	Semi-Annual/ Quarterly		(26,487	)		–0	–		(26,487	)
USD	650		4/28/24		2.817%		3 Month LIBOR	Semi-Annual/ Quarterly		(21,425	)		–0	–		(21,425	)
USD	740		11/10/25		2.256%		3 Month LIBOR	Semi-Annual/ Quarterly		4,317			–0	–		4,317
USD	80		6/28/26		1.460%		3 Month LIBOR	Semi-Annual/ Quarterly		5,700			–0	–		5,700
USD	175		11/08/26		1.657%		3 Month LIBOR	Semi-Annual/ Quarterly		9,897			–0	–		9,897
USD	200		11/09/26		1.672%		3 Month LIBOR	Semi-Annual/ Quarterly		11,075			–0	–		11,075
USD	105		4/26/27		2.287%		3 Month LIBOR	Semi-Annual/ Quarterly		832			–0	–		832
USD	260		7/12/27		2.355%		3 Month LIBOR	Semi-Annual/ Quarterly		(920	)		–0	–		(920	)
									$	6,579		$	(17	)	$	6,596

CREDIT DEFAULT SWAPS (see Note D)

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citibank, NA
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)%		Quarterly		0.82	%		USD	98	$	(5,893	)	$	(1,765	)	$	(4,128	)
Sprint Communications, Inc., 7.000%, 8/15/20, 6/20/19*		(5.00	)		Quarterly		0.82			USD	112		(6,736	)		(2,092	)		(4,644	)
Citigroup Global Markets, Inc.
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	3		(6	)		38			(44	)
Credit Suisse International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	330		(626	)		4,193			(4,819	)

18

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.AAA Series 9,9/17/58*		(0.50	) %		Monthly		0.47	%		USD	4	$	(8	)	$	37		$	(45	)
CDX-CMBX.NA.BBB- Series 7, 1/17/47*		(3.00	)		Monthly		5.47			USD	350		40,676			22,863			17,813
Deutsche Bank AG
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	42		(80	)		575			(655	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	122		(231	)		1,300			(1,531	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	408		(774	)		4,385			(5,159	)
Goldman Sachs International
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	27		(51	)		260			(311	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	46		(87	)		625			(712	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	50		(116	)		661			(777	)
CDX-CMBX.NA.AAA Series 9, 9/17/58*		(0.50	)		Monthly		0.47			USD	99		(229	)		1,309			(1,538	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	32		(4,663	)		(4,437	)		(226	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	60		(8,743	)		(8,517	)		(226	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	31		(4,523	)		(4,976	)		453
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	52		(7,582	)		(8,103	)		521
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	5		(729	)		(842	)		113
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	318		(46,365	)		(13,602	)		(32,763	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	350		(51,001	)		(21,178	)		(29,823	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	94		(13,697	)		(6,358	)		(7,339	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	28		(4,080	)		(2,024	)		(2,056	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	56		(8,165	)		(8,686	)		521
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 5/11/63*		2.00			Monthly		3.00			USD	135		(5,955	)		(2,761	)		(3,194	)

19

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.80	%		USD	132	$	(19,235	)	$	(9,673	)	$	(9,562	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	85		(12,386	)		(7,310	)		(5,076	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	8		(1,165	)		(980	)		(185	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	51		(7,431	)		(6,719	)		(712	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	28		(4,080	)		(3,349	)		(731	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	27		(3,935	)		(3,228	)		(707	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	84		(12,241	)		(9,462	)		(2,779	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	8		(1,166	)		(480	)		(686	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	125		(18,215	)		(10,405	)		(7,810	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	185		(26,957	)		(14,787	)		(12,170	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	49		(7,140	)		(4,427	)		(2,713	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	4		(583	)		(375	)		(208	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	8		(1,165	)		(763	)		(402	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	8		(1,166	)		(826	)		(340	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	16		(2,331	)		(1,806	)		(525	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	41		(5,974	)		(5,834	)		(140	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	92		(13,406	)		(12,753	)		(653	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	57		(8,305	)		(6,349	)		(1,956	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	246		(35,847	)		(12,579	)		(23,268	)
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	39		(5,690	)		(6,761	)		1,071
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	4		(583	)		(635	)		52
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	28		(4,085	)		(4,785	)		700
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00			Monthly		6.80			USD	34		(4,960	)		(5,465	)		505

20

AB Variable Products Series Fund

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2017			Notional Amount (000)			Market Value			Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 5/11/63*		3.00	%		Monthly		6.80	%		USD	35	$	(5,101	)	$	(2,581	)	$	(2,520	)
												$	(332,811	)	$	(181,427	)	$	(151,384	)

* Termination date

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, the aggregate market value of these securities amounted to $9,510,966 or 18.0% 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) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(d) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2017.

(e) IO—Interest Only.

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.37% of net assets as of December 31, 2017, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
Bellemeade Re II Ltd. Series 2016-1A, Class M2B 8.052%, 4/25/26		4/29/16	$	111,731	$	114,230		0.22	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 6.802%, 11/25/25		9/28/15		47,832		54,142		0.10	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 7.052%, 11/25/25		9/28/15		20,384		24,177		0.05	%

(g) Inverse interest only security.

Currency Abbreviations:

ARS—Argentine Peso

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

CZK—Czech Koruna

EUR—Euro

GBP—Great British Pound

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NZD—New Zealand Dollar

PEN—Peruvian Sol

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

TRY—Turkish Lira

TWD—New Taiwan Dollar

USD—United States Dollar

21

INTERMEDIATE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Glossary:

ABS—Asset-Backed Securities

ARPP7DRR—Argentina Central Bank 7-Day Repo Reference Rate

BA—Banker’s Acceptance

BKBM—Bank Bill Benchmark (New Zealand)

BOBL—Bundesobligationen

CBT—Chicago Board of Trade

CDX-CMBX.NA—North American Commercial Mortgage-Backed Index

CMBS—Commercial Mortgage-Backed Securities

CPI—Consumer Price Index

EURIBOR—Euro Interbank Offered Rate

LIBOR—London Interbank Offered Rates

REIT—Real Estate Investment Trust

REMICs—Real Estate Mortgage Investment Conduits

STIBOR—Stockholm Interbank Offered Rate

TBA—To Be Announced

TIPS—Treasury Inflation Protected Security

See notes to financial statements.

22

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $58,391,827)	$	58,999,382
Cash collateral due from broker		191,626
Foreign currencies, at value (cost $2,133,757)		2,166,396
Interest receivable		249,792
Receivable for capital stock sold		65,314
Unrealized appreciation on forward currency exchange contracts		46,531
Upfront premiums paid on credit default swaps		36,246
Unrealized appreciation on credit default swaps		21,749
Receivable for variation margin on futures		8,361
Receivable for investment securities sold		7,813
Total assets		61,793,210
LIABILITIES
Due to custodian		5,315
Payable for investment securities purchased		8,148,281
Upfront premiums received on credit default swaps		217,673
Unrealized depreciation on credit default swaps		173,133
Unrealized depreciation on forward currency exchange contracts		111,484
Advisory fee payable		20,281
Administrative fee payable		13,644
Payable for variation margin on exchange traded swaps		7,374
Distribution fee payable		3,156
Payable for capital stock redeemed		1,662
Transfer Agent fee payable		97
Accrued expenses		132,828
Total liabilities		8,834,928
NET ASSETS	$	52,958,282
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,030
Additional paid-in capital		51,073,637
Undistributed net investment income		788,345
Accumulated net realized gain on investment and foreign currency transactions		641,790
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		449,480
	$	52,958,282

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	38,172,191		3,614,560	$	10.56
B	$	14,786,091		1,415,189	$	10.45

See notes to financial statements.

23

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Interest	$	1,775,697
Dividends		11,317
Other income		3,971
		1,790,985
EXPENSES
Advisory fee (see Note B)		250,190
Distribution fee—Class B		39,026
Transfer agency—Class A		4,017
Transfer agency—Class B		1,572
Custodian		136,570
Audit and tax		80,220
Administrative		53,914
Directors’ fees		28,561
Legal		27,994
Printing		25,790
Miscellaneous		6,484
Total expenses		654,338
Net investment income		1,136,647
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		331,327
Forward currency exchange contracts		(129,911	)
Futures		139,638
Swaps		135,268
Swaptions written		9,636
Foreign currency transactions		(157,397	)
Net change in unrealized appreciation/depreciation of:
Investments		619,630
Forward currency exchange contracts		(90,036	)
Futures		67,221
Swaps		(177,048	)
Swaptions written		(5,271	)
Foreign currency denominated assets and liabilities		30,411
Net gain on investment and foreign currency transactions		773,468
Contributions from Affiliates (see Note B)		286
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	1,910,401

See notes to financial statements.

24

INTERMEDIATE BOND PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	1,136,647		$	1,592,498
Net realized gain on investment and foreign currency transactions		328,561			725,272
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		444,907			653,981
Contributions from Affiliates (see Note B)		286			–0	–
Net increase in net assets from operations		1,910,401			2,971,751
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(1,298,457	)		(1,406,468	)
Class B		(477,217	)		(466,376	)
Net realized gain on investment transactions
Class A		(377,042	)		(589,257	)
Class B		(150,631	)		(215,377	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(4,860,694	)		(7,317,811	)
Total decrease		(5,253,640	)		(7,023,538	)
NET ASSETS
Beginning of period		58,211,922			65,235,460
End of period (including undistributed net investment income of $788,345 and $1,728,835, respectively)	$	52,958,282		$	58,211,922

See notes to financial statements.

25

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Intermediate Bond Portfolio (the “Portfolio”), is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is to generate income and price appreciation without assuming what the Adviser considers undue risk. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

26

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Options are valued using market-based inputs to models, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency, where such inputs and models are available. Alternatively the values may be obtained through unobservable management determined inputs and/or management’s proprietary models. Where models are used, the selection of a particular model to value an option depends upon the contractual terms of, and specific risks inherent in, the option as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, measures of volatility and correlations of such inputs. Exchange traded options generally will be classified as Level 2. For options that do not trade on exchange but trade in liquid markets, inputs can generally be verified and model selection does not involve significant management judgment. Options are classified within Level 2 on the fair value hierarchy when all of the significant inputs can be corroborated to market evidence. Otherwise such instruments are classified as Level 3.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss

27

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Mortgage Pass-Throughs

$

–0

–

$

11,151,779

$

–0

–

$

11,151,779

Corporates—Investment Grade

–0

–

10,986,141

–0

–

10,986,141

Asset-Backed Securities

–0

–

5,628,160

1,409,964

7,038,124

Commercial Mortgage-Backed Securities

–0

–

4,369,630

774,281

5,143,911

Governments—Treasuries

–0

–

4,995,339

–0

–

4,995,339

Collateralized Mortgage Obligations

–0

–

4,254,027

46,791

4,300,818

Inflation-Linked Securities

–0

–

3,277,879

–0

–

3,277,879

Corporates—Non-Investment Grade

–0

–

1,871,468

–0

–

1,871,468

Agencies

–0

–

1,583,373

–0

–

1,583,373

Emerging Markets—Treasuries

–0

–

488,255

–0

–

488,255

Quasi-Sovereigns

–0

–

378,416

–0

–

378,416

Local Governments—US Municipal Bonds

–0

–

312,890

–0

–

312,890

Emerging Markets—Corporate Bonds

–0

–

130,385

–0

–

130,385

Preferred Stocks

–0

–

116,250

–0

–

116,250

Short-Term Investments:

Agency Discount Notes

–0

–

2,766,950

–0

–

2,766,950

Governments—Treasuries

–0

–

2,663,816

–0

–

2,663,816

Time Deposits

–0

–

1,793,588

–0

–

1,793,588

Total Investments in Securities

–0

–

56,768,346

2,231,036

58,999,382

Other Financial Instruments(a):

Assets:

Futures

55,810

–0

–

–0

–

55,810

(b)

Forward Currency Exchange Contracts

–0

–

46,531

–0

–

46,531

Centrally Cleared Interest Rate Swaps

–0

–

56,630

–0

–

56,630

(b)

Credit Default Swaps

–0

–

40,676

–0

–

40,676

Liabilities:

Futures

(33,709

)

–0

–

–0

–

(33,709

)(b)

Forward Currency Exchange Contracts

–0

–

(111,484

)

–0

–

(111,484

)

Centrally Cleared Interest Rate Swaps

–0

–

(50,051

)

–0

–

(50,051

)(b)

Credit Default Swaps

–0

–

(373,487

)

–0

–

(373,487

)

Total(c)

$

22,101

$

56,377,161

$

2,231,036

$

58,630,298

(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 swaps with upfront premiums, options written and swaptions written which are valued at market value.

28

AB Variable Products Series Fund

(b) Only variation margin receivable/(payable) at period end is reported within the statement of assets and liabilities. This amount reflects cumulative unrealized appreciation/(depreciation) of exchange-traded derivatives as reported in the portfolio of investments. Exchange-traded swaps with upfront premiums are presented here as market value.

(c) There were no transfers between Level 1 and Level 2 during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

	Asset-Backed Securities			Commercial Mortgage- Backed Securities			Collateralized Mortgage Obligations
Balance as of 12/31/16	$	699,392		$	1,500,896		$	–0	–
Accrued discounts/(premiums)		56			(379	)		–0	–
Realized gain (loss)		3,692			(47,808	)		–0	–
Change in unrealized appreciation/depreciation		2,120			43,593			2,335
Purchases/Payups		1,214,552			185,000			–0	–
Sales/Paydowns		(509,848	)		(907,021	)		–0	–
Transfers in to Level 3		–0	–		–0	–		44,456
Transfers out of Level 3		–0	–		–0	–		–0	–
Balance as of 12/31/17	$	1,409,964		$	774,281		$	46,791
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(a)	$	2,586		$	7,769		$	2,335
	Total
Balance as of 12/31/16	$	2,200,288
Accrued discounts/(premiums)		(323	)
Realized gain (loss)		(44,116	)
Change in unrealized appreciation/depreciation		48,048
Purchases/Payups		1,399,552
Sales/Paydowns		(1,416,869	)
Transfers in to Level 3		44,456	(b)
Transfers out of Level 3		–0	–
Balance as of 12/31/17	$	2,231,036
Net change in unrealized appreciation/depreciation from investments held as of 12/31/17(a)	$	12,690

(a) The unrealized appreciation/(depreciation) is included in net change in unrealized appreciation/(depreciation) on investments and other financial instruments in the accompanying statement of operations.

(b) There were de minimis transfers under 1% of net assets during the reporting period.

As of December 31, 2017, all Level 3 securities were priced by third party vendors.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

29

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	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 any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, 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.

30

AB Variable Products Series Fund

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .45% of the first $2.5 billion, .40% of the next $2.5 billion and .35% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

On November 2, 2017, the Board of Directors of the Fund approved the fee schedule of an amended investment advisory agreement, to be effective on January 30, 2018. The amendment implements an additional advisory fee breakpoint, applicable to Portfolio assets in excess of $8 billion. The revised fee rates are .45% of the first $2.5 billion, .40% of the next $2.5 billion up to $5 billion, .35% of excess over $5 billion up to $8 billion and .30% in excess over $8 billion.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,914.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $286 for trading losses incurred due to a trade entry error.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $2,254, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases		Sales
Investment securities (excluding U.S. government securities)	$	11,857,464	$	14,570,051
U.S. government securities		108,356,611		110,763,868

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	58,391,827
Gross unrealized appreciation	$	1,462,192
Gross unrealized depreciation		(840,962	)
Net unrealized appreciation	$	621,230

31

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal types of derivatives utilized by the Portfolio, as well as the methods in which they may be used are:

• Futures

The Portfolio may buy or sell futures for investment purposes or for the purpose of hedging its portfolio against adverse effects of potential movements in the market. The Portfolio bears the market risk that arises from changes in the value of these instruments and the imperfect correlation between movements in the price of the futures and movements in the price of the assets, reference rates or indices which they are designed to track. Among other things, the Portfolio may purchase or sell futures for foreign currencies or options thereon for non-hedging purposes as a means of making direct investment in foreign currencies, as described below under “Currency Transactions”.

At the time the Portfolio enters into futures, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures is generally less than privately negotiated futures, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Use of long futures subjects the Portfolio to risk of loss in excess of the amounts shown on the statement of assets and liabilities, up to the notional value of the futures. Use of short futures subjects the Portfolio to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of futures can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

During the year ended December 31, 2017, the Portfolio held futures for hedging and non-hedging purposes.

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

• Option Transactions

For hedging and investment purposes, the Portfolio may purchase and write (sell) put and call options on U.S. and foreign securities, including government securities, and foreign currencies that are traded on U.S. and foreign securities exchanges and over-the-counter markets. Among other things, the Portfolio may use options transactions for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions” and may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, for hedging and investment purposes.

32

AB Variable Products Series Fund

The risk associated with purchasing an option is that the Portfolio pays a premium whether or not the option is exercised. Additionally, the Portfolio bears the risk of loss of the premium and change in market value should the counterparty not perform under the contract. If a put or call option purchased by the Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Portfolio. Put and call options purchased are accounted for in the same manner as portfolio securities. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

When the Portfolio writes an option, the premium received by the Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are recorded by the Portfolio on the expiration date as realized gains from options written. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium received is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium received is added to the proceeds from the sale of the underlying security or currency in determining whether the Portfolio has realized a gain or loss. If a put option is exercised, the premium received reduces the cost basis of the security or currency purchased by the Portfolio. In writing an option, the Portfolio bears the market risk of an unfavorable change in the price of the security or currency underlying the written option. Exercise of an option written by the Portfolio could result in the Portfolio selling or buying a security or currency at a price different from the current market value.

The Portfolio may also invest in options on swap agreements, also called “swaptions”. A swaption is an option that gives the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for paying a market-based “premium”. A receiver swaption gives the owner the right to receive the total return of a specified asset, reference rate, or index. A payer swaption gives the owner the right to pay the total return on a specified asset, reference rate, or index. Swaptions also include options that allow an existing swap to be terminated or extended by one of the counterparties.

During the year ended December 31, 2017, the Portfolio held purchased swaptions for hedging purposes.

During the year ended December 31, 2017, the Portfolio held written swaptions 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, 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.

33

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Certain standardized swaps, including certain interest rate swaps and credit default swaps, are (or soon will be) subject to mandatory central clearing. Cleared swaps are transacted through futures commission merchants (“FCMs”) that are members of central clearinghouses, with the clearinghouse serving as central counterparty, similar to transactions in futures contracts. Centralized clearing will be required for additional categories of swaps on a phased-in basis based on requirements published by the Securities and Exchange Commission and Commodity Futures Trading Commission.

At the time the Portfolio enters into a centrally cleared swap, the Portfolio deposits and maintains as collateral an initial margin with the broker, as required by the clearinghouse on which the transaction is effected. Such amount is shown as cash collateral due from broker on the statement of assets and liabilities. Pursuant to the contract, the Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by the Portfolio as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for centrally cleared swaps is generally less than non-centrally cleared swaps, since the clearinghouse, which is the issuer or counterparty to each centrally cleared swap, has robust risk mitigation standards, including the requirement to provide initial and variation margin. When the contract is closed, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed.

Interest Rate Swaps:

The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swaps. Interest rate swaps are agreements between two parties to exchange cash flows based on a notional amount. The Portfolio may elect to pay a fixed rate and receive a floating rate, or, receive a fixed rate and pay a floating rate on a notional amount.

In addition, the Portfolio may also enter into interest rate swap transactions to preserve a return or spread on a particular investment or portion of its portfolio, or protecting against an increase in the price of securities the Portfolio anticipates purchasing at a later date. Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) computed based on a contractually-based principal (or “notional”) amount. Interest rate swaps are entered into on a net basis (i.e., the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments).

During the year ended December 31, 2017, the Portfolio held interest rate swaps for hedging and non-hedging purposes.

Credit Default Swaps:

The Portfolio may enter into credit default swaps, including to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults by corporate and sovereign issuers held by the Portfolio, or to create exposure to corporate or sovereign issuers to which it is not otherwise exposed. The Portfolio may purchase credit protection (“Buy Contract”) or provide credit protection (“Sale Contract”) on the referenced obligation of the credit default swap. During the term of the swap, the Portfolio receives/(pays) fixed payments from/(to) the respective counterparty, calculated at the agreed upon rate applied to the notional amount. If the Portfolio is a buyer/(seller) of protection and a credit event occurs, as defined under the terms of the swap, the Portfolio will either (i) receive from the seller/(pay to the buyer) of protection an amount equal to the notional amount of the swap (the “Maximum Payout Amount”) and deliver/(take delivery of) the referenced obligation or (ii) receive/(pay) a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

In certain circumstances Maximum Payout Amounts may be partially offset by recovery values of the respective referenced obligations, upfront premium received upon entering into the agreement, or net amounts received from settlement of buy protection credit default swaps entered into by the Portfolio for the same referenced obligations with the same counterparty. As of December 31, 2017, the Portfolio did not have Buy Contracts outstanding with respect to the same referenced obligations and same counterparty for its Sale Contracts outstanding.

34

AB Variable Products Series Fund

Credit default swaps may involve greater risks than if a Portfolio had invested in the referenced obligation directly. Credit default swaps are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Portfolio is a buyer of protection and no credit event occurs, it will lose the payments it made to its counterparty. If the Portfolio is a seller of protection and a credit event occurs, the value of the referenced obligation received by the Portfolio coupled with the periodic payments previously received, may be less than the Maximum Payout Amount it pays to the buyer, resulting in a net loss to the Portfolio.

Implied credit spreads over U.S. Treasuries of comparable maturity utilized in determining the market value of credit default swaps on issuers as of period end are disclosed in the portfolio of investments. The implied spreads serve as an indicator of the current status of the payment/performance risk and typically reflect the likelihood of default by the issuer of the referenced obligation. The implied credit spread of a particular reference obligation also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Widening credit spreads typically represent a deterioration of the referenced obligation’s credit soundness and greater likelihood of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced obligation.

During the year ended December 31, 2017, the Portfolio held credit default swaps for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. For additional details, please refer to netting arrangements by the OTC counterparty tables below.

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives				Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Interest rate contracts	Receivable/Payable for variation margin on futures	$	55,810	*	Receivable/Payable for variation margin on futures	$	33,709	*
Interest rate contracts	Receivable/Payable for variation margin on exchange traded swaps		56,662	*	Receivable/Payable for variation margin on exchange traded swaps		50,066	*
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts		46,531		Unrealized depreciation on forward currency exchange contracts		111,484
Credit contracts	Unrealized appreciation on credit default swaps		21,749		Unrealized depreciation on credit default swaps		173,133
Total		$	180,752			$	368,392

* 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.

35

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Interest rate contracts	Net realized gain (loss) on futures; Net change in unrealized appreciation/depreciation of futures	$	139,638		$	67,221
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts		(129,911	)		(90,036	)
Interest rate contracts	Net realized gain (loss) on investment transactions; Net change in unrealized appreciation/depreciation of investments		(4,898	)		(652	)
Interest rate contracts	Net realized gain (loss) on swaptions written; Net change in unrealized appreciation/depreciation of swaptions written		9,636			(5,271	)
Interest rate contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		5,424			26,917
Credit contracts	Net realized gain (loss) on swaps; Net change in unrealized appreciation/depreciation of swaps		129,844			(203,965	)
Total		$	149,733		$	(205,786	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Futures:
Average original value of buy contracts	$	11,269,764
Average original value of sale contracts	$	8,790,311
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	2,428,634
Average principal amount of sale contracts	$	7,483,075
Purchased Swaptions:
Average monthly cost	$	4,886	(a)
Swaptions Written:
Average notional amount	$	3,430,000	(b)
Centrally Cleared Interest Rate Swaps:
Average notional amount	$	12,951,015
Credit Default Swaps:
Average notional amount of buy contracts	$	1,126,846
Average notional amount of sale contracts	$	2,324,955
Centrally Cleared Credit Default Swaps:
Average notional amount of buy contracts	$	600,000	(b)
Average notional amount of sale contracts	$	698,052	(c)

(a) Positions were open for two months during the year.

(b) Positions were open for one month during the year.

(c) Positions were open for nine months during the year.

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

36

AB Variable Products Series Fund

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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

$

671

$

(671

)

$

–0

–

$

–0

–

$

–0

–

Citibank, NA

14,717

(14,717

)

–0

–

–0

–

–0

–

Credit Suisse International

40,676

(40,676

)

–0

–

–0

–

–0

–

Deutsche Bank AG

5,515

(5,515

)

–0

–

–0

–

–0

–

Goldman Sachs Bank USA/Goldman Sachs International

18,422

–0

–

–0

–

–0

–

18,422

HSBC Bank USA

2,640

–0

–

–0

–

–0

–

2,640

Standard Chartered Bank

4,264

(4,264

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

302

(302

)

–0

–

–0

–

–0

–

Total

$

87,207

$

(66,145

)

$

–0

–

$

–0

–

$

21,062

^

Counterparty

Derivative Liabilities Subject to a MA

Derivative Available for Offset

Cash Collateral Pledged*

Security Collateral Pledged*

Net Amount of Derivatives Liabilities

OTC Derivatives:

Bank of America, NA

$

9,845

$

(671

)

$

–0

–

$

–0

–

$

9,174

Citibank, NA

37,294

(14,717

)

–0

–

–0

–

22,577

Citigroup Global Markets, Inc.

26,246

–0

–

–0

–

–0

–

26,246

Credit Suisse International

123,942

(40,676

)

–0

–

–0

–

83,266

Deutsche Bank AG

69,234

(5,515

)

–0

–

–0

–

63,719

Goldman Sachs Bank USA/Goldman Sachs International

136,545

–0

–

–0

–

–0

–

136,545

JPMorgan Chase Bank, NA

1,976

–0

–

–0

–

–0

–

1,976

Morgan Stanley Capital Services LLC

5,446

–0

–

–0

–

–0

–

5,446

Royal Bank of Scotland PLC

19,581

–0

–

–0

–

–0

–

19,581

Standard Chartered Bank

12,029

(4,264

)

–0

–

–0

–

7,765

State Street Bank & Trust Co.

42,833

(302

)

–0

–

–0

–

42,531

Total

$

484,971

$

(66,145

)

$

–0

–

$

–0

–

$

418,826

^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

37

INTERMEDIATE BOND PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

3. TBA and Dollar Rolls

The Portfolio may invest in TBA mortgage-backed securities. A TBA, or “To Be Announced”, trade represents a contract for the purchase or sale of mortgage-backed securities to be delivered at a future agree-upon date; however, the specific mortgage pool numbers or the number of pools that will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time of the trade. Mortgage pools (including fixed-rate or variable-rate mortgages) guaranteed by the Government National Mortgage Association, or GNMA, the Federal National Mortgage Association, or FNMA, or the Federal Home Loan Mortgage Corporation, or FHLMC, are subsequently allocated to the TBA transactions.

The Portfolio may enter into dollar rolls. Dollar rolls involve sales by the Portfolio of securities for delivery in the current month and the Portfolio’s simultaneously contracting to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Portfolio forgoes principal and interest paid on the securities. The Portfolio is compensated by the difference between the current sales price and the lower forward price for the future purchase (often referred to as the “drop”) as well as by the interest earned on the cash proceeds of the initial sale. Dollar rolls involve the risk that the market value of the securities the Portfolio is obligated to repurchase under the agreement may decline below the repurchase price. Dollar rolls are speculative techniques. For the year ended December 31, 2017, the Portfolio earned drop income of $137,585 which is included in interest income in the accompanying statement of operations.

NOTE E: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		71,422			137,696		$	762,494		$	1,484,595
Shares issued in reinvestment of dividends and distributions		159,268			183,938			1,675,499			1,995,725
Shares redeemed		(576,733	)		(832,622	)		(6,173,251	)		(9,095,889	)
Net decrease		(346,043	)		(510,988	)	$	(3,735,258	)	$	(5,615,569	)
Class B
Shares sold		106,949			143,982		$	1,130,081		$	1,560,346
Shares issued in reinvestment of dividends and distributions		60,254			63,478			627,848			681,753
Shares redeemed		(272,822	)		(366,495	)		(2,883,365	)		(3,944,341	)
Net decrease		(105,619	)		(159,035	)	$	(1,125,436	)	$	(1,702,242	)

At December 31, 2017, certain shareholders of the Portfolio owned 81% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE F: Risks Involved in Investing in the Portfolio

Interest Rate Risk and Credit Risk—Interest rate risk is the risk that changes in interest rates will affect the value of the Portfolio’s investments in fixed-income debt securities such as bonds or notes. Increases in interest rates may cause the value of the Portfolio’s investments to decline. Credit risk is the risk that the issuer or guarantor of a debt security, or the counterparty to a derivative contract, will be unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. The degree of risk for a particular security may be reflected in its credit rating. Credit risk is greater for medium quality and lower-rated securities. Lower-rated debt securities and similar unrated securities (commonly known as “junk bonds”) have speculative elements or are predominantly speculative risks.

Below Investment Grade Securities Risk—Investments in fixed-income securities with lower ratings (commonly known as “junk bonds”) tend to have a higher probability that an issuer will default or fail to meet its payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond market generally and less secondary market liquidity.

Duration Risk—Duration is a measure that relates the expected price volatility of a fixed-income security to changes in interest rates. The duration of a fixed-income security may be shorter than or equal to the full maturity of a fixed-income security.

38

AB Variable Products Series Fund

Fixed-income securities with longer durations have more risk and will decrease in price as interest rates rise. For example, a fixed-income security with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%.

Inflation Risk—This is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the real value of the Portfolio’s assets can decline as can the real value of the Portfolio’s distributions. This risk is significantly greater if the Portfolio’s invests a significant portion of its assets in fixed-income securities with longer maturities.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory, or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Prepayment Risk—The value of mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early payments of principal on some mortgage-related securities may occur during periods of falling mortgage interest rates and expose the Portfolio to a lower rate of return upon reinvestment of principal. Early payments associated with mortgage-related securities cause these securities to experience significantly greater price and yield volatility than is experienced by traditional fixed-income securities. During periods of rising interest rates, a reduction in prepayments may increase the effective life of mortgage-related securities, subjecting them to greater risk of decline in market value in response to rising interest rates. If the life of a mortgage-related security is inaccurately predicted, the Portfolio may not be able to realize the rate of return it expected.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Liquidity Risk—Liquidity risk occurs when certain investments become difficult to purchase or sell. Difficulty in selling less liquid securities may result in sales at disadvantageous prices affecting the value of your investment in the Portfolio. Causes of liquidity risk may include low trading volumes, large positions and heavy redemptions of portfolio shares. 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

39

INTERMEDIATE BOND 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 year ended December 31, 2017.

NOTE H: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	1,775,674	$	2,677,478
Net long-term capital gains		527,673		–0	–
Total taxable distributions paid	$	2,303,347	$	2,677,478

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	794,243
Undistributed capital gains		444,890
Other losses		(10,313	)(a)
Unrealized appreciation/(depreciation)		650,795	(b)
Total accumulated earnings/(deficit)	$	1,879,615

(a) As of December 31, 2017, the Portfolio had cumulative deferred loss on straddles of $10,313.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax treatment of swaps and the recognition for tax purposes of unrealized gains/losses on certain derivative instruments.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of swaps, foreign currency reclassifications, paydown gain/loss reclassifications, and contributions from Affiliates, resulted in a net decrease in undistributed net investment income, a net increase in accumulated net realized gain on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

NOTE I: Recent Accounting Pronouncements

In March 2017, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities (the “ASU”) which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

NOTE 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.

40

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.65			$10.63			$11.37			$11.22			$12.30
Income From Investment Operations
Net investment income (a)		.23			.28†			.27			.28			.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.14			.23			(.27	)		.44			(.59	)
Contributions from Affiliates		.00	(b)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.37			.51			–0	–		.72			(.27	)
Less: Dividends and Distributions
Dividends from net investment income		(.36	)		(.35	)		(.40	)		(.41	)		(.45	)
Distributions from net realized gain on investment transactions		(.10	)		(.14	)		(.34	)		(.16	)		(.36	)
Total dividends and distributions		(.46	)		(.49	)		(.74	)		(.57	)		(.81	)
Net asset value, end of period		$10.56			$10.65			$10.63			$11.37			$11.22
Total Return
Total investment return based on net asset value (c)		3.52	%*		4.71	%†*		.01	%*		6.48	%		(2.16	)%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$38,172			$42,183			$47,554			$56,437			$61,848
Ratio to average net assets of:
Expenses		1.11	%		1.06	%		.96	%		.88	%		.77	%
Net investment income		2.11	%		2.60	%†		2.44	%		2.46	%		2.74	%
Portfolio turnover rate **		216	%		156	%		230	%		262	%		217	%

See footnote summary on page 42.

41

INTERMEDIATE BOND PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$10.54			$10.53			$11.26			$11.11			$12.17
Income From Investment Operations
Net investment income (a)		.20			.25†			.24			.25			.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.14			.22			(.26	)		.43			(.58	)
Contributions from Affiliates		.00	(b)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		.34			.47			(.02	)		.68			(.29	)
Less: Dividends and Distributions
Dividends from net investment income		(.33	)		(.32	)		(.37	)		(.37	)		(.41	)
Distributions from net realized gain on investment transactions		(.10	)		(.14	)		(.34	)		(.16	)		(.36	)
Total dividends and distributions		(.43	)		(.46	)		(.71	)		(.53	)		(.77	)
Net asset value, end of period		$10.45			$10.54			$10.53			$11.26			$11.11
Total Return
Total investment return based on net asset value (c)		3.28	%*		4.36	%†*		(.18	)%*		6.22	%		(2.34	)%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$14,786			$16,029			$17,681			$19,891			$22,450
Ratio to average net assets of:
Expenses		1.36	%		1.32	%		1.21	%		1.13	%		1.02	%
Net investment income		1.87	%		2.36	%†		2.19	%		2.21	%		2.49	%
Portfolio turnover rate **		216	%		156	%		230	%		262	%		217	%

(a) Based on average shares outstanding.

(b) Amount is less than $.005.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.03	.28%	.29%

* 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, 2017, December 31, 2016, December 31, 2015 and December 31, 2013 by 0.03%, 0.03%, 0.03% and 0.02%, respectively.

** The Portfolio accounts for dollar roll transactions as purchases and sales.

42

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Intermediate Bond Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Intermediate Bond Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Intermediate Bond Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

43

INTERMEDIATE BOND PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and     Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Michael Canter(2), Vice President Shawn E. Keegan(2), Vice President Douglas J. Peebles(2), Vice President Greg J. Wilensky(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and     Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s U.S. Core Fixed Income Investment Team. Messrs. Canter, Keegan, Peebles and Wilensky are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

44

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith,# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr.,## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey,## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

45

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr.,## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin,## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen,## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

46

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody,## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner,## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

47

INTERMEDIATE BOND PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS*, AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Michael Canter 48	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2013. He is also the Director of US Multi-Sector and Securitized Assets.
Shawn E. Keegan 46	Vice President	Vice President of the Adviser**, with which he has been associated since prior to 2013.
Douglas J. Peebles 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Chief Investment Officer of AB Fixed Income.
Greg J. Wilensky 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Director of US Multi-Sector Fixed Income, US Inflation-Linked Fixed Income and Stable Value Investments.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

48

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) approved the continuance of the Company’s Advisory Agreement with the Adviser, as proposed to be amended to add an additional breakpoint to the advisory fee schedule (as so amended, the “Advisory Agreement”), in respect of AB Intermediate Bond Portfolio (the “Fund”) at a meeting held on October 31-November 2, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the proposed advisory fee, in which the Senior Officer concluded that the proposed contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the proposed advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the proposed advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. The directors noted that the Adviser from time to time reviews the Fund’s investment strategies and from time to time proposes changes intended to improve the Fund’s relative or absolute performance for the directors’ consideration. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating

49

INTERMEDIATE BOND PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

to its subsidiaries that provide transfer agency and distribution services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of fund advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by 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 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed performance information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a group of similar funds (“peer group”) and a larger group of similar funds (“peer universe”), each selected by the 15(c) service provider, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended July 31, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for other 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 Adviser’s institutional fee schedule and the schedule of fees charged by the Adviser to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In this regard, the Adviser noted, among other things, that, compared to institutional and offshore accounts, the Fund (i) demands considerably more portfolio management, research and trading resources due to significantly higher daily cash flows; (ii) has more tax and regulatory restrictions; (iii) must prepare and distribute regulatory and other communications about fund operations; (iv) must service, and be marketed to, retail investors and financial intermediaries; and (v) requires a larger sales support infrastructure. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category

50

AB Variable Products Series Fund

were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the proposed advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

51

VPS-IB-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ INTERNATIONAL GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL GROWTH
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—International Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in an international portfolio of equity securities of companies selected by the Adviser for their growth potential within various market sectors. Examples of the types of market sectors in which the Portfolio may invest include, but are not limited to, information technology (which includes telecommunications), health care, financial services, infrastructure, energy and natural resources, and consumer groups.

The Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries (and normally substantially more) other than the United States. The Portfolio invests in securities of companies in both developed- and emerging-market countries. Geographic distribution of the Portfolio’s investments among countries or regions also will be a product of the stock selection process rather than a pre-determined allocation.

The Portfolio may also invest in synthetic foreign equity securities, which are various types of warrants used internationally that entitle a holder to buy or sell underlying securities. The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in larger capitalization companies, although the Portfolio may invest in smaller or medium capitalization companies.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio may, from time to time, invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 4 shows the Portfolio’s performance compared to its primary benchmark, the Morgan Stanley Capital International (“MSCI”) World Index ex-US (net), and the Morgan Stanley Capital International All Country World Index (“MSCI ACWI”) ex-US (net) for the one-, five- and 10-year periods ended December 31, 2017.

All class shares of the Portfolio outperformed the benchmark for the annual period ended December 31, 2017. Outperformance relative to the benchmark was mainly attributable to stock selection in, and an overweight to the technology sector. The sector outperformed all others during 2017. Detracting was stock selection in the industrials sector and cash holdings in a rising market. Security selection contributed in Austria and China, and detracted in France and Sweden.

The Portfolio utilized derivatives in the form of currency forwards for hedging purposes, which added to absolute performance for the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period marked one of the strongest for global stock market performance since the 2008 financial crisis. Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. Japanese stocks outperformed, while European equities trailed. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

The Portfolio’s exposures remain focused on secular growth themes, supported by companies with attractive fundamentals. The Portfolio’s Senior Investment Management Team (the “Team”) continues to favor companies with strong organic revenue growth over those that are exposed to more macro-cyclical shifts in the market. The Team has positioned the Portfolio to be ready to take advantage of any market dislocations.

1

INTERNATIONAL GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI World Index ex-US and the MSCI ACWI ex-US are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI World Index ex-US (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US. The MSCI ACWI ex-US (net, free float-adjusted, market capitalization weighted) represents the equity market performance of developed and emerging markets, excluding the US. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns include the reinvestment of dividends after deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Leverage Risk: To the extent the Portfolio uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

(Disclosures, Risks and Note about Historical Performance continued on next page)

2

AB Variable Products Series Fund

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

3

INTERNATIONAL GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
International Growth Portfolio Class A2		35.02%		6.73%		0.82%
International Growth Portfolio Class B2		34.63%		6.46%		0.57%
Primary benchmark: MSCI World Index ex-US (net)		24.21%		7.46%		1.87%
MSCI ACWI ex-US (net)		27.19%		6.80%		1.84%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.01%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.27% and 1.52% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

INTERNATIONAL GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in International Growth Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 2-3.

4

INTERNATIONAL GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,099.70	$	6.56		1.24	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.95	$	6.31		1.24	%
Class B
Actual	$	1,000	$	1,098.30	$	7.88		1.49	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.69	$	7.58		1.49	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

5

INTERNATIONAL GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Apollo Hospitals Enterprise Ltd.	$	2,261,999		3.2	%
Siemens AG (REG)		2,243,013		3.1
HDFC Bank Ltd.		2,148,727		3.0
Kingspan Group PLC		2,100,195		2.9
AIA Group Ltd.		1,847,426		2.6
Roche Holding AG		1,830,672		2.6
Partners Group Holding AG		1,760,945		2.5
Vestas Wind Systems A/S		1,753,765		2.4
ams AG		1,703,126		2.4
Schneider Electric SE (Paris)		1,699,848		2.4
	$	19,349,716		27.1	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	15,252,921		21.4	%
Information Technology		10,267,478		14.4
Industrials		10,098,010		14.2
Consumer Staples		9,591,086		13.4
Health Care		6,948,610		9.8
Consumer Discretionary		5,192,082		7.3
Utilities		3,611,045		5.1
Materials		2,477,407		3.5
Telecommunication Services		2,063,990		2.9
Real Estate		1,278,546		1.8
Short-Term Investments		4,385,996		6.2
Total Investments	$	71,167,171		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

6

INTERNATIONAL GROWTH PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
India	$	8,660,470		12.2	%
France		7,018,369		9.9
Japan		5,787,565		8.1
Germany		5,615,692		7.9
Switzerland		5,189,744		7.3
China		4,994,658		7.0
Ireland		4,980,596		7.0
United Kingdom		4,342,377		6.1
Sweden		3,088,746		4.3
Denmark		2,780,874		3.9
Hong Kong		2,206,419		3.1
United States		2,138,715		3.0
Austria		1,703,126		2.4
Other		8,273,824		11.6
Short-Term Investments		4,385,996		6.2
Total Investments	$	71,167,171		100.0	%

1 All data are as of December 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. “Other” country weightings represent 2.3% or less in the following countries: Belgium, Brazil, Indonesia, Netherlands, Peru, Philippines and Taiwan.

7

INTERNATIONAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–93.6%
FINANCIALS–21.4%
BANKS–9.7%
Credicorp Ltd.		8,020	$	1,663,588
HDFC Bank Ltd.		72,450		2,148,727
Svenska Handelsbanken AB–Class A		106,240		1,451,879
Swedbank AB–Class A		67,850		1,636,867
				6,901,061
CAPITAL MARKETS–2.5%
Partners Group Holding AG(a)		2,570		1,760,945
CONSUMER FINANCE–2.0%
Bharat Financial Inclusion Ltd.(b)		92,040		1,442,300
INSURANCE–4.9%
AIA Group Ltd.		217,200		1,847,426
Prudential PLC		64,605		1,654,555
				3,501,981
THRIFTS & MORTGAGE FINANCE–2.3%
Housing Development Finance Corp., Ltd.		61,487		1,646,634
				15,252,921
INFORMATION TECHNOLOGY–14.4%
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–2.8%
Halma PLC		55,098		936,179
Horiba Ltd.		17,200		1,035,531
				1,971,710
INTERNET SOFTWARE & SERVICES–3.3%
Alibaba Group Holding Ltd. (Sponsored ADR)(b)		5,030		867,323
Tencent Holdings Ltd.		28,500		1,475,100
				2,342,423
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–8.3%
ams AG(b)		18,800		1,703,126
ASML Holding NV		6,160		1,070,967
Disco Corp.		3,200		709,246
Infineon Technologies AG		45,710		1,244,875
Taiwan Semiconductor Manufacturing Co., Ltd.		160,000		1,225,131
				5,953,345
				10,267,478
INDUSTRIALS–14.1%
BUILDING PRODUCTS–4.3%
Cie de Saint-Gobain		17,990		990,102
Kingspan Group PLC		47,930		2,100,195
				3,090,297

Company	Shares		U.S. $ Value
COMMERCIAL SERVICES & SUPPLIES–1.8%
China Everbright International Ltd.		919,000	$	1,311,087
ELECTRICAL EQUIPMENT–4.8%
Schneider Electric SE (Paris)(b)		20,050		1,699,848
Vestas Wind Systems A/S		25,380		1,753,765
				3,453,613
INDUSTRIAL CONGLOMERATES–3.2%
Siemens AG (REG)		16,200		2,243,013
				10,098,010
CONSUMER STAPLES–13.4%
FOOD & STAPLES RETAILING–1.9%
Tsuruha Holdings, Inc.		10,100		1,371,882
FOOD PRODUCTS–6.3%
Glanbia PLC		76,590		1,369,257
Kerry Group PLC–Class A		13,470		1,511,144
Nestle SA (REG)		18,588		1,598,127
				4,478,528
HOUSEHOLD PRODUCTS–3.6%
Reckitt Benckiser Group PLC		12,790		1,193,224
Unicharm Corp.		53,400		1,386,642
				2,579,866
PERSONAL PRODUCTS–1.6%
Godrej Consumer Products Ltd.		74,200		1,160,810
				9,591,086
HEALTH CARE–9.7%
HEALTH CARE EQUIPMENT & SUPPLIES–2.2%
Essilor International Cie Generale d’Optique SA		11,342		1,562,264
HEALTH CARE PROVIDERS & SERVICES–3.2%
Apollo Hospitals Enterprise Ltd.		119,990		2,261,999
LIFE SCIENCES TOOLS & SERVICES–1.0%
Gerresheimer AG		8,890		735,256
PHARMACEUTICALS–3.3%
Roche Holding AG		7,240		1,830,672
Vectura Group PLC(b)		351,400		558,419
				2,389,091
				6,948,610

8

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER DISCRETIONARY–7.3%
AUTO COMPONENTS–5.0%
Aptiv PLC		18,210	$	1,544,754
Delphi Technologies PLC(b)		11,320		593,961
Valeo SA		18,930		1,410,110
				3,548,825
HOUSEHOLD DURABLES–1.8%
Panasonic Corp.		88,000		1,284,264
TEXTILES, APPAREL & LUXURY GOODS–0.5%
Crystal International Group Ltd.(b)(c)		371,000		358,993
				5,192,082
UTILITIES–5.1%
MULTI-UTILITIES–1.9%
Suez		77,190		1,356,045
WATER UTILITIES–3.2%
Beijing Enterprises Water Group Ltd.(b)		1,736,000		1,341,148
Cia de Saneamento Basico do Estado de Sao Paulo		88,300		913,852
				2,255,000
				3,611,045
MATERIALS–3.5%
CHEMICALS–3.5%
Chr Hansen Holding A/S		10,950		1,027,109
Umicore SA		30,630		1,450,298
				2,477,407
TELECOMMUNICATION SERVICES–2.9%
DIVERSIFIED TELECOMMUNICATION SERVICES–2.9%
Deutsche Telekom AG (REG)		78,780		1,392,548
Telekomunikasi Indonesia Persero Tbk PT		2,051,500		671,442
				2,063,990

Company		Shares		U.S. $ Value
REAL ESTATE–1.8%
REAL ESTATE MANAGEMENT & DEVELOPMENT–1.8%
SM Prime Holdings, Inc.			1,702,000	$	1,278,546
Total Common Stocks (cost $49,557,430)					66,781,175
		Principal Amount (000)
SHORT-TERM INVESTMENTS–6.2%
TIME DEPOSIT–6.2%
State Street Time Deposit 0.12%, 1/02/18 (cost $4,385,996)	U.S.$		4,386		4,385,996
Total Investments Before Security Lending Collateral for Securities Loaned–99.8% (cost $53,943,426)					71,167,171
		Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.4%
INVESTMENT COMPANIES–2.4%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(d)(e)(f) (cost $1,756,788)			1,756,788		1,756,788
TOTAL INVESTMENTS–102.2% (cost $55,700,214)					72,923,959
Other assets less liabilities–(2.2)%					(1,599,072	)
NET ASSETS–100.0%				$	71,324,887

9

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)
Bank of America, NA		BRL	880		USD	266		1/03/18	$	449
Bank of America, NA		BRL	1,265		USD	381		1/03/18		(333	)
Bank of America, NA		USD	648		BRL	2,145		1/03/18		(1,779	)
Bank of America, NA		USD	589		RUB	35,245		1/25/18		20,293
Bank of America, NA		USD	265		BRL	880		2/02/18		(309	)
Bank of America, NA		CNY	5,041		USD	754		2/07/18		(18,712	)
Bank of America, NA		INR	62,017		USD	946		3/12/18		(19,040	)
Bank of America, NA		USD	401		INR	25,921		3/12/18		2,415
Barclays Bank PLC		USD	1,086		CNY	7,222		2/07/18		20,296
Barclays Bank PLC		CHF	903		USD	913		2/14/18		(16,126	)
Barclays Bank PLC		USD	538		GBP	401		2/14/18		3,746
Barclays Bank PLC		USD	588		TWD	17,474		3/08/18		5,644
Barclays Bank PLC		INR	56,854		USD	867		3/12/18		(17,694	)
Citibank, NA		EUR	1,913		USD	2,266		2/14/18		(35,166	)
Citibank, NA		USD	2,517		AUD	3,289		2/14/18		49,033
Citibank, NA		USD	522		AUD	668		2/14/18		(802	)
Citibank, NA		USD	5,071		JPY	572,042		2/14/18		16,140
Citibank, NA		USD	1,042		ZAR	15,236		2/14/18		181,191
Credit Suisse International		BRL	2,145		USD	648		1/03/18		1,779
Credit Suisse International		USD	663		BRL	2,145		1/03/18		(16,842	)
Credit Suisse International		USD	2,532		KRW	2,835,083		1/18/18		124,880
Credit Suisse International		SEK	7,930		USD	948		2/14/18		(21,173	)
Credit Suisse International		USD	719		GBP	534		2/14/18		3,240
Credit Suisse International		INR	366,116		USD	5,528		3/12/18		(171,422	)
Deutsche Bank AG		USD	3,899		CAD	4,945		2/14/18		37,130
JPMorgan Chase Bank, NA		EUR	685		USD	811		2/14/18		(12,525	)
JPMorgan Chase Bank, NA		USD	757		HKD	5,910		2/14/18		(43	)
Royal Bank of Scotland PLC		EUR	1,159		USD	1,364		2/14/18		(30,365	)
Royal Bank of Scotland PLC		USD	2,520		GBP	1,906		2/14/18		56,684
Standard Chartered Bank		USD	121		KRW	137,035		1/18/18		7,400
Standard Chartered Bank		USD	537		MXN	10,410		2/14/18		(11,505	)
Standard Chartered Bank		USD	165		TWD	4,948		3/08/18		2,539
State Street Bank & Trust Co.		CAD	234		USD	183		2/14/18		(3,665	)
State Street Bank & Trust Co.		CHF	288		USD	293		2/14/18		(3,002	)
State Street Bank & Trust Co.		EUR	4,258		USD	5,010		2/14/18		(111,732	)
State Street Bank & Trust Co.		GBP	122		USD	161		2/14/18		(3,539	)
State Street Bank & Trust Co.		HKD	6,085		USD	781		2/14/18		1,852
State Street Bank & Trust Co.		JPY	52,752		USD	472		2/14/18		2,768
State Street Bank & Trust Co.		JPY	39,712		USD	352		2/14/18		(1,496	)
State Street Bank & Trust Co.		SEK	6,485		USD	776		2/14/18		(16,888	)
State Street Bank & Trust Co.		USD	280		AUD	369		2/14/18		8,177
State Street Bank & Trust Co.		USD	142		CAD	182		2/14/18		2,812
State Street Bank & Trust Co.		USD	1,776		EUR	1,498		2/14/18		25,512
State Street Bank & Trust Co.		USD	331		GBP	249		2/14/18		6,031
State Street Bank & Trust Co.		USD	22		HKD	175		2/14/18		(5	)
State Street Bank & Trust Co.		USD	255		JPY	28,833		2/14/18		901
State Street Bank & Trust Co.		USD	1,033		JPY	115,538		2/14/18		(5,323	)
State Street Bank & Trust Co.		USD	293		NOK	2,374		2/14/18		(3,752	)
									$	57,674

10

AB Variable Products Series Fund

(a) Represents entire or partial securities out on loan. See Note E for securities lending information.

(b) Non-income producing security.

(c) Security is exempt from registration under Rule 144A of the Securities Act of 1933. This security is considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, the market value of this security amounted to $358,993 or 0.5% of net assets.

(d) Affiliated investments.

(e) The rate shown represents the 7-day yield as of period end.

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

INR—Indian Rupee

JPY—Japanese Yen

KRW—South Korean Won

MXN—Mexican Peso

NOK—Norwegian Krone

RUB—Russian Ruble

SEK—Swedish Krona

TWD—New Taiwan Dollar

USD—United States Dollar

ZAR—South African Rand

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

11

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $53,943,426)	$	71,167,171	(a)
Affiliated issuers (cost $1,756,788—investment of cash collateral for securities loaned)		1,756,788
Foreign currencies, at value (cost $63,269)		64,046
Unrealized appreciation on forward currency exchange contracts		580,912
Dividends and interest receivable		149,896
Receivable for capital stock sold		105,876
Total assets		73,824,689
LIABILITIES
Payable for collateral received on securities loaned		1,756,788
Unrealized depreciation on forward currency exchange contracts		523,238
Advisory fee payable		44,911
Payable for investment securities purchased and foreign currency transactions		35,405
Administrative fee payable		13,617
Distribution fee payable		8,618
Payable for capital stock redeemed		7,079
Transfer Agent fee payable		97
Accrued expenses and other liabilities		110,049
Total liabilities		2,499,802
NET ASSETS	$	71,324,887
COMPOSITION OF NET ASSETS
Capital stock, at par	$	3,108
Additional paid-in capital		53,813,435
Undistributed net investment income		270,908
Accumulated net realized loss on investment and foreign currency transactions		(45,898	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		17,283,334
	$	71,324,887

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	30,318,370		1,309,800	$	23.15
B	$	41,006,517		1,798,166	$	22.80

(a) Includes securities on loan with a value of $1,672,555 (see Note E).

See notes to financial statements.

12

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $94,062)	$	1,008,222
Affiliated issuers		3,150
Interest		3,637
Securities lending income		5,810
Other income		3,370
		1,024,189
EXPENSES
Advisory fee (see Note B)		501,404
Distribution fee—Class B		95,168
Transfer agency—Class A		2,408
Transfer agency—Class B		3,182
Custodian		95,767
Audit and tax		66,037
Administrative		53,558
Printing		38,752
Directors’ fees		28,561
Legal		28,006
Miscellaneous		12,301
Total expenses		925,144
Less: expenses waived and reimbursed by the Adviser (see Note E)		(663	)
Net expenses		924,481
Net investment income		99,708
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		11,940,413
Forward currency exchange contracts		(208,347	)
Foreign currency transactions		30,868
Net change in unrealized appreciation/depreciation of:
Investments(a)		7,074,701
Forward currency exchange contracts		401,112
Foreign currency denominated assets and liabilities		27,902
Net gain on investment and foreign currency transactions		19,266,649
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	19,366,357

(a) Net of increase in accrued foreign capital gains taxes of $434.

See notes to financial statements.

13

INTERNATIONAL GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	99,708		$	311,652
Net realized gain on investment and foreign currency transactions		11,762,934			913,421
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		7,503,715			(5,935,975	)
Net increase (decrease) in net assets from operations		19,366,357			(4,710,902	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(329,359	)		–0	–
Class B		(356,101	)		–0	–
CAPITAL STOCK TRANSACTIONS
Net decrease		(6,244,113	)		(10,057,214	)
Total increase (decrease)		12,436,784			(14,768,116	)
NET ASSETS
Beginning of period		58,888,103			73,656,219
End of period (including undistributed net investment income of $270,908 and $936,774, respectively)	$	71,324,887		$	58,888,103

See notes to financial statements.

14

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

15

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	1,663,588		$	13,589,333		$	–0	–	$	15,252,921
Information Technology		867,323			9,400,155			–0	–		10,267,478
Industrials		–0	–		10,098,010			–0	–		10,098,010
Consumer Staples		2,880,401			6,710,685			–0	–		9,591,086
Health Care		558,419			6,390,191			–0	–		6,948,610
Consumer Discretionary		2,497,708			2,694,374			–0	–		5,192,082
Utilities		913,852			2,697,193			–0	–		3,611,045
Materials		1,027,109			1,450,298			–0	–		2,477,407
Telecommunication Services		–0	–		2,063,990			–0	–		2,063,990
Real Estate		1,278,546			–0	–		–0	–		1,278,546
Short-Term Investments		–0	–		4,385,996			–0	–		4,385,996
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		1,756,788			–0	–		–0	–		1,756,788
Total Investments in Securities		13,443,734			59,480,225	(a)		–0	–		72,923,959

16

AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	580,912		$	–0	–	$	580,912
Liabilities:
Forward Currency Exchange Contracts		–0	–		(523,238	)		–0	–		(523,238	)
Total(c)(d)	$	13,443,734		$	59,537,899		$	–0	–	$	72,981,633

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were deminimis transfers under 1% of net assets from Level 1 to Level 2 during the reporting period.

(d) An amount of $1,905,351 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

17

INTERNATIONAL GROWTH 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.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,558.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $56,705, 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.

18

AB Variable Products Series Fund

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	32,509,071		$	40,678,122
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	55,746,113
Gross unrealized appreciation	$	18,371,476
Gross unrealized depreciation		(1,183,644	)
Net unrealized appreciation	$	17,187,832

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Portfolio, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

19

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. For additional details, please refer to netting arrangements by the OTC counterparty table below.

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	580,912	Unrealized depreciation on forward currency exchange contracts	$	523,238
Total		$	580,912		$	523,238

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss)  on Derivatives			Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	(208,347	)	$	401,112
Total		$	(208,347	)	$	401,112

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:

Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	20,926,204
Average principal amount of sale contracts	$	16,310,914

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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

$

23,157

$

(23,157

)

$

–0

–

$

–0

–

$

–0

–

Barclays Bank PLC

29,686

(29,686

)

–0

–

–0

–

–0

–

Citibank, NA

246,364

(35,968

)

–0

–

–0

–

210,396

Credit Suisse International

129,899

(129,899

)

–0

–

–0

–

–0

–

Deutsche Bank AG

37,130

–0

–

–0

–

–0

–

37,130

Royal Bank of Scotland PLC

56,684

(30,365

)

–0

–

–0

–

26,319

Standard Chartered Bank

9,939

(9,939

)

–0

–

–0

–

–0

–

State Street Bank & Trust Co.

48,053

(48,053

)

–0

–

–0

–

–0

–

Total

$

580,912

$

(307,067

)

$

–0

–

$

–0

–

$

273,845

^

20

AB Variable Products Series Fund

Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for  Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
OTC Derivatives:
Bank of America, NA	$	40,173	$	(23,157	)	$	–0	–	$	–0	–	$	17,016
Barclays Bank PLC		33,820		(29,686	)		–0	–		–0	–		4,134
Citibank, NA		35,968		(35,968	)		–0	–		–0	–		–0	–
Credit Suisse International		209,437		(129,899	)		–0	–		–0	–		79,538
JPMorgan Chase Bank, NA		12,568		–0	–		–0	–		–0	–		12,568
Royal Bank of Scotland PLC		30,365		(30,365	)		–0	–		–0	–		–0	–
Standard Chartered Bank		11,505		(9,939	)		–0	–		–0	–		1,566
State Street Bank & Trust Co.		149,402		(48,053	)		–0	–		–0	–		101,349
Total	$	523,238	$	(307,067	)	$	–0	–	$	–0	–	$	216,171	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $1,672,555 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,756,788. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $5,810 and $3,150 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver

21

INTERNATIONAL GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

amounted to $663. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	2,304	$	13,872	$	14,419	$	1,757

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		97,457			49,300		$	2,078,227		$	888,299
Shares issued in reinvestment of dividends		15,198			–0	–		329,359			–0	–
Shares redeemed		(304,481	)		(325,011	)		(6,242,518	)		(5,899,125	)
Net decrease		(191,826	)		(275,711	)	$	(3,834,932	)	$	(5,010,826	)
Class B
Shares sold		523,356			234,251		$	10,934,597		$	4,158,386
Shares issued in reinvestment of dividends		16,664			–0	–		356,101			–0	–
Shares redeemed		(663,245	)		(518,336	)		(13,699,879	)		(9,204,774	)
Net decrease		(123,225	)		(284,085	)	$	(2,409,181	)	$	(5,046,388	)

At December 31, 2017, certain shareholders of the Portfolio owned 78% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory, or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the

22

AB Variable Products Series Fund

Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	685,460	$	–0	–
Total taxable distributions paid	$	685,460	$	–0	–

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	318,597
Undistributed capital gains	$	–0	–(a)
Unrealized appreciation/(depreciation)		17,189,747	(b)
Total accumulated earnings/(deficit)	$	17,508,344

(a) During the fiscal year, the Portfolio utilized $11,590,202 of capital loss carry forwards to offset current year net realized gains. The Portfolio also had $20,876,851 of capital loss carryforwards expire during the fiscal year.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and the recognition for tax purposes of unrealized gains/losses on certain derivative instruments.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of passive foreign investment companies (PFICs), foreign currency reclassifications, and the expiration of capital loss carryforwards resulted in a net decrease in undistributed net investment income, a net decrease in accumulated net realized loss on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

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.

23

INTERNATIONAL GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.34			$18.62			$19.04			$19.27			$17.13
Income From Investment Operations
Net investment income (a)		.06	(b)		.11	(b)†		.15			.24			.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		6.00			(1.39	)		(.50	)		(.47	)		2.11
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		6.06			(1.28	)		(.35	)		(.23	)		2.32
Less: Dividends
Dividends from net investment income		(.25	)		–0	–		(.07	)		–0	–		(.18	)
Net asset value, end of period		$23.15			$17.34			$18.62			$19.04			$19.27
Total Return
Total investment return based on net asset value (d)		35.02	%*		(6.87	)%†*		(1.87	)%		(1.19	)%		13.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$30,318			$26,045			$33,090			$38,924			$102,467
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.24	%		1.27	%		1.11	%		1.07	%		.94	%
Expenses, before waivers/reimbursements		1.24	%		1.27	%		1.11	%		1.07	%		.94	%
Net investment income		.30	%(b)		.60	%(b)†		.78	%		1.20	%		1.15	%
Portfolio turnover rate		52	%		52	%		17	%		29	%		31	%

See footnote summary on page 25.

24

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$17.09			$18.39			$18.81			$19.08			$16.96
Income From Investment Operations
Net investment income (a)		.01	(b)		.07	(b)†		.10			.20			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		5.90			(1.37	)		(.51	)		(.47	)		2.09
Contributions from Affiliates		–0	–		–0	–		–0	–		.00	(c)		–0	–
Net increase (decrease) in net asset value from operations		5.91			(1.30	)		(.41	)		(.27	)		2.25
Less: Dividends
Dividends from net investment income		(.20	)		–0	–		(.01	)		–0	–		(.13	)
Net asset value, end of period		$22.80			$17.09			$18.39			$18.81			$19.08
Total Return
Total investment return based on net asset value (d)		34.63	%*		(7.07	)%†*		(2.17	)%		(1.41	)%		13.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$41,007			$32,843			$40,566			$47,884			$54,643
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.49	%		1.52	%		1.36	%		1.36	%		1.19	%
Expenses, before waivers/reimbursements		1.49	%		1.52	%		1.36	%		1.36	%		1.19	%
Net investment income		.04	%(b)		.37	%(b)†		.52	%		1.02	%		.92	%
Portfolio turnover rate		52	%		52	%		17	%		29	%		31	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016 the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.04		.22	%		.23	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2016 by 0.01% and 0.09%, respectively.

See notes to financial statements.

25

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB International Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB International Growth Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

26

2017 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2017.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2017, $73,059 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $915,246.

27

INTERNATIONAL GROWTH
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Daniel C. Roarty(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Global Growth and Thematic Investment Team. Mr. Roarty is the investment professional with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

28

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership experience and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007

29

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Michael J. Downey, ## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013
William H. Foulk, Jr., ## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin, ## 69 (2006)	Private Investor since prior to 2012. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None

30

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Carol C. McMullen, ## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None
Garry L. Moody, ## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner, ## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for the Portfolio’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

31

INTERNATIONAL GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Daniel C. Roarty 46	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013. He is also Chief Investment Officer of Thematic and Sustainable Equities.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

32

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts

33

INTERNATIONAL GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

34

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.

35

VPS-IG-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ INTERNATIONAL VALUE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—International Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of established companies selected from more than 40 industries and more than 40 developed- and emerging-market countries. These countries currently include the developed nations in Europe and the Far East, Canada, Australia and emerging-market countries worldwide. Under normal market conditions, the Portfolio invests significantly, at least 40%—unless market conditions are not deemed favorable by the Adviser, in securities of non-US companies. In addition, the Portfolio invests, under normal circumstances, in the equity securities of companies located in at least three countries.

The Portfolio invests in companies that are determined by the Adviser to be undervalued, using a fundamental value approach. In selecting securities for the Portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose stocks are priced low in relation to their perceived long-term earnings power.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. The Adviser evaluates currency and equity positions separately and may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge a portion of its currency risk, the Portfolio may from time to time invest in currency-related derivatives, including forward currency exchange contracts, futures, options on futures, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may invest in depositary receipts, instruments of supranational entities denominated in the currency of any country, securities of multinational companies and “semi-governmental securities”, and enter into forward commitments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index (net), for the one-, five- and 10-year periods ended December 31, 2017.

During the annual period, all share classes of the Portfolio outperformed the benchmark. Security selection was the primary driver of relative returns, as gains from selection within the financials, transportation, energy and technology sectors outweighed losses from selection within industrials and health care. Country selection (a result of bottom-up security analysis combined with fundamental research) also contributed because of overweights to Japan, Korea and China, while an overweight to Russia was negative. Sector selection detracted, as losses from an overweight to telecommunications outweighed gains from an overweight to technology and underweight to health care.

The Portfolio used derivatives in the form of forwards for hedging and investment purposes, which added to absolute returns during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

International equities advanced over the annual period ended December 31, 2017. Stocks gained on strong economic data and global growth. However, investor enthusiasm was tempered early on by questions around the timeliness of the US administration’s pro-growth agenda and concerns regarding the election cycle in Europe. A significant decline in the price of oil and geopolitical tensions weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half year highs, pushing stocks higher, especially in emerging markets. Japanese stocks outperformed, while European equities trailed. In December, tax reform passed in the US, buoying market sentiment globally.

Central bank actions were important during the period, as the US Federal Reserve continued its process of monetary policy normalization and other central banks followed suit; the European Central Bank announced plans to begin tapering the pace of its monthly asset purchases and the Bank of England hiked rates for the first time in more than a decade. Other central banks in Europe and emerging markets generally maintained an easing bias, as global inflation remained low.

1

AB Variable Products Series Fund

The Portfolio’s Senior Investment Management Team (the “Team”) has continued to identify opportunities against a changing market backdrop. The Team has flexibility to adjust the Portfolio’s positions in real time when warranted, and to maintain conviction through short-term volatility. As markets face new uncertainties, the Team believes that this disciplined approach is the best way to capture the long-term potential for equities.

2

INTERNATIONAL VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The MSCI EAFE Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The MSCI EAFE Index (net; free float-adjusted, market capitalization weighted) represents the equity market performance of developed markets, excluding the US and Canada. MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices, any securities or financial products. This report is not approved, reviewed or produced by MSCI. Net returns reflect the reinvestment of dividends after the deduction of non-US withholding tax. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as value, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk: Investments in emerging-market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Leverage Risk: When the Portfolio borrows money or otherwise leverages its portfolio, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase agreements, forward commitments, or by borrowing money.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

(Disclosures and Risks continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

INTERNATIONAL VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
International Value Portfolio Class A2		25.42%		8.11%		-1.04%
International Value Portfolio Class B2		25.09%		7.85%		-1.29%
MSCI EAFE Index (net)		25.03%		7.90%		1.94%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.01%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 0.86% and 1.11% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

INTERNATIONAL VALUE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 to 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the International Value Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 3-4.

5

INTERNATIONAL VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,090.00	$	4.48		0.85	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.92	$	4.33		0.85	%
Class B
Actual	$	1,000	$	1,088.80	$	5.79		1.10	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.66	$	5.60		1.10	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

INTERNATIONAL VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Royal Dutch Shell PLC—Class A	$	18,753,726		3.9	%
Nippon Telegraph & Telephone Corp.		16,577,161		3.4
British American Tobacco PLC		15,655,207		3.2
BT Group PLC		12,558,373		2.6
Yahoo Japan Corp.		11,606,746		2.4
Japan Airlines Co., Ltd.		10,818,440		2.2
Airbus SE		10,737,741		2.2
Credit Suisse Group AG (REG)		10,675,154		2.2
Mitsubishi UFJ Financial Group, Inc.		10,627,277		2.2
Sanofi		10,378,382		2.1
	$	128,388,207		26.4	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	88,832,678		18.4	%
Consumer Discretionary		71,459,641		14.8
Consumer Staples		52,733,220		10.9
Materials		52,108,698		10.8
Telecommunication Services		49,820,625		10.3
Industrials		48,591,818		10.1
Information Technology		47,377,531		9.8
Energy		38,559,568		8.0
Health Care		26,066,963		5.4
Utilities		4,554,021		0.9
Real Estate		2,683,015		0.6
Short-Term Investments		192,897		0.0
Total Investments	$	482,980,675		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details).

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

7

INTERNATIONAL VALUE PORTFOLIO
COUNTRY BREAKDOWN1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COUNTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Japan	$	150,499,463		31.2	%
United Kingdom		78,011,742		16.2
France		49,488,708		10.2
Germany		23,328,740		4.8
Norway		22,460,982		4.7
Australia		20,057,495		4.2
South Korea		17,877,269		3.7
Canada		17,525,977		3.6
Hong Kong		14,385,778		3.0
Denmark		13,859,561		2.9
Finland		13,455,447		2.8
China		11,810,800		2.4
Switzerland		10,675,154		2.2
Other		39,350,662		8.1
Short-Term Investments		192,897		0.0
Total Investments	$	482,980,675		100.0	%

1 All data are as of December 31, 2017. The Portfolio’s country breakdown is expressed as a percentage of total investments and may vary over time. “Other” country weightings represent 1.8% or less in the following countries: Argentina, Austria, Brazil, Israel, Netherlands, Portugal and Spain.

8

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–99.4%
FINANCIALS–18.3%
BANKS–12.0%
Australia & New Zealand Banking Group Ltd.		205,590	$	4,586,516
Barclays PLC		2,187,860		5,988,982
BNP Paribas SA		119,790		8,911,007
BOC Hong Kong Holdings Ltd.		1,498,000		7,570,552
DNB ASA		374,690		6,936,038
Erste Group Bank AG(a)		205,600		8,909,789
KB Financial Group, Inc.		80,120		4,741,750
Mitsubishi UFJ Financial Group, Inc.		1,460,200		10,627,277
				58,271,911
CAPITAL MARKETS–2.2%
Credit Suisse Group AG (REG)(a)		598,527		10,675,154
CONSUMER FINANCE–1.0%
Hitachi Capital Corp.		193,600		4,854,892
INSURANCE–3.1%
Allianz SE (REG)		43,680		9,996,067
PICC Property & Casualty Co., Ltd.–Class H		2,628,000		5,034,654
				15,030,721
				88,832,678
CONSUMER DISCRETIONARY–14.7%
AUTO COMPONENTS–4.2%
Faurecia		98,930		7,710,113
Hankook Tire Co., Ltd.(a)		94,604		4,819,833
Magna International, Inc. (New York)–Class A		140,470		7,960,435
				20,490,381
AUTOMOBILES–3.4%
Honda Motor Co., Ltd.		231,600		7,903,929
Peugeot SA		363,930		7,391,862
Subaru Corp.		31,600		1,001,967
				16,297,758
HOUSEHOLD DURABLES–3.1%
Nikon Corp.		259,400		5,219,961
Panasonic Corp.		686,300		10,015,798
				15,235,759
LEISURE PRODUCTS–1.0%
Amer Sports Oyj(a)		176,470		4,884,377
TEXTILES, APPAREL & LUXURY GOODS–3.0%
HUGO BOSS AG		65,660		5,571,784
Pandora A/S		82,610		8,979,582
				14,551,366
				71,459,641

Company	Shares		U.S. $ Value
CONSUMER STAPLES–10.9%
BEVERAGES–1.1%
Coca-Cola Bottlers Japan, Inc.		135,700	$	4,951,510
FOOD PRODUCTS–3.1%
Orkla ASA		786,430		8,333,862
WH Group Ltd.(b)		6,037,000		6,815,226
				15,149,088
HOUSEHOLD PRODUCTS–1.6%
Henkel AG & Co. KGaA (Preference Shares)		58,770		7,760,889
TOBACCO–5.1%
British American Tobacco PLC		231,590		15,655,207
Japan Tobacco, Inc.		286,200		9,216,526
				24,871,733
				52,733,220
MATERIALS–10.7%
CHEMICALS–5.6%
Air Water, Inc.		233,300		4,911,224
Arkema SA		35,780		4,359,603
Incitec Pivot Ltd.		1,574,260		4,770,105
Johnson Matthey PLC		183,410		7,600,213
Nippon Shokubai Co., Ltd.		85,600		5,770,311
				27,411,456
METALS & MINING–5.1%
BlueScope Steel Ltd.		228,974		2,727,206
First Quantum Minerals Ltd.		303,480		4,251,617
Gerdau SA (Preference Shares)		1,539,800		5,739,368
Norsk Hydro ASA		948,590		7,191,082
Yamato Kogyo Co., Ltd.		165,300		4,787,969
				24,697,242
				52,108,698
TELECOMMUNICATION SERVICES–10.3%
DIVERSIFIED TELECOMMUNICATION SERVICES–8.4%
BT Group PLC		3,423,430		12,558,373
China Unicom Hong Kong Ltd.(a)		5,012,000		6,776,146
Nippon Telegraph & Telephone Corp.		352,600		16,577,161
TDC A/S		794,094		4,879,979
				40,791,659
WIRELESS TELECOMMUNICATION SERVICES–1.9%
Vodafone Group PLC		2,856,370		9,028,966
				49,820,625

9

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INDUSTRIALS–10.0%
AEROSPACE & DEFENSE–3.8%
Airbus SE		108,040	$	10,737,741
BAE Systems PLC		1,014,200		7,836,044
				18,573,785
AIRLINES–3.9%
Japan Airlines Co., Ltd.		276,900		10,818,440
Qantas Airways Ltd.		2,033,555		7,973,668
				18,792,108
ELECTRICAL EQUIPMENT–1.0%
Philips Lighting NV(b)		127,480		4,675,559
MACHINERY–1.3%
IHI Corp.		197,500		6,550,366
				48,591,818
INFORMATION TECHNOLOGY–9.7%
COMMUNICATIONS EQUIPMENT–1.8%
Nokia Oyj		1,834,430		8,571,070
INTERNET SOFTWARE & SERVICES–2.4%
Yahoo Japan Corp.(c)		2,533,400		11,606,746
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.5%
SCREEN Holdings Co., Ltd.(c)		68,500		5,571,207
SUMCO Corp.(c)		270,500		6,867,093
				12,438,300
SOFTWARE–1.3%
Nintendo Co., Ltd.		17,900		6,445,729
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.7%
Samsung Electronics Co., Ltd.		3,500		8,315,686
				47,377,531
ENERGY–7.9%
OIL, GAS & CONSUMABLE FUELS–7.9%
Canadian Natural Resources Ltd. (Toronto)		148,700		5,313,925
JXTG Holdings, Inc.		1,504,500		9,668,377
Royal Dutch Shell PLC (Euronext Amsterdam)–Class A		374,380		12,476,218
Royal Dutch Shell PLC–Class A		188,044		6,277,508
YPF SA (Sponsored ADR)		210,543		4,823,540
				38,559,568
HEALTH CARE–5.4%
BIOTECHNOLOGY–1.1%
Grifols SA (ADR)		231,240		5,300,021

Company	Shares		U.S. $ Value
PHARMACEUTICALS–4.3%
Indivior PLC(a)		44,316	$	243,362
Ono Pharmaceutical Co., Ltd.		191,300		4,449,965
Sanofi		120,550		10,378,382
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		300,540		5,695,233
				20,766,942
				26,066,963
UTILITIES–0.9%
ELECTRIC UTILITIES–0.8%
EDP–Energias de Portugal SA		1,215,390		4,207,152
WATER UTILITIES–0.1%
Pennon Group PLC		32,856		346,869
				4,554,021
REAL ESTATE–0.6%
REAL ESTATE MANAGEMENT & DEVELOPMENT–0.6%
Leopalace21 Corp.		345,500		2,683,015
Total Common Stocks (cost $402,512,201)				482,787,778
	Principal Amount (000)
SHORT-TERM INVESTMENTS–0.0%
TIME DEPOSIT–0.0%
State Street Time Deposit 0.12%, 1/02/18 (cost $192,897)	$	193		192,897
Total Investments Before Security Lending Collateral for Securities Loaned–99.4% (cost $402,705,098)				482,980,675
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–3.2%
INVESTMENT COMPANIES–3.2%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(d)(e)(f) (cost $15,541,409)		15,541,409		15,541,409
TOTAL INVESTMENTS–102.6% (cost $418,246,507)				498,522,084
Other assets less liabilities–(2.6)%				(12,623,190	)
NET ASSETS–100.0%			$	485,898,894

10

AB Variable Products Series Fund

FORWARD CURRENCY EXCHANGE CONTRACTS (see Note D)

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	7,431		USD	2,246		1/03/18	$	6,163
Bank of America, NA		BRL	2,913		USD	877		1/03/18		(1,163	)
Bank of America, NA		USD	3,125		BRL	10,344		1/03/18		(6,204	)
Bank of America, NA		NOK	14,505		USD	1,821		1/16/18		53,279
Bank of America, NA		USD	6,363		EUR	5,280		1/16/18		(23,107	)
Bank of America, NA		USD	4,222		HUF	1,096,289		1/16/18		14,072
Bank of America, NA		USD	484		KRW	525,929		1/18/18		8,620
Bank of America, NA		BRL	7,431		USD	2,235		2/02/18		2,606
Bank of America, NA		CNY	80,015		USD	11,962		2/07/18		(297,024	)
Bank of America, NA		USD	9,833		EUR	8,259		4/17/18		141,296
Barclays Bank PLC		CAD	19,366		USD	15,537		1/16/18		126,788
Barclays Bank PLC		GBP	1,162		USD	1,536		1/16/18		(33,519	)
Barclays Bank PLC		ILS	7,074		USD	2,029		1/16/18		(5,171	)
Barclays Bank PLC		JPY	440,086		USD	3,931		1/16/18		23,409
Barclays Bank PLC		NOK	9,732		USD	1,221		1/16/18		35,042
Barclays Bank PLC		USD	5,783		EUR	4,922		1/16/18		127,045
Barclays Bank PLC		USD	2,458		GBP	1,858		1/16/18		51,236
Barclays Bank PLC		USD	1,646		JPY	184,315		1/16/18		(9,212	)
Barclays Bank PLC		USD	1,157		NOK	9,480		1/16/18		(2,355	)
Barclays Bank PLC		USD	1,204		KRW	1,312,742		1/18/18		26,062
Barclays Bank PLC		USD	669		CNY	4,448		2/07/18		12,601
BNP Paribas SA		USD	10,361		AUD	13,648		1/16/18		287,543
BNP Paribas SA		USD	2,020		GBP	1,539		1/16/18		58,476
BNP Paribas SA		USD	4,424		GBP	3,298		4/17/18		44,484
Citibank, NA		EUR	9,220		USD	10,895		1/16/18		(175,930	)
Citibank, NA		GBP	558		USD	737		1/16/18		(16,443	)
Citibank, NA		USD	4,799		RUB	291,398		1/25/18		241,199
Credit Suisse International		BRL	4,518		USD	1,398		1/03/18		35,474
Credit Suisse International		USD	1,366		BRL	4,518		1/03/18		(3,747	)
Credit Suisse International		HKD	75,274		USD	9,664		1/16/18		26,850
Credit Suisse International		JPY	342,732		USD	3,030		1/16/18		(13,018	)
Credit Suisse International		SEK	125,987		USD	15,002		1/16/18		(368,181	)
Credit Suisse International		USD	6,195		CHF	6,117		1/16/18		87,578
Credit Suisse International		USD	11,777		CHF	11,342		1/16/18		(127,608	)
Credit Suisse International		USD	1,715		NOK	13,647		1/16/18		(51,920	)
Credit Suisse International		USD	1,269		SEK	10,295		1/16/18		(13,405	)
Credit Suisse International		USD	2,420		PLN	8,637		4/17/18		62,355
Deutsche Bank AG		CAD	1,213		USD	977		1/16/18		11,505
Deutsche Bank AG		GBP	6,503		USD	8,601		1/16/18		(182,910	)
Deutsche Bank AG		ILS	5,131		USD	1,454		1/16/18		(20,998	)
Goldman Sachs Bank USA		AUD	1,565		USD	1,225		1/16/18		4,050
Goldman Sachs Bank USA		USD	26,302		EUR	22,099		1/16/18		233,224
Goldman Sachs Bank USA		USD	11,541		GBP	8,739		1/16/18		262,965
Goldman Sachs Bank USA		USD	885		ILS	3,079		1/16/18		343
Goldman Sachs Bank USA		USD	2,196		TRY	8,253		1/16/18		(27,898	)
Goldman Sachs Bank USA		USD	1,041		AUD	1,384		4/17/18		38,681
JPMorgan Chase Bank, NA		HUF	1,096,289		USD	4,140		1/16/18		(95,760	)

11

INTERNATIONAL VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank, NA		NOK	72,354		USD	9,196		1/16/18	$	379,979
JPMorgan Chase Bank, NA		USD	5,712		AUD	7,314		1/16/18		(4,855	)
JPMorgan Chase Bank, NA		USD	11,374		CHF	11,029		1/16/18		(46,858	)
JPMorgan Chase Bank, NA		USD	817		ILS	2,874		1/16/18		9,579
JPMorgan Chase Bank, NA		CAD	1,247		USD	972		4/17/18		(21,173	)
JPMorgan Chase Bank, NA		NOK	77,793		USD	9,398		4/17/18		(105,278	)
Morgan Stanley & Co., Inc.		ILS	4,695		USD	1,335		4/17/18		(20,393	)
Morgan Stanley & Co., Inc.		USD	591		AUD	771		4/17/18		10,007
Morgan Stanley & Co., Inc.		USD	2,943		GBP	2,168		4/17/18		(5,829	)
Royal Bank of Scotland PLC		EUR	10,007		USD	11,688		1/16/18		(327,977	)
Royal Bank of Scotland PLC		GBP	829		USD	1,121		1/16/18		902
Royal Bank of Scotland PLC		JPY	2,629,955		USD	23,531		1/16/18		176,951
Standard Chartered Bank		KRW	2,286,810		USD	2,057		1/18/18		(86,696	)
State Street Bank & Trust Co.		CHF	499		USD	506		1/16/18		(6,935	)
State Street Bank & Trust Co.		JPY	110,108		USD	985		1/16/18		6,842
State Street Bank & Trust Co.		NOK	1,940		USD	246		1/16/18		9,514
State Street Bank & Trust Co.		USD	1,211		AUD	1,599		1/16/18		36,304
State Street Bank & Trust Co.		USD	4,916		EUR	4,153		1/16/18		70,445
State Street Bank & Trust Co.		USD	1,820		GBP	1,354		1/16/18		8,432
State Street Bank & Trust Co.		USD	9,663		HKD	75,274		1/16/18		(25,255	)
State Street Bank & Trust Co.		USD	22,752		SEK	183,295		1/16/18		(390,246	)
State Street Bank & Trust Co.		KRW	17,632,676		USD	15,573		1/18/18		(952,771	)
State Street Bank & Trust Co.		JPY	145,359		USD	1,291		4/17/18		(6,660	)
UBS AG		JPY	1,137,647		USD	10,261		1/16/18		158,801
									$	(585,797	)

(a) Non-income producing security.

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2017, the aggregate market value of these securities amounted to $11,490,785 or 2.4% of net assets.

(c) Represents entire or partial securities out on loan. See Note E for securities lending information.

(d) Affiliated investments.

(e) The rate shown represents the 7-day yield as of period end.

(f) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

12

AB Variable Products Series Fund

Currency Abbreviations:

AUD—Australian Dollar

BRL—Brazilian Real

CAD—Canadian Dollar

CHF—Swiss Franc

CNY—Chinese Yuan Renminbi

EUR—Euro

GBP—Great British Pound

HKD—Hong Kong Dollar

HUF—Hungarian Forint

ILS—Israeli Shekel

JPY—Japanese Yen

KRW—South Korean Won

NOK—Norwegian Krone

PLN—Polish Zloty

RUB—Russian Ruble

SEK—Swedish Krona

TRY—Turkish Lira

USD—United States Dollar

Glossary:

ADR—American Depositary Receipt

REG—Registered Shares

See notes to financial statements.

13

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $402,705,098)	$	482,980,675	(a)
Affiliated issuers (cost $15,541,409—investment of cash collateral for securities loaned)		15,541,409
Cash collateral due from broker		824,000
Foreign currencies, at value (cost $697,092)		700,911
Unrealized appreciation on forward currency exchange contracts		2,890,702
Dividends and interest receivable		1,647,440
Receivable for investment securities sold		1,542,209
Receivable for capital stock sold		90,543
Total assets		506,217,889
LIABILITIES
Payable for collateral received on securities loaned		15,541,409
Unrealized depreciation on forward currency exchange contracts		3,476,499
Payable for capital stock redeemed		387,604
Advisory fee payable		306,583
Cash collateral due to broker		300,000
Distribution fee payable		91,398
Administrative fee payable		13,618
Payable for investment securities purchased and foreign currency transactions		6,175
Transfer Agent fee payable		97
Accrued expenses		195,612
Total liabilities		20,318,995
NET ASSETS	$	485,898,894
COMPOSITION OF NET ASSETS
Capital stock, at par	$	30,060
Additional paid-in capital		458,893,897
Undistributed net investment income		3,178,512
Accumulated net realized loss on investment and foreign currency transactions		(55,906,945	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		79,703,370
	$	485,898,894

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	53,014,136		3,252,946	$	16.30
B	$	432,884,758		26,806,634	$	16.15

(a) Includes securities on loan with a value of $14,680,011 (see Note E).

See notes to financial statements.

14

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $1,720,692)	$	14,346,386
Affiliated issuers		88,145
Securities lending income		142,069
Other income		9,649
		14,586,249
EXPENSES
Advisory fee (see Note B)		3,734,261
Distribution fee—Class B		1,118,458
Transfer agency—Class A		712
Transfer agency—Class B		6,287
Custodian		194,663
Printing		110,214
Audit and tax		65,669
Administrative		53,558
Legal		44,872
Directors’ fees		28,561
Miscellaneous		31,268
Total expenses		5,388,523
Less: expenses waived and reimbursed by the Adviser (see Note E)		(18,066	)
Net expenses		5,370,457
Net investment income		9,215,792
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on:
Investment transactions		36,776,164
Forward currency exchange contracts		2,297,570
Foreign currency transactions		822,900
Net change in unrealized appreciation/depreciation of:
Investments		63,958,879
Forward currency exchange contracts		(1,787,831	)
Foreign currency denominated assets and liabilities		202,689
Net gain on investment and foreign currency transactions		102,270,371
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	111,486,163

See notes to financial statements.

15

INTERNATIONAL VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income	$	9,215,792		$	11,024,712
Net realized gain (loss) on investment and foreign currency transactions		39,896,634			(32,865,471	)
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		62,373,737			17,903,236
Net increase (decrease) in net assets from operations		111,486,163			(3,937,523	)
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(1,129,445	)		(613,805	)
Class B		(8,153,923	)		(5,112,977	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(123,775,055	)		(82,276,063	)
Total decrease		(21,572,260	)		(91,940,368	)
NET ASSETS
Beginning of period		507,471,154			599,411,522
End of period (including undistributed net investment income of $3,178,512 and $125,618, respectively)	$	485,898,894		$	507,471,154

See notes to financial statements.

16

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB International Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

	Level 1			Level 2			Level 3			Total
Investments in Securities:
Assets:
Common Stocks:
Financials	$	–0	–	$	88,832,678		$	–0	–	$	88,832,678
Consumer Discretionary		7,960,435			63,499,206			–0	–		71,459,641
Consumer Staples		6,815,226			45,917,994			–0	–		52,733,220
Materials		8,611,220			43,497,478			–0	–		52,108,698
Telecommunication Services		17,438,352			32,382,273			–0	–		49,820,625
Industrials		–0	–		48,591,818			–0	–		48,591,818
Information Technology		–0	–		47,377,531			–0	–		47,377,531
Energy		10,137,465			28,422,103			–0	–		38,559,568
Health Care		10,995,254			15,071,709			–0	–		26,066,963
Utilities		4,207,152			346,869			–0	–		4,554,021
Real Estate		–0	–		2,683,015			–0	–		2,683,015
Short-Term Investments		–0	–		192,897			–0	–		192,897
Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund		15,541,409			–0	–		–0	–		15,541,409
Total Investments in Securities		81,706,513			416,815,571	(a)		–0	–		498,522,084

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AB Variable Products Series Fund

	Level 1			Level 2			Level 3			Total
Other Financial Instruments(b):
Assets:
Forward Currency Exchange Contracts	$	–0	–	$	2,890,702		$	–0	–	$	2,890,702
Liabilities:
Forward Currency Exchange Contracts		–0	–		(3,476,499	)		–0	–		(3,476,499	)
Total(c)(d)	$	81,706,513		$	416,229,774		$	–0	–	$	497,936,287

(a) A significant portion of the Portfolio’s foreign equity investments are categorized as Level 2 investments since they are valued using fair value prices based on third party vendor modeling tools to the extent available, see Note A.1.

(b) Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were no transfers from Level 1 to Level 2 during the reporting period.

(d) An amount of $38,355,043 was transferred from Level 2 to Level 1 as the above mentioned foreign equity fair valuation by the third party vendor was not applied during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, 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.

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,558.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $432,456, 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

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AB Variable Products Series Fund

payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	219,142,720		$	336,753,495
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	424,218,866
Gross unrealized appreciation	$	98,078,352
Gross unrealized depreciation		(23,772,474	)
Net unrealized appreciation	$	74,305,878

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The principal type of derivative utilized by the Portfolio, as well as the methods in which they may be used are:

• Forward Currency Exchange Contracts

The Portfolio may enter into forward currency exchange contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings, to hedge certain firm purchase and sale commitments denominated in foreign currencies and for non-hedging purposes as a means of making direct investments in foreign currencies, as described below under “Currency Transactions”.

A forward currency exchange contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the original contract and the closing of such contract would be included in net realized gain or loss on forward currency exchange contracts. Fluctuations in the value of open forward currency exchange contracts are recorded for financial reporting purposes as unrealized appreciation and/or depreciation by the Portfolio. Risks may arise from the potential inability of a counterparty to meet the terms of a contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended December 31, 2017, the Portfolio held forward currency exchange contracts for hedging and non-hedging purposes.

The Portfolio typically enters into International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreement”) with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to OTC counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

default or termination. Under an ISDA Master Agreement, the Portfolio typically may offset with the OTC counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination. In the event of a default by an OTC counterparty, the return of collateral with market value in excess of the Portfolio’s net liability, held by the defaulting party, may be delayed or denied.

The Portfolio’s ISDA Master Agreements may contain provisions for early termination of OTC derivative transactions in the event the net assets of the Portfolio decline below specific levels (“net asset contingent features”). If these levels are triggered, the Portfolio’s OTC counterparty has the right to terminate such transaction and require the Portfolio to pay or receive a settlement amount in connection with the terminated transaction. For additional details, please refer to netting arrangements by the OTC counterparty tables below.

During the year ended December 31, 2017, the Portfolio had entered into the following derivatives:

	Asset Derivatives			Liability Derivatives
Derivative Type	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Foreign currency contracts	Unrealized appreciation on forward currency exchange contracts	$	2,890,702	Unrealized depreciation on forward currency exchange contracts	$	3,476,499
Total			$2,890,702		$	3,476,499

Derivative Type	Location of Gain or (Loss) on Derivatives Within Statement of Operations	Realized Gain or (Loss) on Derivatives		Change in Unrealized Appreciation or (Depreciation)
Foreign currency contracts	Net realized gain (loss) on forward currency exchange contracts; Net change in unrealized appreciation/depreciation of forward currency exchange contracts	$	2,297,570	$	(1,787,831	)
Total		$	2,297,570	$	(1,787,831	)

The following table represents the average monthly volume of the Portfolio’s derivative transactions during the year ended December 31, 2017:
Forward Currency Exchange Contracts:
Average principal amount of buy contracts	$	155,600,938
Average principal amount of sale contracts	$	154,944,619

For financial reporting purposes, the Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the statement of assets and liabilities.

All OTC derivatives held at period end were subject to netting arrangements. The following table presents the Portfolio’s derivative assets and liabilities by OTC counterparty net of amounts available for offset under ISDA Master Agreements and net of the related collateral received/pledged by the Portfolio as of December 31, 2017. Exchange-traded derivatives are not subject to netting arrangements and as such are excluded from the table.

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AB Variable Products Series Fund

Counterparty	Derivative Assets Subject to a MA		Derivative Available for Offset			Cash Collateral Received*			Security Collateral Received*			Net Amount of Derivatives Assets
OTC Derivatives:
Bank of America, NA	$	226,036	$	(226,036	)	$	–0	–	$	–0	–	$	–0	–
Barclays Bank PLC		402,183		(50,257	)		–0	–		–0	–		351,926
BNP Paribas SA		390,503		–0	–		(300,000	)		–0	–		90,503
Citibank, NA		241,199		(192,373	)		–0	–		–0	–		48,826
Credit Suisse International		212,257		(212,257	)		–0	–		–0	–		–0	–
Deutsche Bank AG		11,505		(11,505	)		–0	–		–0	–		–0	–
Goldman Sachs Bank USA		539,263		(27,898	)		–0	–		–0	–		511,365
JPMorgan Chase Bank, NA		389,558		(273,924	)		–0	–		–0	–		115,634
Morgan Stanley & Co., Inc.		10,007		(10,007	)		–0	–		–0	–		–0	–
Royal Bank of Scotland PLC		177,853		(177,853	)		–0	–		–0	–		–0	–
State Street Bank & Trust Co.		131,537		(131,537	)		–0	–		–0	–		–0	–
UBS AG		158,801		–0	–		–0	–		–0	–		158,801
Total	$	2,890,702	$	(1,313,647	)	$	(300,000	)	$	–0	–	$	1,277,055	^
Counterparty	Derivative Liabilities Subject to a MA		Derivative Available for Offset			Cash Collateral Pledged*			Security Collateral Pledged*			Net Amount of Derivatives Liabilities
OTC Derivatives:
Bank of America, NA	$	327,498	$	(226,036	)	$	–0	–	$	–0	–	$	101,462
Barclays Bank PLC		50,257		(50,257	)		–0	–		–0	–		–0	–
Citibank, NA		192,373		(192,373	)		–0	–		–0	–		–0	–
Credit Suisse International		577,879		(212,257	)		–0	–		–0	–		365,622
Deutsche Bank AG		203,908		(11,505	)		–0	–		–0	–		192,403
Goldman Sachs Bank USA		27,898		(27,898	)		–0	–		–0	–		–0	–
JPMorgan Chase Bank, NA		273,924		(273,924	)		–0	–		–0	–		–0	–
Morgan Stanley & Co., Inc.		26,222		(10,007	)		–0	–		–0	–		16,215
Royal Bank of Scotland PLC		327,977		(177,853	)		–0	–		–0	–		150,124
Standard Chartered Bank		86,696		–0	–		–0	–		–0	–		86,696
State Street Bank & Trust Co.		1,381,867		(131,537	)		(824,000	)		–0	–		426,330
Total	$	3,476,499	$	(1,313,647	)	$	(824,000	)	$	–0	–	$	1,338,852	^

* The actual collateral received/pledged may be more than the amount reported due to over-collateralization.

^ Net amount represents the net receivable/payable that would be due from/to the counterparty in the event of default or termination. The net amount from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same counterparty.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. 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

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INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

“negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $14,680,011 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $15,541,409. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $142,069 and $88,145 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $18,066. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	8,420	$	277,366	$	270,245	$	15,541

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		256,719			372,097		$	3,886,362		$	4,878,130
Shares issued in reinvestment of dividends		71,092			45,592			1,129,445			613,805
Shares redeemed		(642,841	)		(448,061	)		(9,555,629	)		(5,880,050	)
Net decrease		(315,030	)		(30,372	)	$	(4,539,822	)	$	(388,115	)
Class B
Shares sold		862,955			4,035,068		$	13,009,333		$	50,474,996
Shares issued in reinvestment of dividends		518,006			383,236			8,153,923			5,112,977
Shares redeemed		(9,534,251	)		(10,536,008	)		(140,398,489	)		(137,475,921	)
Net decrease		(8,153,290	)		(6,117,704	)	$	(119,235,233	)	$	(81,887,948	)

At December 31, 2017, certain shareholders of the Portfolio owned 55% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

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AB Variable Products Series Fund

NOTE G: Risks Involved in Investing in the Portfolio

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Emerging Market Risk—Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory, or other uncertainties.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	9,283,368	$	5,726,782
Total taxable distributions paid	$	9,283,368	$	5,726,782

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,824,814
Accumulated capital and other losses		(50,169,345	)(a)
Unrealized appreciation/(depreciation)		74,319,468	(b)
Total accumulated earnings/(deficit)	$	26,974,937

(a) As of December 31, 2017, the Portfolio had a net capital loss carryforward of $50,169,345. During the fiscal year, the Portfolio utilized $38,911,532 of capital loss carry forwards to offset current year net realized gains. The Portfolio also had $905,101,875 of capital loss carryforwards expire during the fiscal year.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales, the tax treatment of passive foreign investment companies (PFICs) and the recognition for tax purposes of unrealized gains/losses on certain derivative instruments.

25

INTERNATIONAL VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an indefinite period. These post-December 22, 2010 capital losses must be utilized prior to the earlier capital losses, which are subject to expiration. Post-December 22, 2010 capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered short-term as under previous regulation. As of December 31, 2017, the Portfolio had a net short-term capital loss carryforward of $50,169,345 which will expire on December 31, 2018.

During the current fiscal year, permanent differences primarily due to foreign currency reclassifications and the expiration of capital loss carryforwards resulted in a net increase in undistributed net investment income, a net decrease in accumulated net realized loss on investment and foreign currency transactions and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

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

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.28			$13.52			$13.53			$14.99			$12.96
Income From Investment Operations
Net investment income (a)		.31	(b)		.30	(b)†		.30			.48			.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.06			(.37	)		.05			(1.40	)		2.59
Net increase (decrease) in net asset value from operations		3.37			(.07	)		.35			(.92	)		2.92
Less: Dividends
Dividends from net investment income		(.35	)		(.17	)		(.36	)		(.54	)		(.89	)
Net asset value, end of period		$16.30			$13.28			$13.52			$13.53			$14.99
Total Return
Total investment return based on net asset value (c)		25.42	%*		(.50	)%†*		2.59	%		(6.21	)%		23.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$53,014			$47,385			$48,665			$50,504			$58,723
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.85	%		.86	%		.85	%		.85	%		.82	%
Expenses, before waivers/reimbursements		.86	%		.86	%		.85	%		.85	%		.82	%
Net investment income		2.05	%(b)		2.27	%(b)†		2.09	%		3.25	%		2.33	%
Portfolio turnover rate		45	%		64	%		74	%		64	%		59	%

See footnote summary on page 28.

27

INTERNATIONAL VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.16			$13.41			$13.41			$14.86			$12.84
Income From Investment Operations
Net investment income (a)		.27	(b)		.27	(b)†		.26			.45			.30
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.02			(.38	)		.06			(1.40	)		2.56
Net increase (decrease) in net asset value from operations		3.29			(.11	)		.32			(.95	)		2.86
Less: Dividends
Dividends from net investment income		(.30	)		(.14	)		(.32	)		(.50	)		(.84	)
Net asset value, end of period		$16.15			$13.16			$13.41			$13.41			$14.86
Total Return
Total investment return based on net asset value (c)		25.09	%*		(.80	)%†*		2.40	%		(6.46	)%		22.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$432,885			$460,086			$550,746			$615,682			$743,517
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.10	%		1.11	%		1.10	%		1.10	%		1.07	%
Expenses, before waivers/reimbursements		1.11	%		1.11	%		1.10	%		1.10	%		1.07	%
Net investment income		1.83	%(b)		2.04	%(b)†		1.85	%		3.06	%		2.20	%
Portfolio turnover rate		45	%		64	%		74	%		64	%		59	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016 the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.002		.01	%		.01	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2016 by 0.01% and 0.07%, respectively.

See notes to financial statements.

28

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB International Value Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB International Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB International Value Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

29

2017 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the earnings of the Portfolio for the taxable year ended December 31, 2017.

The Portfolio intends to make an election to pass through foreign taxes to its shareholders. For the taxable year ended December 31, 2017, $954,430 of foreign taxes may be passed through and the associated foreign source income for information reporting purposes is $11,038,350.

30

INTERNATIONAL VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman	Robert M. Keith, President and Chief Executive Officer
Michael J. Downey(1)	Carol C. McMullen(1)
William H. Foulk, Jr.(1)	Garry L. Moody(1)
Nancy P. Jacklin(1)	Earl D. Weiner(1)
OFFICERS
Tawhid Ali(2), Vice President Takeo Aso(2), Vice President Avi Lavi(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the International Value Senior Investment Management Team. Messrs. Ali, Aso and Lavi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

31

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

32

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
William H. Foulk, Jr.## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and nonprofit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

33

INTERNATIONAL VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

34

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Tawhid Ali 46	Vice President	Senior Vice President of the Adviser, **with which he has been associated since prior to 2013.
Takeo Aso 53	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Avi Lavi 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

35

INTERNATIONAL VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB International Value Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected

36

AB Variable Products Series Fund

by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

37

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.

38

VPS-IV-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ LARGE CAP GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Large Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in equity securities of a limited number of large, carefully selected, high-quality US companies. The Portfolio invests primarily in the domestic equity securities of companies selected by the Adviser for their growth potential within various market sectors. The Portfolio emphasizes investments in large, seasoned companies. Under normal circumstances, the Portfolio will invest at least 80% of its net assets in common stocks of large-capitalization companies.

The Adviser expects that normally the Portfolio’s portfolio will tend to emphasize investments in securities issued by US companies, although it may invest in foreign securities. The Adviser’s research focus is on companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.

The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 1000 Growth Index, in addition to the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio outperformed the primary benchmark and the broad market for the annual period. Stock selection in the health care, consumer staples and technology sectors, as well as an overweight position in technology and an underweight in consumer staples, contributed relative to the benchmark. Stock selection in the consumer discretionary, materials and industrials sectors, as well as an overweight position in health care, detracted from performance.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked one of the strongest years for global stock market performance since the 2008 financial crisis. Emerging-market equities outperformed, followed by non-US stocks. US large-cap stocks outperformed their small-cap peers, and growth outperformed value, in terms of style.

Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

The Portfolio’s Senior Investment Management Team (the “Team”) follows a bottom-up stock picking methodology that seeks to identify companies that meet its investment criteria of healthy balance sheets, competitive advantages, strong cash flow generation, transparent business models and sustainable growth. The Portfolio is conservatively positioned amid the current uncertainty in the global macro environment. The Team believes that this strategy can be beneficial in an environment which offers low growth and that still appears favorable for stock pickers, as investors increasingly reward companies for their fundamental strengths.

1

LARGE CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Growth Index and the S&P 500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Growth Index represents the performance of 1,000 large-cap growth companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

Focused Portfolio Risk: Investments in a limited number of companies may have more risk because changes in the value of a single security may have a more significant effect, either negative or positive, on the Portfolio’s net asset value (“NAV”).

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

LARGE CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Large Cap Growth Portfolio Class A2		31.98%		18.73%		9.30%
Large Cap Growth Portfolio Class B2		31.67%		18.43%		9.02%
Primary benchmark: Russell 1000 Growth Index		30.21%		17.33%		10.00%
S&P 500 Index		21.83%		15.79%		8.50%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.03%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.70% and 0.95% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

LARGE CAP GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Large Cap Growth Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

LARGE CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,128.00	$	3.65		0.68	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.78	$	3.47		0.68	%
Class B
Actual	$	1,000	$	1,126.60	$	4.98		0.93	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.52	$	4.74		0.93	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

LARGE CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Alphabet, Inc.—Class A & Class C	$	43,440,518		10.1	%
Facebook, Inc.—Class A		30,089,783		7.0
Visa, Inc.—Class A		21,972,794		5.1
Biogen, Inc.		19,338,792		4.5
Home Depot, Inc. (The)		18,661,313		4.3
UnitedHealth Group, Inc.		18,316,037		4.3
Apple, Inc.		17,051,953		4.0
Edwards Lifesciences Corp.		16,187,636		3.8
Zoetis, Inc.		15,922,857		3.7
Adobe Systems, Inc.		13,824,683		3.2
	$	214,806,366		50.0	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	166,889,403		38.8	%
Health Care		96,125,118		22.4
Consumer Discretionary		61,649,714		14.4
Industrials		36,079,743		8.4
Consumer Staples		34,883,908		8.1
Financials		14,414,766		3.4
Materials		6,556,739		1.5
Short-Term Investments		13,084,344		3.0
Total Investments	$	429,683,735		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

LARGE CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–97.0%
INFORMATION TECHNOLOGY–38.9%
COMMUNICATIONS EQUIPMENT–0.7%
Arista Networks, Inc.(a)		11,609	$	2,734,848
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.7%
Amphenol Corp.–Class A		33,706		2,959,387
INTERNET SOFTWARE & SERVICES–16.1%
Alphabet, Inc.–Class A(a)		4,130		4,350,542
Alphabet, Inc.–Class C(a)		33,199		34,739,434
Facebook, Inc.–Class A(a)		170,519		30,089,783
				69,179,759
IT SERVICES–9.5%
Cognizant Technology Solutions Corp.–Class A		115,486		8,201,816
Fiserv, Inc.(a)		36,230		4,750,840
PayPal Holdings, Inc.(a)		80,720		5,942,606
Visa, Inc.–Class A		192,710		21,972,794
				40,868,056
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.5%
NVIDIA Corp.		13,112		2,537,172
Texas Instruments, Inc.		24,080		2,514,915
Xilinx, Inc.		150,136		10,122,169
				15,174,256
SOFTWARE–4.4%
Adobe Systems, Inc.(a)		78,890		13,824,683
Electronic Arts, Inc.(a)		48,510		5,096,461
				18,921,144
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–4.0%
Apple, Inc.		100,762		17,051,953
				166,889,403
HEALTH CARE–22.4%
BIOTECHNOLOGY–4.5%
Biogen, Inc.(a)		60,705		19,338,792
HEALTH CARE EQUIPMENT & SUPPLIES–7.8%
Align Technology, Inc.(a)		10,780		2,395,208
Danaher Corp.		17,532		1,627,320
Edwards Lifesciences Corp.(a)		143,622		16,187,636
Intuitive Surgical, Inc.(a)		36,634		13,369,212
				33,579,376
HEALTH CARE PROVIDERS & SERVICES–4.3%
UnitedHealth Group, Inc.		83,081		18,316,037

Company	Shares		U.S. $ Value
HEALTH CARE TECHNOLOGY–1.5%
Cerner Corp.(a)		97,270	$	6,555,025
LIFE SCIENCES TOOLS & SERVICES–0.6%
Mettler-Toledo International, Inc.(a)		3,895		2,413,031
PHARMACEUTICALS–3.7%
Zoetis, Inc.		221,028		15,922,857
				96,125,118
CONSUMER DISCRETIONARY–14.4%
HOTELS, RESTAURANTS & LEISURE–0.8%
Starbucks Corp.		57,630		3,309,691
INTERNET & DIRECT MARKETING RETAIL–0.9%
Priceline Group, Inc. (The)(a)		2,160		3,753,518
MEDIA–1.8%
Comcast Corp.–Class A		148,010		5,927,801
Walt Disney Co. (The)		15,240		1,638,452
				7,566,253
MULTILINE RETAIL–1.2%
Dollar Tree, Inc.(a)		47,951		5,145,622
SPECIALTY RETAIL–7.9%
Home Depot, Inc. (The)		98,461		18,661,313
TJX Cos., Inc. (The)		117,979		9,020,674
Ulta Salon Cosmetics & Fragrance, Inc.(a)		28,610		6,398,913
				34,080,900
TEXTILES, APPAREL & LUXURY GOODS–1.8%
NIKE, Inc.–Class B		124,600		7,793,730
				61,649,714
INDUSTRIALS–8.4%
BUILDING PRODUCTS–2.7%
Allegion PLC		84,669		6,736,266
AO Smith Corp.		77,476		4,747,729
				11,483,995
COMMERCIAL SERVICES & SUPPLIES–1.6%
Copart, Inc.(a)		163,501		7,061,608
INDUSTRIAL CONGLOMERATES–2.0%
Roper Technologies, Inc.		32,874		8,514,366
MACHINERY–1.4%
IDEX Corp.		14,480		1,910,926
WABCO Holdings, Inc.(a)		29,952		4,298,112
				6,209,038
ROAD & RAIL–0.7%
Union Pacific Corp.		20,960		2,810,736
				36,079,743

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
CONSUMER STAPLES–8.1%
BEVERAGES–5.0%
Constellation Brands, Inc.—Class A		37,000	$	8,457,090
Monster Beverage Corp.(a)		209,258		13,243,939
				21,701,029
FOOD & STAPLES RETAILING–3.1%
Costco Wholesale Corp.		70,830		13,182,879
				34,883,908
FINANCIALS–3.3%
CAPITAL MARKETS–3.3%
MarketAxess Holdings, Inc.		36,729		7,410,076
S&P Global, Inc.		41,350		7,004,690
				14,414,766
MATERIALS–1.5%
CHEMICALS–1.5%
Ecolab, Inc.		26,710		3,583,949
Sherwin-Williams Co. (The)		7,250		2,972,790
				6,556,739
Total Common Stocks (cost $266,127,866)				416,599,391

Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–3.1%
TIME DEPOSIT–3.1%
State Street Time Deposit 0.12%, 1/02/18 (cost $13,084,344)	$	13,084	$	13,084,344
TOTAL INVESTMENTS–100.1% (cost $279,212,210)				429,683,735
Other assets less liabilities–(0.1)%				(357,274	)
NET ASSETS–100.0%			$	429,326,461

(a) Non-income producing security.

See notes to financial statements.

7

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $279,212,210)	$	429,683,735
Receivable for investment securities sold		1,020,113
Dividends and interest receivable		67,420
Receivable for capital stock sold		3,486
Total assets		430,774,754
LIABILITIES
Payable for investment securities purchased		893,172
Advisory fee payable		227,947
Payable for capital stock redeemed		154,011
Distribution fee payable		49,649
Administrative fee payable		13,644
Transfer Agent fee payable		105
Accrued expenses		109,765
Total liabilities		1,448,293
NET ASSETS	$	429,326,461
COMPOSITION OF NET ASSETS
Capital stock, at par	$	7,813
Additional paid-in capital		229,276,428
Accumulated net realized gain on investment transactions		49,570,695
Net unrealized appreciation on investments		150,471,525
	$	429,326,461

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	208,392,269		3,698,829	$	56.34
B	$	220,934,192		4,114,134	$	53.70

See notes to financial statements.

8

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	3,130,151
Affiliated issuers		507
Interest		32,412
Other income		7,467
		3,170,537
EXPENSES
Advisory fee (see Note B)		2,646,057
Distribution fee—Class B		575,226
Transfer agency—Class A		4,472
Transfer agency—Class B		5,034
Custodian		101,190
Printing		70,854
Administrative		53,914
Legal		42,273
Audit and tax		40,196
Directors’ fees		28,559
Miscellaneous		22,783
Total expenses		3,590,558
Less: expenses waived and reimbursed by the Adviser (see Note E)		(129	)
Net expenses		3,590,429
Net investment loss		(419,892	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		52,939,123
Net change in unrealized appreciation/depreciation of investments		65,619,253
Net gain on investment transactions		118,558,376
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	118,138,484

See notes to financial statements.

9

LARGE CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(419,892	)	$	(869,666	)
Net realized gain on investment transactions		52,939,123			22,457,817
Net change in unrealized appreciation/depreciation of investments		65,619,253			(11,055,344	)
Contributions from Affiliates (see Note B)		–0	–		214
Net increase in net assets from operations		118,138,484			10,533,021
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		(11,465,663	)		(20,330,760	)
Class B		(13,633,647	)		(29,455,689	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(44,751,279	)		(38,446,922	)
Total increase (decrease)		48,287,895			(77,700,350	)
NET ASSETS
Beginning of period		381,038,566			458,738,916
End of period (including undistributed net investment income of $0 and $0, respectively)	$	429,326,461		$	381,038,566

See notes to financial statements.

10

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Large Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, the Adviser will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

416,599,391

$

–0

–

$

–0

–

$

416,599,391

Short-Term Investments

–0

–

13,084,344

–0

–

13,084,344

Total Investments in Securities

416,599,391

13,084,344

–0

–

429,683,735

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

416,599,391

$

13,084,344

$

–0

–

$

429,683,735

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

12

AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

13

LARGE 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 .60% of the first $2.5 billion, .50% of the next $2.5 billion and .45% in excess of $5 billion, of the Portfolio’s average daily net assets. Effective February 3, 2017, the advisory fee was reduced from .75% to .60% of the first $2.5 billion, .65% to .50% of the next $2.5 billion and .60% to .45% in excess of $5 billion of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,914.

During the year ended December 31, 2016, the Adviser reimbursed the Portfolio $214 for trading losses incurred due to a trade entry error.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $85,229, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

14

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	190,468,176		$	249,434,519
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	279,764,179
Gross unrealized appreciation	$	150,504,807
Gross unrealized depreciation		(585,251	)
Net unrealized appreciation	$	149,919,556

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 year ended December 31, 2017.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had no securities on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $507 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the

15

LARGE CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $129. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	1,452	$	1,470	$	2,922	$	0

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		307,126			226,292		$	15,850,176		$	10,252,042
Shares issued in reinvestment of distributions		226,684			440,632			11,465,663			20,330,760
Shares redeemed		(774,660	)		(597,453	)		(40,887,713	)		(28,081,720	)
Net increase (decrease)		(240,850	)		69,471		$	(13,571,874	)	$	2,501,082
Class B
Shares sold		484,079			480,054		$	24,170,743		$	21,711,096
Shares issued in reinvestment of distributions		282,504			665,665			13,633,647			29,455,689
Shares redeemed		(1,336,010	)		(2,055,480	)		(68,983,795	)		(92,114,789	)
Net decrease		(569,427	)		(909,761	)	$	(31,179,405	)	$	(40,948,004	)

At December 31, 2017, certain shareholders of the Portfolio owned 61% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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.

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

16

AB Variable Products Series Fund

with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017			2016
Distributions paid from:
Ordinary income	$	–0	–	$	237,824
Net long-term capital gains		25,099,310			49,548,625
Total taxable distributions paid	$	25,099,310		$	49,786,449

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	581,110
Undistributed capital gains		49,541,553
Unrealized appreciation/(depreciation)		149,919,556	(a)
Total accumulated earnings/(deficit)	$	200,042,219

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to an ordinary loss reclassification to reduce short term capital gains resulted in a net decrease in distributions in excess of net investment income and a net decrease in accumulated net realized gain on investment transactions. This reclassification had no effect on net assets.

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.

17

LARGE CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$45.22			$49.50			$48.83			$42.78			$31.17
Income From Investment Operations
Net investment income (loss) (a)		.02	(b)		(.03	)(b)†		.02			.02			(.04	)
Net realized and unrealized gain on investment transactions		14.10			1.44			5.33			6.03			11.68
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase in net asset value from operations		14.12			1.41			5.35			6.05			11.64
Less: Dividends and Distributions
Dividends from net investment income		–0	–		–0	–		–0	–		–0	–		(.03	)
Distributions from net realized gain on investment transactions		(3.00	)		(5.69	)		(4.68	)		–0	–		–0	–
Total dividends and distributions		(3.00	)		(5.69	)		(4.68	)		–0	–		(.03	)
Net asset value, end of period		$56.34			$45.22			$49.50			$48.83			$42.78
Total Return
Total investment return based on net asset value (d)*		31.98	%		2.63	%†		11.11	%		14.14	%		37.35	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$208,392			$178,136			$191,568			$189,620			$190,488
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.70	%		.85	%		.82	%		.83	%		.85	%
Expenses, before waivers/reimbursements		.70	%		.85	%		.82	%		.83	%		.85	%
Net investment income (loss)		.03	%(b)		(.07	)%(b)†		.04	%		.04	%		(.11	)%
Portfolio turnover rate		48	%		59	%		65	%		65	%		60	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$43.32			$47.77			$47.38			$41.62			$30.38
Income From Investment Operations
Net investment loss (a)		(.11	)(b)		(.14	)(b)†		(.10	)		(.09	)		(.13	)
Net realized and unrealized gain on investment transactions		13.49			1.38			5.17			5.85			11.37
Contributions from Affiliates		–0	–		.00	(c)		–0	–		–0	–		–0	–
Net increase in net asset value from operations		13.38			1.24			5.07			5.76			11.24
Less: Distributions
Distributions from net realized gain on investment transactions		(3.00	)		(5.69	)		(4.68	)		–0	–		–0	–
Net asset value, end of period		$53.70			$43.32			$47.77			$47.38			$41.62
Total Return
Total investment return based on net asset value (d)*		31.67	%		2.36	%†		10.86	%		13.84	%		37.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$220,934			$202,903			$267,171			$237,452			$230,350
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		.95	%		1.10	%		1.07	%		1.08	%		1.10	%
Expenses, before waivers/reimbursements		.95	%		1.10	%		1.07	%		1.08	%		1.10	%
Net investment loss		(.21	)%(b)		(.32	)%(b)†		(.21	)%		(.21	)%		(.36	)%
Portfolio turnover rate		48	%		59	%		65	%		65	%		60	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Amount is less than $.005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016 the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.005	.01%	.01%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.03%, 0.01%, 0.09%, 0.02% and 0.10%, respectively.

See notes to financial statements.

19

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Large Cap Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Large Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Large Cap Growth Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

20

LARGE CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1)
	Garry L. Moody(1)
	Earl D. Weiner(1)
OFFICERS
Frank V. Caruso(2),Vice President Vincent C. Dupont(2), Vice President John H. Fogarty(2) , Vice President Karen Sesin(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	LEGAL COUNSEL Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the U.S. Large Cap Growth Investment Team. Messrs. Caruso, Dupont and Fogarty and Ms. Sesin are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

21

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he has been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

22

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
William H. Foulk, Jr.## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002–May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

23

LARGE CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardlQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in Section 2(a)(19) of the Investment Company Act of 1940, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

24

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Frank V. Caruso 61	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Vincent C. Dupont 55	Vice President	Senior Vice President of the Adviser**, with which he was associated since prior to 2013.
John H. Fogarty 48	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Karen Sesin 59	Vice President	Senior Vice President of the Adviser**, with which she was associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

25

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Large Cap Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts

26

AB Variable Products Series Fund

for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable. The directors noted that the reduction in the advisory fee rate effective since February 3, 2017 would likely impact the Adviser’s profitability analysis in future years.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s pro forma contractual effective advisory fee rate (reflecting a reduction in the advisory fee rate effective since February 3, 2017) with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with those for two other AB Funds with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the information included the pro forma expense ratio to reflect a reduction in the Fund’s expense ratio effective since February 3, 2017. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the

27

LARGE CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s pro forma expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

28

VPS-LCG-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ REAL ESTATE INVESTMENT PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

REAL ESTATE INVESTMENT
PORTFOLIO	AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Real Estate Investment Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is total return from long-term growth of capital and income. Under normal circumstances, the Portfolio invests at least 80% of its net assets in the equity securities of real estate investment trusts (“REITs”), and other real estate industry companies, such as real estate operating companies. The Portfolio seeks to invest in real estate companies whose underlying portfolios are diversified geographically and by property type.

The Portfolio’s investment policies seek to emphasize investment in companies determined by the Adviser to be undervalued relative to their peers. The Portfolio may invest in mortgage-backed securities, which are securities that directly or indirectly represent participations in, or are collateralized by and payable from, mortgage loans secured by real property. These securities include mortgage pass-through certificates, real estate mortgage investment conduit certificates and collateralized mortgage obligations. The Portfolio may also invest in short-term investment-grade debt securities and other fixed-income securities.

The Portfolio invests in equity securities that include common stock, shares of beneficial interests of REITs and securities with common stock characteristics, such as preferred stock or convertible securities (“real estate equity securities”). The Portfolio may invest in foreign securities and enter into forward commitments and standby commitment agreements.

Currencies can have a dramatic impact on equity returns, significantly adding to returns in some years and greatly diminishing them in others. Currency and equity positions are evaluated separately. The Adviser may seek to hedge the currency exposure resulting from securities positions when it finds the currency exposure unattractive. To hedge all or a portion of its currency risk, the Portfolio may, from time to time, invest in currency-related derivatives, including forward currency exchange contracts, futures contracts, options on futures contracts, swaps and options. The Adviser may also seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives.

The Portfolio may enter into other derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 5 shows the Portfolio’s performance compared to its primary benchmark, the Financial Times Stock Exchange National Association of Real Estate Investment Trusts (“FTSE NAREIT”) Equity REIT Index, in addition to the broad market as measured by the Standard & Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2017.

For the annual period, all share classes of the Portfolio underperformed the primary benchmark. Stock selection detracted relative to the benchmark, primarily from selections in the specialty and industrial/office sectors, while selection in the residential sector contributed. Sector selection contributed, primarily because of an underweight to the retail sector, partially offset by an underweight to the diversified sector.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Still-low interest rates and strong economic growth helped the US real estate market post gains during the annual period ended December 31, 2017. The FTSE NAREIT Equity REIT Index finished the annual period up 8.67%. The S&P 500 Index also posted gains, rising 21.83% during the same period.

Most segments of the US property market were characterized by balanced fundamentals. Overall, demand growth remained healthy and supply growth normalized. Thus, cash-flow growth was decelerating from above-average levels. In the industrials sector, growth in e-commerce retailing supported ongoing demand growth, which resulted in high occupancy levels and strong rent growth. Fundamentals in the self-storage sector remained reasonably healthy, though the pace of earnings growth slowed

1

AB Variable Products Series Fund

because of the increasing supply in some large cities. Demand for space at high-quality retail malls and shopping centers remained strong, though challenges faced by many retail operators posed a risk to future demand. In the residential sector, rent growth slowed significantly following recent increases in supply, especially in coastal markets. Finally, lodging demand continued to recover from subdued levels.

The Portfolio’s Senior Investment Management Team continues its search to find attractive opportunities across a range of sectors, focusing on attractively priced companies with improving fundamentals, together with the balance sheet strength to withstand periods of renewed volatility.

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REAL ESTATE INVESTMENT PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The FTSE^® NAREIT Equity REIT Index and the S&P^® 500 Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The FTSE NAREIT Equity REIT Index (market-value weighted index based upon the last closing price of the month) represents the performance of tax-qualified REITs listed on the NYSE, AMEX and the NASDAQ. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.

Interest Rate Risk: Changes in interest rates will affect the value of investments in fixed-income securities. When interest rates rise, the value of existing investments in fixed-income securities tends to fall and this decrease in value may not be offset by higher income from new investments. The Portfolio may be subject to heightened interest rate risk due to rising rates as the current period of historically low interest rates may be ending. Interest rate risk is generally greater for fixed-income securities with longer maturities or durations.

Credit Risk: An issuer or guarantor of a fixed-income security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a fixed-income security may be downgraded after purchase, which may adversely affect the value of the security. Investments in fixed-income securities with lower ratings tend to have a higher probability that an issuer will default or fail to meet its payment obligations.

Real Estate Risk: The Portfolio’s investments in the real estate market have many of the same risks as direct ownership of real estate, including the risk that the value of real estate could decline due to a variety of factors that affect the real estate market generally. Investments in REITs may have additional risks. REITs are dependent on the capability of their managers, may have limited diversification, and could be significantly affected by changes in tax laws.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Leverage Risk: To the extent the Portfolio uses leveraging techniques, its net asset value (“NAV”) may be more volatile because leverage tends to exaggerate the effect of changes in interest rates and any increase or decrease in the value of the Portfolio’s investments.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past

(Disclosures and Risks continued on next page)

3

DISCLOSURES AND RISKS
(continued)	AB Variable Products Series Fund

performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

4

REAL ESTATE INVESTMENT PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Real Estate Investment Portfolio Class A		6.53%		8.61%		7.71%
Real Estate Investment Portfolio Class B		6.37%		8.36%		7.45%
Primary benchmark: FTSE NAREIT Equity REIT Index		8.67%		9.83%		7.77%
S&P 500 Index		21.83%		15.79%		8.50%
1   Average annual returns.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.08% and 1.34% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

REAL ESTATE INVESTMENT PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Real Estate Investment Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on pages 3-4.

5

REAL ESTATE INVESTMENT PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,024.20	$	5.31		1.04	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.96	$	5.30		1.04	%
Class B
Actual	$	1,000	$	1,022.90	$	6.53		1.28	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.75	$	6.51		1.28	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

6

REAL ESTATE INVESTMENT PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
American Tower Corp.	$	4,011,881		7.8	%
Simon Property Group, Inc.		3,515,518		6.8
Crown Castle International Corp.		2,509,936		4.9
Equinix, Inc.		2,303,717		4.5
Welltower, Inc.		1,979,421		3.8
Realty Income Corp.		1,658,142		3.2
Digital Realty Trust, Inc.		1,451,086		2.8
Alexandria Real Estate Equities, Inc.		1,342,465		2.6
Essex Property Trust, Inc.		1,329,949		2.6
STAG Industrial, Inc.		1,199,240		2.3
	$	21,301,355		41.3	%

INDUSTRY BREAKDOWN²

December 31, 2017 (unaudited)

INDUSTRY	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Specialized REITs	$	12,818,934		24.8	%
Retail REITs		8,796,154		17.0
Residential REITs		7,496,868		14.5
Office REITs		6,818,015		13.2
Health Care REITs		4,760,983		9.2
Diversified REITs		3,996,688		7.7
Industrial REITs		3,585,700		6.9
Hotel & Resort REITs		2,654,168		5.1
Short-Term Investments		854,550		1.6
Total Investments	$	51,782,060		100.0	%

1 Long-term investments.

2 The Portfolio’s industry breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The industry classifications presented herein are based on the industry categorization methodology of the Adviser.

7

REAL ESTATE INVESTMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.3%
REAL ESTATE–98.3%
DIVERSIFIED REITs–7.7%
Armada Hoffler Properties, Inc.		53,600	$	832,408
Empire State Realty Trust, Inc.–Class A		37,970		779,524
Gramercy Property Trust		26,024		693,800
Liberty Property Trust		19,150		823,642
Washington Real Estate Investment Trust		27,870		867,314
				3,996,688
HEALTH CARE REITs–9.2%
Healthcare Realty Trust, Inc.		20,910		671,629
Medical Properties Trust, Inc.		58,990		812,882
Sabra Health Care REIT, Inc.		36,140		678,348
Ventas, Inc.		10,310		618,703
Welltower, Inc.		31,040		1,979,421
				4,760,983
HOTEL & RESORT REITs–5.1%
MGM Growth Properties LLC–Class A		17,630		513,914
Park Hotels & Resorts, Inc.		29,200		839,500
RLJ Lodging Trust		34,910		766,973
Summit Hotel Properties, Inc.		35,048		533,781
				2,654,168
INDUSTRIAL REITs–6.9%
Monmouth Real Estate Investment Corp.–Class A		31,620		562,836
Prologis, Inc.		13,890		896,044
Rexford Industrial Realty, Inc.		31,810		927,580
STAG Industrial, Inc.		43,880		1,199,240
				3,585,700
OFFICE REITs–13.2%
Alexandria Real Estate Equities, Inc.		10,280		1,342,465
Boston Properties, Inc.		3,679		478,380
Brandywine Realty Trust		41,450		753,976
Columbia Property Trust, Inc.		33,996		780,208
Corporate Office Properties Trust		16,630		485,596
Hudson Pacific Properties, Inc.		22,230		761,378
Kilroy Realty Corp.		9,940		742,021
Mack-Cali Realty Corp.		21,240		457,935
SL Green Realty Corp.		8,510		858,914
Vornado Realty Trust		2,010		157,142
				6,818,015
RESIDENTIAL REITs–14.5%
American Campus Communities, Inc.		16,280		667,968
American Homes 4 Rent–Class A		46,140		1,007,698
AvalonBay Communities, Inc.		4,540		809,981

Company	Shares		U.S. $ Value
Camden Property Trust		10,260	$	944,536
Essex Property Trust, Inc.		5,510		1,329,949
Independence Realty Trust, Inc.		54,610		551,015
Mid-America Apartment Communities, Inc.		10,770		1,083,031
Sun Communities, Inc.		11,885		1,102,690
				7,496,868
RETAIL REITs–17.0%
GGP, Inc.		11,860		277,405
National Retail Properties, Inc.		23,110		996,734
Realty Income Corp.		29,080		1,658,142
Regency Centers Corp.		15,250		1,054,995
Retail Opportunity Investments Corp.		32,070		639,796
Simon Property Group, Inc.		20,470		3,515,518
Urban Edge Properties		25,640		653,564
				8,796,154
SPECIALIZED REITs–24.7%
American Tower Corp.		28,120		4,011,881
Crown Castle International Corp.		22,610		2,509,936
CubeSmart		26,910		778,237
Digital Realty Trust, Inc.		12,740		1,451,086
Equinix, Inc.		5,083		2,303,717
National Storage Affiliates Trust		32,512		886,277
Public Storage		4,200		877,800
				12,818,934
Total Common Stocks (cost $43,978,863)				50,927,510
	Principal Amount (000)
SHORT-TERM INVESTMENTS–1.7%
TIME DEPOSIT–1.7%
State Street Time Deposit 0.12%, 1/02/18 (cost $854,551)	$	855		854,551
TOTAL INVESTMENTS–100.0% (cost $44,833,414)				51,782,061
Other assets less liabilities–0.0%				22,560
NET ASSETS–100.0%			$	51,804,621

Glossary:

REIT—Real Estate Investment Trust

See notes to financial statements.

8

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value (cost $44,833,414)	$	51,782,061
Foreign currencies, at value (cost $8,329)		7,858
Dividends and interest receivable		222,673
Receivable for capital stock sold		9,118
Total assets		52,021,710
LIABILITIES
Payable for capital stock redeemed		76,333
Audit and tax fee payable		51,981
Custody fee payable		24,886
Advisory fee payable		24,081
Administrative fee payable		13,644
Printing fee payable		11,235
Distribution fee payable		3,985
Transfer Agent fee payable		97
Accrued expenses		10,847
Total liabilities		217,089
NET ASSETS	$	51,804,621
COMPOSITION OF NET ASSETS
Capital stock, at par	$	5,673
Additional paid-in capital		41,904,883
Undistributed net investment income		968,675
Accumulated net realized gain on investment and foreign currency transactions		1,977,214
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		6,948,176
	$	51,804,621

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	32,883,268		3,609,215	$	9.11
B	$	18,921,353		2,063,818	$	9.17

See notes to financial statements.

9

REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	1,348,521
Affiliated issuers		1,044
Interest		525
Other income		1,207
		1,351,297
EXPENSES
Advisory fee (see Note B)		285,906
Distribution fee—Class B		45,908
Transfer agency—Class A		3,659
Transfer agency—Class B		2,005
Custodian		64,686
Administrative		53,585
Audit and tax		51,267
Directors’ fees		28,561
Legal		27,785
Printing		24,710
Miscellaneous		3,366
Total expenses		591,438
Less: expenses waived and reimbursed by the Adviser (see Note E)		(197	)
Net expenses		591,241
Net investment income		760,056
REALIZED AND UNREALIZED GAIN ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investment transactions		2,155,889
Net change in unrealized appreciation/depreciation of:
Investments		387,120
Foreign currency denominated assets and liabilities		586
Net gain on investment and foreign currency transactions		2,543,595
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	3,303,651

See notes to financial statements.

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REAL ESTATE INVESTMENT PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	760,056		$	947,416
Net realized gain on investment and foreign currency transactions		2,155,889			2,670,848
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		387,706			50,925
Net increase in net assets from operations		3,303,651			3,669,189
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(597,227	)		(601,091	)
Class B		(287,437	)		(228,136	)
Net realized gain on investment transactions
Class A		(1,785,451	)		(1,722,127	)
Class B		(978,421	)		(751,170	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(761,253	)		2,686,208
Total increase (decrease)		(1,106,138	)		3,052,873
NET ASSETS
Beginning of period		52,910,759			49,857,886
End of period (including undistributed net investment income of $968,675 and $1,094,446, respectively)	$	51,804,621		$	52,910,759

See notes to financial statements.

11

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Real Estate Investment Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is total return from long-term growth of capital and income. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

12

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

50,927,510

$

–0

–

$

–0

–

$

50,927,510

Short-Term Investments

–0

–

854,551

–0

–

854,551

Total Investments in Securities

50,927,510

854,551

–0

–

51,782,061

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

50,927,510

$

854,551

$

–0

–

$

51,782,061

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the

13

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. 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

14

AB Variable Products Series Fund

expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,585.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $31,699, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	30,588,409		$	33,887,125
U.S. government securities		–0	–		–0	–

15

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	44,859,145
Gross unrealized appreciation	$	7,782,882
Gross unrealized depreciation		(859,966	)
Net unrealized appreciation	$	6,922,916

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2017.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had no securities on loan. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $1,044 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $197. 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.

16

AB Variable Products Series Fund

A summary of the Portfolio transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	0	$	5,886	$	5,886	$	0

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		209,630			431,092		$	1,934,567		$	4,165,931
Shares issued in reinvestment of dividends and distributions		270,759			235,620			2,382,678			2,323,218
Shares redeemed		(701,136	)		(798,588	)		(6,508,769	)		(7,520,220	)
Net decrease		(220,747	)		(131,876	)	$	(2,191,524	)	$	(1,031,071	)
Class B
Shares sold		347,042			582,138		$	3,209,095		$	5,543,108
Shares issued in reinvestment of dividends and distributions		142,873			98,621			1,265,858			979,306
Shares redeemed		(326,273	)		(300,705	)		(3,044,682	)		(2,805,135	)
Net increase		163,642			380,054		$	1,430,271		$	3,717,279

At December 31, 2017, certain shareholders of the Portfolio owned 71% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Leverage Risk—When the Portfolio borrows money or otherwise leverages its investments, its performance may be volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Portfolio’s investments. The Portfolio may create leverage through the use of reverse repurchase arrangements, forward currency exchange contracts, forward commitments, dollar rolls or futures or by borrowing money. The use of other types of derivative instruments by the Portfolio, such as options and swaps, may also result in a form of leverage. Leverage may result in higher returns to the Portfolio than if the Portfolio were not leveraged, but may also adversely affect returns, particularly if the market is declining.

17

REAL ESTATE INVESTMENT PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	1,214,271	$	1,278,264
Net long-term capital gains		2,434,265		2,024,260
Total taxable distributions paid	$	3,648,536	$	3,302,524

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	968,675
Undistributed capital gains		2,002,945
Unrealized appreciation/(depreciation)		6,922,445	(a)
Total accumulated earnings/(deficit)	$	9,894,065

(a) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses 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, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of partnership investments and the redesignation of dividends resulted in a net decrease in undistributed net investment income and a net increase in accumulated net realized gain on investment and foreign currency transactions. These reclassifications had no effect on net assets.

NOTE J: Subsequent Events

Management has evaluated subsequent events for possible recognition or disclosure in the financial statements through the date the financial statements are issued. Management has determined that there are no material events that would require disclosure in the Portfolio’s financial statements through this date.

18

REAL ESTATE INVESTMENT PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$9.22			$9.08			$10.00			$11.18			$12.25
Income From Investment Operations
Net investment income (a)		.14	(b)		.18	(b)†		.18			.14			.24
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.44			.56			(.12	)		2.39			.24
Net increase in net asset value from operations		.58			.74			.06			2.53			.48
Less: Dividends and Distributions
Dividends from net investment income		(.17	)		(.15	)		(.15	)		(.37	)		(.20	)
Distributions from net realized gain on investment transactions		(.52	)		(.45	)		(.83	)		(3.34	)		(1.35	)
Total dividends and distributions		(.69	)		(.60	)		(.98	)		(3.71	)		(1.55	)
Net asset value, end of period		$9.11			$9.22			$9.08			$10.00			$11.18
Total Return
Total investment return based on net asset value (c)		6.53	%		7.76	%†		.80	%		25.35	%		4.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$32,883			$35,294			$35,970			$38,003			$31,576
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.05	%		1.08	%		1.07	%		1.08	%		.86	%
Expenses, before waivers/reimbursements		1.05	%		1.08	%		1.07	%		1.08	%		.86	%
Net investment income		1.54	%(b)		1.90	%(b)†		1.91	%		1.26	%		1.92	%
Portfolio turnover rate		59	%		77	%		67	%		67	%		98	%

See footnote summary on page 20.

19

REAL ESTATE INVESTMENT PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period	$	9.27		$	9.14		$	10.05		$	11.22		$	12.28
Income From Investment Operations
Net investment income (a)		.12	(b)		.15	(b)†		.16			.11			.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions		.45			.56			(.11	)		2.40			.18
Net increase in net asset value from operations		.57			.71			.05			2.51			.45
Less: Dividends and Distributions
Dividends from net investment income		(.15	)		(.13	)		(.13	)		(.34	)		(.16	)
Distributions from net realized gain on investment transactions		(.52	)		(.45	)		(.83	)		(3.34	)		(1.35	)
Total dividends and distributions		(.67	)		(.58	)		(.96	)		(3.68	)		(1.51	)
Net asset value, end of period	$	9.17		$	9.27		$	9.14		$	10.05		$	11.22
Total Return
Total investment return based on net asset value (c)		6.37	%		7.38	%†		.66	%		24.96	%		3.97	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,921		$	17,617		$	13,888		$	13,301		$	12,394
Ratio to average net assets of:
Expenses, net of waivers/reimbursements		1.30	%		1.34	%		1.33	%		1.33	%		1.15	%
Expenses, before waivers/reimbursements		1.30	%		1.34	%		1.33	%		1.33	%		1.15	%
Net investment income		1.32	%(b)		1.56	%(b)†		1.67	%		1.03	%		2.13	%
Portfolio turnover rate		59	%		77	%		67	%		67	%		98	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.002		.02	%		.02	%

20

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Real Estate Investment Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Real Estate Investment Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Real Estate Investment Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

21

2017 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 1.51% of dividends paid qualify for the dividends received deduction.

22

REAL ESTATE INVESTMENT
PORTFOLIO	AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Eric J. Franco(2), Vice President Ajit Ketkar(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Ernst & Young LLP 5 Times Square New York, NY 10036
DISTRIBUTOR	LEGAL COUNSEL
AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
TRANSFER AGENT
AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free (800) 221-5672

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by its senior management team. Messrs. Franco and Ketkar are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

23

REAL ESTATE INVESTMENT PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
DISINTERESTED DIRECTORS
Michael J. Downey, ## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr., ## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin, ## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen, ## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

25

REAL ESTATE INVESTMENT PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee and as Chairman of the Audit Committees of the AB Funds since 2008.		96	None
Earl D. Weiner, ## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund as defined in the “1940 Act”, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

26

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Eric J. Franco 57	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Ajit Ketkar 46	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the adviser at (800) 227-4618, or visit www.abfunds.com for a free prospectus or SAI.

27

REAL ESTATE INVESTMENT PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Real Estate Investment Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous factors. The directors

28

AB Variable Products Series Fund

focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

29

REAL ESTATE INVESTMENT PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

30

VPS-REI-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS SERIES FUND, INC.

+ SMALL CAP GROWTH PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Small Cap Growth Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVES AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities with relatively smaller capitalizations as compared to the overall US market. Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities of smaller companies. For these purposes, “smaller companies” are those that, at the time of investment, fall within the lowest 20% of the total US equity market capitalization (excluding, for purposes of this calculation, companies with market capitalizations of less than $10 million). Because the Portfolio’s definition of smaller companies is dynamic, the limits on market capitalization will change with the markets.

The Portfolio may invest in any company and industry and in any type of equity security with potential for capital appreciation. It invests in well-known and established companies and in new and less-seasoned companies. The Portfolio’s investment policies emphasize investments in companies that are demonstrating improving financial results and a favorable earnings outlook. The Portfolio may invest in foreign securities.

The Portfolio invests primarily in equity securities but may also invest in other types of securities, such as preferred stocks. The Portfolio may, at times, invest in shares of exchange-traded funds (“ETFs”) in lieu of making direct investments in securities. ETFs may provide more efficient and economical exposure to the types of companies and geographic locations in which the Portfolio seeks to invest than direct investments. The Portfolio may also invest up to 20% of its total assets in rights or warrants.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of ETFs. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its benchmark, the Russell 2000 Growth Index, for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio outperformed the benchmark for the annual reporting period. Stock selection drove performance relative to the benchmark, led by picks in consumer/commercial services and technology which more than offset the underperformance in energy.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

Equities saw strong gains in 2017, as record corporate profits, improving economic growth and enthusiasm over tax reform propelled US equities. Small-cap growth stocks, while underperforming large-caps, delivered strong absolute performance and outperformed their value peers.

The Portfolio continues to be built from the bottom up, with an emphasis on companies that can deliver fundamental outperformance. Relative valuations for companies with this profile—positive earnings revisions and surprises—remain below the long-term average. Reflecting this bottom-up investment process, the Portfolio’s Senior Investment Management Team continued to find opportunities across most sectors. The Portfolio emphasizes secular firms that have unique growth drivers or company-specific initiatives that would support future earnings growth even in the absence of a material acceleration in economic outlook.

1

SMALL CAP GROWTH PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2000^® Growth Index is unmanaged and does not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2000 Growth Index represents the performance of 2,000 small-cap growth companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as growth, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL CAP GROWTH PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARK	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Small Cap Growth Portfolio Class A2		34.12%		15.06%		9.86%
Small Cap Growth Portfolio Class B2		33.78%		14.77%		9.59%
Russell 2000 Growth Index		22.17%		15.21%		9.19%
1   Average annual returns. 2   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.03%. Please keep in mind that high, double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 1.49% and 1.74% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

SMALL CAP GROWTH PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 to 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Small Cap Growth Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmark. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

SMALL CAP GROWTH PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,154.10	$	7.11		1.31	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,018.60	$	6.67		1.31	%
Class B
Actual	$	1,000	$	1,152.70	$	8.41		1.55	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,017.39	$	7.88		1.55	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

SMALL CAP GROWTH PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
GrubHub, Inc.	$	949,196		1.9	%
Grand Canyon Education, Inc.		903,358		1.8
Planet Fitness, Inc.		857,369		1.7
Five Below, Inc.		810,563		1.7
Teladoc, Inc.		809,879		1.6
Sleep Number Corp.		792,397		1.6
iRhythm Technologies, Inc.		791,594		1.6
SiteOne Landscape Supply, Inc.		732,485		1.5
Proofpoint, Inc.		722,025		1.5
Vocera Communications, Inc.		717,030		1.5
	$	8,085,896		16.4	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Information Technology	$	13,434,483		27.1	%
Health Care		10,291,492		20.8
Consumer Discretionary		8,819,789		17.8
Industrials		8,677,985		17.5
Financials		3,176,146		6.4
Materials		1,477,584		3.0
Energy		1,284,270		2.6
Consumer Staples		1,250,812		2.5
Telecommunication Services		394,423		0.8
Short-Term Investments		713,694		1.5
Total Investments	$	49,520,678		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.7%
INFORMATION TECHNOLOGY–27.2%
COMMUNICATIONS EQUIPMENT–1.3%
Ciena Corp.(a)		15,260	$	319,392
Lumentum Holdings, Inc.(a)		6,516		318,632
				638,024
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–0.8%
National Instruments Corp.		9,660		402,146
INTERNET SOFTWARE & SERVICES–10.4%
2U, Inc.(a)		10,260		661,873
Cimpress NV(a)(b)		4,966		595,324
CoStar Group, Inc.(a)		1,690		501,845
GrubHub, Inc.(a)(b)		13,220		949,196
LogMeIn, Inc.		6,260		716,770
New Relic, Inc.(a)		8,990		519,352
Q2 Holdings, Inc.(a)		10,633		391,826
Trade Desk, Inc. (The)–Class A(a)(b)		12,183		557,129
Wix.com Ltd.(a)		4,067		234,056
				5,127,371
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–4.4%
Advanced Energy Industries, Inc.(a)		6,960		469,661
Cavium, Inc.(a)		6,300		528,129
Monolithic Power Systems, Inc.		5,481		615,845
Silicon Laboratories, Inc.(a)		6,454		569,888
				2,183,523
SOFTWARE–10.3%
Aspen Technology, Inc.(a)		8,253		546,349
Blackbaud, Inc.		6,158		581,869
Blackline, Inc.(a)		10,501		344,433
Guidewire Software, Inc.(a)		7,883		585,392
HubSpot, Inc.(a)		6,570		580,788
Paylocity Holding Corp.(a)		12,713		599,545
Proofpoint, Inc.(a)		8,130		722,025
RingCentral, Inc.–Class A(a)		13,740		665,016
Take-Two Interactive Software, Inc.(a)		4,172		458,002
				5,083,419
				13,434,483
HEALTH CARE–20.8%
BIOTECHNOLOGY–8.5%
Adamas Pharmaceuticals, Inc.(a)(b)		8,675		293,996
Aimmune Therapeutics, Inc.(a)		7,913		299,270
Audentes Therapeutics, Inc.(a)		6,259		195,594
Avexis, Inc.(a)		2,730		302,129
BeiGene Ltd. (ADR)(a)		2,357		230,326
Biohaven Pharmaceutical Holding Co., Ltd.(a)		8,478		228,736

Company	Shares		U.S. $ Value
Blueprint Medicines Corp.(a)		5,012	$	377,955
Clovis Oncology, Inc.(a)		5,640		383,520
Loxo Oncology, Inc.(a)		4,115		346,401
Neurocrine Biosciences, Inc.(a)		3,930		304,929
NuCana PLC (ADR)(a)		13,162		133,068
Prothena Corp. PLC(a)(b)		5,360		200,946
Sage Therapeutics, Inc.(a)		3,336		549,473
TESARO, Inc.(a)(b)		2,258		187,120
Ultragenyx Pharmaceutical, Inc.(a)		4,143		192,152
				4,225,615
HEALTH CARE EQUIPMENT & SUPPLIES–4.8%
iRhythm Technologies, Inc.(a)		14,123		791,594
Nevro Corp.(a)		7,369		508,756
Penumbra, Inc.(a)		6,768		636,869
Tactile Systems Technology, Inc.(a)(b)		14,289		414,095
				2,351,314
HEALTH CARE PROVIDERS & SERVICES–1.6%
Teladoc, Inc.(a)(b)		23,239		809,879
HEALTH CARE TECHNOLOGY–1.5%
Vocera Communications, Inc.(a)		23,727		717,030
LIFE SCIENCES TOOLS & SERVICES–1.2%
ICON PLC(a)		5,282		592,376
PHARMACEUTICALS–3.2%
Aerie Pharmaceuticals, Inc.(a)		4,940		295,165
GW Pharmaceuticals PLC (ADR)(a)(b)		1,628		214,913
Intersect ENT, Inc.(a)		21,280		689,472
Medicines Co. (The)(a)		7,680		209,971
Revance Therapeutics, Inc.(a)		5,196		185,757
				1,595,278
				10,291,492
CONSUMER DISCRETIONARY–17.8%
DISTRIBUTORS–1.3%
Pool Corp.		4,977		645,268
DIVERSIFIED CONSUMER SERVICES–3.1%
Bright Horizons Family Solutions, Inc.(a)		6,965		654,710
Grand Canyon Education, Inc.(a)		10,090		903,358
				1,558,068
HOTELS, RESTAURANTS & LEISURE–5.2%
Buffalo Wild Wings, Inc.(a)		3,082		481,871
Hilton Grand Vacations, Inc.(a)		14,531		609,575
Planet Fitness, Inc.(a)		24,758		857,369
Vail Resorts, Inc.		3,010		639,535
				2,588,350

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INTERNET & DIRECT MARKETING RETAIL–0.9%
Wayfair, Inc.–Class A(a)(b)		5,295	$	425,030
MULTILINE RETAIL–1.3%
Ollie’s Bargain Outlet Holdings, Inc.(a)		11,762		626,326
SPECIALTY RETAIL–6.0%
Five Below, Inc.(a)		12,222		810,563
Floor & Decor Holdings, Inc.–Class A(a)		13,581		661,123
Lithia Motors, Inc.–Class A		6,274		712,664
Sleep Number Corp.(a)		21,080		792,397
				2,976,747
				8,819,789
INDUSTRIALS–17.6%
AEROSPACE & DEFENSE–1.8%
Hexcel Corp.		6,034		373,203
Mercury Systems, Inc.(a)		9,630		494,500
				867,703
COMMERCIAL SERVICES & SUPPLIES–1.4%
Advanced Disposal Services, Inc.(a)		6,985		167,221
Tetra Tech, Inc.		10,760		518,094
				685,315
CONSTRUCTION & ENGINEERING–1.3%
Dycom Industries, Inc.(a)		5,943		662,229
INDUSTRIAL CONGLOMERATES–0.8%
Carlisle Cos., Inc.		3,355		381,296
MACHINERY–8.4%
Astec Industries, Inc.		3,580		209,430
Gardner Denver Holdings, Inc.(a)		18,199		617,492
IDEX Corp.		3,842		507,029
John Bean Technologies Corp.		4,800		531,840
Kennametal, Inc.		14,040		679,677
Lincoln Electric Holdings, Inc.		5,909		541,146
Nordson Corp.		3,850		563,640
RBC Bearings, Inc.(a)		3,923		495,867
				4,146,121
ROAD & RAIL–1.2%
Genesee & Wyoming, Inc.–Class A(a)		6,334		498,676
Saia, Inc.(a)		1,335		94,451
				593,127
TRADING COMPANIES & DISTRIBUTORS–2.7%
H&E Equipment Services, Inc.		14,999		609,709
SiteOne Landscape Supply, Inc.(a)		9,550		732,485
				1,342,194
				8,677,985

Company	Shares		U.S. $ Value
FINANCIALS–6.4%
BANKS–3.5%
Pinnacle Financial Partners, Inc.		2,180	$	144,534
Sterling Bancorp/DE		19,746		485,752
SVB Financial Group(a)		2,332		545,152
Western Alliance Bancorp(a)		10,012		566,879
				1,742,317
CAPITAL MARKETS–2.9%
Hamilton Lane, Inc.–Class A		9,770		345,760
Houlihan Lokey, Inc.		12,260		556,972
Stifel Financial Corp.		8,917		531,097
				1,433,829
				3,176,146
MATERIALS–3.0%
CHEMICALS–1.6%
Ingevity Corp.(a)		2,180		153,624
PolyOne Corp.		15,112		657,372
				810,996
CONSTRUCTION MATERIALS–1.4%
Summit Materials, Inc.–Class A(a)		21,202		666,588
				1,477,584
ENERGY–2.6%
ENERGY EQUIPMENT & SERVICES–1.6%
Forum Energy Technologies, Inc.(a)		24,198		376,279
Oil States International, Inc.(a)		14,831		419,717
				795,996
OIL, GAS & CONSUMABLE FUELS–1.0%
Matador Resources Co.(a)		15,685		488,274
				1,284,270
CONSUMER STAPLES–2.5%
FOOD & STAPLES RETAILING–1.2%
Chefs’ Warehouse, Inc. (The)(a)		29,989		614,774
FOOD PRODUCTS–1.3%
Freshpet, Inc.(a)(b)		33,564		636,038
				1,250,812
TELECOMMUNICATION SERVICES–0.8%
DIVERSIFIED TELECOMMUNICATION SERVICES–0.8%
Vonage Holdings Corp.(a)		38,783		394,423
Total Common Stocks (cost $34,897,912)				48,806,984

7

SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–1.5%
TIME DEPOSIT–1.5%
State Street Time Deposit 0.12%, 1/02/18 (cost $713,694)	$	714	$	713,694
Total Investments Before Security Lending Collateral for Securities Loaned–100.2% (cost $35,611,606)				49,520,678
Company	Shares		U.S. $ Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–9.5%
INVESTMENT COMPANIES–9.5%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(c)(d)(e) (cost $4,718,120)		4,718,120	$	4,718,120
TOTAL INVESTMENTS–109.7% (cost $40,329,726)				54,238,798
Other assets less liabilities–(9.7)%				(4,804,024	)
NET ASSETS–100.0%			$	49,434,774

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(e) Affiliated investments.

Glossary:

ADR—American Depositary Receipt

See notes to financial statements.

8

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $35,611,606)	$	49,520,678	(a)
Affiliated issuers (cost $4,718,120—investment of cash collateral for securities loaned)		4,718,120
Receivable for investment securities sold		189,285
Receivable for capital stock sold		63,512
Dividends and interest receivable		13,441
Total assets		54,505,036
LIABILITIES
Payable for collateral received on securities loaned		4,718,120
Payable for investment securities purchased		198,995
Advisory fee payable		30,304
Administrative fee payable		13,266
Payable for capital stock redeemed		10,064
Distribution fee payable		4,810
Transfer Agent fee payable		97
Accrued expenses		94,606
Total liabilities		5,070,262
NET ASSETS	$	49,434,774
COMPOSITION OF NET ASSETS
Capital stock, at par	$	2,948
Additional paid-in capital		32,717,300
Accumulated net investment loss		(85,761	)
Accumulated net realized gain on investment transactions		2,891,215
Net unrealized appreciation on investments		13,909,072
	$	49,434,774

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	26,038,480		1,485,627	$	17.53
B	$	23,396,294		1,462,010	$	16.00

(a) Includes securities on loan with a value of $4,558,716 (see Note E).

See notes to financial statements.

9

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers	$	57,066
Affiliated issuers		20,053
Interest		754
Other income		1,118
		78,991
EXPENSES
Advisory fee (see Note B)		309,993
Distribution fee—Class B		43,483
Transfer agency—Class A		3,183
Transfer agency—Class B		2,297
Custodian		83,632
Administrative		52,817
Audit and tax		41,987
Directors’ fees		28,559
Legal		27,210
Printing		16,923
Miscellaneous		3,872
Total expenses		613,956
Less: expenses waived and reimbursed by the Adviser (see Note E)		(3,843	)
Net expenses		610,113
Net investment loss		(531,122	)
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		5,252,652
Net change in unrealized appreciation/depreciation of investments		7,427,912
Net gain on investment transactions		12,680,564
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	12,149,442

See notes to financial statements.

10

SMALL CAP GROWTH PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment loss	$	(531,122	)	$	(361,868	)
Net realized gain (loss) on investment transactions		5,252,652			(1,414,916	)
Net change in unrealized appreciation/depreciation of investments		7,427,912			3,789,769
Net increase in net assets from operations		12,149,442			2,012,985
DISTRIBUTION TO SHAREHOLDERS FROM
Net realized gain on investment transactions
Class A		–0	–		(6,611,826	)
Class B		–0	–		(5,758,210	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(213,569	)		2,965,494
Total increase (decrease)		11,935,873			(7,391,557	)
NET ASSETS
Beginning of period		37,498,901			44,890,458
End of period (including accumulated net investment loss of ($85,761) and ($345), respectively)	$	49,434,774		$	37,498,901

See notes to financial statements.

11

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small Cap Growth Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

Effective February 1, 2013, the Portfolio was closed to new investors 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. Each 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

12

AB Variable Products Series Fund

more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

13

SMALL CAP 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 December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

48,806,984

$

–0

–

$

–0

–

$

48,806,984

Short-Term Investments

–0

–

713,694

–0

–

713,694

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

4,718,120

–0

–

–0

–

4,718,120

Total Investments in Securities

53,525,104

713,694

–0

–

54,238,798

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

53,525,104

$

713,694

$

–0

–

$

54,238,798

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, 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.

14

AB Variable Products Series Fund

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 year ended December 31, 2017, the reimbursement for such services amounted to $52,817.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $24,783, of which $12 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average

15

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	28,122,511		$	28,864,953
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	41,195,958
Gross unrealized appreciation		14,392,877
Gross unrealized depreciation		(1,350,037	)
Net unrealized appreciation	$	13,042,840

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2017.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement

16

AB Variable Products Series Fund

time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $4,558,716 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $4,718,120. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $0 and $20,053 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $3,843. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/17 (000)
$	2,326	$	24,712	$	22,320	$	4,718

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		75,951			72,529		$	1,157,881		$	1,034,598
Shares issued in reinvestment of distributions		–0	–		523,917			–0	–		6,611,826
Shares redeemed		(305,172	)		(327,926	)		(4,557,787	)		(4,827,919	)
Net increase (decrease)		(229,221	)		268,520		$	(3,399,906	)	$	2,818,505
Class B
Shares sold		543,353			154,832		$	7,927,078		$	2,038,448
Shares issued in reinvestment of distributions		–0	–		498,115			–0	–		5,758,210
Shares redeemed		(343,471	)		(608,767	)		(4,740,741	)		(7,649,669	)
Net increase		199,882			44,180		$	3,186,337		$	146,989

At December 31, 2017, certain shareholders of the Portfolio owned 87% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Capitalization Risk—Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

17

SMALL CAP GROWTH PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017			2016
Distributions paid from:
Net long-term capital gains	$	–0	–	$	12,370,036
Total taxable distributions	$	–0	–	$	12,370,036

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed capital gains	$	3,671,689	(a)
Unrealized appreciation/(depreciation)		13,042,840	(b)
Total accumulated earnings/(deficit)	$	16,714,529

(a) During the fiscal year, the Portfolio utilized $1,139,598 of capital loss carry forwards to offset current year net realized gains.

(b) The differences between book-basis and tax-basis unrealized appreciation/(depreciation) are attributable primarily to the tax deferral of losses on wash sales and the tax treatment of passive foreign investment companies (PFICs).

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the tax treatment of passive foreign investment companies (PFICs), the disallowance of a net operating loss, and the offset of net operating loss to realized capital gain/loss resulted in a net decrease in accumulated net investment loss, a net decrease in accumulated net realized gain on investments, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

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.

18

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$13.07			$17.31			$20.97			$23.47			$18.96
Income From Investment Operations
Net investment loss(a)		(.18	)(b)		(.12	)(b)†		(.19	)		(.15	)		(.21	)
Net realized and unrealized gain (loss) on investment transactions		4.64			1.05			.18			(.30	)		8.30
Net increase (decrease) in net asset value from operations		4.46			.93			(.01	)		(.45	)		8.09
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(5.17	)		(3.65	)		(2.05	)		(3.58	)
Net asset value, end of period		$17.53			$13.07			$17.31			$20.97			$23.47
Total Return
Total investment return based on net asset value(c)*		34.12	%		6.46	%†		(1.25	)%		(1.81	)%		45.66	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$26,039			$22,405			$25,033			$28,055			$33,510
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.38	%		1.48	%		1.31	%		1.11	%		1.17	%
Expenses, before waivers/reimbursements(d)		1.38	%		1.49	%		1.31	%		1.11	%		1.17	%
Net investment loss		(1.19	)%(b)		(.83	)%(b)†		(.92	)%		(.67	)%		(.96	)%
Portfolio turnover rate		69	%		60	%		72	%		84	%		81	%

See footnote summary on page 20.

19

SMALL CAP GROWTH PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$11.96			$16.30			$20.00			$22.54			$18.36
Income From Investment Operations
Net investment loss(a)		(.20	)(b)		(.15	)(b)†		(.22	)		(.19	)		(.25	)
Net realized and unrealized gain (loss) on investment transactions		4.24			.98			.17			(.30	)		8.01
Net increase (decrease) in net asset value from operations		4.04			.83			(.05	)		(.49	)		7.76
Less: Distributions
Distributions from net realized gain on investment transactions		–0	–		(5.17	)		(3.65	)		(2.05	)		(3.58	)
Net asset value, end of period		$16.00			$11.96			$16.30			$20.00			$22.54
Total Return
Total investment return based on net asset value(c)*		33.78	%		6.22	%†		(1.53	)%		(2.08	)%		45.33	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$23,396			$15,094			$19,857			$59,763			$38,128
Ratio to average net assets of:
Expenses, net of waivers/reimbursements(d)		1.61	%		1.73	%		1.48	%		1.34	%		1.43	%
Expenses, before waivers/reimbursements(d)		1.62	%		1.74	%		1.48	%		1.34	%		1.43	%
Net investment loss		(1.42	)%(b)		(1.08	)%(b)†		(1.10	)%		(.89	)%		(1.21	)%
Portfolio turnover rate		69	%		60	%		72	%		84	%		81	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bears proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2017, such waiver amounted to 0.01% for the Portfolio.

† For the year ended December 31, 2016 the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.004	.03%	.03%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.03%, 0.08%, 0.02%, 0.01% and 0.23%, respectively.

20

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small Cap Growth Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small Cap Growth Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Small Cap Growth Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

21

SMALL CAP GROWTH PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Bruce K. Aronow(2), Vice President N. Kumar Kirpalani(2), Vice President Samantha S. Lau(2), Vice President Wen-Tse Tseng(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The management of, and investment decisions for, the Portfolio’s portfolio are made by the Adviser’s Small Cap Growth Investment Team. Messrs. Aronow, Kirpalani and Tseng, and Ms. Lan, members of the Adviser’s Small Cap Growth Investment Team, are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

22

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith, # 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business, with which he had been associated since prior to 2004.		96	None
DISINTERESTED DIRECTORS
Marshall C. Turner, Jr., ## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey, ## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

23

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
William H. Foulk, Jr., ## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin, ## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen, ## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
DISINTERESTED DIRECTORS (continued)
Garry L. Moody, ## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995-2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardIQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees of the AB Funds since 2008.		96	None
Earl D. Weiner, ## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal & Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

^#  Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

^##  Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

25

SMALL CAP GROWTH PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Bruce K. Aronow 51	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
N. Kumar Kirpalani 64	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Samantha S. Lau 45	Vice President	Senior Vice President of the Adviser**, with which she has been associated since prior to 2013.
Wen-Tse Tseng 52	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABI and ABIS are affiliates of the Fund.

The Fund’s Statement of Additional Information (SAI) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www. abfunds.com, for a free prospectus or SAI.

26

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small Cap Growth Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

27

SMALL CAP GROWTH PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors noted that the Fund may invest in shares of exchange-traded funds (“ETFs”), subject to the restrictions and limitations of the Investment Company Act of 1940 as these may be varied as a result of exemptive orders issued by the SEC. The directors also noted that ETFs pay advisory fees pursuant to their advisory contracts, and that the Adviser had provided, and they had reviewed, information about the expense ratios of the relevant ETFs. The directors concluded, based on the Adviser’s explanation of how it may use ETFs when they are the most cost-effective way to obtain desired exposures for a fund or to temporarily “equitize” cash inflows pending purchases of underlying securities, that the advisory fee for the Fund would be paid for services that would be in addition to, rather than duplicative of, the services provided under the advisory contracts of the ETFs.

28

AB Variable Products Series Fund

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the Fund’s expense ratio was above the medians. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

29

VPS-SCG-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ SMALL/MID CAP VALUE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Small/Mid Cap Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of small- to mid-capitalization US companies. Under normal circumstances, the Portfolio invests at least 80% of its net assets in securities of small- to mid-capitalization companies. Because the Portfolio’s definition of small- to mid-capitalization companies is dynamic, the lower and upper limits on market capitalization will change with the markets. The Portfolio invests in companies that are determined by the Adviser to be undervalued, using the Adviser’s fundamental value approach. In selecting securities for the Portfolio’s portfolio, the Adviser uses its fundamental and quantitative research to identify companies whose long-term earnings power is not reflected in the current market price of their securities.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities issued by non-US companies.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its primary benchmark, the Russell 2500 Value Index, in addition to the Russell 2500 Index, which represents small/mid-cap stocks, for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio outperformed the primary benchmark but underperformed the broader Russell 2500 Index for the annual period. Stock selection in the financials, consumer discretionary, materials and health care sectors as well as overweight positions in technology and consumer discretionary, and an underweight position in real estate, were the primary contributors to performance relative to the benchmark. Stock selection in the technology and real estate sectors and an overweight position in energy detracted.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked one of the strongest years for global stock market performance since the 2008 financial crisis. Emerging-market equities outperformed, followed by non-US stocks. Large-cap stocks outperformed their small-cap peers, and growth outperformed value, in terms of style.

Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

The Portfolio’s Senior Investment Management Team (the “Team”) seeks to invest opportunistically in what it believes are undervalued companies with solid fundamentals, without sacrificing the Portfolio’s deep value discipline. The Portfolio’s emphasis continues to be at the stock-specific level, as the Team looks for companies that offer compelling valuation, strong free cash flow and significant company-level catalysts.

1

SMALL/MID CAP VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 2500^® Value Index and the Russell 2500^® Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 2500 Value Index represents the performance of 2,500 small- to mid-cap value companies within the US. The Russell 2500 Index represents the performance of 2,500 small- to mid-cap cap companies within the US. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as value, may underperform the market generally.

Capitalization Risk: Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

SMALL/MID CAP VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Small/Mid Cap Value Portfolio Class A2		13.15%		15.06%		9.87%
Small/Mid Cap Value Portfolio Class B2		12.85%		14.77%		9.60%
Primary benchmark: Russell 2500 Value Index		10.36%		13.27%		8.82%
Russell 2500 Index		16.81%		14.33%		9.22%
1   Average annual returns.
2   Includes the impact of proceeds received and credited to the Portfolio resulting from class-action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.11%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual operating expense ratios as 0.83% and 1.08% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

SMALL/MID CAP VALUE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in the Small/Mid Cap Value Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

SMALL/MID CAP VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each class’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,116.10	$	4.32		0.81	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,021.12	$	4.13		0.81	%
Class B
Actual	$	1,000	$	1,114.60	$	5.65		1.06	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.86	$	5.40		1.06	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

SMALL/MID CAP VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
CalAtlantic Group, Inc.	$	12,484,182		1.8	%
Reinsurance Group of America, Inc.—Class A		12,383,961		1.8
Alcoa Corp.		11,429,598		1.6
Zions Bancorporation		11,338,648		1.6
HollyFrontier Corp.		10,853,006		1.5
Huntington Bancshares, Inc./OH		10,742,659		1.5
Comerica, Inc.		10,168,055		1.4
American Financial Group, Inc./OH		9,681,768		1.4
Quanta Services, Inc.		9,680,312		1.4
RPC, Inc.		9,669,998		1.4
	$	108,432,187		15.4	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	142,767,598		20.3	%
Industrials		128,286,676		18.2
Consumer Discretionary		112,214,402		15.9
Information Technology		109,124,932		15.5
Energy		60,681,596		8.6
Real Estate		34,205,956		4.8
Materials		34,000,964		4.8
Health Care		30,069,947		4.3
Utilities		27,559,747		3.9
Consumer Staples		12,506,597		1.8
Short-Term Investments		13,467,620		1.9
Total Investments	$	704,886,035		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–98.3%
FINANCIALS–20.3%
BANKS–11.6%
Associated Banc-Corp.		326,170	$	8,284,718
BankUnited, Inc.		153,230		6,239,526
Comerica, Inc.		117,130		10,168,055
Fulton Financial Corp.		351,200		6,286,480
Huntington Bancshares, Inc./OH		737,820		10,742,659
Synovus Financial Corp.		149,070		7,146,416
Texas Capital Bancshares, Inc.(a)		80,570		7,162,673
Umpqua Holdings Corp.		266,950		5,552,560
Webster Financial Corp.		152,352		8,556,089
Zions Bancorporation		223,070		11,338,648
				81,477,824
CONSUMER FINANCE–0.5%
OneMain Holdings, Inc.(a)		140,680		3,656,273
INSURANCE–7.2%
American Financial Group, Inc./OH		89,200		9,681,768
First American Financial Corp.		123,880		6,942,235
Hanover Insurance Group, Inc. (The)		40,240		4,349,139
Old Republic International Corp.		335,900		7,181,542
Reinsurance Group of America, Inc.–Class A		79,420		12,383,961
Selective Insurance Group, Inc.		110,430		6,482,241
Validus Holdings Ltd.		80,112		3,758,855
				50,779,741
THRIFTS & MORTGAGE FINANCE–1.0%
Essent Group Ltd.(a)		157,848		6,853,760
				142,767,598
INDUSTRIALS–18.2%
AEROSPACE & DEFENSE–0.6%
Esterline Technologies Corp.(a)		57,390		4,287,033
AIR FREIGHT & LOGISTICS–0.9%
Atlas Air Worldwide Holdings, Inc.(a)		107,610		6,311,326
AIRLINES–1.8%
Hawaiian Holdings, Inc.		79,387		3,163,572
SkyWest, Inc.		178,080		9,456,048
				12,619,620
COMMERCIAL SERVICES & SUPPLIES–1.6%
ABM Industries, Inc.		103,540		3,905,529
Steelcase, Inc.–Class A		469,244		7,132,509
				11,038,038
CONSTRUCTION & ENGINEERING–4.1%
AECOM(a)		206,065		7,655,315
Granite Construction, Inc.		99,020		6,280,838
Quanta Services, Inc.(a)		247,515		9,680,312

Company	Shares		U.S. $ Value
Tutor Perini Corp.(a)		204,080	$	5,173,428
				28,789,893
ELECTRICAL EQUIPMENT–2.4%
EnerSys		127,310		8,864,595
Regal Beloit Corp.		101,230		7,754,218
				16,618,813
MACHINERY–3.4%
Oshkosh Corp.		92,640		8,420,050
SPX FLOW, Inc.(a)		163,370		7,768,243
Terex Corp.		161,760		7,800,067
				23,988,360
ROAD & RAIL–2.5%
Ryder System, Inc.		105,256		8,859,398
Werner Enterprises, Inc.		235,160		9,088,934
				17,948,332
TRADING COMPANIES & DISTRIBUTORS–0.9%
MRC Global, Inc.(a)		395,110		6,685,261
				128,286,676
CONSUMER DISCRETIONARY–16.0%
AUTO COMPONENTS–3.8%
Cooper-Standard Holdings, Inc.(a)		68,249		8,360,503
Dana, Inc.		301,920		9,664,459
Lear Corp.		27,497		4,857,620
Tenneco, Inc.		68,760		4,025,210
				26,907,792
DIVERSIFIED CONSUMER SERVICES–1.9%
Houghton Mifflin Harcourt Co.(a)		446,125		4,148,962
Sotheby’s(a)		181,690		9,375,204
				13,524,166
HOTELS, RESTAURANTS & LEISURE–2.0%
Bloomin’ Brands, Inc.		385,569		8,228,043
Brinker International, Inc.(b)		153,542		5,963,571
				14,191,614
HOUSEHOLD DURABLES–2.6%
CalAtlantic Group, Inc.		221,390		12,484,182
PulteGroup, Inc.		159,350		5,298,388
				17,782,570
MEDIA–0.7%
Scholastic Corp.		120,730		4,842,480
SPECIALTY RETAIL–3.3%
Burlington Stores, Inc.(a)		38,277		4,709,219
Caleres, Inc.		155,575		5,208,651
Michaels Cos., Inc. (The)(a)		366,430		8,863,942
Signet Jewelers Ltd.(b)		78,960		4,465,188
				23,247,000

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
TEXTILES, APPAREL & LUXURY GOODS–1.7%
Crocs, Inc.(a)		495,140	$	6,258,570
Deckers Outdoor Corp.(a)		68,040		5,460,210
				11,718,780
				112,214,402
INFORMATION TECHNOLOGY–15.5%
COMMUNICATIONS EQUIPMENT–1.6%
Finisar Corp.(a)		223,790		4,554,126
Infinera Corp.(a)		433,132		2,741,726
NETGEAR, Inc.(a)		64,657		3,798,599
				11,094,451
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS–4.3%
Anixter International, Inc.(a)		85,440		6,493,440
Avnet, Inc.		191,530		7,588,419
CDW Corp./DE		122,140		8,487,508
VeriFone Systems, Inc.(a)		429,500		7,606,445
				30,175,812
IT SERVICES–4.4%
Amdocs Ltd.		109,360		7,160,893
Booz Allen Hamilton Holding Corp.		251,965		9,607,425
Convergys Corp.		209,274		4,917,939
Genpact Ltd.		298,790		9,483,595
				31,169,852
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–2.7%
Cypress Semiconductor Corp.		493,670		7,523,531
Integrated Device Technology, Inc.(a)		78,790		2,342,426
Mellanox Technologies Ltd.(a)		83,760		5,419,272
Qorvo, Inc.(a)		61,440		4,091,904
				19,377,133
SOFTWARE–1.2%
Verint Systems, Inc.(a)		194,220		8,128,107
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–1.3%
NCR Corp.(a)		270,067		9,179,577
				109,124,932
ENERGY–8.6%
ENERGY EQUIPMENT & SERVICES–3.2%
Helix Energy Solutions Group, Inc.(a)		260,700		1,965,678
Helmerich & Payne, Inc.(b)		67,180		4,342,515
Oil States International, Inc.(a)		233,170		6,598,711
RPC, Inc.(b)		378,770		9,669,998
				22,576,902

Company	Shares		U.S. $ Value
OIL, GAS & CONSUMABLE FUELS–5.4%
HollyFrontier Corp.		211,890	$	10,853,006
Oasis Petroleum, Inc.(a)		608,960		5,121,354
QEP Resources, Inc.(a)		820,590		7,853,046
SM Energy Co.		353,780		7,811,463
SRC Energy, Inc.(a)		758,010		6,465,825
				38,104,694
				60,681,596
REAL ESTATE–4.9%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–4.9%
American Campus Communities, Inc.		120,600		4,948,218
Education Realty Trust, Inc.		177,530		6,199,348
Empire State Realty Trust, Inc.–Class A		355,891		7,306,442
Gramercy Property Trust		323,348		8,620,458
STAG Industrial, Inc.		260,940		7,131,490
				34,205,956
MATERIALS–4.8%
CHEMICALS–2.0%
Ingevity Corp.(a)		39,700		2,797,659
Orion Engineered Carbons SA		70,000		1,792,000
Trinseo SA		132,290		9,604,254
				14,193,913
CONTAINERS & PACKAGING–1.2%
Graphic Packaging Holding Co.		542,230		8,377,453
METALS & MINING–1.6%
Alcoa Corp.(a)		212,170		11,429,598
				34,000,964
HEALTH CARE–4.3%
HEALTH CARE PROVIDERS & SERVICES–3.0%
LifePoint Health, Inc.(a)		148,095		7,375,131
Molina Healthcare, Inc.(a)		93,720		7,186,449
WellCare Health Plans, Inc.(a)		33,179		6,672,629
				21,234,209
LIFE SCIENCES TOOLS & SERVICES–1.3%
ICON PLC(a)		78,785		8,835,738
				30,069,947
UTILITIES–3.9%
ELECTRIC UTILITIES–2.7%
Alliant Energy Corp.		158,798		6,766,383
PNM Resources, Inc.		151,690		6,135,860
Portland General Electric Co.		140,420		6,400,344
				19,302,587
GAS UTILITIES–0.5%
Southwest Gas Holdings, Inc.		44,330		3,567,678

7

SMALL/MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
(continued)	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
MULTI-UTILITIES–0.7%
Black Hills Corp.		78,015	$	4,689,482
				27,559,747
CONSUMER STAPLES–1.8%
BEVERAGES–1.0%
Cott Corp.		415,839		6,927,878
FOOD PRODUCTS–0.8%
Ingredion, Inc.		39,905		5,578,719
				12,506,597
Total Common Stocks (cost $521,525,311)				691,418,415
	Principal Amount (000)
SHORT-TERM INVESTMENTS–1.9%
TIME DEPOSIT–1.9%
State Street Time Deposit 0.12%, 1/02/18 (cost $13,467,620)	$	13,468		13,467,620
Company	Shares		U.S. $ Value
Total Investments Before Security Lending Collateral For Securities Loaned–100.2% (cost $534,992,931)			$	704,886,035
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–2.6%
INVESTMENT COMPANIES–2.6%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(c)(d)(e) (cost $18,302,352)		18,302,352		18,302,352
TOTAL INVESTMENTS–102.8% (cost $553,295,283)				723,188,387
Other assets less liabilities–(2.8)%				(20,035,262	)
NET ASSETS–100.0%			$	703,153,125

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) Affiliated investments.

(d) The rate shown represents the 7-day yield as of period end.

(e) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

See notes to financial statements.

8

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $534,992,931)	$	704,886,035	(a)
Affiliated issuers (cost $18,302,352—investment of cash collateral for securities loaned)		18,302,352
Cash		11,881
Dividends and interest receivable		780,348
Receivable for capital stock sold		153,389
Total assets		724,134,005
LIABILITIES
Payable for collateral received on securities loaned		18,302,352
Payable for investment securities purchased		1,308,887
Payable for capital stock redeemed		675,423
Advisory fee payable		445,988
Distribution fee payable		100,095
Administrative fee payable		13,644
Transfer Agent fee payable		97
Directors’ fees payable		66
Accrued expenses		134,328
Total liabilities		20,980,880
NET ASSETS	$	703,153,125
COMPOSITION OF NET ASSETS
Capital stock, at par	$	32,635
Additional paid-in capital		478,109,974
Undistributed net investment income		2,188,993
Accumulated net realized gain on investment transactions		52,928,419
Net unrealized appreciation on investments		169,893,104
	$	703,153,125

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	233,652,344		10,775,591	$	21.68
B	$	469,500,781		21,858,980	$	21.48

(a) Includes securities on loan with a value of $17,790,349 (see Note E).

See notes to financial statements.

9

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $9,284)	$	8,531,794
Affiliated issuers		127,154
Interest		12,226
Securities lending income		56,925
Other income		12,094
		8,740,193
EXPENSES
Advisory fee (see Note B)		5,108,548
Distribution fee—Class B		1,143,259
Transfer agency—Class A		2,482
Transfer agency—Class B		5,059
Custodian		125,712
Printing		104,266
Administrative		53,585
Legal		51,649
Audit and tax		48,848
Directors’ fees		28,621
Miscellaneous		24,323
Total expenses		6,696,352
Less: expenses waived and reimbursed by the Adviser (see Note E)		(24,210	)
Net expenses		6,672,142
Net investment income		2,068,051
REALIZED AND UNREALIZED GAIN ON INVESTMENT TRANSACTIONS
Net realized gain on investment transactions		54,025,680
Net change in unrealized appreciation/depreciation of investments		27,557,556
Net gain on investment transactions		81,583,236
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	83,651,287

See notes to financial statements.

10

SMALL/MID CAP VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	2,068,051		$	2,177,202
Net realized gain on investment transactions		54,025,680			33,828,949
Net change in unrealized appreciation/depreciation of investments		27,557,556			100,194,268
Net increase in net assets from operations		83,651,287			136,200,419
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A		(1,018,430	)		(1,217,914	)
Class B		(1,111,760	)		(1,419,838	)
Net realized gain on investment transactions
Class A		(10,952,926	)		(11,442,879	)
Class B		(22,632,252	)		(23,345,088	)
CAPITAL STOCK TRANSACTIONS
Net increase (decrease)		(31,401,524	)		9,581,222
Total increase		16,534,395			108,355,922
NET ASSETS
Beginning of period		686,618,730			578,262,808
End of period (including undistributed net investment income of $2,188,993 and $2,251,132, respectively)	$	703,153,125		$	686,618,730

See notes to financial statements.

11

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Small/Mid Cap Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

12

AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

691,418,415

$

–0

–

$

–0

–

$

691,418,415

Short-Term Investments

–0

–

13,467,620

–0

–

13,467,620

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

18,302,352

–0

–

–0

–

18,302,352

Total Investments in Securities

709,720,767

13,467,620

–0

–

723,188,387

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

709,720,767

$

13,467,620

$

–0

–

$

723,188,387

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

13

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

14

AB Variable Products Series Fund

6. Class Allocations

All income earned and expenses incurred by the Portfolio are borne on a pro-rata basis by each outstanding class of shares, based on the proportionate interest in the Portfolio represented by the net assets of such class, except for class specific expenses which are allocated to the respective class. Expenses of the Fund are charged proportionately to each portfolio or based on other appropriate methods. Realized and unrealized gains and losses are allocated among the various share classes based on respective net assets.

7. Dividends and Distributions

Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. Income dividends and capital gains distributions are determined in accordance with federal tax regulations and may differ from those determined in accordance with U.S. GAAP. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on their federal tax basis treatment; temporary differences do not require such reclassification.

NOTE B: Advisory Fee and Other Transactions with Affiliates

Under the terms of the investment advisory agreement, the Portfolio pays the Adviser an advisory fee at an annual rate of .75% of the first $2.5 billion, .65% of the next $2.5 billion and .60% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $53,585.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $305,042, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

15

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	224,541,084		$	281,166,490
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	554,121,764
Gross unrealized appreciation	$	185,892,111
Gross unrealized depreciation		(16,825,488	)
Net unrealized appreciation	$	169,066,623

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2017.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $17,790,349 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $18,302,352. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $56,925 and $127,154 from the borrowers and AB Government Money

16

AB Variable Products Series Fund

Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $24,210. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	13,941	$	206,130	$	201,769	$	18,302

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		1,291,766			1,402,219		$	26,552,466		$	25,871,037
Shares issued in reinvestment of dividends and distributions		629,078			699,491			11,971,356			12,660,794
Shares redeemed		(2,537,276	)		(1,778,375	)		(51,958,746	)		(32,173,563	)
Net increase (decrease)		(616,432	)		323,335		$	(13,434,924	)	$	6,358,268
Class B
Shares sold		2,296,542			2,989,902		$	46,650,675		$	55,494,983
Shares issued in reinvestment of dividends and distributions		1,258,294			1,378,894			23,744,012			24,764,927
Shares redeemed		(4,333,856	)		(4,293,372	)		(88,361,287	)		(77,036,956	)
Net increase (decrease)		(779,020	)		75,424		$	(17,966,600	)	$	3,222,954

At December 31, 2017, certain shareholders of the Portfolio owned 70% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

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.

17

SMALL/MID CAP VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in connection with abnormal redemption activity. Commitment fees related to the Facility are paid by the participating funds and are included in miscellaneous expenses in the statement of operations. The Portfolio did not utilize the Facility during the year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	2,130,190	$	3,624,690
Net long-term capital gains		33,585,178		33,801,029
Total taxable distributions	$	35,715,368	$	37,425,719

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	2,037,079
Undistributed net capital gain		53,754,900
Unrealized appreciation/(depreciation)		169,066,623	(a)
Total accumulated earnings/(deficit)	$	224,858,602	(b)

(a) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

(b) The difference between book-basis and tax-basis components of accumulated earnings/(deficit) is attributable primarily to the tax treatment of deferred dividends from real estate investment trust (REITs).

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, there were no permanent differences that resulted in adjustments to undistributed net investment income, accumulated net realized gain on investment and foreign currency transactions or additional paid-in capital.

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.

18

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$20.29			$17.29			$21.95			$22.89			$17.67
Income From Investment Operations
Net investment income (a)		.10	(b)		.10	(b)†		.11			.17			.16
Net realized and unrealized gain (loss) on investment transactions		2.41			4.09			(1.11	)		1.82			6.41
Net increase (decrease) in net asset value from operations		2.51			4.19			(1.00	)		1.99			6.57
Less: Dividends and Distributions
Dividends from net investment income		(.09	)		(.11	)		(.17	)		(.17	)		(.13	)
Distributions from net realized gain on investment transactions		(1.03	)		(1.08	)		(3.49	)		(2.76	)		(1.22	)
Total dividends and distributions		(1.12	)		(1.19	)		(3.66	)		(2.93	)		(1.35	)
Net asset value, end of period		$21.68			$20.29			$17.29			$21.95			$22.89
Total Return
Total investment return based on net asset value (c)		13.15	%*		25.09	%†		(5.49	)%		9.20	%		38.06	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$233,652			$231,197			$191,388			$211,680			$217,146
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		.81	%		.82	%		.82	%		.82	%		.81	%
Expenses, before waivers/reimbursements (d)		.82	%		.83	%		.82	%		.82	%		.81	%
Net investment income		.47	%(b)		.53	%(b)†		.56	%		.75	%		.77	%
Portfolio turnover rate		33	%		57	%		42	%		45	%		56	%

See footnote summary on page 20.

19

SMALL/MID CAP VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS
(continued)	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$20.12			$17.15			$21.79			$22.74			$17.58
Income From Investment Operations
Net investment income (a)		.05	(b)		.05	(b)†		.06			.11			.11
Net realized and unrealized gain (loss) on investment transactions		2.39			4.06			(1.09	)		1.81			6.36
Net increase (decrease) in net asset value from operations		2.44			4.11			(1.03	)		1.92			6.47
Less: Dividends and Distributions
Dividends from net investment income		(.05	)		(.06	)		(.12	)		(.11	)		(.09	)
Distributions from net realized gain on investment transactions		(1.03	)		(1.08	)		(3.49	)		(2.76	)		(1.22	)
Total dividends and distributions		(1.08	)		(1.14	)		(3.61	)		(2.87	)		(1.31	)
Net asset value, end of period		$21.48			$20.12			$17.15			$21.79			$22.74
Total Return
Total investment return based on net asset value (c)		12.85	%*		24.79	%†		(5.69	)%		8.95	%		37.63	%*
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$469,501			$455,422			$386,875			$447,378			$472,677
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (d)		1.06	%		1.07	%		1.07	%		1.07	%		1.06	%
Expenses, before waivers/reimbursements (d)		1.07	%		1.08	%		1.07	%		1.07	%		1.06	%
Net investment income		.22	%(b)		.28	%(b)†		.31	%		.49	%		.51	%
Portfolio turnover rate		33	%		57	%		42	%		45	%		56	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(d) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bear proportionate shares of the acquired fund fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2017 and year ended December 31, 2016, such waiver amounted to less than .005% for the Portfolio.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share	Net Investment Income Ratio	Total Return
$.001	.003%	.003%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017 and December 31, 2013 by 0.11 and 0.01%, respectively.

See notes to financial statements.

20

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Small/Mid Cap Value Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Small/Mid Cap Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Small/Mid Cap Value Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

21

2017 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 100.00% of dividends paid qualify for the dividends received deduction.

22

SMALL/MID CAP VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Joseph G. Paul(2), Vice President James W. MacGregor(2), Vice President Shri Singhvi(2) , Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company State Street Corporation CCB/5 1 Iron Street Boston, MA 02210	Seward & Kissel LLP One Battery Park Plaza New York, NY 10004
DISTRIBUTOR AllianceBernstein Investments, Inc. 1345 Avenue of the Americas New York, NY 10105	TRANSFER AGENT AllianceBernstein Investor Services, Inc. P.O. Box 786003 San Antonio, TX 78278-6003 Toll-Free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP 5 Times Square New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the Small/Mid-Cap Value Senior Investment Management Team. Messrs. Paul, MacGregor and Singhvi are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

23

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he has been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
William H. Foulk, Jr.## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008–2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002– May 2006); Partner, Clifford Chance (1992–2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985–1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982–1985); and Attorney Advisor, U.S. Department of the Treasury (1973–1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

25

SMALL/MID CAP VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995–2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993–1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975–1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardiQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Fund’s disinterested Directors is c/o AllianceBernstein L.P., Attention: Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

26

AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Joseph G. Paul 58	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
James W. MacGregor 50	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Shri Singhvi 44	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI **, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618 or visit www.abfunds.com, for a free prospectus or SAI.

27

SMALL/MID CAP VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Small/Mid Cap Value Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected by numerous

28

AB Variable Products Series Fund

factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. Based on their review, the directors concluded that the Fund’s expense ratio was acceptable.

29

SMALL/MID CAP 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.

30

VPS-SMCV-0151-1217

DEC    ^12.31.17

ANNUAL REPORT

AB VARIABLE PRODUCTS

SERIES FUND, INC.

+ VALUE PORTFOLIO

Investment Products Offered

• Are Not FDIC Insured

• May Lose Value

• Are Not Bank Guaranteed

AllianceBernstein Investments, Inc. (ABI) is the distributor of the AB family of mutual funds. ABI is a member of FINRA and is an affiliate of AllianceBernstein L.P., the Adviser of the funds.

You may obtain a description of the Fund’s proxy voting policies and procedures, and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge. Simply visit AB’s website at www.abfunds.com or go to the Securities and Exchange Commission’s (the “Commission”) website at www.sec.gov, or call AB at (800) 227 4618.

The Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; information on the operation of the Public Reference Room may be obtained by calling (800) SEC 0330.

The [A/B] logo is a registered service mark of AllianceBernstein and AllianceBernstein^® is a registered service mark used by permission of the owner, AllianceBernstein L.P.

VALUE PORTFOLIO AB Variable Products Series Fund

LETTER TO INVESTORS

February 14, 2018

The following is an update of AB Variable Products Series Fund—Value Portfolio (the “Portfolio”) for the annual reporting period ended December 31, 2017.

INVESTMENT OBJECTIVE AND POLICIES

The Portfolio’s investment objective is long-term growth of capital. The Portfolio invests primarily in a diversified portfolio of equity securities of US companies with relatively large market capitalizations that the Adviser believes are undervalued. The Portfolio invests in companies that are determined by the Adviser to be undervalued using the fundamental value approach of the Adviser. The fundamental value approach seeks to identify a universe of securities that are considered to be undervalued because they are attractively priced relative to their future earnings power and dividend-paying capability.

The Portfolio may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Portfolio may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds (“ETFs”). These transactions may be used, for example, to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Portfolio’s portfolio from a decline in value, sometimes within certain ranges.

The Portfolio may invest in securities of non-US issuers.

The Portfolio may, at times, invest in shares of ETFs in lieu of making direct investments in equity securities. ETFs may provide more efficient and economical exposure to the type of companies and geographic locations in which the Portfolio seeks to invest than direct investments.

INVESTMENT RESULTS

The table on page 3 shows the Portfolio’s performance compared to its primary benchmark, the Russell 1000 Value Index, and the broad US stock market, as represented by the Standard and Poor’s (“S&P”) 500 Index, for the one-, five- and 10-year periods ended December 31, 2017.

All share classes of the Portfolio underperformed the primary benchmark for the annual period. Security selection in the health care, consumer staples and technology sectors, as well as an underweight position in materials, detracted from performance relative to the benchmark. However, security selection in the consumer discretionary, industrials and energy sectors, as well as an overweight in technology, contributed to returns.

The Portfolio did not utilize derivatives during the annual period.

MARKET REVIEW AND INVESTMENT STRATEGY

The annual period ended December 31, 2017 marked one of the strongest years for global stock market performance since the 2008 financial crisis. Emerging-market equities outperformed, followed by non-US stocks. Large-cap stocks outperformed their small-cap peers, and growth outperformed value, in terms of style.

Equity performance was driven by strong economic data, synchronized global growth and robust corporate earnings. Investor enthusiasm was tempered early in the period by questions around the timeliness of the Trump administration’s pro-growth agenda and concerns regarding the election cycle in Europe. Geopolitical tensions and a significant decline in the price of oil weighed on the market midperiod. However, global growth trends proved strong and oil rallied back to two-and-a-half-year highs, pushing stocks higher, especially in emerging markets. In December, tax reform was passed in the US Congress, buoying market sentiment globally.

The Portfolio has remained focused on attractively valued opportunities, which are widespread across most industry sectors and regions. The Portfolio’s Senior Investment Management Team prefers companies with robust cash flow generation and strong balance sheets, whose stocks are trading at a deep valuation discount.

1

VALUE PORTFOLIO
DISCLOSURES AND RISKS	AB Variable Products Series Fund

Benchmark Disclosure

The Russell 1000^® Value Index and the S&P^® 500 Index are unmanaged and do not reflect fees and expenses associated with the active management of a mutual fund portfolio. The Russell 1000 Value Index represents the performance of 1,000 large-cap value companies within the US. The S&P 500 Index includes 500 US stocks and is a common representation of the performance of the overall US stock market. An investor cannot invest directly in an index, and its results are not indicative of the performance for any specific investment, including the Portfolio.

A Word About Risk

Market Risk: The value of the Portfolio’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as value, may underperform the market generally.

Foreign (Non-US) Risk: Investments in securities of non-US issuers may involve more risk than those of US issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk: Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk: Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and may be subject to counterparty risk to a greater degree than more traditional investments.

Management Risk: The Portfolio is subject to management risk because it is an actively managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Portfolio, but there is no guarantee that its techniques will produce the intended results.

These risks are fully discussed in the Variable Products prospectus. As with all investments, you may lose money by investing in the Portfolio.

An Important Note About Historical Performance

The investment return and principal value of an investment in the Portfolio will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Performance shown in this report represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. Please contact your Financial Advisor or Insurance Agent Representative at your financial institution to obtain portfolio performance information current to the most recent month end.

Investors should consider the investment objectives, risks, charges and expenses of the Portfolio carefully before investing. For additional copies of the Portfolio’s prospectus or summary prospectus, which contains this and other information, call your financial advisor or (800) 227 4618. Please read the prospectus and/or summary prospectus carefully before investing.

All fees and expenses related to the operation of the Portfolio have been deducted, but no adjustment has been made for insurance company separate account or annuity contract charges, which would reduce total return to a contract owner. Performance assumes reinvestment of distributions and does not account for taxes.

There are additional fees and expenses associated with all Variable Products. These fees can include mortality and expense risk charges, administrative charges, and other charges that can significantly reduce investment returns. Those fees and expenses are not reflected in this annual report. You should consult your Variable Products prospectus for a description of those fees and expenses and speak to your insurance agent or financial representative if you have any questions. You should read the prospectus before investing or sending money.

2

VALUE PORTFOLIO
HISTORICAL PERFORMANCE	AB Variable Products Series Fund

THE PORTFOLIO VS. ITS BENCHMARKS	Net Asset Value Returns
PERIODS ENDED DECEMBER 31, 2017 (unaudited)	1 Year		5 Years1		10 Years1
Value Portfolio Class A2		13.57%		12.38%		4.84%
Value Portfolio Class B2		13.29%		12.09%		4.58%
Primary benchmark: Russell 1000 Value Index		13.66%		14.04%		7.10%
S&P 500 Index		21.83%		15.79%		8.50%
1   Average annual returns.
2   Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the performance of all share classes of the Portfolio for the annual period ended December 31, 2017, by 0.13%.

The Portfolio’s current prospectus fee table shows the Portfolio’s total annual expense ratios as 0.89% and 1.14% for Class A and Class B shares, respectively. The Financial Highlights section of this report sets forth expense ratio data for the current reporting period; the expense ratios shown above may differ from the expense ratios in the Financial Highlights section since they are based on different time periods.

VALUE PORTFOLIO CLASS A

GROWTH OF A $10,000 INVESTMENT

12/31/2007 TO 12/31/2017 (unaudited)

This chart illustrates the total value of an assumed $10,000 investment in Value Portfolio Class A shares (from 12/31/2007 to 12/31/2017) as compared to the performance of the Portfolio’s benchmarks. The chart assumes the reinvestment of dividends and capital gains distributions.

See Disclosures, Risks and Note about Historical Performance on page 2.

3

VALUE PORTFOLIO
EXPENSE EXAMPLE (unaudited)	AB Variable Products Series Fund

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The estimate of expenses does not include fees or other expenses of any variable insurance product. If such expenses were included, the estimate of expenses you paid during the period would be higher and your ending account value would be lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), or contingent deferred sales charges on redemptions. Therefore, the second line of each classes’ table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value July 1, 2017		Ending Account Value December 31, 2017		Expenses Paid During Period*		Annualized Expense Ratio*
Class A
Actual	$	1,000	$	1,102.90	$	4.45		0.84	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,020.97	$	4.28		0.84	%
Class B
Actual	$	1,000	$	1,101.40	$	5.83		1.10	%
Hypothetical (5% annual return before expenses)	$	1,000	$	1,019.66	$	5.60		1.10	%

* Expenses are equal to each classes’ annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

4

VALUE PORTFOLIO
TEN LARGEST HOLDINGS1
December 31, 2017 (unaudited)	AB Variable Products Series Fund

COMPANY	U.S. $ VALUE		PERCENT OF NET ASSETS
Bank of America Corp.	$	3,584,230		4.9	%
Wells Fargo & Co.		3,546,647		4.8
Oracle Corp.		3,092,538		4.2
American International Group, Inc.		2,381,532		3.3
Synchrony Financial		2,272,584		3.1
Intel Corp.		2,198,139		3.0
EOG Resources, Inc.		2,131,870		2.9
Philip Morris International, Inc.		2,059,858		2.8
Allstate Corp. (The)		2,041,950		2.8
Raytheon Co.		2,009,056		2.7
	$	25,318,404		34.5	%

SECTOR BREAKDOWN²

December 31, 2017 (unaudited)

SECTOR	U.S. $ VALUE		PERCENT OF TOTAL INVESTMENTS
Financials	$	21,940,580		29.9	%
Information Technology		10,440,763		14.2
Energy		8,795,588		12.0
Health Care		7,270,889		9.9
Consumer Discretionary		6,309,159		8.6
Consumer Staples		5,839,743		8.0
Industrials		4,547,828		6.2
Utilities		3,604,136		4.9
Materials		2,008,187		2.7
Telecommunication Services		1,996,437		2.7
Real Estate		670,735		0.9
Short-Term Investments		24,883		0.0
Total Investments	$	73,448,928		100.0	%

1 Long-term investments.

2 The Portfolio’s sector breakdown is expressed as a percentage of total investments (excluding security lending collateral) and may vary over time.

Please note: The sector classifications presented herein are based on the Global Industry Classification Standard (GICS) which was developed by Morgan Stanley Capital International and Standard & Poor’s. The components are divided into sector, industry group, and industry sub-indices as classified by the GICS for each of the market capitalization indices in the broad market. These sector classifications are broadly defined. The “Portfolio of Investments” section of the report reflects more specific industry information and is consistent with the investment restrictions discussed in the Portfolio’s prospectus.

5

VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 2017	AB Variable Products Series Fund

Company	Shares		U.S. $ Value
COMMON STOCKS–100.2%
FINANCIALS–29.9%
BANKS–11.5%
Bank of America Corp.		121,417	$	3,584,230
Comerica, Inc.		14,818		1,286,350
Wells Fargo & Co.		58,458		3,546,647
				8,417,227
CAPITAL MARKETS–1.8%
Goldman Sachs Group, Inc. (The)		5,263		1,340,802
CONSUMER FINANCE–5.7%
Capital One Financial Corp.		13,253		1,319,734
OneMain Holdings, Inc.(a)		23,895		621,031
Synchrony Financial		58,860		2,272,584
				4,213,349
INSURANCE–10.9%
Allstate Corp. (The)		19,501		2,041,950
American International Group, Inc.		39,972		2,381,532
Everest Re Group Ltd.		4,597		1,017,132
First American Financial Corp.		15,271		855,787
FNF Group		42,630		1,672,801
				7,969,202
				21,940,580
INFORMATION TECHNOLOGY–14.3%
COMMUNICATIONS EQUIPMENT–1.6%
Nokia Oyj (Sponsored ADR)–Class A		240,833		1,122,282
IT SERVICES–1.1%
Booz Allen Hamilton Holding Corp.		21,417		816,630
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT–3.0%
Intel Corp.		47,620		2,198,139
SOFTWARE–4.2%
Oracle Corp.		65,409		3,092,538
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS–4.4%
HP, Inc.		72,496		1,523,141
NCR Corp.(a)		17,192		584,356
Xerox Corp.		37,862		1,103,677
				3,211,174
				10,440,763
ENERGY–12.0%
ENERGY EQUIPMENT & SERVICES–1.8%
RPC, Inc.(b)		52,454		1,339,151
OIL, GAS & CONSUMABLE FUELS–10.2%
Canadian Natural Resources Ltd.		32,861	$	1,173,795
Devon Energy Corp.		28,681		1,187,393
EOG Resources, Inc.		19,756		2,131,870
Hess Corp.		26,587		1,262,085
Marathon Petroleum Corp.		25,785		1,701,294
				7,456,437
				8,795,588
HEALTH CARE–9.9%
BIOTECHNOLOGY–1.7%
Gilead Sciences, Inc.		17,016		1,219,027
HEALTH CARE PROVIDERS & SERVICES–6.2%
Aetna, Inc.		6,572		1,185,523
Cigna Corp.		8,676		1,762,009
McKesson Corp.		10,475		1,633,576
				4,581,108
PHARMACEUTICALS–2.0%
Mallinckrodt PLC(a)		29,125		657,060
Teva Pharmaceutical Industries Ltd. (Sponsored ADR)		42,939		813,694
				1,470,754
				7,270,889
CONSUMER DISCRETIONARY–8.6%
AUTO COMPONENTS–3.2%
Lear Corp.		4,218		745,152
Magna International, Inc. (New York)–Class A		28,610		1,621,329
				2,366,481
MEDIA–4.3%
Comcast Corp.–Class A		40,726		1,631,076
Twenty-First Century Fox, Inc.–Class A		43,863		1,514,590
				3,145,666
SPECIALTY RETAIL–1.1%
Michaels Cos., Inc. (The)(a)		32,948		797,012
				6,309,159
CONSUMER STAPLES–8.0%
BEVERAGES–2.0%
PepsiCo, Inc.		11,972		1,435,682
FOOD PRODUCTS–1.7%
Tyson Foods, Inc.–Class A		15,669		1,270,286
TOBACCO–4.3%
British American Tobacco PLC (Sponsored ADR)		16,031		1,073,917
Philip Morris International, Inc.		19,497		2,059,858
				3,133,775
				5,839,743

6

AB Variable Products Series Fund

Company	Shares		U.S. $ Value
INDUSTRIALS–6.2%
AEROSPACE & DEFENSE–2.7%
Raytheon Co.		10,695	$	2,009,056
AIRLINES–1.2%
JetBlue Airways Corp.(a)		38,496		860,001
ELECTRICAL EQUIPMENT–0.8%
Eaton Corp. PLC		7,732		610,905
MACHINERY–1.5%
Oshkosh Corp.		11,749		1,067,866
				4,547,828
UTILITIES–4.9%
ELECTRIC UTILITIES–3.4%
American Electric Power Co., Inc.		23,126		1,701,380
Edison International		12,252		774,816
				2,476,196
MULTI-UTILITIES–1.5%
NiSource, Inc.		43,940		1,127,940
				3,604,136
MATERIALS–2.8%
CHEMICALS–1.3%
CF Industries Holdings, Inc.		21,180		900,997
METALS & MINING–1.5%
Alcoa Corp.(a)		20,553		1,107,190
				2,008,187
TELECOMMUNICATION SERVICES–2.7%
WIRELESS TELECOMMUNICATION SERVICES–2.7%
T-Mobile US, Inc.(a)		31,435		1,996,437
REAL ESTATE–0.9%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)–0.9%
Mid-America Apartment Communities, Inc.		6,670		670,735
Total Common Stocks (cost $59,140,765)				73,424,045
Company	Principal Amount (000)		U.S. $ Value
SHORT-TERM INVESTMENTS–0.0%
TIME DEPOSIT–0.0%
State Street Time Deposit 0.12%, 1/02/18 (cost $24,883)	$	25	$	24,883
Total Investments Before Security Lending Collateral for Securities Loaned–100.2% (cost $59,165,648)				73,448,928
	Shares
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES LOANED–1.8%
INVESTMENT COMPANIES–1.8%
AB Fixed Income Shares, Inc.–Government Money Market Portfolio–Class AB, 1.12%(c)(d)(e) (cost $1,363,804)		1,363,804		1,363,804
TOTAL INVESTMENTS–102.0% (cost $60,529,452)				74,812,732
Other assets less liabilities–(2.0)%				(1,500,084	)
NET ASSETS–100.0%			$	73,312,648

(a) Non-income producing security.

(b) Represents entire or partial securities out on loan. See Note E for securities lending information.

(c) The rate shown represents the 7-day yield as of period end.

(d) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(e) Affiliated investments.

Glossary:

ADR–American Depositary Receipt

See notes to financial statements.

7

VALUE PORTFOLIO
STATEMENT OF ASSETS & LIABILITIES
December 31, 2017	AB Variable Products Series Fund

ASSETS
Investments in securities, at value
Unaffiliated issuers (cost $59,165,648)	$	73,448,928	(a)
Affiliated issuers (cost $1,363,804—investment of cash collateral for securities loaned)		1,363,804
Dividends and interest receivable		91,259
Total assets		74,903,991
LIABILITIES
Payable for collateral received on securities loaned		1,363,804
Payable for capital stock redeemed		61,360
Advisory fee payable		34,334
Distribution fee payable		15,432
Administrative fee payable		13,266
Transfer Agent fee payable		97
Accrued expenses		103,050
Total liabilities		1,591,343
NET ASSETS	$	73,312,648
COMPOSITION OF NET ASSETS
Capital stock, at par	$	4,262
Additional paid-in capital		58,831,139
Undistributed net investment income		630,352
Accumulated net realized loss on investment and foreign currency transactions		(436,519	)
Net unrealized appreciation on investments and foreign currency denominated assets and liabilities		14,283,414
	$	73,312,648

Net Asset Value Per Share—1 billion shares of capital stock authorized, $.001 par value

Class	Net Assets		Shares Outstanding		Net Asset Value
A	$	1,363,457		78,721	$	17.32
B	$	71,949,191		4,183,211	$	17.20

(a) Includes securities on loan with a value of $1,339,151 (see Note E).

See notes to financial statements.

8

VALUE PORTFOLIO
STATEMENT OF OPERATIONS
Year Ended December 31, 2017	AB Variable Products Series Fund

INVESTMENT INCOME
Dividends
Unaffiliated issuers (net of foreign taxes withheld of $23,506)	$	1,454,376
Affiliated issuers		9,321
Interest		291
Securities lending income		12,792
Other income		1,477
		1,478,257
EXPENSES
Advisory fee (see Note B)		416,715
Distribution fee—Class B		186,256
Transfer agency—Class A		86
Transfer agency—Class B		5,145
Custodian		64,829
Administrative		52,817
Audit and tax		42,953
Legal		28,858
Directors’ fees		28,561
Printing		17,110
Miscellaneous		5,461
Total expenses		848,791
Less: expenses waived and reimbursed by the Adviser (see Note E)		(1,720	)
Net expenses		847,071
Net investment income		631,186
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain (loss) on:
Investment transactions		4,814,017
Foreign currency transactions		(58	)
Net change in unrealized appreciation/depreciation of:
Investments		3,965,517
Foreign currency denominated assets and liabilities		134
Net gain on investment and foreign currency transactions		8,779,610
Contributions from Affiliates (see Note B)		16,161
NET INCREASE IN NET ASSETS FROM OPERATIONS	$	9,426,957

See notes to financial statements.

9

VALUE PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS	AB Variable Products Series Fund

	Year Ended December 31, 2017			Year Ended December 31, 2016
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income	$	631,186		$	855,120
Net realized gain on investment and foreign currency transactions		4,813,959			2,281,421
Net change in unrealized appreciation/depreciation of investments and foreign currency denominated assets and liabilities		3,965,651			5,303,897
Contributions from Affiliates (see Note B)		16,161			–0	–
Net increase in net assets from operations		9,426,957			8,440,438
DIVIDENDS TO SHAREHOLDERS FROM
Net investment income
Class A		(15,850	)		(26,317	)
Class B		(838,398	)		(1,126,104	)
CAPITAL STOCK TRANSACTIONS
Net decrease		(16,468,635	)		(12,516,691	)
Total decrease		(7,895,926	)		(5,228,674	)
NET ASSETS
Beginning of period		81,208,574			86,437,248
End of period (including undistributed net investment income of $630,352 and $853,472, respectively)	$	73,312,648		$	81,208,574

See notes to financial statements.

10

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
December 31, 2017	AB Variable Products Series Fund

NOTE A: Significant Accounting Policies

The AB Value Portfolio (the “Portfolio”) is a series of AB Variable Products Series Fund, Inc. (the “Fund”). The Portfolio’s investment objective is long-term growth of capital. The Portfolio is diversified as defined under the Investment Company Act of 1940. The Fund was incorporated in the State of Maryland on November 17, 1987, as an open-end series investment company. The Fund offers fifteen separately managed pools of assets which have differing investment objectives and policies. The Portfolio offers Class A and Class B shares. Both classes of shares have identical voting, dividend, liquidating and other rights, except that Class B shares bear a distribution expense and have exclusive voting rights with respect to the Class B distribution plan.

The Portfolio offers and sells its shares only to separate accounts of certain life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Sales are made without a sales charge at the Portfolio’s net asset value per share.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) which require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Each Portfolio is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies followed by the Portfolio.

1. Security Valuation

Portfolio securities are valued at their current market value determined on the basis of market quotations or, if market quotations are not readily available or are deemed unreliable, at “fair value” as determined in accordance with procedures established by and under the general supervision of the Fund’s Board of Directors (the “Board”).

In general, the market values of securities which are readily available and deemed reliable are determined as follows: securities listed on a national securities exchange (other than securities listed on the NASDAQ Stock Market, Inc. (“NASDAQ”)) or on a foreign securities exchange are valued at the last sale price at the close of the exchange or foreign securities exchange. If there has been no sale on such day, the securities are valued at the last traded price from the previous day. Securities listed on more than one exchange are valued by reference to the principal exchange on which the securities are traded; securities listed only on NASDAQ are valued in accordance with the NASDAQ Official Closing Price; listed or over the counter (“OTC”) market put or call options are valued at the mid level between the current bid and ask prices. If either a current bid or current ask price is unavailable, AllianceBernstein L.P. (the “Adviser”) will have discretion to determine the best valuation (e.g., last trade price in the case of listed options); open futures are valued using the closing settlement price or, in the absence of such a price, the most recent quoted bid price. If there are no quotations available for the day of valuation, the last available closing settlement price is used; U.S. Government securities and any other debt instruments having 60 days or less remaining until maturity are generally valued at market by an independent pricing vendor, if a market price is available. If a market price is not available, the securities are valued at amortized cost. This methodology is commonly used for short term securities that have an original maturity of 60 days or less, as well as short term securities that had an original term to maturity that exceeded 60 days. In instances when amortized cost is utilized, the Valuation Committee (the “Committee”) must reasonably conclude that the utilization of amortized cost is approximately the same as the fair value of the security. Such factors the Committee will consider include, but are not limited to, an impairment of the creditworthiness of the issuer or material changes in interest rates. Fixed-income securities, including mortgage-backed and asset-backed securities, may be valued on the basis of prices provided by a pricing service or at a price obtained from one or more of the major broker-dealers. In cases where broker-dealer quotes are obtained, the Adviser may establish procedures whereby changes in market yields or spreads are used to adjust, on a daily basis, a recently obtained quoted price on a security. Swaps and other derivatives are valued daily, primarily using independent pricing services, independent pricing models using market inputs, as well as third party broker-dealers or counterparties. Open end mutual funds are valued at the closing net asset value per share, while exchange traded funds are valued at the closing market price per share.

Securities for which market quotations are not readily available (including restricted securities) or are deemed unreliable are valued at fair value as deemed appropriate by the Adviser. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the issuer, analysts, analysis of the issuer’s financial statements or other available documents. In addition, the Portfolio may use fair value pricing for securities primarily traded in non-U.S. markets because most foreign markets close well before the Portfolio values its securities at 4:00 p.m., Eastern Time. The

11

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Portfolio generally values many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available.

2. Fair Value Measurements

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values as described in Note A.1 above). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1—quoted prices in active markets for identical investments

• Level 2—other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of December 31, 2017:

Level 1

Level 2

Level 3

Total

Investments in Securities:

Assets:

Common Stocks(a)

$

73,424,045

$

–0

–

$

–0

–

$

73,424,045

Short-Term Investments

–0

–

24,883

–0

–

24,883

Investments of Cash Collateral for Securities Loaned in Affiliated Money Market Fund

1,363,804

–0

–

–0

–

1,363,804

Total Investments in Securities

74,787,849

24,883

–0

–

74,812,732

Other Financial Instruments(b)

–0

–

–0

–

–0

–

–0

–

Total(c)

$

74,787,849

$

24,883

$

–0

–

$

74,812,732

(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. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

(c) There were no transfers between any levels during the reporting period.

The Portfolio recognizes all transfers between levels of the fair value hierarchy assuming the financial instruments were transferred at the beginning of the reporting period.

12

AB Variable Products Series Fund

The Adviser established the Committee to oversee the pricing and valuation of all securities held in the Portfolio. The Committee operates under pricing and valuation policies and procedures established by the Adviser and approved by the Board, including pricing policies which set forth the mechanisms and processes to be employed on a daily basis to implement these policies and procedures. In particular, the pricing policies describe how to determine market quotations for securities and other instruments. The Committee’s responsibilities include: 1) fair value and liquidity determinations (and oversight of any third parties to whom any responsibility for fair value and liquidity determinations is delegated), and 2) regular monitoring of the Adviser’s pricing and valuation policies and procedures and modification or enhancement of these policies and procedures (or recommendation of the modification of these policies and procedures) as the Committee believes appropriate.

The Committee is also responsible for monitoring the implementation of the pricing policies by the Adviser’s Pricing Group (the “Pricing Group”) and any third party which performs certain pricing functions in accordance with the pricing policies. The Pricing Group is responsible for the oversight of the third party on a day-to-day basis. The Committee and the Pricing Group perform a series of activities to provide reasonable assurance of the accuracy of prices including: 1) periodic vendor due diligence meetings, review of methodologies, new developments and processes at vendors, 2) daily comparison of security valuation versus prior day for all securities that exceeded established thresholds, and 3) daily review of unpriced, stale, and variance reports with exceptions reviewed by senior management and the Committee.

In addition, several processes outside of the pricing process are used to monitor valuation issues including: 1) performance and performance attribution reports are monitored for anomalous impacts based upon benchmark performance, and 2) portfolio managers review all portfolios for performance and analytics (which are generated using the Adviser’s prices).

3. Currency Translation

Assets and liabilities denominated in foreign currencies and commitments under forward currency exchange contracts are translated into U.S. dollars at the mean of the quoted bid and ask prices of such currencies against the U.S. dollar. Purchases and sales of portfolio securities are translated into U.S. dollars at the rates of exchange prevailing when such securities were acquired or sold. Income and expenses are translated into U.S. dollars at rates of exchange prevailing when accrued.

Net realized gain or loss on foreign currency transactions represents foreign exchange gains and losses from sales and maturities of foreign fixed income investments, holding of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign investment transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains and losses from valuing foreign currency denominated assets and liabilities at period end exchange rates are reflected as a component of net unrealized appreciation or depreciation of foreign currency denominated assets and liabilities.

4. Taxes

It is the Portfolio’s policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its investment company taxable income and net realized gains, if any, to shareholders. Therefore, no provisions for federal income or excise taxes are required. The Portfolio may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Portfolio’s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Portfolio’s financial statements.

5. Investment Income and Investment Transactions

Dividend income is recorded on the ex-dividend date or as soon as the Portfolio is informed of the dividend. Interest income is accrued daily. Investment transactions are accounted for on the date the securities are purchased or sold. Investment gains or losses are determined on the identified cost basis. The Portfolio amortizes premiums and accretes discounts as adjustments to interest income.

13

VALUE 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 .55% of the first $2.5 billion, .45% of the next $2.5 billion and .40% in excess of $5 billion, of the Portfolio’s average daily net assets. The fee is accrued daily and paid monthly. The Adviser has agreed to waive its fees and bear certain expenses to the extent necessary to limit total operating expenses on an annual basis (the “Expense Caps”) to 1.20% and 1.45% of daily average net assets for Class A and Class B shares, respectively. For the year ended December 31, 2017, there were no expenses waived by the Adviser.

Pursuant to the investment advisory agreement, the Portfolio may reimburse the Adviser for certain legal and accounting services provided to the Portfolio by the Adviser. For the year ended December 31, 2017, the reimbursement for such services amounted to $52,817.

During the year ended December 31, 2017, the Adviser reimbursed the Portfolio $16,161 for trading losses incurred due to a trade entry error.

The Portfolio compensates AllianceBernstein Investor Services, Inc. (“ABIS”), a wholly-owned subsidiary of the Adviser, under a Transfer Agency Agreement for providing personnel and facilities to perform transfer agency services for the Portfolio. Such compensation retained by ABIS amounted to $1,163 for the year ended December 31, 2017.

Brokerage commissions paid on investment transactions for the year ended December 31, 2017 amounted to $24,954, of which $0 and $0, respectively, was paid to Sanford C. Bernstein & Co. LLC and Sanford C. Bernstein Limited, affiliates of the Adviser.

NOTE C: Distribution Plan

The Portfolio has adopted a Distribution Plan (the “Plan”) for Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan, the Portfolio pays distribution and servicing fees to AllianceBernstein Investments, Inc. (the “Distributor”), a wholly-owned subsidiary of the Adviser, at an annual rate of up to .50% of the Portfolio’s average daily net assets attributable to Class B shares. The fees are accrued daily and paid monthly. The Board currently limits payments under the Plan to .25% of the Portfolio’s average daily net assets attributable to Class B shares. The Plan provides that the Distributor will use such payments in their entirety for distribution assistance and promotional activities.

The Portfolio is not obligated under the Plan to pay any distribution and servicing fees in excess of the amounts set forth above. The purpose of the payments to the Distributor under the Plan is to compensate the Distributor for its distribution services with respect to the sale of the Portfolio’s Class B shares. Since the Distributor’s compensation is not directly tied to its expenses, the amount of compensation received by it under the Plan during any year may be more or less than its actual expenses. For this reason, the Plan is characterized by the staff of the Securities and Exchange Commission as being of the “compensation” variety.

In the event that the Plan is terminated or not continued, no distribution or servicing fees (other than current amounts accrued but not yet paid) would be owed by the Portfolio to the Distributor.

The Plan also provides that the Adviser may use its own resources to finance the distribution of the Portfolio’s shares.

14

AB Variable Products Series Fund

NOTE D: Investment Transactions

Purchases and sales of investment securities (excluding short-term investments) for the year ended December 31, 2017 were as follows:

	Purchases			Sales
Investment securities (excluding U.S. government securities)	$	27,210,428		$	43,533,291
U.S. government securities		–0	–		–0	–

The cost of investments for federal income tax purposes, gross unrealized appreciation and unrealized depreciation are as follows:

Cost	$	60,965,971
Gross unrealized appreciation	$	16,954,118
Gross unrealized depreciation		(3,107,357	)
Net unrealized appreciation	$	13,846,761

1. Derivative Financial Instruments

The Portfolio may use derivatives in an effort to earn income and enhance returns, to replace more traditional direct investments, to obtain exposure to otherwise inaccessible markets (collectively, “investment purposes”), or to hedge or adjust the risk profile of its portfolio.

The Portfolio did not engage in derivatives transactions for the year ended December 31, 2017.

2. Currency Transactions

The Portfolio may invest in non-U.S. Dollar-denominated securities on a currency hedged or unhedged basis. The Portfolio may seek investment opportunities by taking long or short positions in currencies through the use of currency-related derivatives, including forward currency exchange contracts, futures and options on futures, swaps, and other options. The Portfolio may enter into transactions for investment opportunities when it anticipates that a foreign currency will appreciate or depreciate in value but securities denominated in that currency are not held by the Portfolio and do not present attractive investment opportunities. Such transactions may also be used when the Adviser believes that it may be more efficient than a direct investment in a foreign currency-denominated security. The Portfolio may also conduct currency exchange contracts on a spot basis (i.e., for cash at the spot rate prevailing in the currency exchange market for buying or selling currencies).

NOTE E: Securities Lending

The Portfolio may enter into securities lending transactions. Under the Portfolio’s securities lending program, all loans of securities will be collateralized continually by cash. The Portfolio will be compensated for the loan from a portion of the net return from the income earned on cash collateral after a rebate is paid to the borrower (in some cases, this rebate may be a “negative rebate” or fee paid by the borrower to the Portfolio in connection with the loan), and payments are made for fees of the securities lending agent and for certain other administrative expenses. It is the policy of the Portfolio to receive collateral consisting of cash in an amount exceeding the value of the securities loaned. The Portfolio will have the right to call a loan and obtain the securities loaned at any time on notice to the borrower within the normal and customary settlement time for the securities. While the securities are on loan, the borrower is obligated to pay the Portfolio amounts equal to any income or other distributions from the securities. The Portfolio will not be able to exercise voting rights with respect to any securities during the existence of a loan, but will have the right to regain ownership of loaned securities in order to exercise voting or other ownership rights. The lending agent has agreed to indemnify the Portfolio in the case of default of any securities borrower. Collateral received and securities loaned are marked to market daily to ensure that the securities loaned are secured by collateral. The lending agent currently invests the cash collateral received in AB Government Money Market Portfolio, an eligible money market vehicle, in accordance with the investment restrictions of the Portfolio, and as approved by the Board. The collateral received on securities loaned is recorded as an asset as well as a corresponding liability in the statement of assets and liabilities. When the Portfolio lends securities, its investment performance will continue to reflect changes in the value of the securities loaned. At December 31, 2017, the Portfolio had securities on loan with a value of $1,339,151 and had received cash collateral which has been invested into AB Government Money Market Portfolio of $1,363,804. The cash collateral will be adjusted on the next business day to maintain the required collateral amount. The Portfolio earned securities lending income of $12,792 and $9,321 from the borrowers and AB Government Money Market Portfolio, respectively, for the year ended December 31, 2017; these amounts are reflected in the statement of operations. In

15

VALUE PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
(continued)	AB Variable Products Series Fund

connection with the cash collateral investment by the Portfolio in the AB Government Money Market Portfolio, the Adviser has agreed to waive a portion of the Portfolio’s share of the advisory fees of AB Government Money Market Portfolio, as borne indirectly by the Portfolio as an acquired fund fee and expense. For the year ended December 31, 2017, such waiver amounted to $1,720. 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 transactions in shares of AB Government Money Market Portfolio for the year ended December 31, 2017 is as follows:

Market  Value 12/31/16 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market  Value 12/31/17 (000)
$	0	$	30,746	$	29,382	$	1,364

NOTE F: Capital Stock

Each class consists of 500,000,000 authorized shares. Transactions in capital shares for each class were as follows:

	SHARES						AMOUNT
	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2017			Year Ended December 31, 2016
Class A
Shares sold		15,153			20,996		$	246,774		$	289,276
Shares issued in reinvestment of dividends		1,012			1,819			15,850			26,317
Shares redeemed		(31,966	)		(25,654	)		(507,161	)		(367,008	)
Net decrease		(15,801	)		(2,839	)	$	(244,537	)	$	(51,415	)
Class B
Shares sold		240,673			204,676		$	3,804,324		$	2,867,293
Shares issued in reinvestment of dividends		53,882			78,310			838,398			1,126,104
Shares redeemed		(1,302,389	)		(1,169,102	)		(20,866,820	)		(16,458,673	)
Net decrease		(1,007,834	)		(886,116	)	$	(16,224,098	)	$	(12,465,276	)

At December 31, 2017, certain shareholders of the Portfolio owned 89% in aggregate of the Portfolio’s outstanding shares. Significant transactions by such shareholders, if any, may impact the Portfolio’s performance.

NOTE G: Risks Involved in Investing in the Portfolio

Foreign (Non-U.S.) Risk—Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.

Currency Risk—Fluctuations in currency exchange rates may negatively affect the value of the Portfolio’s investments or reduce its returns.

Derivatives Risk—The Portfolio may enter into derivative transactions such as forwards, options, futures and swaps. Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Portfolio, and subject to counterparty risk to a greater degree than more traditional investments. Derivatives may result in significant losses, including losses that are far greater than the value of the derivatives reflected on the statement of assets and liabilities.

Indemnification Risk—In the ordinary course of business, the Portfolio enters into contracts that contain a variety of indemnifications. The Portfolio’s maximum exposure under these arrangements is unknown. However, the Portfolio has not had prior claims or losses pursuant to these indemnification provisions and expects the risk of loss thereunder to be remote. Therefore, the Portfolio has not accrued any liability in connection with these indemnification provisions.

NOTE H: Joint Credit Facility

A number of open-end mutual funds managed by the Adviser, including the Portfolio, participate in a $280 million revolving credit facility (the “Facility”) intended to provide short-term financing, if necessary, subject to certain restrictions in

16

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 year ended December 31, 2017.

NOTE I: Distributions to Shareholders

The tax character of distributions paid during the fiscal years ended December 31, 2017 and December 31, 2016 were as follows:

	2017		2016
Distributions paid from:
Ordinary income	$	854,248	$	1,152,421
Total taxable distributions paid	$	854,248	$	1,152,421

As of December 31, 2017, the components of accumulated earnings/(deficit) on a tax basis were as follows:

Undistributed ordinary income	$	630,352
Accumulated capital and other losses		0	(a)
Unrealized appreciation/(depreciation)		13,846,895	(b)
Total accumulated earnings/(deficit)	$	14,477,247

(a) During the fiscal year, the Portfolio utilized $4,833,099 of capital loss carryforwards to offset current year net realized gains. The Portfolio also had $3,501,135 of capital loss carryforwards expire during the fiscal year.

(b) The difference between book-basis and tax-basis unrealized appreciation/(depreciation) is attributable primarily to the tax deferral of losses on wash sales.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. Funds are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of December 31, 2017, the Portfolio did not have any capital loss carryforwards.

During the current fiscal year, permanent differences primarily due to the expiration of capital loss carryforwards, and contributions from the Adviser, resulted in a net decrease in undistributed net investment income, a net decrease in accumulated net realized loss on investment and foreign currency transactions, and a net decrease in additional paid-in capital. These reclassifications had no effect on net assets.

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.

17

VALUE PORTFOLIO
FINANCIAL HIGHLIGHTS	AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS A
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.47			$14.11			$15.50			$14.22			$10.63
Income From Investment Operations
Net investment income (a)		.17	(b)		.19	(b)†		.21			.26			.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.91			1.42			(1.26	)		1.31			3.70
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		2.08			1.61			(1.05	)		1.57			3.89
Less: Dividends
Dividends from net investment income		(.23	)		(.25	)		(.34	)		(.29	)		(.30	)
Net asset value, end of period		$17.32			$15.47			$14.11			$15.50			$14.22
Total Return
Total investment return based on net asset value (d)*		13.57	%		11.55	%†		(6.95	)%		11.10	%		36.85	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$1,364			$1,463			$1,373			$2,050			$2,205
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		.87	%		.88	%		.81	%		.79	%		.73	%
Expenses, before waivers/reimbursements (e)		.87	%		.89	%		.81	%		.79	%		.73	%
Net investment income		1.08	%(b)		1.30	%(b)†		1.38	%		1.74	%		1.51	%
Portfolio turnover rate		36	%		68	%		83	%		42	%		44	%

See footnote summary on page 19.

18

AB Variable Products Series Fund

Selected Data For A Share Of Capital Stock Outstanding Throughout Each Period

	CLASS B
	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value, beginning of period		$15.36			$14.00			$15.37			$14.10			$10.54
Income From Investment Operations
Net investment income (a)		.13	(b)		.15	(b)†		.17			.22			.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.89			1.42			(1.25	)		1.29			3.66
Contributions from Affiliates		.00	(c)		–0	–		–0	–		–0	–		–0	–
Net increase (decrease) in net asset value from operations		2.02			1.57			(1.08	)		1.51			3.82
Less: Dividends
Dividends from net investment income		(.18	)		(.21	)		(.29	)		(.24	)		(.26	)
Net asset value, end of period		$17.20			$15.36			$14.00			$15.37			$14.10
Total Return
Total investment return based on net asset value (d)*		13.29	%		11.29	%†		(7.17	)%		10.77	%		36.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$71,949			$79,746			$85,064			$112,143			$132,271
Ratio to average net assets of:
Expenses, net of waivers/reimbursements (e)		1.12	%		1.13	%		1.06	%		1.04	%		.98	%
Expenses, before waivers/reimbursements (e)		1.12	%		1.14	%		1.06	%		1.04	%		.98	%
Net investment income		.83	%(b)		1.06	%(b)†		1.14	%		1.51	%		1.28	%
Portfolio turnover rate		36	%		68	%		83	%		42	%		44	%

(a) Based on average shares outstanding.

(b) Net of expenses waived and reimbursed by the Adviser.

(c) Amount is less than $.0005.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. Total return does not reflect (i) insurance company’s separate account related expense charges and (ii) the deductions of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total investment return calculated for a period of less than one year is not annualized.

(e) In connection with the Portfolio’s investments in affiliated underlying portfolios, the Portfolio incurs no direct expenses, but bear proportionate shares of the fees and expenses (i.e., operating, administrative and investment advisory fees) of the affiliated underlying portfolios. The Adviser has contractually agreed to waive its fees from the Portfolio in an amount equal to the Portfolio’s pro rata share of certain acquired fund fees and expenses, and for the year ended December 31, 2016, such waiver amounted to less than .005% for the Portfolio.

† For the year ended December 31, 2016, the amount includes a refund for overbilling of prior years’ custody out of pocket fees as follows:

Net Investment Income Per Share		Net Investment Income Ratio			Total Return
$	.003		.02	%		.02	%

* Includes the impact of proceeds received and credited to the Portfolio resulting from class action settlements, which enhanced the Portfolio’s performance for the years ended December 31, 2017, December 31, 2016, December 31, 2015, December 31, 2014 and December 31, 2013 by 0.13%, 0.02%, 0.17%, 0.04% and 0.07%, respectively.

See notes to financial statements.

19

REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM	AB Variable Products Series Fund

To the Shareholders and the Board of Directors of AB Value Portfolio:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of AB Value Portfolio (the “Portfolio”) (one of the portfolios constituting AB Variable Products Series Fund, Inc. (the “Fund”)), including the portfolio of investments, as of December 31, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of AB Value Portfolio (one of the portfolios constituting AB Variable Products Series Fund, Inc.) at December 31, 2017, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and others or by other appropriate auditing procedures where replies from others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of the AB investment companies since 1968.

New York, New York

February 14, 2018

20

2017 TAX INFORMATION (unaudited) AB Variable Products Series Fund

For Federal income tax purposes, the following information is furnished with respect to the distributions paid by the Portfolio during the taxable year ended December 31, 2017. For corporate shareholders, 100% of dividends paid qualify for the dividends received deduction.

21

VALUE PORTFOLIO AB Variable Products Series Fund

BOARD OF DIRECTORS
Marshall C. Turner, Jr.(1), Chairman Michael J. Downey(1) William H. Foulk, Jr.(1) Nancy P. Jacklin(1)	Robert M. Keith, President and Chief Executive Officer Carol C. McMullen(1) Garry L. Moody(1) Earl D. Weiner(1)
OFFICERS
Cem Inal(2), Vice President Joseph G. Paul(2), Vice President Emilie D. Wrapp, Secretary	Joseph J. Mantineo, Treasurer and Chief Financial Officer Phyllis J. Clarke, Controller Vincent S. Noto, Chief Compliance Officer
CUSTODIAN AND ACCOUNTING AGENT	LEGAL COUNSEL
State Street Bank and Trust Company	Seward & Kissel LLP
State Street Corporation CCB/5 1 Iron Street	One Battery Park Plaza New York, NY 10004
Boston, MA 02210
DISTRIBUTOR	TRANSFER AGENT
AllianceBernstein Investments, Inc.	AllianceBernstein Investor Services, Inc.
1345 Avenue of the Americas	P.O. Box 786003
New York, NY 10105	San Antonio, TX 78278-6003
	Toll-free 1-(800) 221-5672
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
Ernst & Young LLP
5 Times Square
New York, NY 10036

(1) Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

(2) The day-to-day management of, and investment decisions for, the Portfolio’s portfolio are made by the U.S. Value Senior Investment Management Team. Messrs. Inal and Paul are the investment professionals with the most significant responsibility for the day-to-day management of the Portfolio’s portfolio.

22

VALUE PORTFOLIO
MANAGEMENT OF THE FUND	AB Variable Products Series Fund

Board of Directors Information

The business and affairs of the Fund are managed under the direction of the Board of Directors. Certain information concerning the Fund’s Directors is set forth below.

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INTERESTED DIRECTOR
Robert M. Keith# 1345 Avenue of the Americas New York, NY 10105 57 (2010)	Senior Vice President of AllianceBernstein L.P. (the “Adviser”) and the head of AllianceBernstein Investments, Inc. (“ABI”) since July 2008; Director of ABI and President of the AB Mutual Funds. Previously, he served as Executive Managing Director of ABI from December 2006 to June 2008. Prior to joining ABI in 2006, Executive Managing Director of Bernstein Global Wealth Management, and prior thereto, Senior Managing Director and Global Head of Client Service and Sales of the Adviser’s institutional investment management business since 2004. Prior thereto, he was Managing Director and Head of North American Client Service and Sales in the Adviser’s institutional investment management business with which he has been associated since prior to 2004.		96	None
INDEPENDENT DIRECTORS
Marshall C. Turner, Jr.## Chairman of the Board 76 (2005)	Private Investor since prior to 2013. Former Chairman and CEO of Dupont Photomasks, Inc. (components of semi-conductor manufacturing). He has extensive operating leadership, and venture capital investing experience, including five interim or full-time CEO roles, and prior service as general partner of institutional venture capital partnerships. He also has extensive non-profit board leadership experience, and currently serves on the boards of two education and science-related non-profit organizations. He has served as a director of one AB Fund since 1992, and director or trustee of multiple AB Funds since 2005. He has been Chairman of the AB Funds since January 2014, and the Chairman of the Independent Directors Committees of such AB Funds since February 2014.		96	Xilinx, Inc. (programmable logic semi-conductors) since 2007
Michael J. Downey## 74 (2005)	Private Investor since prior to 2013. Formerly, managing partner of Lexington Capital, LLC (investment advisory firm) from December 1997 until December 2003. He served as a Director of Prospect Acquisition Corp. (financial services) from 2007 until 2009. From 1987 until 1993, Chairman and CEO of Prudential Mutual Fund Management, director of the Prudential mutual funds, and member of the Executive Committee of Prudential Securities, Inc. He has served as a director or trustee of the AB Funds since 2005 and is a director and Chairman of one other registered investment company.		96	The Asia Pacific Fund, Inc. (registered investment company) since prior to 2013

23

VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
William H. Foulk, Jr.## 85 (1990)	Investment Adviser and an Independent Consultant since prior to 2013. Previously, he was Senior Manager of Barrett Associates, Inc., a registered investment adviser. He was formerly Deputy Comptroller and Chief Investment Officer of the State of New York and, prior thereto, Chief Investment Officer of the New York Bank for Savings. He has served as a director or trustee of various AB Funds since 1983, and was Chairman of the Independent Directors Committees of the AB Funds from 2003 until early February 2014. He served as Chairman of such AB Funds from 2003 through December 2013. He is also active in a number of mutual fund related organizations and committees.		96	None
Nancy P. Jacklin## 69 (2006)	Private Investor since prior to 2013. Professorial Lecturer at the Johns Hopkins School of Advanced International Studies (2008-2015). U.S. Executive Director of the International Monetary Fund (which is responsible for ensuring the stability of the international monetary system), (December 2002-May 2006); Partner, Clifford Chance (1992-2002); Sector Counsel, International Banking and Finance, and Associate General Counsel, Citicorp (1985-1992); Assistant General Counsel (International), Federal Reserve Board of Governors (1982-1985); and Attorney Advisor, U.S. Department of the Treasury (1973-1982). Member of the Bar of the District of Columbia and of New York; and member of the Council on Foreign Relations. She has served as a director or trustee of the AB Funds since 2006 and has been Chairman of the Governance and Nominating Committees of the AB Funds since August 2014.		96	None
Carol C. McMullen## 62 (2016)	Managing Director of Slalom Consulting (consulting) since 2014, private investor and member of the Partners Healthcare Investment Committee. Formerly, Director of Norfolk & Dedham Group (mutual property and casualty insurance) from 2011 until November 2016; Director of Partners Community Physicians Organization (healthcare) from 2014 until December 2016; and Managing Director of The Crossland Group (consulting) from 2012 until 2013. She has held a number of senior positions in the asset and wealth management industries, including at Eastern Bank (where her roles included President of Eastern Wealth Management), Thomson Financial (Global Head of Sales for Investment Management), and Putnam Investments (where her roles included Head of Global Investment Research). She has served on a number of private company and non-profit boards, and as a director or trustee of the AB Funds since June 2016.		96	None

24

AB Variable Products Series Fund

NAME, ADDRESS*, AGE, (YEAR FIRST ELECTED**)	PRINCIPAL OCCUPATION(S) DURING PAST FIVE YEARS AND OTHER INFORMATION***	PORTFOLIOS IN FUND COMPLEX OVERSEEN BY DIRECTOR		OTHER PUBLIC COMPANY DIRECTORSHIPS CURRENTLY HELD BY DIRECTOR
INDEPENDENT DIRECTORS (continued)
Garry L. Moody## 65 (2008)	Independent Consultant. Formerly, Partner, Deloitte & Touche LLP (1995- 2008) where he held a number of senior positions, including Vice Chairman, and U.S. and Global Investment Management Practice Managing Partner; President, Fidelity Accounting and Custody Services Company (1993-1995), where he was responsible for accounting, pricing, custody and reporting for the Fidelity mutual funds; and Partner, Ernst & Young LLP (1975-1993), where he served as the National Director of Mutual Fund Tax Services and Managing Partner of its Chicago Office Tax department. He is a member of the Trustee Advisory Board of BoardlQ, a biweekly publication focused on issues and news affecting directors of mutual funds. He has served as a director or trustee, and as Chairman of the Audit Committees, of the AB Funds since 2008.		96	None
Earl D. Weiner## 78 (2007)	Of Counsel, and Partner prior to January 2007, of the law firm Sullivan & Cromwell LLP and is a former member of the ABA Federal Regulation of Securities Committee Task Force to draft editions of the Fund Director’s Guidebook. He also serves as a director or trustee of various non-profit organizations and has served as Chairman or Vice Chairman of a number of them. He has served as a director or trustee of the AB Funds since 2007 and served as Chairman of the Governance and Nominating Committees of the AB Funds from 2007 until August 2014.		96	None

* The address for each of the Portfolio’s disinterested Directors is c/o AllianceBernstein L.P., Legal and Compliance Department—Mutual Fund Legal, 1345 Avenue of the Americas, New York, NY 10105.

** There is no stated term of office for the Fund’s Directors.

*** The information above includes each Director’s principal occupation during the last five years and other information relating to the experience, attributes and skills relevant to each Director’s qualifications to serve as a Director, which led to the conclusion that each Director should serve as a Director for the Fund.

# Mr. Keith is an “interested person” of the Fund, as defined in the 1940 Act, due to his position as a Senior Vice President of the Adviser.

## Member of the Audit Committee, the Governance and Nominating Committee and the Independent Directors Committee.

25

VALUE PORTFOLIO
MANAGEMENT OF THE FUND
(continued)	AB Variable Products Series Fund

Officer Information

Certain information concerning the Portfolio’s Officers is listed below.

NAME, ADDRESS* AND AGE	PRINCIPAL POSITION(S) HELD WITH FUND	PRINCIPAL OCCUPATION DURING PAST FIVE YEARS
Robert M. Keith 57	President and Chief Executive Officer	See biography above.
Joseph G. Paul 58	Vice President	Senior Vice President of the Adviser**, with which he has been associated since prior to 2013.
Cem Inal 49	Vice President	Senior Vice President of the Adviser,** with which he has been associated since prior to 2013.
Emilie D. Wrapp 62	Secretary	Senior Vice President, Assistant General Counsel and Assistant Secretary of ABI**, with which she has been associated since prior to 2013.
Joseph J. Mantineo 58	Treasurer and Chief Financial Officer	Senior Vice President of AllianceBernstein Investor Services, Inc. (“ABIS”)**, with which he has been associated since prior to 2013.
Phyllis J. Clarke 57	Controller	Vice President of ABIS**, with which she has been associated since prior to 2013.
Vincent S. Noto 53	Chief Compliance Officer	Senior Vice President since 2015 and Mutual Fund Chief Compliance Officer of the Adviser** since 2014. Prior thereto, he was Vice President and Director of Mutual Fund Compliance of the Adviser** since prior to 2013.

* The address for each of the Portfolio’s Officers is 1345 Avenue of the Americas, New York, NY 10105.

** The Adviser, ABIS and ABI are affiliates of the Fund.

The Fund’s Statement of Additional Information (“SAI”) has additional information about the Fund’s Directors and Officers and is available without charge upon request. Contact your financial representative or the Adviser at (800) 227-4618, or visit www.abfunds.com, for a free prospectus or SAI.

26

VALUE PORTFOLIO
CONTINUANCE DISCLOSURE	AB Variable Products Series Fund

INFORMATION REGARDING THE REVIEW AND APPROVAL OF THE FUND’S ADVISORY AGREEMENT

The disinterested directors (the “directors”) of AB Variable Products Series Fund, Inc. (the “Company”) unanimously approved the continuance of the Company’s Advisory Agreement with the Adviser in respect of AB Value Portfolio (the “Fund”) at a meeting held on May 2-4, 2017 (the “Meeting”).

Prior to approval of the continuance of the Advisory Agreement, the directors had requested from the Adviser, and received and evaluated, extensive materials. They reviewed the proposed continuance of the Advisory Agreement with the Adviser and with experienced counsel who are independent of the Adviser, who advised on the relevant legal standards. The directors also reviewed an independent evaluation prepared by the Company’s Senior Officer (who is also the Company’s Independent Compliance Officer), who acted as their independent fee consultant, of the reasonableness of the advisory fee, in which the Senior Officer concluded that the contractual fee for the Fund was reasonable. The directors also discussed the proposed continuance in private sessions with counsel and the Company’s Senior Officer.

The directors considered their knowledge of the nature and quality of the services provided by the Adviser to the Fund gained from their experience as directors or trustees of most of the registered investment companies advised by the Adviser, their overall confidence in the Adviser’s integrity and competence they have gained from that experience, the Adviser’s initiative in identifying and raising potential issues with the directors and its responsiveness, frankness and attention to concerns raised by the directors in the past, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the AB Funds. The directors noted that they have four regular meetings each year, at each of which they review extensive materials and information from the Adviser, including information on the investment performance of the Fund.

The directors also considered all factors they believed relevant, including the specific matters discussed below. During the course of their deliberations, the directors evaluated, among other things, the reasonableness of the advisory fee. The directors did not identify any particular information that was all-important or controlling, and different directors may have attributed different weights to the various factors. The directors determined that the selection of the Adviser to manage the Fund and the overall arrangements between the Fund and the Adviser, as provided in the Advisory Agreement, including the advisory fee, were fair and reasonable in light of the services performed, expenses incurred and such other matters as the directors considered relevant in the exercise of their business judgment. The material factors and conclusions that formed the basis for the directors’ determinations included the following:

Nature, Extent and Quality of Services Provided

The directors considered the scope and quality of services provided by the Adviser under the Advisory Agreement, including the quality of the investment research capabilities of the Adviser and the other resources it has dedicated to performing services for the Fund. They also noted the professional experience and qualifications of the Fund’s portfolio management team and other senior personnel of the Adviser. The directors also considered that the Advisory Agreement provides that the Fund will reimburse the Adviser for the cost to it of providing certain clerical, accounting, administrative and other services to the Fund by employees of the Adviser or its affiliates. Requests for these reimbursements are made on a quarterly basis and subject to approval by the directors. Reimbursements, to the extent requested and paid, result in a higher rate of total compensation from the Fund to the Adviser than the fee rate stated in the Advisory Agreement. The directors noted that the methodology used to determine the reimbursement amounts had been reviewed by an independent consultant retained by the Company’s Senior Officer. The quality of administrative and other services, including the Adviser’s role in coordinating the activities of the Fund’s other service providers, also was considered. The directors concluded that, overall, they were satisfied with the nature, extent and quality of services provided to the Fund under the Advisory Agreement.

Costs of Services Provided and Profitability

The directors reviewed a schedule of the revenues and expenses and related notes indicating the profitability of the Fund to the Adviser for calendar years 2015 and 2016 that had been prepared with an expense allocation methodology arrived at in consultation with an independent consultant retained by the Company’s Senior Officer. The directors noted the assumptions and methods of allocation used by the Adviser in preparing fund-specific profitability data and understood that there are a number of potentially acceptable allocation methodologies for information of this type. The directors noted that the profitability information reflected all revenues and expenses of the Adviser’s relationship with the Fund, including those relating to its subsidiaries that provide transfer agency, distribution and brokerage services to the Fund. The directors recognized that it is difficult to make comparisons of the profitability of the Advisory Agreement with the profitability of advisory contracts for unaffiliated funds because comparative information is not generally publicly available and is affected

27

VALUE PORTFOLIO
CONTINUANCE DISCLOSURE
(continued)	AB Variable Products Series Fund

by numerous factors. The directors focused on the profitability of the Adviser’s relationship with the Fund before taxes and distribution expenses. The directors concluded that the Adviser’s level of profitability from its relationship with the Fund was not unreasonable.

Fall-Out Benefits

The directors considered the other benefits to the Adviser and its affiliates from their relationships with the Fund, including, but not limited to, benefits relating to soft dollar arrangements (whereby investment advisers receive brokerage and research services from brokers that execute agency transactions for their clients); 12b-1 fees and sales charges received by the Fund’s principal underwriter (which is a wholly owned subsidiary of the Adviser) in respect of the Fund’s Class B shares; brokerage commissions paid by the Fund to brokers affiliated with the Adviser; and transfer agency fees paid by the Fund to a wholly owned subsidiary of the Adviser. The directors recognized that the Adviser’s profitability would be somewhat lower without these benefits. The directors understood that the Adviser also might derive reputational and other benefits from its association with the Fund.

Investment Results

In addition to the information reviewed by the directors in connection with the Meeting, the directors receive detailed performance information for the Fund at each regular Board meeting during the year.

At the Meeting, the directors reviewed information prepared by an analytical service that is not affiliated with the Adviser (the “15(c) service provider”), showing the performance of the Class A Shares of the Fund against a peer group and a peer universe, and information prepared by the Adviser showing performance of the Class A Shares against a broad-based securities market index, in each case for the 1-, 3-, 5- and 10-year periods ended February 28, 2017 and (in the case of comparisons with the broad-based securities market index) for the period from inception. Based on their review, and their discussion with the Adviser of the reasons for the Fund’s underperformance in certain periods, the directors concluded that the Fund’s investment performance was acceptable.

Advisory Fees and Other Expenses

The directors considered the advisory fee rate paid by the Fund to the Adviser and information prepared by the 15(c) service provider concerning advisory fee rates paid by other funds in the same category as the Fund at a common asset level. The directors recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The directors compared the Fund’s contractual effective advisory fee rate with a peer group median and took into account the impact on the advisory fee rate of the administrative expense reimbursement paid to the Adviser in the latest fiscal year.

The directors also considered the Adviser’s fee schedule for institutional clients pursuing a similar investment style. For this purpose, they reviewed the relevant advisory fee information from the Adviser’s Form ADV and the evaluation from the Company’s Senior Officer and noted the differences between the Fund’s fee schedule, on the one hand, and the institutional fee schedule and the schedule of fees charged to any offshore funds and any sub-advised funds, on the other. The directors noted that the Adviser may, in some cases, agree to fee rates with large institutional clients that are lower than those reviewed by the directors and that they had previously discussed with the Adviser its policies in respect of such arrangements. The directors also compared the advisory fee rate for the Fund with that for another AB Fund with a similar investment style.

The Adviser reviewed with the directors the significantly greater scope of the services it provides to the Fund relative to institutional, offshore fund and sub-advised fund clients. In light of the substantial differences in services rendered by the Adviser to institutional, offshore fund and sub-advised fund clients as compared to funds such as the Fund, the directors considered these fee comparisons inapt and did not place significant weight on them in their deliberations.

The directors also considered the total expense ratio of the Class A shares of the Fund in comparison to a peer group and a peer universe selected by the 15(c) service provider. The Class A expense ratio of the Fund was based on the Fund’s latest fiscal year and the directors considered the effects of any fee waivers and/or expense reimbursements as a result of the Adviser’s expense cap. The directors noted that it was likely that the expense ratios of some of the other funds in the Fund’s category were lowered by waivers or reimbursements by those funds’ investment advisers, which in some cases might be voluntary or temporary. The directors view expense ratio information as relevant to their evaluation of the Adviser’s services because the Adviser is responsible for coordinating services provided to the Fund by others. The directors noted that the

28

AB Variable Products Series Fund

Fund’s expense ratio was above the peer group median. After reviewing and discussing the Adviser’s explanations of the reasons for this, the directors concluded that the Fund’s expense ratio was acceptable.

Economies of Scale

The directors noted that the advisory fee schedule for the Fund contains breakpoints that reduce the fee rates on assets above specified levels. The directors took into consideration prior presentations by an independent consultant on economies of scale in the mutual fund industry and for the AB Funds, and by the Adviser concerning certain of its views on economies of scale. The directors also had requested and received from the Adviser certain updates on economies of scale in advance of the Meeting. The directors believe that economies of scale may be realized (if at all) by the Adviser across a variety of products and services, and not only in respect of a single fund. The directors noted that there is no established methodology for setting breakpoints that give effect to the fund-specific services provided by a fund’s adviser and to the economies of scale that an adviser may realize in its overall mutual fund business or those components of it which directly or indirectly affect a fund’s operations. The directors observed that in the mutual fund industry as a whole, as well as among funds similar to the Fund, there is no uniformity or pattern in the fees and asset levels at which breakpoints (if any) apply. The directors also noted that the advisory agreements for many funds do not have breakpoints at all. Having taken these factors into account, the directors concluded that the Fund’s shareholders would benefit from a sharing of economies of scale in the event the Fund’s net assets exceed a breakpoint in the future.

29

VPS-VAL-0151-1217

ITEM 2. CODE OF ETHICS.

(a)     The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer and principal accounting officer. A copy of the registrant’s code of ethics is filed herewith as Exhibit 12(a)(1).

(b)    During the period covered by this report, no material amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(c)    During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors has determined that independent directors William H. Foulk, Jr., Garry L. Moody and Marshall C. Turner, Jr. qualify as audit committee financial experts.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) - (c) The following table sets forth the aggregate fees billed by the independent auditor Ernst & Young LLP, for the Fund’s last two fiscal years for professional services rendered for: (i) the audit of the Fund’s annual financial statements included in the Fund’s annual report to stockholders; (ii) assurance and related services that are reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (i), which include multi-class distribution testing, advice and education on accounting and auditing issues, and consent letters; and (iii) tax compliance, tax advice and tax return preparation.

		Audit Fees		Audit - Related Fees		Tax Fees
AB Balanced Wealth Strategy Portfolio	2016		72,197		—		32,868
	2017		72,197		45		20,394
AB Global Thematic Growth Portfolio	2016		41,926		—		21,746
	2017		41,926		22		10,459
AB Growth Portfolio	2016		31,404		—		9,796
	2017		31,404		—		8,888
AB Growth & Income Portfolio	2016		31,404		—		10,520
	2017		31,404		246		13,642
AB Intermediate Bond Portfolio	2016		67,988		—		10,871
	2017		67,988		—		10,055
AB International Growth Portfolio	2016		41,926		—		29,222
	2017		41,926		5		13,972
AB International Value Portfolio	2016		41,926		—		28,088
	2017		41,926		70		13,396
AB Large Cap Growth Portfolio	2016		31,404		—		8,723
	2017		31,404		70		8,950
AB Real Estate Investment Portfolio	2016		35,613		—		18,325
	2017		35,613		—		17,016
AB Small Cap Growth Portfolio	2016		31,404		—		8,669
	2017		31,404		—		8,906
AB Small/Mid Cap Value Portfolio	2016		35,613		—		16,559
	2017		35,613		108		13,357
AB Value Portfolio	2016		31,404		—		9,735
	2017		31,404		10		9,902
AB Dynamic Asset Allocation Portfolio	2016		85,147		—		24,683
	2017		85,147		93		24,471
AB Global Bond Portfolio	2016		36,029		—		7,836
	2017		36,029		—		9,359
AB Multi-Manager Alternative Strategies Portfolio	2016		21,415		—		6,132
	2017		—		—		—
AB Global Risk Allocation-Moderate Portfolio	2016		36,029		—		8,573
	2017		36,029		19		10,187

(d) Not applicable.

(e) (1) Beginning with audit and non-audit service contracts entered into on or after May 6, 2003, the Fund’s Audit Committee policies and procedures require the pre-approval of all audit and non-audit services provided to the Fund by the Fund’s independent registered public accounting firm. The Fund’s Audit Committee policies and procedures also require pre-approval of all audit and non-audit services provided to the Adviser and Service Affiliates to the extent that these services are directly related to the operations or financial reporting of the Fund.

(e) (2) All of the amounts for Audit Fees, Audit-Related Fees and Tax Fees in the table under Item 4 (a) – (c) are for services pre-approved by the Fund’s Audit Committee.

(f) Not applicable.

(g) The following table sets forth the aggregate non-audit services provided to the Fund, the Fund’s Adviser and entities that control, are controlled by or under common control with the Adviser that provide ongoing services to the Fund:

		All Fees for Non-Audit Services Provided to the Portfolio, the Adviser and Service Affiliates		Pre-approved by the Audit Committee (Portion Comprised of Audit Related Fees) (Portion Comprised of Tax Fees)
AB Balanced Wealth Strategy Portfolio	2016	$	439,318		32,868
					—
					(32,868	)
	2017	$	743,554		20,439
					(45	)
					(20,394	)
AB Global Thematic Growth Portfolio	2016	$	428,196		21,746
					—
					(21,746	)
	2017	$	733,596		10,481
					(22	)
					(10,459	)
AB Growth Portfolio	2016	$	416,246		9,796
					—
					(9,796	)
	2017	$	732,003		8,888
					—
					(8,888	)
AB Growth & Income Portfolio	2016	$	416,970		10,520
					—
					(10,520	)
	2017	$	737,003		13,888
					(246	)
					(13,642	)
AB Intermediate Bond Portfolio	2016	$	417,321		10,871
					—
					(10,871	)
	2017	$	733,170		10,055
					—
					(10,055	)
AB International Growth Portfolio	2016	$	435,672		29,222
					—
					(29,222	)
	2017	$	737,092		13,977
					(5	)
					(13,972	)

AB International Value Portfolio	2016	$	434,538	28,088
				—
				(28,088	)
	2017	$	736,581	13,466
				(70	)
				(13,396	)
AB Large Cap Growth Portfolio	2016	$	415,173	8,723
				—
				(8,723	)
	2017	$	732,135	9,020
				(70	)
				(8,950	)
AB Real Estate Investment Portfolio	2016	$	424,775	18,325
				—
				(18,325	)
	2017	$	740,131	17,016
				—
				(17,016	)
AB Small Cap Growth Portfolio	2016	$	415,119	8,669
				—
				(8,669	)
	2017	$	732,021	8,906
				—
				(8,906	)
AB Small/Mid Cap Value Portfolio	2016	$	423,009	16,559
				—
				(16,559	)
	2017	$	736,580	13,465
				(108	)
				(13,357	)
AB Value Portfolio	2016	$	416,185	9,735
				—
				(9,735	)
	2017	$	733,027	9,912
				(10	)
				(9,902	)
AB Dynamic Asset Allocation Portfolio	2016	$	431,133	24,683
				—
				(24,683	)
	2017	$	747,679	24,564
				(93	)
				(24,471	)
AB Global Bond Portfolio	2016	$	414,286	7,836
				—
				(7,836	)
	2017	$	732,474	9,359
				—
				(9,359	)
AB Multi-Manager Alternative Strategies Portfolio	2016	$	412,582	6,132
				—
				(6,132	)
	2017	$	—	—
				—
				—
AB Global Risk Allocation-Moderate Portfolio	2016	$	415,023	8,573
				—
				(8,573	)
	2017	$	733,321	10,206
				(19	)
				(10,187	)

(h) The Audit Committee of the Fund has considered whether the provision of any non-audit services not pre-approved by the Audit Committee provided by the Fund’s independent registered public accounting firm to the Adviser and Service Affiliates is compatible with maintaining the auditor’s independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

Please see Schedule of Investments contained in the Report to Shareholders included under Item 1 of this Form N-CSR.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT

INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND

AFFILIATED PURCHASERS.

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board of Directors since the Fund last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective at the reasonable assurance level based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls over financial reporting that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

ITEM 12. EXHIBITS.

The following exhibits are attached to this Form N-CSR:

EXHIBIT NO.	DESCRIPTION OF EXHIBIT
12 (a) (1)	Code of ethics that is subject to the disclosure of Item 2 hereof
12 (b) (1)	Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (b) (2)	Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
12 (c)	Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): AB Variable Products Series Fund, Inc.

By:	/s/ Robert M. Keith
	Robert M. Keith President
Date:	February 14, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Robert M. Keith
	Robert M. Keith President
Date:	February 14, 2018
By:	/s/ Joseph J. Mantineo
	Joseph J. Mantineo
	Treasurer and Chief Financial Officer
Date:	February 14, 2018